What is Form 4562?

IRS Form 4562 is the official tax document used to claim deductions for the wear and tear of property you use for your business or income-producing activities. Instead of deducting the full cost of a large purchase (like a tractor, office server, or delivery van) in a single year, the IRS usually requires you to spread that deduction over the asset's useful life.

This form is also your gateway to special tax breaks, such as the Section 179 deduction and Bonus Depreciation, which allow you to expense a larger portion—or the entirety—of an asset's cost in the year it was placed in service.

Who Must File It?

You need to attach Form 4562 to your tax return if you are claiming any of the following for the 2026 tax year:

• Depreciation on property placed in service during the 2026 tax year.
• A Section 179 expense deduction (including carryovers from prior years).
• Depreciation on any vehicle or other "listed property" (regardless of when it was placed in service).
• A deduction for any vehicle reported on a form other than Schedule C.
• Amortization of costs (like business startup costs or intangible assets) that began during the current year.

Deadlines & Filing Rules

Form 4562 is not filed on its own; it must be attached to your primary tax return (such as Form 1040 for sole proprietors, Form 1120 for corporations, or Form 1065 for partnerships).

The deadline matches your primary return—typically March 15 for partnerships and S-corps, and April 15 for individuals and C-corps. Always check with the Internal Revenue Service (IRS) for the current year's deadline, as weekends and holidays can shift the exact date.

What to Have Ready

• Receipts and purchase dates for all business property acquired in 2026.
• Prior year tax returns to reference carryover amounts or accumulated depreciation.
• Detailed mileage logs for any business vehicles (total miles, business miles, commuting miles).
• Total income figures to calculate Section 179 business income limits.