Accelerated depreciation is an accounting method that lowers the value of property more quickly in the first few years of ownership. This can be contrasted with standard depreciation, a method that enables the property owner to note the decrease in property value more slowly over a longer period of years. Depreciation is important for tax purposes since property owners can often take tax deductions based upon the lost value in certain pieces of property. With accelerated depreciation, the property owner gains significant tax advantages. He or she can take the deductions earlier, giving him or her more cash flow to use for other purposes. When property owners engage in tax planning, they often look to minimize the amount of tax they pay in the near future. Accelerated depreciation tactics provide a legitimate and effective means of deferring tax liability until some time in the future when tax rates might be more advantageous for the property owner.