Depreciation

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From the Archives: Rental Properties and Basis Allocation

By | May 30th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

It's a holiday week so I'm re-posting popular blog posts from the past. This post from January 2013 deals with allocating basis in a rental property between the house and the land.

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Glossary: Bonus Depreciation

By | May 24th, 2017|Categories: Glossary, Small Business Tax and Accounting|Tags: , , |

Bonus depreciation, in tax terms, refers to an accelerated form of depreciation available on certain types of assets.

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Glossary: Income Statement

By | April 13th, 2016|Categories: Glossary|Tags: , , |

In tax and accounting terms, "income statement" refers to an accounting of a business's revenue and expenses for a period of time. This is also often referred to as a "profit and loss" statement ("P and L" for short).

Glossary: Amortization

By | October 26th, 2015|Categories: Glossary, Small Business Tax and Accounting|Tags: , , , |

What does amortization mean?

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Glossary: MACRS

By | October 6th, 2015|Categories: Glossary|Tags: , , |

MACRS refers to "modified accelerated cost recovery system," which is the default depreciation method used for tax purposes.