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.
Bonus depreciation, in tax terms, refers to an accelerated form of depreciation available on certain types of assets.
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).
What does amortization mean?
MACRS refers to “modified accelerated cost recovery system,” which is the default depreciation method used for tax purposes.
In the tax world, an asset is generally refers to the purchase of something that will last for more than one year.
Glossary of tax terms: capital gain/capital loss
The handling of franchise fees on a tax return is not complicated but it’s also not intuitive.
In the tax world, the term “asset” often comes up. An asset can refer to a broad variety of property. For a business, the term “asset” typically means something the business purchases that has a useful life of more than one year (equipment or land, for example). For individuals, an asset typically means things like […]
For tax purposes, what does the term “depreciation” mean?