article thumbnail

What is the difference between book and tax depreciation?

ThomsonReuters

Book depreciation, which is also known as accounting depreciation, is the amount recorded in a business’s financial statement for a fixed asset (i.e., machinery, equipment, and tools for business use) that is allocated over the useful life of that asset. What is book-to-tax reconciliation?

Tax 52
article thumbnail

Guide to accountant responsibilities

ThomsonReuters

Preparing tax returns. Additionally, depending on the type of firm, accountants may be involved in more advisory-centric responsibilities, such as analyzing financial data and providing clients with strategic guidance and recommendations on how to reduce costs and boost profitability. Recording disbursements and payments.

Account 59
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

How do I choose what entity type my business should be?

Basis 365

You really should review this periodically as laws and tax code do change. The Statistics Surrounding Business Types Your business type determines more than just what business tax return you will file. Legal fees and annual tax return requirements can add up.

article thumbnail

2022 Federal Budget Highlights

DMCL

The tax credit rates are 60% for eligible capture equipment used in a direct air capture project, 50% for all other eligible capture equipment and 37.5% for eligible transportation storage and use equipment with lower tax credit rates applicable from 2031 to 2040. Introduction of the Critical Mineral Exploration Tax Credit (CMETC).

article thumbnail

Accounting for Startups

inDinero Accounting

We’ll cover the various services startups need from accountants and the things accountants look out for while doing their work. There are many good reasons for the way things work – GAAP (generally accepted accounting principles) has been honed for decades. Why do you care? Well investors care, for starters.

Account 52
article thumbnail

Accounting for Startups

inDinero Accounting

We’ll cover the various services startups need from accountants and the things accountants look out for while doing their work. There are many good reasons for the way things work – GAAP (generally accepted accounting principles) has been honed for decades. It’s Time to Get Serious About Your Taxes. Get it Now.

Account 52