Remove blog accounting what-is-fixed-asset-management-system
article thumbnail

What to know about Form 4562: Depreciation and Amortization

ThomsonReuters

Jump to: What is Form 4562? What is listed property for depreciation? What does a depreciation schedule look like? What is Form 4562? Form 4562 instructions Is Form 4562 required every year? Section 179 and expensing property Running a company is expensive. Let’s take a closer look at the form and its uses.

article thumbnail

Tax depreciation 101

ThomsonReuters

Jump to: What is tax depreciation? What is bonus depreciation? How to calculate tax depreciation What are the tax depreciation methods? What is MACRS? What is tax depreciation? What is tax depreciation? As mentioned, depreciation is the recovery of an asset cost over a number of years.

Tax 87
Insiders

Sign Up for our Newsletter

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

article thumbnail

What is the difference between book and tax depreciation?

ThomsonReuters

Jump to: What is book depreciation? What is tax depreciation? What are the differences between book and tax depreciation? What is accelerated depreciation? What is book-to-tax reconciliation? Managing book and tax depreciation with software Depreciation. What is book depreciation?

Tax 52
article thumbnail

What accountants need to know about rental property tax depreciation

ThomsonReuters

Jump to: What is tax depreciation on rental property? What are the depreciation systems? Managing rental property depreciation with software Owning rental property can be an attractive real estate investment for many given the ability to collect rent and profit from the future, long-term sale of the property.

Tax 52
article thumbnail

How Xero can support you with Basis Period Reform

Xero

What is Basis Period Reform and who’s affected? The measure impacts sole trader and partnership clients who use their own accounting year for Income Tax reporting. Some of your clients might decide to change their accounting date, in order to simplify Income Tax reporting. What are the two phases of Basis Period Reform?

article thumbnail

Calculating vehicle depreciation

ThomsonReuters

What is the standard mileage rate? Managing vehicle tax depreciation with software Running a successful small business is hard work and expensive. Under the Modified Accelerated Cost Recovery System (MACRS) , vehicles are classified as a five-year property. How do you calculate vehicle depreciation for taxes?

Tax 52
article thumbnail

What exactly is indirect tax?

ThomsonReuters

Jump to: What is indirect tax? Types of indirect tax The value of indirect tax to tax professionals Differences between direct and indirect tax Tax planning and management is one of the primary areas accountants help their clients. What is indirect tax? Taxes are either direct tax or indirect tax.

Tax 52