Fixed Assets

These are large ticket purchases that have an extended utilization life. They are not typically sold in the due course of business and as such they are expensed through a system called depreciation.

Small Business Tax Depreciation – Section 179

irs book

The Internal Revenue Service sets the depreciation allowance based on the Code as promulgated by Congress.  The most commonly referenced section is 179.  This is a form of accelerated depreciation allowing the small business owner the opportunity to take a large expense deduction and reduce their tax obligation immediately.  The maximum allowed deduction is $500,000. ...

This content is for Bronze, Silver and One-Time members only.
Log In Register

How to Read a Balance Sheet – Simple Format


Reading a balance sheet is instrumental in understanding the business’s financial position.  This particular financial report is a snapshot of a moment in time.  It can change dramatically in a minute so understanding the perspective of the report and its respective sections will help you to be better informed. So what is a balance sheet?  …

How to Read a Balance Sheet – Simple Format Read More »

Depreciation – This is Weird Accounting

In the world of accounting, there are two types of expenses on the reports widely misunderstood.  They are depreciation and amortization.  I will try to help the novice gain an understanding of depreciation in this article.  So if you can, clear your mind and let us begin: In business we buy all types of goods to …

Depreciation – This is Weird Accounting Read More »