Modified Accelerated Cost Recovery System (also known as MACRS) is an Internal Revenue Service method of depreciation under the 1986 Tax Code. It is used to calculate depreciation for tax purposes at a similar rate to that used in business under the Double Declining Balance Method.
One of the differences between book income and taxable income is depreciation. In general Section 168 of the Internal Revenue Code allows businesses to accelerate their depreciation for tax purposes. This increases the expenses of […]