Category: Bookkeeping

Depreciation recapture is a provision of the tax law that requires businesses or individuals that make a profit in selling an asset that they have previously depreciated to report it as income. In effect, the amount of money they claimed in depreciation is subtracted from the cost basis they use to determine their gain in… Continue reading Depreciated Cost Definition, Calculation Formula

Alaska, for example, has no state sales tax, but many municipalities within Alaska levy sales taxes that range from 1% to 7%. This tool is invaluable for individuals trying to decipher the true cost of products post-tax and for businesses aiming to communicate pricing to customers transparently. Tibor relies on this calculator to assess the… Continue reading Sales Tax Calculator: Price Before Tax, After Tax + More

Treasury shares can always be reissued back to stockholders for purchase when companies need to raise more capital. If a company doesn’t wish to hang on to the shares for future financing, it can choose to retire the shares. Retained earnings are a company’s net income from operations and other business activities retained by the… Continue reading Shareholders Equity Definition, Formula, Calculate

Yes, trading any cryptocurrency for another is a taxable event, says Kemmerer, and either the gains or losses need to be reported. In an old Seinfeld episode called the ‘‘The Truth,’’ the IRS questioned Jerry about a $50 charitable contribution to the people of Krakatoa for volcano relief. As this episode revealed, worrying about an… Continue reading Time running out to claim $1 billion in refunds for tax year 2020, taxpayers face May 17 deadline Internal Revenue Service