4 Ways to Grow Your Business You Might Not Have Considered
It’s a big milestone when your business starts to turn a profit. But once you’re done celebrating, you’ll need to decide what to do with the extra money. You can take the funds out of the business and use it for personal means but that generally isn’t a recommended way to pay yourself. Instead you […]
Should You Replace Fully Depreciated Equipment?
In simple terms, depreciation is recognizing the cost of an asset over a specified period of time. Depreciation begins when the business places an asset in service. The asset ceases to be depreciable when the business has fully recovered its cost or when the taxpayer retires it from service, whichever happens first. Once a business […]
How to Depreciate Assets
Depreciation is the recognition of an asset’s cost over a longer period of time (i.e. years vs. absorbing a major expense all at once). Depreciation begins when a business places an asset in service, and ends when the business has fully recovered the asset’s cost — OR when the taxpayer retires it from service, whichever […]