What topic should I cover next? Let me know your thoughts ⏱TIMESTAMPS 00:00 - Intro 00:35 - What is Depreciation? 11:24 - Straight Line Depreciation Method 17:58 - Double-Declining Balance Method 23:19 - Sum of the Year's Digits Method 31:03 - Units of Production Method
Hey so I’m taking my first accounting class for school and I have a upcoming exam next week how do I study for it. Like we have learned is the role of accounting business, basic accounting concepts (cash basis) and basic accounting concepts (accrual basis). I’m just so confused
@@Mannie- Well I'd start with those and try to do as many as possible. Refer to the explanations for any that you get wrong and read up on those pages of your notes. You've still got time... best of luck!
so how does this apply to income tax? depreciation strategy is to bring down your taxable income? you didnt really explain the point of depreciation and how it applies to tax return. can i depreciate everything i buy? does it have to be a business expense? what if im not an entrepreneur? what do you do with your closing book value? does that go on your tax return or something?
I didn't cover the tax treatment of depreciation because it varies depending on when you live. Generally, Fixed Assets are depreciated at a rate determined by your local tax office. This determines the expense which reduces your Taxable Income each year
