Can an S corporation deduct bonus depreciation in excess of basis& profit?

Answer There is no such thing as bonus depreciation and you cannot depreciate an asset for more than its cost, which is the basis. Profits have nothing to do with determining depreciation, and depreciatio... Read More »

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How to Convert a Florida Non-Profit Corporation to a Profit Corporation?

To become a for-profit corporation in the state of Florida, you must submit a certificate of conversion and articles of incorporation. Unlike nonprofit corporations that must reinvest all earnings ... Read More »

Define Bonus Depreciation?

Depreciation is an accounting convention that helps a corporate or individual taxpayer recover the cost of an economic resource. As a business owner, bonus depreciation allows you to record more th... Read More »

What Is Bonus Depreciation?

When filing a business tax return at the end of the year, you need to include asset depreciation in the expense category. Bonus depreciation and standard depreciation lower your taxable income.

Bonus Depreciation on Leasehold Improvements?

A leased asset is a resource, such as machinery or equipment, that one party agrees to transfer to another party in exchange for periodic payments. Leasehold improvements are additions and renovati... Read More »