Understanding Tax Terms: Depreciation Recapture

2024-03-05T19:53:20-05:00September 22nd, 2023|Taxes|

One of the more unpleasant surprises that can hit a taxpayer occurs when you sell personal property, rental property or assets from your small business. This tax surprise is often associated with depreciation recapture rules. Defined Depreciation recapture refers to reducing the cost of an asset sold by prior period’s depreciation expense to determine [...]

Understanding Tax Terms: Unearned Income

2024-03-05T20:01:57-05:00September 1st, 2023|Taxes|

The tax code uses jargon that can be confusing for the unwary. One of them that impacts most of us is the term unearned income. Unearned income is often defined as anything that is not earned income. If you find this kind of definition a little too vague, here is some clarity. Tax code definition [...]

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