This was a difficult one to write! Asset Depreciation is a VERY vast subject matter, and I can take you deep, deep, deep in the weeds before I even know it, which I was doing when I began writing this; however, let me try and briefly lay it out for you.
First let me give you a little background information; take you a little “into the weeds”. Asset Depreciation is something used by businesses, not individuals, and concerns “hard assets”, such as equipment, buildings, vehicles, etc. In the simplest terms possible, a business receives payment for whatever goods or services it provides. The business then charges its cost to provide those goods or services against the income it earns to arrive at a profit or loss, whch is what it is taxed. Things like material, labor, utilities, etc. are charged directly against income;… Continue reading
As I said at the end of my last post, this would be “ripped from the headlines” refrencing the recent Supreme Court hearings concerning California’s Proposition 8 and the Defense of Marriage Act, or DOMA. For the time being, let’s try and get past the social implications of the recent Supreme Court hearings concerning gay marriage. I know the social issues are great ones and cannot be ignored; however, if we can look past those for the time being, these court proceedings can have significant implications referencing the Federal Tax Laws, the “Laws”, when it comes to Inheritance or Estate Taxes.
As I stated in my post of Sunday, 03/31/2013, the Federal Tax Laws have grown to 71,684 pages as of the end of 2010, BEFORE the Patient Protection and Affordable Care Act, also-known-as ObamaCare. Depending on when you feel the Tax Laws actually began, 1862 or… Continue reading
I hope all of my followers have had a Happy Passover or are having a Happy Easter, depending on your persuasion. My day started with church, then I did a “recovery workout” on the bike, after a 3.5 hour “event” yesterday (3.5 hours on a “trainer”, commonly known among cyclists as “riding the road to nowhere”; the trials and tribulations of an endurance cyclist that enjoys and wants to improve at cycling). Now I thought I’d make my next post to my blog before dinner.
The U.S. Tax Code; a convoluted quagmire of “progressive regulation”. A little history:
From 1791 to 1802, the U.S. Government was supported by “Internal Taxes” on goods: distilled spirits, carriages, tobacco, etc. The high cost of the War of 1812 led the nation to its first “Sales Taxes” on gold, silverware and watches. In 1817; however, Congress did away with… Continue reading
Welcome new friends! If you’ve glanced at my web-site, you might conclude that I am a “seasoned” individual that graduated with a degree in Finance, spent 25+ years in banking, with 15+ of those making loans to businesses, then I went back-to-school to successfully qualify for the CPA Exam through the State of Maryland. I took three sections of the exam, only to find that I couldn’t get the license. Due to the fact that a candidate needs 2,000 hours under a CPA to be awarded a license, and I couldn’t get hired by a CPA firm because I’m too old; or as a good friend, a partner in a CPA firm told me: I “don’t fit the mold”, I have the education and experience, just not the “sheepskin”.
Anyway, age does have its negatives, but it also has its positives; i.e.: if you were paying attention… Continue reading
Welcome new friends!