The Secret to Tax-Efficient Assets
Assets are the property you own and use in your business, such as machinery, furniture, buildings, and vehicles. The either/or dilemma is often between viewing records as a chore and viewing them as a tool to maximize tax efficiency. A Safe and sound strategy maximizes tax efficiency.
Record #4: Assets is critical because you must keep records to figure the annual depreciation and to calculate the gain or loss when you sell the assets. Records should show when and how you acquired the asset, its purchase price, cost of improvements, and when and how you disposed of it. A sound record of their financial lifecycle is essential for long-term tax strategy and capital planning.
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DISCLAIMER: This content is for educational purposes only and should not be considered personalized financial advice. Always consult with a qualified financial professional before making financial decisions.