You can also establish separate credit scores for your business to prevent your personal finances from being negatively affected by the business, and vice versa. Bookkeeping has some overlap with accounting because both involve preparing financial statements and records, but an accountant’s job is much more analytical than that of a bookkeeper. Accountants often perform [...]

Instead of using the above rules, you can elect, for depreciation purposes, to treat the adjusted basis of the exchanged or involuntarily converted property as if disposed of at the time of the exchange or involuntary conversion. Treat the carryover basis and excess basis, if any, for the acquired property as if placed in service [...]