Bookkeeping

Accumulated depreciation is a contra asset account, which means that it is paired with and reduces the fixed asset account. Accumulated depreciation is eliminated from the accounting records when a fixed asset is disposed of. The value we get after following the above straight-line method of depreciation steps is the depreciation expense, which is deducted Read Post

The 2.5% income tax is partially offset by relatively high sales taxes—Phoenix, for example, has a combined state and local sales tax rate of over 8.5%. A 2025 Arizona Center for Economic Progress report warned that low-income families end up paying a higher share of their income through consumption taxes. Other than the states that Read Post