KeshaH
Expert Alumni

Business & farm

You have two options:

 

1. Don't adjust your books: you can keep the depreciation records on your books the same as what you've already calculated. This will create a variance in the value of your assets that you'll need to track and account for when you dispose of the asset.

 

2. Adjust your books: if you want your books to match your tax return (which many business owners prefer for simplicity), you can adjust your depreciation records to use the same IRS-allowed amounts each year.

 

@cupidchan