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Identify/define and explain the significance of the following: Carthage.
Depreciation
The reduction in the value of an asset over time, due to wear and tear, age, or obsolescence.
Security Deposit
Funds provided by a tenant to a landlord at the start of a lease as protection against damage or non-payment of rent, usually refundable under certain conditions.
Rental Income
Income received from renting out property, such as real estate or personal property, which must be reported on tax returns and is subject to income tax.
Tax Year
The 12-month period for which tax is calculated. It can be a calendar year or a fiscal year, depending on the taxpayer.
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