After several long months of studying for all four parts of the exam, my career goal of being a CPA has become reality. I know several members on this site have businesses so if you ever have any accounting questions please do not hesitate to ask. I will only charge you $200 a minute. Just kidding, just as Anoriginal provides invaluable legal advice free of charge on here, I will do the same.
Congrats, that's a significant accomplishment. :ThumbsUp.gif
Well done sir.
Are you going to start up your own?
So, your going to give legal advice? J/K........congrats that is a an excellent accomplishment.
Congrats!
Thanks everyone for the congratulations, I greatly appreciate it.
Good job and congrats to you!
That iz awwwwwwwwssssuuummmm!!!! :}:} I have one question
I owe the IRS 3,600 can I telll em to kizzzz my azzzzz????? w/o going to jail :-\ :-\
Quote from: MedicMudder on February 25, 2010, 04:19:59 PM
That iz awwwwwwwwssssuuummmm!!!! :}:} I have one question
I owe the IRS 3,600 can I telll em to kizzzz my azzzzz????? w/o going to jail :-\ :-\
I believe the internal revenue code says that as long as your Adjusted Gross Income meets certain thresholds, you are allowed to use a certain number of profanities on your tax return. As far as owing the IRS money, I believe you can set up a payment plan, but they will likely assess penalties and interest on the amount you owe.
Congratulations!
Now, can I buy a fancy, high tech ATV, put ATVFlorida.com all over it, show it off to riders at Croom and other riding areas, do ride reports to post on this forum, and deduct the whole purchase as a business expense?
Quote from: mrbones on February 25, 2010, 06:11:14 PM
Congratulations!
Now, can I buy a fancy, high tech ATV, put ATVFlorida.com all over it, show it off to riders at Croom and other riding areas, do ride reports to post on this forum, and deduct the whole purchase as a business expense?
If the ATV is used in the business, you
cannot deduct the whole purchase price of the ATV in the year that you purchase it. What you would have to do is record the purchase price as an asset in the company's balance sheet and deduct the depreciation on the company's tax return. For tax purposes you can use an accelerated depreciation method, called a modified accelerated cost recovery system (MACRS), which will allow you to deduct a percentage of the purchase price based on the useful life of the ATV. This is just a quick explanation.
Thanks for the info. Now, if I could only find a big bag of money on the sidewalk...
Quote from: Sleazy_Rider78 on February 25, 2010, 10:50:19 PM
Quote from: mrbones on February 25, 2010, 06:11:14 PM
Congratulations!
Now, can I buy a fancy, high tech ATV, put ATVFlorida.com all over it, show it off to riders at Croom and other riding areas, do ride reports to post on this forum, and deduct the whole purchase as a business expense?
If the ATV is used in the business, you cannot deduct the whole purchase price of the ATV in the year that you purchase it. What you would have to do is record the purchase price as an asset in the company's balance sheet and deduct the depreciation on the company's tax return. For tax purposes you can use an accelerated depreciation method, called a modified accelerated cost recovery system (MACRS), which will allow you to deduct a percentage of the purchase price based on the useful life of the ATV. This is just a quick explanation.
So you can deduct it just over time ?
Buythisatvstuff,
Depreciation expense is a deduction allowed for businesses only. You are correct in that you are essentially deducting it over a period of time, depending on the useful life of the asset. For something like an ATV used in Mr Bones' business I believe the useful life would be 5 years.
Quote from: Sleazy_Rider78 on February 27, 2010, 12:57:32 AM
Buythisatvstuff,
Depreciation expense is a deduction allowed for businesses only. You are correct in that you are essentially deducting it over a period of time, depending on the useful life of the asset. For something like an ATV used in Mr Bones' business I believe the useful life would be 5 years.
congrats dude. man.........depreciation, useful life. reminds me of all the value adjustment board hearings i used to testify at.i tell you what. theres money to be made there. i know alot of tax reps, cpa's and tax attorneys that make a killing doing that.