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I am now a Certified Public Accountant!
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Topic: I am now a Certified Public Accountant! (Read 6824 times)
Sleazy_Rider78
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Location: Davie, FL
Posts: 467
Old enough to know better, still too young to care
I am now a Certified Public Accountant!
«
on:
February 24, 2010, 12:29:53 AM »
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.
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Stolen: 2003 Yamaha YZ250F. Moto XXX graphics, Pro Taper handlebars, black Excel rims. Pics of bike in Stolen ATV Watch Forum.
http://www.atvflorida.com/forum/index.php/topic,25023.0.html
TNTaylor
MudMarine
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Lead, follow, or get out of the way.
Re: I am now a Certified Public Accountant!
«
Reply #1 on:
February 24, 2010, 06:58:02 AM »
Congrats, that's a significant accomplishment.
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Paul_S
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Location: Madison
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FloridaMotoplex.com
Re: I am now a Certified Public Accountant!
«
Reply #2 on:
February 24, 2010, 07:10:50 AM »
Well done sir.
Are you going to start up your own?
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FishaHallic
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Location: Clearwater, FL
Posts: 2436
Re: I am now a Certified Public Accountant!
«
Reply #3 on:
February 24, 2010, 09:53:33 AM »
So, your going to give legal advice? J/K........congrats that is a an excellent accomplishment.
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digginfool
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Finally! ATVFlorida.com is here!
Re: I am now a Certified Public Accountant!
«
Reply #4 on:
February 24, 2010, 10:17:55 AM »
Congrats!
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"Peace is that brief glorious moment in history when everybody stands around reloading". --Thomas Jefferson
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Sleazy_Rider78
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Location: Davie, FL
Posts: 467
Old enough to know better, still too young to care
Re: I am now a Certified Public Accountant!
«
Reply #5 on:
February 24, 2010, 11:27:19 AM »
Thanks everyone for the congratulations, I greatly appreciate it.
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Stolen: 2003 Yamaha YZ250F. Moto XXX graphics, Pro Taper handlebars, black Excel rims. Pics of bike in Stolen ATV Watch Forum.
http://www.atvflorida.com/forum/index.php/topic,25023.0.html
Anoriginal
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Re: I am now a Certified Public Accountant!
«
Reply #6 on:
February 25, 2010, 02:35:33 PM »
Good job and congrats to you!
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MedicMudder
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Re: I am now a Certified Public Accountant!
«
Reply #7 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
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Sleazy_Rider78
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Location: Davie, FL
Posts: 467
Old enough to know better, still too young to care
Re: I am now a Certified Public Accountant!
«
Reply #8 on:
February 25, 2010, 04:48:37 PM »
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.
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www.myspace.com/mlatcham
Stolen: 2003 Yamaha YZ250F. Moto XXX graphics, Pro Taper handlebars, black Excel rims. Pics of bike in Stolen ATV Watch Forum.
http://www.atvflorida.com/forum/index.php/topic,25023.0.html
mrbones
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Re: I am now a Certified Public Accountant!
«
Reply #9 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?
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Sleazy_Rider78
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Location: Davie, FL
Posts: 467
Old enough to know better, still too young to care
Re: I am now a Certified Public Accountant!
«
Reply #10 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.
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Stolen: 2003 Yamaha YZ250F. Moto XXX graphics, Pro Taper handlebars, black Excel rims. Pics of bike in Stolen ATV Watch Forum.
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mrbones
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Re: I am now a Certified Public Accountant!
«
Reply #11 on:
February 26, 2010, 10:49:45 AM »
Thanks for the info. Now, if I could only find a big bag of money on the sidewalk...
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buythisatvstuff
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PLEASE Don't tell obama what comes after TRILLION
Re: I am now a Certified Public Accountant!
«
Reply #12 on:
February 26, 2010, 02:39:10 PM »
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 ?
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"Our government is too big, and it spends too much".......Ronald Reagan
Anything resulting in more government control is unacceptable.
Looking forward to change...........in 2010 and then in 2012 !
Sleazy_Rider78
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Location: Davie, FL
Posts: 467
Old enough to know better, still too young to care
Re: I am now a Certified Public Accountant!
«
Reply #13 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.
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Stolen: 2003 Yamaha YZ250F. Moto XXX graphics, Pro Taper handlebars, black Excel rims. Pics of bike in Stolen ATV Watch Forum.
http://www.atvflorida.com/forum/index.php/topic,25023.0.html
gery350
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Location: miami
Posts: 2096
no guts, no glory
Re: I am now a Certified Public Accountant!
«
Reply #14 on:
February 28, 2010, 12:27:52 AM »
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.
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hey this is klutchbuster350, me and rl400*mostly rl400* made my dad this sig. now lets see how long it takes him to notice lol
hey while im here...........klutchbuster rules!!!!!!
http://i6.photobucket.com/albums/y235/klutchbuster350/gery350_3.gif
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