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Author Topic: I am now a Certified Public Accountant!  (Read 6824 times)
Sleazy_Rider78
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« 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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« Reply #1 on: February 24, 2010, 06:58:02 AM »

Congrats, that's a significant accomplishment. Thumbs Up
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Paul_S
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« 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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« 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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« Reply #4 on: February 24, 2010, 10:17:55 AM »

Congrats! 
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Sleazy_Rider78
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« 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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« Reply #6 on: February 25, 2010, 02:35:33 PM »

Good job and congrats to you!
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« 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?Huh? w/o going to jail Undecided Undecided
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Sleazy_Rider78
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« Reply #8 on: February 25, 2010, 04:48:37 PM »

That iz awwwwwwwwssssuuummmm!!!! :}:} I have one question
I owe  the IRS  3,600 can I telll em to kizzzz my azzzzz?Huh? w/o going to jail Undecided Undecided

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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« 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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« Reply #10 on: February 25, 2010, 10:50:19 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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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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« 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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« Reply #12 on: February 26, 2010, 02:39:10 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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Sleazy_Rider78
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« 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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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
gery350
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« Reply #14 on: February 28, 2010, 12:27:52 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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