Virtually every business that pays federal income tax owns “depreciable property” that is used in the business. It’s really important for the tax return preparer to know the rules for claiming all or part of the cost of that property at the earliest opportunity allowed by law.
Enrolled Agent Approved
CPAs EAs and Attorneys who prepare business income tax returns and who advise clients about tax matters, helping them make decisions about when to acquire business assets, will use the information in this course to help their clients pay the lowest income tax possible.
- Determining an asset’s class life
- Consideration of allowable recovery periods and class lives
- How Section 179 works (including Section 179 recapture),
- Bonus depreciation Correcting prior year depreciation
- Applying Small Business Accounting Methods to all circumstances affected by cost recovery (263(a), 263A, 368, 460, and 471)
- Dealing with the possibility of book/tax differences when liberal tax policy collides with conservative accounting policy
- Asset Class and prescribed life
- Bonus depreciation – when is it NOT a good idea
- Section 179
- Allowable depreciation on Qualified Improvement Property (QIP)