Learn how to apply the tax code to fixed asset purchases to maximize tax benefits.
For many businesses, the purchase of fixed assets is often one of the largest investments companies will make. The Internal Revenue Code allows businesses to claim tax deductions related to purchases; however, these deductions are not necessarily the same for all purchases. This course will help you identify the different types of property and how it is depreciated for federal income tax purposes. You will learn how to apply the tax code to fixed asset purchases to maximize tax benefits.
Learning Objectives
- You will be able to discuss the different depreciation methods used for federal income tax purposes.
- You will be able to explain the differences between bonus depreciation and IRC §179 depreciation.
- You will be able to identify how to complete Form 4562.
- You will be able to describe the different asset classes used for federal tax depreciation.
Agenda
Methods/Lives and Conventions
- MACRS, ACRS, and Straight-Line
- Half-Year, Mid-Quarter, Mid-Month
- Examples of Property and Their Respective Recovery Periods
Section 179
- Limitations
- Thresholds
- Qualifying Property
Listed Property/Luxury Autos/Leased Autos
- Limitations
- Qualifying Property
Bonus Depreciation
- Rates
- Thresholds
- Qualifying Property
Amortization
- Common Intangible Assets and Treatment
- Section 197 Intangibles
- Purchased Intangibles
Speakers
Bill Becker, Jr., CPA,
Hancock Askew & Co, LLP- Tax principal, Hancock, Askew & Co., LLP
- Certified public accountant with over twenty-five years of experience providing tax and business consulting, including income tax planning, depreciation modeling, merger and transaction services, and tax reporting
- CPE instructor and frequent speaker on topics affecting the real estate industry
- Member of the American Institute of Certified Public Accountants (AICPA) and the Florida Institute of Certified Public Accountants
- M.B.A. degree and B.A. degree, University of South Florida
Who Should Attend
This live webinar is designed for accountants, CPAs, controllers, tax managers, tax preparers, presidents, vice presidents, CFOs, bookkeepers, enrolled agents, and business owners.
