Big Ticket Purchases & Depreciation (2325/Level 1)


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This workshop has been thoughtfully prepared and recorded – and you can access it immediately. Upon purchase, you’ll receive a link to download a pdf document that gives you immediate access to both the online recording and handouts. ….$37


Big Ticket Purchases & Depreciation:
Unique & Complex Transactions

Approximately 57 minutes:

  1. What are Fixed Assets and how do you recognize them?
    • Typical cost and lifetime
    • How fixed asset purchases impact your Balance Sheet and Profit & Loss reports
    • Examples of fixed assets
    • What kinds of acquisitions are reflected in “Other Assets”?
    • Tax laws related to fixed assets and “other assets”
    • The most common question when it comes to big ticket purchases…
  2. How to enter a straight-out purchase of a fixed (or ‘other’) asset
    • Creating a Fixed Asset Item
    • What to do when there are multiple purchases for a single asset
    • Why use Fixed Asset Items?
    • Possible drawbacks to using Fixed Asset Items
    • Alternative approaches
    • Other notes about Fixed Asset Items
  3. How to enter a Fixed Asset purchased via down payment and loan
    • Example – vehicle purchase
    • How to enter down-payments
    • How to enter current costs and loans payable
    • Getting the right paperwork – what to ask for
    • What you – or your accountant – needs in order to create an amortization schedule
  4. Making entries for trade-ins
    …..
  5. Selling or disposing of an existing Fixed Asset
    …..
  6. Why it’s important to keep Fixed Asset records current and accurate
    …..
  7. Acquiring land or other property for re-sale
    • Similarities to – and differences from – fixed asset purchases
    • What you need to have on hand in order to make the right entry
    • Example of entry for a land or property purchased for re-sale 
  8. Depreciation and amortization concepts
    • How does fixed asset cost get recognized?
    • The difference between depreciation cost and accumulated depreciation
    •  Illustration of straight line depreciation and accumulated depreciation
    • How the IRS impacts what you can take as depreciation cost each year
    • When should depreciation entries be made?
    • Note:  Supplementary info on depreciation entries included in
      Finalizing the Year, What Your Tax Preparer Needs, and Coordinating Results (4020/Level 2)  

 

 

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