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re: New Accountant Needs Help: § 179 Depreciation Deduction
Posted on 2/14/14 at 9:51 pm to highcotton2
Posted on 2/14/14 at 9:51 pm to highcotton2
Yeah, saw the 6 ft bed rule. Looks like it's applicable in this case. Autos are just different from equipment though. I left public accounting two years ago for industry and glad I did. 
0
Posted on 2/14/14 at 9:51 pm to McNeeseLSU
"Truck is over 6000lbs"
Exactly that means that it is treated just like a piece of equipment. Which it is assuming she does not put any personal miles on it.
Exactly that means that it is treated just like a piece of equipment. Which it is assuming she does not put any personal miles on it.
Posted on 2/14/14 at 9:58 pm to highcotton2
Posted on 2/14/14 at 9:59 pm to simonizer
You don't know about accelerated depreciation and you're an accountant? If you choose to stay in your profession, you should visit liveperson.com to help make up for your mental deficiencies. But honestly if you're asking the TD advice on how to do your job, it might be time to find a new profession.
Posted on 2/14/14 at 10:05 pm to Type A
Not to throw a wrench in he whole thing, but everyone has totally ignored the differences between depreciation for taxes and depreciation for financial reporting. Unless the client reports on the income tax basis, all those Section 179 calculations are useless for booking your AJE.
Posted on 2/14/14 at 10:09 pm to McNeeseLSU
quote:
Finally, there is one more rule of special interest to farmers. Those who purchase a full-size pickup truck (over 6,000 pounds GVWR and an exterior box of at least 6 feet in interior length) do not face the $25,000 first-year limit on the Section 179 deduction. Accordingly, the entire cost of a full-size pickup truck can be expensed using the Section 179 deduction. - See more at: LINK ]
[quote]The original post never said anything about the length of the exterior bed
Yes she did when she stated it was a 2014 F350.
This post was edited on 2/14/14 at 10:24 pm
Posted on 2/14/14 at 10:16 pm to Type A
Wow. Wtf?
1) How do you have an accounting degree and have never heard of Sec. 179??
2) Why is your boss not trying to help you and mold you into a good accountant? I'd be willing to bet all of my money he was in your shoes at some point in time. You should consider it a good thing if they fire you to be honest.
3) Why do y'all not have some sort of fixed asset software? Would make this a non-issue.
1) How do you have an accounting degree and have never heard of Sec. 179??
2) Why is your boss not trying to help you and mold you into a good accountant? I'd be willing to bet all of my money he was in your shoes at some point in time. You should consider it a good thing if they fire you to be honest.
3) Why do y'all not have some sort of fixed asset software? Would make this a non-issue.
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