Was wondering if Dr. Wright talked about the tax return in any detail in class today. It says on the ws that we use the irs website is it pretty much plug in the numbers or is there something else to it?

9/26/2006 6:47:39 PM

i havent been to that class in a week, im going to have to do a bit of catching up to figure this out by thursday

9/26/2006 9:32:12 PM

it's a lot more than just plugging in numbers...if only accounting could be so easy

9/27/2006 1:28:40 AM

which tax return is it? I had that class last semester and I don't recall any "just plugging in the numbers" tax returns. They all had a couple of tricky little things that you need to be on top of.

9/27/2006 8:41:28 AM

It is the one where you are given a bunch of assets, you need to "make up identifying number and business type" and then attach depreciaiton calculations. MACRS is what depreciation method?

9/27/2006 9:50:32 AM

modified accelerated cost recovery system. There are different conventions and you need to know when the assets were placed in service, etc. There are different schedules for different types of assets and some assets (I think real property) aren't really on a macrs schedule, they are more straight-line and macrs in name only. I guess to answer your question it's an accelerated method.

[Edited on September 27, 2006 at 10:13 PM. Reason : ]

9/27/2006 10:11:17 PM

anyone solved the tax report yet and cares to offer some hints.

9/28/2006 12:05:48 AM

also, you used to be able to do those on turbo tax, I don't know if you still can. you have to know what macrs to select and put everything in the right place, but it is really helpful.

9/28/2006 8:22:49 AM