[NikkiSkupnjak]

I am using the 2013 Becker Self Study, and worried about what numbers I should memorize. I have heard phaseouts and standard deductions/exemptions are not very important as they change frequently.

Is it best to focus on items like 7.5% medical expenses, 50%(10% Corporation) charitable deductions, 2% Misc, etc.?

What about items like, for example AMT for corporations the exemption amount is $40,000 less 25% of AMTI in excess of $150,000? And also the different AMT amounts for individuals, joint, and married filing separately? (craziness)

Also, I am writing down the 2013 Tax updates from Becker, is it necessary to know both 2012 and 2013 information?

All these numbers are so overwhelming! Any help or advice would be much appreciated 🙂

FAR 92
AUD 99
REG 94
BEC

Becker Self-Study, Wiley Test Bank

[barelystayingsane]

Don't bother with 2012 numbers. I'm memorizing the AMT exemption for corporations, but I think it's ridiculous for them to expect us to memorize the exemptions for single, MFJ, HofH, etc. What you're focusing on seems good…also stuff like Section 179, casualty/theft 10% and $100 floor, new IRA limits ($5,500 single/$11,000 MFJ), acquisition indebtedness ($1,000,000) and home equity indebtedness ($100,000), etc.

[NikkiSkupnjak]

Thanks for the reply. Medical is now 10% (7.5% if 65 years and older), gifts $14,000 not $13,000.

Kinda frustrating that I have finished my review course and was just getting the old numbers memorized and now they are different as I checked for updates.

FAR 92
AUD 99
REG 94
BEC

Becker Self-Study, Wiley Test Bank

[barelystayingsane]

I know exactly how you feel. I was a little frustrated that Becker waited until the beginning of June to release the update.

[Author]

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