[justgivemea75]

Hi all,

I’ve gone through all of the lectures for REG and I’m wondering what the best way to go about studying the tax topics? I didn’t have too much trouble with biz law, but tax seems overwhelmingly difficult. For example, right now I’m studying individual taxation and I understand the big picture concepts (i.e. Gross Income – Adjustments = AGI – Itemized Deductions – Exemptions is taxable income, what items are above the line and which are below the line, etc.) but there’s way too many details. How in god’s name am I supposed to remember every when every single line item phases out and what percent of AGI is the test/allowable amount when the former keeps changing every year and the other is so random?

If anyone can offer advice I would greatly appreciate it. I thought FAR, BEC, and AUD were doable, but REG seems impossible and I’m really worried about failing this exam.

FAR - 84
AUD - 76 (phew)
BEC - 88
REG - 77

DONE!

[rzrbkfaith]

Take it one small bite at a time. Study only individual tax – notes, MCQs, SIMs. Then study only Corp/Partnership/Property Trans – notes, MCQs, SIMs. Remember, you aren't going to have to recall limits on deductions (for the most part – I think the mom & pop rule is important, 179 depreciation max is $25,000 for purchases up to $200,000) you just need to know the basics of the calculations. They should give you the limits and phase outs on the exam for individual. Your material is exposing you to everything so you can at least know general rules.

Don't worry, most of us studying REG feel the same way. I sit for REG next Friday and its feeling a little impossible right now, but I know it will work out.

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Garion]

My only addition to rzrbk's advice is to shoot one's self first to get it out of the way and then start down the path. Ha!

As he mentions we are all in the same boat on this one. Take it one step at a time.

After three weeks of good studying I feel unprepared and lost but am sticking to the Becker plan, taking it one piece at a time, reinforcing daily and then doing Ninja Sims on the side as I would like to reduce the effects of the three hour dog fight to come.

Hang in there and keep going.

FAR 84 (7/24/14)
BEC 87 (8/28/14)
REG 84 (10/14/14)
AUD 86 (11/24/14)
Ethics 98 (1/19/15)
Licensed CPA: March 13, 2015

[justgivemea75]

So, without violating the AICPA rules of course, what types of questions do they ask on REG with the tax stuff? For example, when they ask about the child and dependent care credit, are they mostly just going to expect you to know that it's 3,000 per dependent (max 2) or will they expect you to know that it's a credit of 20-35% of expenditures with a phase-out of 20% for individuals with AGI in excess of 43.000? I guess I should also put a disclaimer that I haven't yet done any of the multiple choice.

Becker is good, but sometimes I feel they give so much information that it's really hard to know what to focus on what is just a bunch of blah blah blah. Tim Gearty making you highlight everything doesn't help either.

FAR - 84
AUD - 76 (phew)
BEC - 88
REG - 77

DONE!

[justgivemea75]

Bump

FAR - 84
AUD - 76 (phew)
BEC - 88
REG - 77

DONE!

[Author]

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