[Determined24]

Anyone else studying REG for q4. Would like to team up and beat this thing.

[kcoops44]

I'm trying to get REG and BEC done in Q4. REG first, scheduled for 10/29. I may change it though because I'm already on R3 for Becker and will be working in big 4 tax. What review are you using? I might get NINJA MCQ also since I used that for FAR and AUD.

[Determined24]

Hi Kcoops44

I work in a Big 4 too in Aud, but it is the end of busy season for us. I am using Gleim. I have a 2015 Becker textbook that I co-study with as it kind of zooms in on what is to focus on.
I want to get the NINJA MCQ or NOTES too as I've heard good stuff of them.

[kcoops44]

I really like the way NINJA notes is set up. I also had those for FAR and AUD. Really helps point out what is actually important instead of trying to memorize everything you're supposed to highlight in the book. I copy them over at least once and just do a lot of MCQ and it has worked so far. How many weeks are you studying for?

[Determined24]

Well I will sure get them to zoom in because the material seems overwhelmingly large

Today marks the end of Week 3 for me. I should get about 8 weeks.

What about you ?

[DiligentCPA]

I am sitting for Reg as well in early october (hopefully!). It will be my 4th time- 69, 74, 73. I am ready to pass this thing and move on! 😀

[Determined24]

@Taylor that's the spirit

What's your study material and how long have you been preparing this last time?

Any challenges you have with REG topics ?

[LedgerL0ver]

I am also studying for REG! My exam is scheduled for Nov 16. Currently studying business law right now and could die from boredom.

FAR 4/24/16 --85--
AUD 7/5/16 --84--
BEC 8/30/16 --?--
REG

[DiligentCPA]

@determined24

I use becker, another 71 and just bought wiley MCQ. I have been re-reviewing the material since August 10th. Now I am working on Wiley and another 71 mcq and sims to hammer down the extra details.

[SkiBum1990]

@Taylor as an experience REG test taker, what is one thing/area you want to “fine-tune” for this time around and/or “wish you had practiced more” for you previous exams?

— my REG exam is in October and my head is spinning from all the tax stuff..

"The mind can only absorb as much as the seat can take"

B - 79
A - 68, __ (got bumped from Aug 4 release to Aug 23-THANKS AICPA)
R - Oct
F - Nov (HA! 1 month to study working full-time; love NTS rules)

[Determined24]

Hi Team

What does the IRS mean by “itemized deduction”?

If I do not itemize my deductions what other option do I have in filing taxes ?

PS: Since this is Quarter 4 right, I just need to know the new tax rates etc for 2016 and not prior quarters right?
Or are the old rates still testable ?

[DiligentCPA]

@ skibum

right now I am fine tuning my process for working sims. I did not spend as much time as I should have on them. Also, my test center is a 2 hr drive from me. I would drive there in the morning before the test. This time I am renting a hotel and arriving the night before so I am fresh in the morning.

@determined

individual tax equation starts like this:

Gross income
-deductions FOR AGI (these are calculated on form 1040)
________________________
=Adjusted gross income
– exemptions
-deductions FROM AGI (these are calculated on schedule A)– This is where the itemized deduction comes in.

Tax payers can either take the itemized deduction OR the standard deduction

The standard deduction is single – $6300, MFJ – $12600, MFS – $6300, HOH $9600

If the taxpayers itemized dudction equals more, they would take the itemized deduction instead instead of standard deduction

The itemized deduction consists of:

Medical expenses subject to 10% floor
Taxes
Interest
Casualty and theft loss
Charitable contributions
miscellaneous deductions subject to the 2% floor
miscellaneous deductions non subject to the 2% floor

-I just popped this out from memory but it should be right. Make sure you verify this in your study material and know it inside and out. it is very important!

[DiligentCPA]

Make sure you know the 2016 rates. I have not seen questions with the old rates but many questions I have seen will just make up a rate and for the question and you answer the question based on that rate.

[SkiBum1990]

@Taylor I heard it's tough to prepare for REG SIMS..which ones in particular are you going working on? Individual/C-Corp/passive income?

"The mind can only absorb as much as the seat can take"

B - 79
A - 68, __ (got bumped from Aug 4 release to Aug 23-THANKS AICPA)
R - Oct
F - Nov (HA! 1 month to study working full-time; love NTS rules)

[Paydirt123]

Determined24: I'm scheduled REG Oct.3. May put it off but probably not. I use Becker. I've only taking FAR till now and passed (thought for sure I failed but slipped by with an 81). IMHO, None of these accounting concepts are challenging. In a vacuum, everything we've learned in accounting, debits and credits, IFRS and GAAP, etc., they're all extremely simple, dull and monotonous. The challenge lies in consolidating the ridiculous onslaught of information overload and organizing it in your head. I think all the wonderful mnemonics we learn helps.

[Determined24]

@Paydirt123 you are quite right I mean after need an undergrad and in some cases a Grad to sit for this exam we know these concepts. It is just to organize the wealth of information in our heads.
My biggest challenge is that I am an international and just to convert what I know to US law
Example the word “basis” like for an asset gave me a task to understand only to find out it is what we call here Net Book Value
All these terms “above-the-line”, “below-the-line” “phase out”.

Congrats on FAR

Where did you get the mnemonics you mentioned ?

[Author]

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