What are the main tax calculation formulas that I should drill into my head?

  • Creator
    Topic
  • #184442
    jlondon
    Member

    ie:

    *AMT Formula (Do I absolutely need to drill it into my head, this formula seems so long)

    *Personal Holding Company tax formula

    There’s a lot more, but I just can’t remember them right now. Are there ones that I must absolutely know it inside out?

    BEC: 69, 57, 72, 73, (anticipated for 4/4/2015)
    AUD: 65, 63, 74, 84!!! (expires 7/31/2015)
    FAR: 63, 57, (scheduled for 4/1/2015)
    REG: ... 42, (Anticipated to be around 5/20~)

    -Every Set Back is a Set Up for a Major Come Back #motivation

    "I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed." - Michael Jordan

    "You are not your past, but the resources and capabilities you glean from it" -Jordan Belfort

Viewing 15 replies - 1 through 15 (of 16 total)
  • Author
    Replies
  • #538673
    10keyLeah
    Member

    I'd suggest that you be familiar with AMT. Check out Jeff's videos on it:

    I personally did not go so far as to memorize the personal holding tax formula or the estate/gift tax formulas.

    Ninja Combo, Yaeger, Wiley -- Licensed CPA, May 2015

    #538708
    10keyLeah
    Member

    I'd suggest that you be familiar with AMT. Check out Jeff's videos on it:

    I personally did not go so far as to memorize the personal holding tax formula or the estate/gift tax formulas.

    Ninja Combo, Yaeger, Wiley -- Licensed CPA, May 2015

    #538675
    jlondon
    Member

    @10key Thanks for the link! Very helpful.

    I guess I'll just write all formulas and post them up in my room. Need to memorize them inside gradually… I do not want to fail anymore exams.. I need my life back.

    BEC: 69, 57, 72, 73, (anticipated for 4/4/2015)
    AUD: 65, 63, 74, 84!!! (expires 7/31/2015)
    FAR: 63, 57, (scheduled for 4/1/2015)
    REG: ... 42, (Anticipated to be around 5/20~)

    -Every Set Back is a Set Up for a Major Come Back #motivation

    "I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed." - Michael Jordan

    "You are not your past, but the resources and capabilities you glean from it" -Jordan Belfort

    #538710
    jlondon
    Member

    @10key Thanks for the link! Very helpful.

    I guess I'll just write all formulas and post them up in my room. Need to memorize them inside gradually… I do not want to fail anymore exams.. I need my life back.

    BEC: 69, 57, 72, 73, (anticipated for 4/4/2015)
    AUD: 65, 63, 74, 84!!! (expires 7/31/2015)
    FAR: 63, 57, (scheduled for 4/1/2015)
    REG: ... 42, (Anticipated to be around 5/20~)

    -Every Set Back is a Set Up for a Major Come Back #motivation

    "I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed." - Michael Jordan

    "You are not your past, but the resources and capabilities you glean from it" -Jordan Belfort

    #538677
    D
    Participant

    @jlondon- same here.. I want my life back too! How far along are you on the REG studying and hows that going?

    I take my exam Apr 7th and feel like I'm barely scratching the surface.. however I also feel I've pinpointed my weak areas and can hammer those out over the next 3 weeks.

    ----------
    AUD - 74, 77! (1/2016)
    BEC - 80! (5/2016)
    REG - tbd (8/2016)
    FAR - tbd

    Study materials: NINJA MCQ/Audio/Notes

    "I can do ALL things through Christ who strengthens me!"
    ----------

    #538712
    D
    Participant

    @jlondon- same here.. I want my life back too! How far along are you on the REG studying and hows that going?

    I take my exam Apr 7th and feel like I'm barely scratching the surface.. however I also feel I've pinpointed my weak areas and can hammer those out over the next 3 weeks.

    ----------
    AUD - 74, 77! (1/2016)
    BEC - 80! (5/2016)
    REG - tbd (8/2016)
    FAR - tbd

    Study materials: NINJA MCQ/Audio/Notes

    "I can do ALL things through Christ who strengthens me!"
    ----------

    #538679
    san4596
    Member

    Know property transactions like the back of your hand! Regarding AMT, I would suggest knowing what is not included in computing AMT for both Corp and Individual. The other big calculation that you need to know would be the DRD calculations, and the % ownership differences with DRD.

    CPA EXAM: DONE!!!!
    Ethics Course: Passed
    Application Mailed: 3/16/15
    Professional Conduct Exam: 97
    Certification Date: 4/2/15!!!

    #538714
    san4596
    Member

    Know property transactions like the back of your hand! Regarding AMT, I would suggest knowing what is not included in computing AMT for both Corp and Individual. The other big calculation that you need to know would be the DRD calculations, and the % ownership differences with DRD.

    CPA EXAM: DONE!!!!
    Ethics Course: Passed
    Application Mailed: 3/16/15
    Professional Conduct Exam: 97
    Certification Date: 4/2/15!!!

    #538681
    CPA soon
    Member

    I personally don't think you should worry much about AMT, you should understand DRD and Theft/casuality losses calculations.

    FAR - 71, 68, 74, (8/31/14) 78 ✔
    REG - 67, 71, 71, (10/18/14) 78 ✔
    BEC - (11/29/14) 86 ✔
    AUD - 73, (4/4/15) 86 ✔

    I can't believe this is over! 2 years and 3 months..

    #538716
    CPA soon
    Member

    I personally don't think you should worry much about AMT, you should understand DRD and Theft/casuality losses calculations.

    FAR - 71, 68, 74, (8/31/14) 78 ✔
    REG - 67, 71, 71, (10/18/14) 78 ✔
    BEC - (11/29/14) 86 ✔
    AUD - 73, (4/4/15) 86 ✔

    I can't believe this is over! 2 years and 3 months..

    #538683
    Tasia
    Member

    @TXCPAGAL12 I also take my exam April 7. I feel the same way as you… Not sure how deep I am getting into the material and I think I need a solid week of burying myself in the first 5 Becker chapters every night after work and starting with MCQs on Friday or Saturday. I thought for this rematch that I could just use Ninja notes, but I'm thinking I should also be looking in Becker as well.

    I just hope I can do enough these next 3 weeks!

    BEC - 78 (8/30/13)
    REG - 73 (1/31/14) - 76 (4/7/14)
    ***GETTING MARRIED 7/19/14***
    FAR - after the wedding
    AUD - also after the wedding

    "For I know the plans I have for you,” declares the LORD, “plans to prosper you and not to harm you, plans to give you hope and a future." - Jeremiah 29:11

    #538718
    Tasia
    Member

    @TXCPAGAL12 I also take my exam April 7. I feel the same way as you… Not sure how deep I am getting into the material and I think I need a solid week of burying myself in the first 5 Becker chapters every night after work and starting with MCQs on Friday or Saturday. I thought for this rematch that I could just use Ninja notes, but I'm thinking I should also be looking in Becker as well.

    I just hope I can do enough these next 3 weeks!

    BEC - 78 (8/30/13)
    REG - 73 (1/31/14) - 76 (4/7/14)
    ***GETTING MARRIED 7/19/14***
    FAR - after the wedding
    AUD - also after the wedding

    "For I know the plans I have for you,” declares the LORD, “plans to prosper you and not to harm you, plans to give you hope and a future." - Jeremiah 29:11

    #538685
    zumbasweety
    Member

    I'm testing April 7th too! Hopefully it will be a good day for us all. 😉 I am 64% of the way through the material. I've only studied about 27 hours and only have 3 weeks to go! Yikes!!

    FAR 82
    REG 76
    BEC 71, 78 (There is a light!!!)
    AUD 69, 83 (DONE!!!!)

    #538720
    zumbasweety
    Member

    I'm testing April 7th too! Hopefully it will be a good day for us all. 😉 I am 64% of the way through the material. I've only studied about 27 hours and only have 3 weeks to go! Yikes!!

    FAR 82
    REG 76
    BEC 71, 78 (There is a light!!!)
    AUD 69, 83 (DONE!!!!)

    #538687
    Tasia
    Member

    Yes, hopefully it will go good for all of us! I am finding it extremely hard to get motivated to study for REG. I wasn't like this for BEC, so that's frustrating.

    BEC - 78 (8/30/13)
    REG - 73 (1/31/14) - 76 (4/7/14)
    ***GETTING MARRIED 7/19/14***
    FAR - after the wedding
    AUD - also after the wedding

    "For I know the plans I have for you,” declares the LORD, “plans to prosper you and not to harm you, plans to give you hope and a future." - Jeremiah 29:11

Viewing 15 replies - 1 through 15 (of 16 total)
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