ABC's of Depreciation A8FPT-T-00106-25-O
Speaker Mary Roberts, EA, 1 CE Hour
Summary and Learning Objectives
Depreciation is the process of recovering the cost of business property over time. It applies to assets used in a trade or business that wear out, decay, or lose value, but not to land or personal-use property. Depreciation begins when property is placed in service and ends when it is retired or fully depreciated. The most common method is MACRS, though alternatives exist. The depreciable basis is generally the property’s cost, adjusted for improvements or credits. Routine repairs are deductible, but improvements must be capitalized and depreciated. Form 4562 is required to report depreciation, Section 179 elections, bonus depreciation, and listed property.
By the end of this lesson, participants will be able to:
· Identify what property qualifies for depreciation and what does not.
· Explain when depreciation starts and stops.
· Recognize the methods available for calculating depreciation.
· Determine the correct depreciable basis of property.
· Distinguish between deductible repairs and capitalized improvements.
· Understand when and why Form 4562 must be filed.
Speaker Mary Roberts, EA
Mary Roberts, EA, is a dynamic professional with a diverse and accomplished background. Based in Charlotte, North Carolina, Mary is a proud graduate of Metro State University of Denver, where she earned degrees in Management and Psychology. She furthered her education with master's-level work at the University of North Carolina at Charlotte.
In 2007, Mary took over her mother’s accounting practice, continuing a legacy of excellence in serving clients with tax and financial expertise. Beyond her thriving accounting career, Mary is also the owner of a martial arts studio and holds a 2nd-degree black belt, demonstrating her dedication to discipline and personal growth.
Mary is deeply involved in her professional community, serving as President of the Charlotte Chapter of the North Carolina Society of Accountants and as President for the statewide organization. Her leadership and commitment to the profession make her a trusted resource and mentor in the field.
When she’s not managing her business or training in martial arts, Mary enjoys giving back to her community and helping small businesses and individuals navigate the complexities of financial management.
Please register to join this meeting at www.ncsa1947.org. Once registered you will receive the Meeting ID and Passcode to join.
This meeting will qualify for a CE.
There is a charge of $10 for Members and $15 for Non-Members.
NCSA is Provider #A8FPT for
Enrolled Agents and Other Tax Return Preparers
