How to Deduct Fees From Your CPA Application
How to Deduct Fees From Your CPA Application
What exactly are accountants, and why do many people want to become certified public accountants? Perhaps one of the reasons is because so many companies, public or private, rely so much on certified public accountants to deal with sensitive financial information and advice, such as how these companies are going to allocate their assets and resources, as well as what their standard will be in measuring these resources. That, most probably, equates into quite a sizable compensation, ain't it? So, most probably, this is the reason why so many people want to become accountants - the licensed type, to boot.
Now, what does it take to become a certified public accountant? In the United States, the American Institute of Certified Public Accountants require the aspiring accountant to possess three Es: the appropriate Education, passing the licensure Exam, and having 150 hours working Experience. Only when one has completed these three Es will he be able to finally obtain a license that will deem him a certified public accountant.
On the Aspect of Education
So, what courses does an aspiring certified public accountant need to take to qualify? First off, he needs to finish a four year college accountancy course or its equivalent, such as management, finance, marketing, taxation, auditing, or statistics. If he takes a business course, he needs to make sure that at least 24 to 30 hours of it go to taxation, auditing, and accounting studies. And then, when he finishes his studies, pass the exam, and get the work requirement to get the license, he needs to update himself with the latest in accountancy, auditing, finance, and taxation studies every year so that his certified public accountant license will remain active.
Sounds like a whole lot of expenses, isn't it? Now, here is the question: would authorities be as kind as to allow the aspiring certified public accountant to, at least, get discounts on his accountancy education costs? The good news is, there could actually be a way to do so, and that is through deducting fees from the CPA application via the taxes that the government obliges the aspiring certified public accountant to pay.
Fees That Can Be Deducted From A Certified Public Accountant Application
When applying for business or trade ventures, there are laws that allow a person to subtract education expenses from the cost of setting up the venture, such as in the area of taxes. However, the rules have it that accountancy courses are not actually qualified for the deduction if taken as is. This is basically because as one engaging in a professional transaction, businesses are expected to invest on certified public accountants (not unlicensed accountants) and their further improvement, so accountancy courses he takes prior to the license cannot be considered as costs that can be deducted from the application.
However, since accountancy involves studies in economics, mathematics, and finance, and a business or trade venture can flourish because of developments in these areas, one could justify these as costs that can be used for the improvement of the company, thus qualifying the costs as deductible expenditures. One can simply state that these can help in the conduct of giving financial decisions, as well as determining the business or trade's financial viability.
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