belinda_wellsACCT401DB3Reply2.docx

belinda_wellsACCT401DB3Reply2.docx - Kallie I agree that it...

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Kallie, I agree that it is important to classify assets properly. I liked how you talked about how as Christian tax professionals we are held to a higher standard than others. It is extremely important that we stick to our morals and not allow the things of the world to cloud our judgement. Taxpayers attempt to get the most depreciation as possible because they have a benefit of the deduction. As our book states, “depreciation is the method of deducting the cost of tangible property and real property (other than land) over a specific time period” (Spilker, et.al, 2016, p.10-2). If an asset is classified wrong it could determine the wrong risk and return for the taxpayer. To ensure taxation on assets is done properly, one must ensure the assets are classified correctly. Classifying assets are extremely important because it allows the taxpayer to deduct allowable depreciation for the current year. A taxpayer is legally able to defer income tax,
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