Video instructions and help with filling out and completing Fill Form 4797 Tutorials

Instructions and Help about Fill Form 4797 Tutorials

Hello and thank you for watching another one of the right weight training videos the purpose of this video is to cover the form 21:06 last year when we were reviewing the the most commonly used form data this form appeared quite frequently so we thought it would be helpful to review the form what it's used for where it's located in the software and how to fill it out one of the things that we found that was pretty helpful and maybe helpful to you as well if you're not familiar with the form is this graph it's basically a flow chart that takes you down as to whether or not you should actually fill out the form very easy to navigate you can go ahead and pause the video at this point and read through it if you're not familiar with the form the thing I think most interesting to note is the last little note down here do not file form 2106 if none of your expenses are deductible because of the 2% limit on miscellaneous and it's cut off down here but it says itemize deductions so if your miscellaneous itemized deductions don't exceed 2% of your AGI you might as well not file the form so if you you made $50,000 and you had a hundred and fifty dollars you know laptop and parking fees and whatever else that you were not reimbursed for from your employer then it's not going to do you much benefit you can fill out the form charge for the form but it's it's really not going to get your tax payer any benefit so just wanted to point that out real quick we're going to exit this and jump right back into actually how to fill out the form so I'm in a tax return I've got an employee he had a w-2 25 thousand dollars and he did not get reimbursed his expenses from his employer so he's going to fill out form 21:06 very easy to do did you have any vehicle expenses jaboney parking fees tolls or transportation and what you want to do is you want to get to sum up to us obviously as much money as possible that you can validly claim you have the receipts for them we have the credit card statement you bought the uniform you bought your laptop you paid for your own cell phone all that good stuff so we you go into vehicle expenses what was the description it was my personal car when was it placed in service oh one or one of 13 let's say we've been on the job for a while we had the car to started the tap part of that year and we were using it the total miles driven on the car was twelve thousand five hundred and how many business miles which are included in the twelve thousand five hundred so if we drove 3500 miles it's going to tell us what was our average daily round-trip commuting ten miles meeting miles included in total miles that was wrong where say 2500 and then we exit here and it tells us our standard mileage rate is this vehicle used for rural you can answer these questions but it's it just very quickly spit you out the result of what your deduction or what your unreimbursed expenses for you your personal use of your vehicle for business use ask you a couple of additional questions which are pretty standard vehicle was there another vehicle available for personal use or was this vehicle available for personal use during off-duty hours do you have another vehicle is there evidence to support the deduction is this evidence written do you have a mileage log or something else to validate the miles that you drove for work we exit there go into other business expenses not meals or entertainment so this would be business use of home other business use not meals or entertainment we can create a list which I highly suggest so that you don't duplicate your efforts and you're keeping track you come in say cellphone unlimited data unlimited text unlimited calling and easily you know two thousand dollars a year come down here that's put in a laptop we bought about a really nice laptop for $850 home internet because we work remote frequently working at home we got another 650 bucks what else we have we had a uniform that we wore polos and pants and we spent $400 throughout the year we got a dry-cleaned and I'm running that ideas at this point I'll say that it was another $300 exit sums it up for us and there it is meals and entertainment expense those have their own special being way of being treated we spent $400 of our own money taking clients out just leave that at zero and from there I think we should have enough yeah we should have plenty based in the summary that I put this guy in having for it actually to make an impact and it substantially increased is refund there so we scroll down on our 1040 and locate the the total of our itemized deductions on line 40 and if we click on line 40 it's going to take us right back into our schedule a to two percent deduction at job expense 20 106 you can see exactly what carried over and if you need to access it it gives you kind of a running total breaking everything down for you so that is the way that you fill out the form 21:06 very easy to do I highly suggest you retain copies of what the the taxpayers claiming to have paid out of pocket just to just validate those expenses and other than that there's not much more to it thank you very much talk to you soon