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Video instructions and help with filling out and completing When Form 4797 Passive

Instructions and Help about When Form 4797 Passive

Hello everyone and welcome to completing basic tax return with depreciation in crosslink 1040 desktop today I just want to cover a just a little bit before we leap into the program on our return preparation method that we use here at crosslink it's important to understand that the way you enter information in the program has a huge impact on how everything is calculated and how much work you have to do back at the end of the day to begin with what we do is complete the client data worksheet this is all their personal information address phone number name social security numbers all of this is then pulled in to the rest of the forms within that tax return so you don't end up typing their name and phone numbers over and over and over again so start out with their personal information on the client data worksheet and then you can move into adding their sources of income w-2s 1099s uh Bellucci s any of those make sense to add right after their personal information has been entered that way we get some numbers to begin to start to work with in the tax return once we get their income entered we can add some schedules and any of those secondary forms for credits or or any of those things that they have that those schedules then can lead into the depreciation of asset and that's where we're gonna focus our webcast today is right here in this depreciation spot to continue once you're once you've finished entering your schedules and any asset you'll want to move into adding your State returns those states will then largely build themselves out if you have any special city circumstances you might do some extra additional work but if you stick to this methodology by the you get to the state there's very little work left to do except to verify that all the work is entered correctly to print the return sign it and get it sent off to the IRS and to the customer so stick to this methodology and you'll race through tax returns during season let's take a look at the program real quick here we come into my work in progress summary and I'll just open up one of my tax returns here now I have started out already and entered some of those first few things so I've entered all their personal information on the client data worksheet you can see all that here and then I've also added w2 information we're not going to do any States or anything we're just going to keep it real simple so there's very simple tax return and I want to point out a couple of snags a couple of places where people tend to have a little worried when they start filling these out especially if they're new to the program the first being remember before we can depreciate any asset we have to add those schedules first so if we look in here I don't have any schedules insert you can see that over in my tax forms and all I have listed in my depreciation is vehicle so we have to add the forms before we can see anything in here and that's because there are basically two types of assets there's a vehicle asset and there's a standard asset and standard asset is one that can be written off just to a single schedule and that's why we need to know the schedule to get in there a vehicle asset however and we'll see this a little bit later can be written off some multiple schedules at the same time okay so we need to the born first let's add a Schedule C we'll give it a name just really is you know here's here's a little trick I show people when I'm at the spot because I'm right here anyway so when we're dealing with these business code if you look we have choices connected to that that means we have a list of these business codes that are available to kind of help you enter and get them on the form but we are stuck with dealing with just a list of numbers here there is a trick if you ignore this first field for the second description field you can type in the first few letters of the business name and the code will dance in that for you so that all makes it a little bit easier to deal with these business code so that's that's an aside right now we have will help our landscaping schedule see answered you can see as I move through the tax return we get a name over here on the side and if I look in my depreciation over here and attached forums we now have our Schedule C so number one make sure you enter that form first and then we can get in here and get to our depreciation now since we're since we're here I want to enter a Schedule E because we are going to mess around with a splitting of vehicle between the two of them okay and depreciation there's my Schedule E thanks man and you can see there Nate how their names as well so if you have a multiple schedule sees multiple schedules you can tell them apart by the name let's go into our landscaping schedule steam will double click I'll add in the we have the description of the asset up at the top here and we'll say a computer we bought a new computer for our business we have date placed in service I'm going to leave this alone and then we have all the codes that the IRS gives us to enter for these assets if we look here I believe it's a code - when you click OK and a computer code - all that's left for.

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