When Form 4797 Passive 2024-2025

Hello everyone and welcome to completing basic tax return with depreciation in crosslink 1040 desktop. Today, I just want to cover 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 includes all their personal information such as address, phone number, name, and social security numbers. All of this information is then pulled into the rest of the forms within that tax return, so you don't have to keep typing their name and phone number repeatedly. Start out with their personal information on the client data worksheet and then move into adding their sources of income, such as W-2s, 1099s, etc. Add these right after their personal information has been entered. This way, we get some numbers to begin to work with in the tax return. Once we have their income entered, we can add schedules and any secondary forms for credits or anything else they have. These schedules then lead into the depreciation of assets, which is what we will focus on in this webcast for today. Once you have finished entering your schedules and any assets, you can move into adding your state returns. The states will largely build themselves out, with some additional work required for special city circumstances. Stick to this methodology and you will be able to race through tax returns during the season. Now, let's take a quick look at the program. We come into my work in progress summary and open up one...