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

Instructions and Help about When Form 4797 Tangible

This video will show you as a new business owner how to fill out the Davis County personal property signed a statement please note that this statement is due on May 15 2018 if this is submitted after May 15th 2018 you will incur fees and penalties if your business closed or never got started please contact our office at 8:01 for five one three two four nine and let the person know that your business no longer exists because you are a new business line one will be zero please do not alter this amount on line two you will enter the cost of supplies for one month this amount can be determined by taking the total cost of supplies on hand for the year and dividing it by twelve supplies on hand include all office supplies replacement parts maintenance supplies lubricating oils fuels and consumable items not held for sale in the ordinary course of business inventory items are not included in this example our annual supply amount was three hundred dollars if you divide that by twelve you will get $25 as a monthly supply amount and the $25.00 will be listed here on line two line three you will list all of your assets you will do this by completing Schedule B which I will show you later on in this video Schedule B you will list all of your assets used to run your business assets include but are not limited to furniture software computer signs uniforms tools phones alarm systems etc home businesses may use many assets which were owned personally these items need to be reported for each item we will determine the property class by looking at the classification guide and the percent good looking at the percent good schedule we will show you how to do this on the next slide because you are a new business you will list all of the assets used to run your business that you had in place as of January 1st 2018 you'll list add a sets regardless of when you purchased these new assets line one is an example that's printed on the form of a computer desk that was purchased in 2016 for $600 I will also walk you through a few more examples of adding assets to your Schedule B you're gonna start filling out Schedule B by listing all of the assets that you use to run your business in this example I've added software a cell phone and a computer you're also going to include things like your desk in your chair a filing cabinet a printer and anything else that you use to run your business next you're going to look at the enclosed personal property classification guide which gives you examples of what items fall under each class in our example we used we included software which falls under class 1 a computer which falls under class 12 and a cell phone which falls under class 3 once we know the property class we will add this to Schedule B right in this column over here so that you know which class your item is next we will look at the enclosed personal property percent good valuation schedule we can see in our example we had some software which we determined was in class one so we'll find the class one table and we also purchased this software in 2015 we can see that anything that was any software that was purchased in 2015 or prior has a percent good of ten percent we also purchased a cell phone in 2017 we determined a cell phone fell under class three a class three property that was purchased in 2017 has a percent good of 84 percent and finally we have our computer which is a class 12 and we purchased this computer in 2016 we can see that the percent good is 46 percent we will transfer each of these percentages to our Schedule B you will transfer each one of these percent goods from the percent good table and put them on the accompanying line on your Schedule B you will then multiply the purchase price by the percent good to come up with a total taxable value if these taxable values is not a whole number please round to the nearest whole number you will continue this process of multiplying the purchase price by the percent good to get the taxable value for each one of the assets that you have listed once you have added all of your assets you will add up this column which is the total taxable value column to come up with a total value of all of the assets that you have this number will be transferred to line 3 of the signed statement the total asset value that you calculated on Schedule B will then be transferred here to the signed statement on line 3 on line 4 you will add line 1 which is 0 plus line 2 which is your monthly supply plus line 3 which is the total depreciated value of your assets to get a total taxable value if this taxable value is ten thousand five hundred dollars or less please stop do not move on to step five you will actually continue down at the bottom of the page and file for the exemption filing for the exemption means that you do not owe any taxes however you must submit this form to our office by May 15th in order to receive this exemption if your assets are ten thousand five hundred dollars or less and you do not owe taxes please do not send any money if your assets if line four is ten thousand five hundred and one dollars or greater you will continue on to lines five and six again if your line 4 is 10,500 or less you will not complete lines 5 & 6 instead you will