Video instructions and help with filling out and completing Where Form 4797 Excel

Instructions and Help about Where Form 4797 Excel

Welcome to the office of the Assessor reporters new YouTube channel the purpose of these videos is to provide an online training to demonstrate how to fill out the 571 l form this new channel is designed to complement our existing services and to enhance our customer service if you received a 571 L form it is because you do or have done business in San Francisco we receive phone calls on a regular basis asking hey I closed my business on January 7th why did I get this form the lien date for the state of California is 12:01 a.m. on January 1st you received this form because your business was in operation as of January 1st you're required to report business fix assets as of 12:01 a.m. on January 1st I thought your business was already closed you're still required to file unfortunately the filing due date is April 1st please modify your name and mailing address if necessary for instance a name is misspelled or a mailing address that's incorrect on your pre-printed form so how do you correct it simply draw a single line through it and write in the correct name or mailing address San Francisco has a sizable workforce that works from home consultants web designers and meeting planners so how do you report a home office you report the amount determined by the percent used for your business we often have business owners ask us what if I'm a contractor and all my tools are in my truck and I don't live in San Francisco but I have clients in San Francisco once the form is filled out please state the information in the remarks section sign date and return the form we will note this in your account for the future what if you're a painter and all you have our paintbrushes where do you report this well small as they may seem those are your tools you report this under tools part one is where you fill out your general information it is very important to file your contact information in case we have any questions regarding your filing if you own the land please check yes under part one see and answer the next question if you do not own the land at your business location and you are renting check no you don't need to indicate that you are a tenant part two is where you declare that property that belongs to you first our supplies report what you have on hand by taking a physical inventory or by estimating the average of 12 months of all your operating supply accounts take your annual office supplies expense and divide by 12 to get a trended average this is the amount you should report because it's assumed that you have one month's worth of supplies for example if I bought 500 glossy window envelopes this year and 10 boxes of self-stick labels the total cost including sales tax is 224 dollars if you divided that by 12 it's 18 dollars and 67 cents so I will report 19 dollars as supplies the second item is your equipment please flip to the backside of the form here in schedule a you will declare your assets in the proper categories in year of acquisition once you complete this schedule you will subtotal the assets on line 35 and transfer this amount to the front of the form part 2 line 2 it may look daunting but if you tackle a section at a time it's pretty straightforward in reporting the cost please include sales tax Freight in installation costs associated with the asset under column 5a you would report all of your personal computers generally application software is exempt from unsecured business personal property taxes and does not need to be reported on the 571 L however operational software is not exempt it needs to be reported on the 571 l examples of application software include Word Excel PowerPoint access Photoshop TurboTax and QuickBooks operational examples include Windows 7 Windows Vista Windows XP and Mac OS 10 the next section is leasehold improvements here you'll report any leasehold improvements that you have made by year of acquisition renters or lessee should list improvements under Schedule B such as newly installed cubes or offices light fixtures and remodeling or any other light construction examples of leasehold improvements structures and fixtures are listed on the instructions page enclosed with your 571 L form soft costs must be reported architecture fees design fees permits and licenses engineering fees carrying charges during construction such as taxes interest and insurance all those are to be included you will subtotal your leasehold improvements in the line sixty and transfer this amount to the front of the form part two line four many people have questions about this section so don't hesitate to call our office at four one five five five four five five three one once again 4 1 5 5 5 4 5 5 3 1 we have auditors who could further assist you ok now back to the form if you have construction in progress as of 12:01 a.m. on January 1st of the current year you will report that amount in part 2 line 5 let's hit a few of the most common questions about part 2 where should I report artwork our work is reported under other equipment in the description right in artwork what if I don't have any equipment that I capitalize expensed equipment should also be reported on the 571 L form annually until disposed expensed equipment should be classified in the same manner as capitalized equipment evaluation assessment procedures are the same as used for similar types of property a very common question is how do I report the assets included in a business that I purchased from a previous owner the assets should be reported using the previous owners cost and year of acquisition if you don't