Video instructions and help with filling out and completing Why Form 4797 Assets

Instructions and Help about Why Form 4797 Assets

As a tax professional you know the value of tracking clients depreciable assets as well as calculating depreciation generating reports and planning for future years ATX gives you the fixed assets form to help you do all of this use this basic asset depreciation tool to enter assets and ATX calculates prior and current your depreciation tracts gains and losses when the client sells property tracts AMT and state depreciation and more to begin adding two principal assets add form 4562 to the return click Add forms fine form 4562 and add that form ATX loads formed 4562 in the fixed assets form click fixed assets before you start entering assets you may want to set global settings for this tax return to do that click the asset global Settings tab here you can change settings for display calculations and makers federal elections you can also change settings for bonus elections use state counts to select a different resident state as needed this changes the state treatment column and state default calculations on the depreciation 179 tab use the tax your information tab in a business return to edit short year information remember that these settings only affect this return so they won't change any other return settings then you can start entering the assets click asset entry and type the basic asset information first type the description then type the date the client place the asset and service remember to fill both these boxes because ATX only saves the asset if they're completed next select the activity a TX displays a list of all of the available forms in the return such as schedules e F or other activity forms in an individual return if there is more than one form of that type make sure you select the correct number in this example the client has two schedules C and this asset belongs to the second one so we'll select the Second Schedule C select the correct category for this asset this is a vehicle so we'll select vehicles select the subcategory for the asset for this asset we'll select five year qualified non-personal use vehicle make sure you review the other boxes in the basic asset information then move to the depreciation in section 179 tab here type the cost or basis type in a section 179 deduction and other information ATS calculates the recovery period method convention current prior and next year depreciation based on the information you've already entered ATX also calculates the 50% special depreciation allowance if the property qualifies if the client does not want to take it change this setting and asset global settings a TX calculates the AMT recovery period method and convention based on the asset category and subcategory you selected and calculate state asset information based on the rules you set up in the state calcs tab when you enter an asset you may have a question about how a TX calculates the depreciation to see information on how ATS calculates depreciation click any field in the asset entry tab and then press ctrl shift + F 1280 X displays a dialog box that gives you the explanation including the depreciation basis rate and holding period a TX also provides fixed asset manager also known as fam and that's an advanced asset depreciation program that works with a TX and provides even more capabilities than the a TX asset form if you need more than basic functionality for your clients assets talk to your account manager about purchasing fixed asset manager you can use additional features such as adding more than one state treatment additional more detailed reports printing asset reports to paperless plus integration with client accounting suite and more see the accompanying documentation for more information about fixed asset manager