The Small Business Tax Help Blog

Archive for June, 2009

Question: IRS Form 4562 for a rental property placed in service in 2005.?

I had an accountant do my taxes last year, and they came up with the depreciation schedule in Part III of the form. Where does this property go this year? Part IV? And what do I use for my basis of depreciation? The original amount, or the original amount minus what I deducted from my taxes last year?

Thanks in advance.

Answer: It will appear on line 17 in Part III of the form. You enter the total depreciation for all assets placed in service prior to 2006. The basis used for depreciation purposes will not change from when you originally began depreciating the asset. You do not reduce your basis in the asset by the depreciation taken in previous years in determining your depreciation for the current year. The accumulated depreciation will only adjust your basis in the asset when you sell the property and use the adjusted basis in determining your gain/loss on the sale of the asset. If you made improvements to the property, the improvements are added as a separate asset.

Southern California Theatre Guide 2009

Every day actors and other artists arrive in Los Angeles, lured by the prospect of employment in film and television.

Question: What amount gets entered on line 8 of the IRS Form 8829?

I’m a home-based employee, not self-employed, so I’m not filing a Schedule C. I’m confused about whether I enter the total from my W-2 or my Adjusted Gross Income (wages – standard deduction).
Any help would be appreciated! Thanks!!

Answer: You don't file Form 8829 if your use is as an employee. You'd claim it on schedule A as un unreimbursed employee business expense.

See the amount from Schedule C, line 29,

Home is where your office tax deduction is

NEW YORK #8212; Many people who received buyouts and severance packages last year used the money to start home-based businesses. Now they'll want to take tax deductions for their home offices.

Battle lines drawn over tax measures 66 & 67

BEAVERTON, Ore. — As Oregon business interests and others band together to fight new taxes in the state, both sides are taking their arguments to voters. In Beaverton, dozens of voters gathered Monday for a debate between the supporters of Measures 66 and 67 and those who would overturn the measures. The tax hikes were passed by the Oregon legislature, then referred to voters, who will decide …

Fort Worth~Self-Employment Advantages!

Das iPhone wird zur Universal-Fernbedienung

Die US-Firma L5 Technology macht aus dem iPhone eine Universal-Fernbedienung. Sie heißt L5 Remote und besteht aus einem Infrarotsender und einer kostenlosen Software. Der Sender soll laut Herstellerangaben etwa 50 US-Dollar (aktuelle knapp 35 Euro …

visual basic 6.0 tut mach ein ladebalken!

Financial incentives bring renewable energy businesses — but not experience

The Vineland Solar One solar energy plant at the Landis Sewerage Authority in Vineland. Financial incentives have the state’s renewable energy market booming, but some say it is like “the Wild West.”

Ein Tag Bundeswehr – One Day of German Federal Armed Forces