The Small Business Tax Help Blog

Archive for the ‘Form 4562’ Category

Question: Help! can you please tell this in a police station, this might be an scam coz I received an email that I won..

but they’re asking for my credit card number….

Click here to play FreeLotto now:

http://www.freelotto.com/offer.asp?offer=90270&FID=98e836547618

Copyright © 1999-2006 PlasmaNet Inc. all rights reserved. E&OE.
Reproduction in whole or in part in any form or medium without
the expressed written permission of PlasmaNet Inc. is prohibited.
PlasmaNet Inc. PO Box 4562, Grand Central Station, New York, NY 10163.

Kevin J. Aronin
Chairman & CEO

Answer: NO legitimate lottery would ask for your credit card number. Surely you"re intelligent enough to know that, aren"t you?
This is a SCAM!

Hunter classes slated for Northwest Montana

Spring Hunter Education Classes have been scheduled for some communities in northwest Montana.

Question: IRS Form 4562 – cant figure out how to fill out the form.?

Trying to depreciate a computer I purchased for my business in 2008. Could some one walk me through the from from 1 to Schedule-C?

The cost is $1262
Looks like the fastest way is 200% DB over 4 years (514 – 309 – 257 – 206).

This form has me completely stumped. After fighting it for over 2 hours I still can figure how to make my way over to 1040 Schedule-C line 13.

PS: if there is a way to depreciate it all at once, please let me know.

Thank you!
I’ve read the instructions and cant figure it out.

Answer: You're making it much to complicated. Your computer qualifies as section 179 property, machinery and equipment This gives you a deduction of 100% of the cost this year, no depreciation schedule needed. Line 26d enter cost, Line 26h enter cost again as deduction. See the link or read the 4562 instructions regarding section 179 property.

An exception to passive activity loss rules

The maximum loss an individual can claim from actively managed rental activities is $25,000.

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: Depreciating Computer & Software?

A computer is considered listed property, so to depreciate it I would place it in Part V (Line 26) of Form 4562, correct? To depreciate software, where do I put this on Form 4562? It’s not considered listed property, correct? So would it go under Part III (Line 19) of Form 4562?

Also, is there a minimum under which you shouldn’t depreciate something? For instance, if something cost less than say, $100, should it be depreciated? If not, is it just a straight forward expense or can you not expense it at all?

Answer: If your computer is not used 100% at your regular business location, it is listed property and appears in Part V of Form 4562. Where it appears depends on whether it is used more than 50% for business or not.

Software can be amortized over 36 months. You would enter it in Part VI of Form 4562.

There are other ways to do this, but the above works.

There is no minimum for depreciable property. However, you can group like assets together, or expense them under Section 179, to keep your records simpler.

Waterloo Region Event Calendar

Here is a list of things to see and do in the region.Here is a list of things to see and do in the region.

Question: Tax: Do I need to include vehicle information in Form 4562?

I want to use the standard mileage rate for vehicle expenses for schedule C, but I’m not sure what parts of Form 4562 to fill out.

I use the vehicle less than 50% for business purposes

I do not want to take any additional write-offs for my vehicle

I’m using Form 4562 for the depreciation of other business assets

I read the instructions, but it all seems to relate to “actual car expenses” vs standard mileage rate.

Answer: Calculate the allowable depreciation, which depends on the year, FMV, and type of car. Multiply that by the percentage of business use to find out what your allowable depreciation is. You do use 4562 to enter this stuff.

Actavis Encourages Consumers to Return Fentanyl Transdermal System 25 mcg/h

Further to its previously announced voluntary recall of 18 lots of Fentanyl Transdermal System 25 mcg/hour C-II patches, Actavis is encouraging consumers to return any product in their possession from the October 21, 2010 recall.