Video instructions and help with filling out and completing What Form 2220 Depreciated

Instructions and Help about What Form 2220 Depreciated

Music thanks to everyone for joining me for this morning's presentation we are going to navigate through basically adding assets to a tax return but first it's worth mentioning how we prepare a tax return some of the methodology that's involved in this the first thing we want to do when we start a tax return is fill out the client data worksheet we enter all the personal information and all of that flows into the rest of the tax return so we don't end up typing names and addresses and phone numbers and those kinds of things over and over and over again once we get the client data worksheet filled and we can add our income source forms our w-2s w2 G's 1099 any of those that report our income we add those now this is important because largely the methodology here is forms based and by that I mean we want to add the form before we enter information and that that again becomes important when we do our third thing here which is add all of our secondary forms our state forms and our schedules our assets are written off to our schedules so we need to make sure that we add those forms before we add any asset to the to crosslink once we fill in their personal information we get their income source forms entered in any secondary forms then we can move into the end process with verify sign print and submit to the IRS so this is kind of where we're at in our scenario right now if I take a look at my tax return here we are in in crosslink and I'll open up the return I have prepared all right here we are so inside the return here's our client data worksheet so this is where I'm going to perform all my actions basically and along the left-hand side is our attached forms list so you can see everything that's attached in the tax returns gonna be attached over here and I point that out because we can see that I have a Schedule C and if I double click on this I can move over to that Schedule C and here it is so our scenario is basically a single entrepreneur type he's got his insurance through his private health insurance company it doesn't have any dependents so nice and easy as far as that is concerned we do have a Schedule C you know so we have 45 in here we don't have any anything written off just yet and we do have a Schedule E in here as well so we have couple grand and rinse receives but again know nothing to add as far as assets yet so we're basically at the point where we can enter that I've taken all my images of documents and put them in the document archive everything is taken care of as far as that concerned I also want to point out that there is an interview mode this return interview here this is new for this year and you can take care of some I don't want to say everything that's available on the forum but there are a lot of different things that you can take care of through here adjustment let's just kind of jump over here so we can see we have six hundred and seventy dollars in state sales tax there so we can enter a whole bunch of different kinds of stuff even through the return interview mode let's take a look at adding some assets okay so here we are my Schedule C and I have Landscaping and I have a Schedule E for my rental property and when we there's a couple of different ways to get into this depreciation the first is in the attached forms list you can just double click on depreciation here and it will take you straight to where we need to go and you can see there's Schedule C and our Schedule E they appear here because I've added them already if if I didn't have anything there it wouldn't be here so I'd only have one Schedule C just as an example if I had a second one just real quick a new one now when I go into depreciation we could see there's another Schedule C I didn't name it yet but those things don't appear there what we can't write anything off two forms that aren't already added in there that's kind of the bottom line here let me get rid of this one we'll go back to the way we were and again we can click on add form and notice depreciation is a tab in here there we are we can get there and the other way is to just hit ctrl n on your keyboard control in takes you straight to this spot so if you're used to using your keyboard go for it now we have our schedules shown up here but we also have one called car and truck I'll get to this year in a minute but just at this point understand that there's basically two different kinds of assets for crosslink one is more or less the standard asset and the other is a vehicle asset and the reason we separate the vehicle out is we can write the vehicle off to multiple schedules that's why I have two schedules in here so we'll get to that here in a minute let's look at a regular standard asset and we'll go and just double click on my Schedule C and here's the list of assets that are for this particular schedule seats of you have multiple added the lists may be different we'll click on add an asset at the bottom a new asset here we can type in a description of the asset so we'll say something like a desk why not our