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Good Morning Tom, I hope you had a great weekend!
I do apologize in advance for the long question(s)...I'm stuck and can't go further.
Tax Questions "TurboTax"
History-I used TurboTax last yer (2011) to play around with filling my own business tax. I input all personal and business information, however I did not file through TurboTax " had a professional do them for me". This year I feel confident " with the help of your books and blog" that I can do them myself...note: I have always done our family taxes without issues using TT.
Problem-I can't access the information I would have enter into TT last year...in order to verify it's the same information that was actually filed. I do have my completed return with all the business forms/information...just unsure about the depreciation chart provided from the tax professional and what TT is pulling over from last year's return "what I would have inputted while playing with it? TT keeps the previous information and automatically pulls it for the next tax year...rather you file with them or not.
Questions-
1. TT ask if I have any carry over expanses from (form 8829 line 42 & 43) Yes, I do line 42 is (14) line 43 is (1). or these numbers codes for an actually $ amount...or is it the $ amount I'm carrying over? This gave me a carry over amount of $1,519.00 for 2013 an a deduction of $6,259.00 for home office 2012.
2. Now TT had these sections per-filled as follows, line 42 (381.) line 43 (45.) giving me a carry over amount of $1,108.00 for 2013 and a deduction of $6.295 for home office 2012.
3. TT ask what is the percentage of time business is conducted in the home office...this would be 100% right? (for a child care provider)
Depreciation question-This is where my brain shuts off
TT has pulled the depreciation information from what I inputted for 2011 " while playing around with it". I'm assuming the information is what should be claimed for 2013...not where I left off for 2011. Note: I have chatted with an online rep who says TT will automatically update information from tax year to tax year.
My Example: Last year I depreciate the following item
Washer/dryer $2061 purchase new in 2011 put in service in 2011 applied the "bonus deprecation rule" using my T/S% (33.250)
$2061 X 33.250%=685.2825 "round up" 686
Deprecation applied $686.00 method "MACRS" 7.0
Now on the deprecation schedule provided by the tax professional it has all the above information in my example as well as...
ADS Deprecation for 2011 (98)...What is this amount for?
While trying to update it in TT, it shows an $0 deprecation for this year...I'm thinking because all was used in the first year under the bonus rule...am I correct?
Thanks so much Tom,,,and I can't wait til Tuesday for the webinar and I'll get to see you in person next month! Yeah me, you'll be in my neck of the woods.
I do apologize in advance for the long question(s)...I'm stuck and can't go further.
Tax Questions "TurboTax"
History-I used TurboTax last yer (2011) to play around with filling my own business tax. I input all personal and business information, however I did not file through TurboTax " had a professional do them for me". This year I feel confident " with the help of your books and blog" that I can do them myself...note: I have always done our family taxes without issues using TT.
Problem-I can't access the information I would have enter into TT last year...in order to verify it's the same information that was actually filed. I do have my completed return with all the business forms/information...just unsure about the depreciation chart provided from the tax professional and what TT is pulling over from last year's return "what I would have inputted while playing with it? TT keeps the previous information and automatically pulls it for the next tax year...rather you file with them or not.
Questions-
1. TT ask if I have any carry over expanses from (form 8829 line 42 & 43) Yes, I do line 42 is (14) line 43 is (1). or these numbers codes for an actually $ amount...or is it the $ amount I'm carrying over? This gave me a carry over amount of $1,519.00 for 2013 an a deduction of $6,259.00 for home office 2012.
2. Now TT had these sections per-filled as follows, line 42 (381.) line 43 (45.) giving me a carry over amount of $1,108.00 for 2013 and a deduction of $6.295 for home office 2012.
3. TT ask what is the percentage of time business is conducted in the home office...this would be 100% right? (for a child care provider)
Depreciation question-This is where my brain shuts off
TT has pulled the depreciation information from what I inputted for 2011 " while playing around with it". I'm assuming the information is what should be claimed for 2013...not where I left off for 2011. Note: I have chatted with an online rep who says TT will automatically update information from tax year to tax year.
My Example: Last year I depreciate the following item
Washer/dryer $2061 purchase new in 2011 put in service in 2011 applied the "bonus deprecation rule" using my T/S% (33.250)
$2061 X 33.250%=685.2825 "round up" 686
Deprecation applied $686.00 method "MACRS" 7.0
Now on the deprecation schedule provided by the tax professional it has all the above information in my example as well as...
ADS Deprecation for 2011 (98)...What is this amount for?
While trying to update it in TT, it shows an $0 deprecation for this year...I'm thinking because all was used in the first year under the bonus rule...am I correct?
Thanks so much Tom,,,and I can't wait til Tuesday for the webinar and I'll get to see you in person next month! Yeah me, you'll be in my neck of the woods.
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