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Video instructions and help with filling out and completing form 4562 2020
Welcome back to another video for Harbor Financial I'm calm today we're going to be talking about section 179 depreciation and we're going to go through the form that that has to be reported on Form 4562 and I'm going to touch on all the areas you need to know with the section 179 deduction so let me get the video going here so again section the one section section 179 depreciation is going to be reported on Form 4562 I'm going to take you to that form once we get to the slide real quick section 179 has to be taken the year you purchase the item or items you're gonna be reporting what I mean by that is if you buy a vehicle this year you can't next year then take the 179 you have to report the vehicle that you purchased in that year and that year you bought it to qualify for section 179 section 179 depreciation is different than just expensive an item but in a way it's kind of the same and I'll explain that to you guys so I want to take you guys to the forum real quick let's get to the forum this is a forty five sixty two and this is where you're gonna you're gonna report section 179 as you can as you see this forum is a pretty detailed which is why I highly recommend doing your taxes online electronically if you can this is a forum that does does pose a problem for people that don't do taxes quite a bit as far as making airs so that this is where where you would record it the part one is going to be your area where you report 179 you can see here's the line to the toilet of section 179 property placed in service I'm just trying to find the lines that I think are important to you line 12 here this is um what your total 179 expense expense deduction after all these calculations is going to be so with 179 you need to just be worried with part 1 but again if you do this online it's automatically gonna fill in all of these boxes for you it's just gonna ask you some questions very easy very simple and then it will populate these boxes for you so that that's why I would recommend doing it electronically if you can so let's get back to the video output I would use 179 if you purchase vehicles computers furniture any any item that it's kind of a high-dollar item I would try and take advantage of this 179 we've already went through form 4562 the maximum deduction per year under the section 179 is $128,000 trust our state can't claim the 179 deduction overall I highly recommend using this deduction whenever possible and especially in a year where you made a good profit with your business so I appreciate you watching the video I