The following steps will enable you to enter or review business-related depreciation information to populate IRS Form 4562 Depreciation and Amortization (Including Information on Listed Property) for federal Schedule C Profit or Loss From Business, in the TaxAct® program:
- From within your TaxAct return (Online or Desktop) click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
- Click Business Income to expand the category and then click Business income or loss from a sole proprietorship
- Click Add to create a new copy of Schedule C or click Schedule C to access the form that has already been created (For returns eligible for filing Schedule C-EZ (under $5,000 in expenses) the program will have both Schedule C and Schedule C-EZ listed. Select Schedule C to continue)
- Continue through the screens until you reach the screen titled Business Income - Depreciation and then click Yes
Note: If reviewing a form already completed you will be able to move through the screens more quickly if you click No on the screens which ask if you wish to review General Information, Income, and Expenses.
- Click Yes or No as appropriate on the screen titled Business Income - Depreciation - Acquired Assets before 1987 and then click Continue on the screen titled Business Income - Carryover 179 after entering an amount, if applicable
- Click Yes on the screen titled Business Income - MACRS Depreciation - Assets
Note: If you have previously entered an asset, the screen will be titled Business Income - MACRS Depreciation Review and you would click Add to create a new asset or click Review to review an asset already created.
- Click Quick Entry or Step-by-Step-Guidance to enter or review the asset information. If you select Quick Entry, be sure to scroll down to answer all applicable questions for this asset. If you select Step-by-Step-Guidance, the program will proceed with the interview questions for you to enter or review the asset information.