Schedule C - Entering Depreciation in Program

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 (Form 1040) Profit or Loss From Business, in the TaxAct® program.

To enter or review business-related depreciation information:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Business Income in the Federal Quick Q&A Topics menu to expand, then click Business income or loss from a sole proprietorship.
  3. Click + Add Schedule C to create a new copy of the form or click Edit to review a form already created.
  4. Continue with the interview process to enter all of the appropriate information.
  5. On the screen titled Great! Let's get started on expenses for..., click Enter expenses.
  6. On the screen titled Here is the cash expense summary for..., click Depreciation.
  7. On the screen titled Business Income - Depreciation, click Yes.
  8. On the screen titled Business Income - Depreciation - Acquired Assets before 1987, click Yes or No as appropriate.
  9. On the screen titled Business Income - MACRS Depreciation - Assets, click Yes.
  10. Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.