Janice Morgan 2012 Tax Return_T12_For_Records

If youre depreciating a vehicle as an employee you

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Unformatted text preview: le Form 4562 to report that depreciation. SCH C 1 Business or Activity: Note: Most of this tax form is calculated automatically, based on the depreciation worksheets or Form 8829. Enter most of your data there. Be sure to indicate which form and copy links to this copy of Form 4562. 1 (see 1-8 below), copy # This copy of Form 4562 is for Form # 1 - Schedule C (Sole proprietorship business) 2 - Schedule E (Rental activity) 3 - Schedule F (Farm business) 4 - Form 2106 (Employee business expenses, e.g., a car) 5 - Schedule A (Investment assets, e.g., for a computer) 6 - Form 4835 (Farm rental activity) 7 - Form 2106-EZ (Employee business expenses, short form) 8 - Form 8829 (Only for homes first used in business in 2012) 1 . PART I ELECTION TO EXPENSE CERTAIN PROPERTY UNDER SECTION 179 Note: See Part V for listed property (automobiles, certain other vehicles, certain computers, and property used for entertainment). 1. Maximum amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Note: If you're married filing separately, you may wish to override line 1. You and your spouse must share the $500,000 limitation (in any proportion you choose). Note: See the IRS instructions for a higher limit that may apply in certain circumstances. 500,000 2. Total cost of sec 179 property placed in service (see instr) . . . . . . . . . . . . . . . . . . . 2 Include on line 2 only 50% of the cost of section 179 property that is also qualified empowerment zone property placed in service before January 1, 2012. 3. Threshold cost of sec 179 prop before reduction in limitation (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Note: See the IRS instructions for certain manual adjustments that may be required on line 3. 4. Reduction in limitation. Line 2 - line 3, but not less than 0 . . . . . . . . . . . . . . . . . . . . 4 5. Dollar limitation for tax year. Ln 1 -...
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