ACCT 205 - 2022 edition - Chapter 8 lab guide (2)

School: Ivy Tech Community College, Indianapolis - Course: ACCT 205 - Subject: Accounting

From the tabs at the top selectIncome Statementand enter the sales amountasGross receipts or salesin theFederalcolumn.Enter other deductions in theFederalcolumn as you scroll down the page (expenses are listed in alphabetical order). (4562)screen. 53 House*10Home Office487 * - The house can be entered after the home office deduction is started.See below. You can toggle from theQuick Entryscreen using theDetailsblue button at top right.For assets placed in service in2020, click theDetailsbutton and scroll down to enter2=MQto represent mid-quarter convention, for the1=HY, 2=MQ (1styear automatic)box.
For the home office, from the menu at the left, selectDeductions; Business Use of Home (8829), which will land you on theDetails: Business Use of Home (8829); General Informationscreen. ForForm (Click on arrow to select from list), select3forSchedule Cand forActivity name (Click on arrow to select from list),select from the dropdown arrow what you previously entered for the principal business or profession for Schedule C. Scroll down toBusiness Use of Home (8829)sectionand enter the amount of theBusiness use area (sq. ft.)and the amount of theTotal area of home (sq. ft.)in theFederalcolumn. Scroll down the page and underIndirect Expenses enter the taxes, insurance, repairs, and utilities amounts. Do not enter the depreciation of the home here as these are override fields.
Once the home office activity is established, go back to the Depreciation screen and enter the Home asset from the table of assets above. After considering the home office amount calculated based on the actual expenses, it turns out that using the Simplified Method($5 x 250 square feet)results in a higher deductionand thus, Form 8829 is not required to be filed. To use the Simplified Method, enter2on the1=use actual expenses (default), 2=elect to use simplified methodbox. From the menu at the top, selectFile Return. From the menu at the left, underPrint, select Partial Print.Check the boxes forSch C, 4562,and8829(if it appears).Click the blueCreate PDFbutton which will result in aDownload Return PDFblue button that you should click on. The return should open in a new tab.Review the return and if corrections are needed, close out of the tab and you can go back into the return and make the necessary corrections. Once complete, follow theFile Returninstructions again and then download the return by clicking on thedownload iconin the upper right corner, to the left of theprint icon. Remember where you save the tax return. Close the PDF.
Why is this page out of focus?
Because this is a premium document. Subscribe or upload to unlock this document and more.

Expert's Answer

Your future, our responsibilty submit your task on time.

Order Now

Need Urgent Academic Assistance?

Get Professional Help at Low Prices!

*
*
*


*

TOP
Order Notification

[variable_1] from [variable_2] has just ordered [variable_3] Assignment [amount] minutes ago.