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today we are going to be covering completing a return with depreciation in crosslink 1040 the topics that we are going to cover today will be pertaining to how to complete the client data worksheet entering all the personal information we will be adding sources of income or anything related to w-2s than 99 and other sources of income and the secondary forms which includes the schedule on t and the schedule either we will be concentrating on that part today and at the end of try a very fine sign in printing and submitting the tax return for our depreciation part we have crosslink simplifies the depreciation into three easy steps and we will be covering the steps as we walk through the return we will be selecting the type of assets entering the date place in service and entering the cost or basis of the asset now I am going to end at the end of the webinar we will be open for questions I am going to be moving to this tax software so we can start with the webinar as everybody should be familiar with the working progress summary here is where we're going to be doing of the Schedule C so we are working on the 1040 returns and we are going to enter or return normally in this case I already have created a couple of scenarios for us to be working with and well the first one that I'm going to be going in is into the tax return as you can see we are going to start on the client data which some of you I'm sure we are familiar with that part and on the client data we are going to be entering all the taxpayers information so we are going to do the data entry here and we are going to select the filing status for the taxpayer as well as espouses information once we go in the middle we will see everything related with the marketplace and we will be doing the dependent part at the bottom of the form now everything we enter in this form is going to flow into the 1040 and other forms that need this information as we continue going after that we are going to enter all the sources of income so in this case if you have w-2s if you have 1099 we are going to go to add form and we are going to enter everything related to the sources of income in this case I already have created the source of income but I will be switching to another return so we can walk through some of the steps together so in this case I have my w-2 right here and the source of income has already been entered and all of these with the purpose of adding at the end that Schedule C once we have all our client data information enter and we have the sources of income then we are ready to add the schedules that we need in this case we are going to be working with Schedule C and Schedule E to add the Schedule C we will go back to add form and we will find over here the schedules and we will be working with the profit or loss from business today so once I double click it will bring the Schedule C in this case I already have created one but I'm going to be leaving this tax return and we are going to be working on these together one thing to keep in mind for a Schedule C is that as you can see here under the general we have different categories and Schedule C is going to work with the depreciation depreciation under general unless we add the Schedule C we won't be able to work with this depreciation box so it is important to keep in mind that before we start depreciating any assets with our Schedule C we need to add the form so in this case I'm going to add the form we need to first of course if we are working on a new return field the filing status and then they will allow me to add the form I'm going to sort this by name so I can locate the schedules quicker and I'm going to double click and I will have now my Schedule C once the form has been generated then this will allow me to depreciate assets so if I go on the asset portion the depreciation portion then we will be able to see the Schedule C already added in this part in this case I have my schedule see in front of me and then we are going to be completing the information in this case is asking us for the principal name or profession so I am going to fill it out here real quick and then once we come here on the business codes we had the software has the choices if we look at the bottom part on the choice menu we have a different set of businesses that we can select from here in this case I will be selecting on a computer an electronic product and then it will give me the description of that business if I continue going down here we will be entering the business name and here we will be answering the address for that business when we come to the city state we will have a list of choices and in this case if you have already created these database we will be able to select from the list and we can continue going down on the accounting method we can select the accounting method that this business is using in this case I'm going to choose cash and as you can see in the middle of the form we are going to be inputting everything pertaining to the income statement so in this part over here we are going to fill out the information according to this business we have part two of the form which is related to expenses when we come to the expenses portion I do want to pay particular attention to box nine box 13 and box 27 box nine and box 13 are going to be control from our depreciation or asset manager we have three ways to get to the asset manager we can get to the asset manager from the general tab and going to double clicking on the asset manager this will show us the Schedule C and depreciation when it comes to any car or truck we can also when we are on the add form portion we can go to the very last step and that's another way that we can get to the depreciation and at their option is simply on your keyboard hitting ctrl + the letter N and I will take us as well to the same depreciation area so in the rest of those three ways you will be able to get to depreciation in this case I'm going to double click over on depreciation and I will see that I have my schedule see right here and I have everything related to my car and truck and we are going to start with line 9 line nine is everything pertaining to car and truck expenses in this case if I double-click in y double-clicking is going to bring me to the business activity asset over here is where you are going to be able to see the list that you create as we add new asset if I click on new asset this will give me a range of assets that I can pick from the first thing that we see over here is the description of this asset so over here you will have the opportunity to put a description for that asset in this case is going to be I'm going to be working with a car so I am just going to put car and I am going to be putting here the place in service it was placed in service let's say last year and from here I would select the asset code so in this case I will be selecting electric automobiles when I double click on that it will take me to the next screen in this screen we are going to be putting the cost of the asset and we are also going to find the mileage and expenses and the depreciation in this case I'm going to just place a value for this vehicle and we need to now come to this portion and be able to answer all these questions right here so once we answer the questions it will let us go to the next tab right here if right now I try to go to the next step as you can see before you answer the questions it won't let us move to the next screen so I need to answer the questions and then this will allow me to move to the miles and expenses at this part we can put the total vehicle mileage for the year so let's say this car um was it had ten thousand miles and the total commute was 6,000 miles now one thing to note over here when we are working with cars is if your total commute mileage for the year it's more is going to generate us an error message so let's say in this case I put 15,000 and I try to move somewhere else as you can see the total miles enter are less than the commuting miles so we need to make sure that this is entered correctly and then over here I will put around 14 miles per day and in this part right here it will allow us to put allocate the miles to the business that you have so in this case I will be allocating it for this business but let's say we had more scheduled fees you could allocate that for the appropriate schedule once we move to the bottom we will see that we can write the expenses for gas our vehicle rentals inclusions in this case I'm going to mark it as a thousand tolls of four hundred for instance and let and let me move the next step which is the depreciation tab and in this stub you will be able to put the recovery period and anything that is pertaining to this vehicle so it gives you the choice to choose the method or convention and depending on what you're using then you will be able to do it over here once we are done with depreciating this vehicle we can close the window and this will show us the special depreciation allowance and if this is applicable for this vehicle then you will be marking the correct boxes over here and once you are done we are going to hit OK and as you can see we can start building our list of assets for line nine if we have more vehicles to depreciate we will go back to the new asset and then we will name the next vehicle and depreciate it just like we did with disk once we are ready to return we can just hit return to list and in this case line nine has been properly allocated as you continue filling out the expenses we will get to nightline thirteen line thirteen is another one that we are going to be managing from the asset manager so once we are ready to fill out not line 13 we're going to go back to our asset managers for depreciation and we are going to select this Schedule C we double-click on the Schedule C just like before we can see that is going to be empty and we're going to be building the list of assets that are not cars or trucks in this case we are going to select new asset again and as you can see we have a different asset that we can choose from and in this case we are going to be given the description of this asset so in let me arm for instance on computers I am going to choose computers and I'm going to name my asset here give the description and just like before we are going to be placing the cost so in this case let's say that these computer was a thousand dollars and just like before we are going to have the depreciation tab of course we won't be having the mileage and expenses because this is just for assets that are not vehicles and same as before we are going to be choosing the most appropriate method to depreciate this asset once the asset is ready and we have gave the description as well as the day that it was placed on service we can then close and it's going to ask us again the same questions and if this is applicable we will be marking the boxes that are applicable and once we hit OK we will have the first asset over here I'm going to be adding a second asset in this case I'm going to name it from here you can as you saw we can name it either by doing it here or once you have entered once you have double-click on the asset is going to give you the opportunity to give the description again as well as the date place in service so in this case I'm going to select furniture and I will be placing my date of service and I will be selecting furniture and fixtures and just like before it will bring us to this screen as you can see over here I already have my description and I already have my date placed in service and in this case now once I'm ready I am going to close if this is applicable just like before I'm going to hit okay and I will have my second asset now once we are done with the depreciation we can return to the list and in this case we already have successfully completed the current row the Schedule C and once we close we will see that line 9 as well as line 13 will have the proper values that are going to come from these asset managers the next line that we are going to be paying close attention is line 27 a line 27 a will be located on port for a pond on the next so on part 5 of our 4 so part 5 of our forum is going to allow us to depreciate not depreciable to allocate other expenses in this case I am going to put one more expense over here and once you finish with the list of expenses for part 5 on the Schedule C if we go back we will be able to see that all other expenses are going to be added on line 27 a so to recap in line 9 line 13 in line 27 a they are coming from other the line 9 in line 13 are coming from the depreciation and the line 27 a is coming from the bottom of the form the part 5 one more thing with 9 9 is if we go towards the bottom of the form on part 4 if we want to tied up on line 9 with this part right here if we come and check this box right over here as you can see is going to carry everything that we already have put on the asset manager you and once we finish filling out this form then it will look something like the one that I'm about to show you which is already been completed so in this case on the Schedule C for this for this particular case the principal business or profession was financial planning and right here and I'm going to fill out all my information and on part one we can see a more comprehensive list of income and expenses and if I go to my depreciation we will be able to see that the Schedule C and the part for the vehicle has already been completed in this case financial planner has three assets there is the cost of those assets and if I wanted to see more details you can always click on details or double-click on the asset itself and this will be able to you will be able to do any Corrections in regards to the depreciation or the general of this asset once we close then this will refresh any calculation so that we need to do and we can return to the list of us and just like we saw before on the part four of the forum I have placed on next year and it has brought everything from the asset manager that needs to be brought to this part we are going to move them to the next forum which would be Schedule E just like we did before we are going to click on add forum and we are going to go to the schedules and be able to locate Schedule E in this case I already have selected one and for this particular case this taxpayer has a single family residence once I place here the address and give the category this will fill these fields automatically and once that happens over here we will be able to place the information in regards to rent receive as we see the expenses right over here are for vacation home rentals in this case I am working with a single family and it will carry all the values all the necessary values to the rest of the form you and once I am ready then I am going to refresh for the calculations to take place right over here where you see the federal refund and the adjusted gross income another important piece when we are working with Schedule C in E if your taxpayer brings any supporting documentation don't forget that we have the document archive for the storage of documents once we go to the document archive and let's say we are importing something from the computer we can go ahead and import any documents let's say that I have anything supporting the rentals or anything related to that Schedule C I will be able to pull it from the computer giving it a description and here it will give me the type of document that I'm working with if you cannot find a category it can be mark as order and in this case I can if I have a doctrine that is pertaining to single family rental for instance I can give the description and once I hit okay you will see the list of documents populating in this part and once you have all the supporting documentation for Schedule C and Schedule E those documents will just like what a normal return the documents will remain in this document archive and that is how we complete a Schedule C and a Schedule E encrusting and if you have any questions at this point I am open for any questions that you may have thank you very much Maria for that wonderful presentation on depreciating in crossing 1040 desktop all right we have some questions coming in so let's take a look and see what we can what we can answer we're going to do our best to answer as many questions as we can but if we don't don't worry we will do our best to reach out to you and follow-up if there is anything that we that we didn't get to so first question will this be presented again tomorrow no it will be presented tomorrow but like I said if you head over to our YouTube channel we will be posting a version of this in the next week or so so if you subscribe to our channel you'll you'll get a notification letting you know when this is presented you might even be able to find an older version of depreciating acrossing 1040 on the channel already but the new version like I said for this year's software will be posted in the next week or so all right can we scan documents instead of importing yeah that's a great question you for sure can right you have two ways to scan documents if you are using a handheld scanner in your office you will have the opportunity from the document archive to click on scan and be able to scan the picture of that document or if you have a physical scanner in your office you will be able to scan at your office and at that point you will be saving in your computer and we'll be doing the import of documents so whichever one is your case you will be able to do both on the software awesome thank you yes and also everyone if you go head over to the crosslink tax website on there if you go to the features tab and down to either scan and store or 2d barcode scanning there are links to purchase the integrated Motorola handheld scanners that work with acrossing software that allow you to once you click that Scan button scan it with the Motorola scanners it pulls it into the software right away it's a really nice feature so if you're interested in learning more about that head over to the crosslink website to check that out um alright so the attached tab on the screen that you're showing right now Maria what does that do although I enjoyed when posting when you go to the attach in this case I don't I don't have any documents or it needs to be a a PDF document but in this case anything that goes to the IRS is going to be attached to the tax return now remember that anything that you scan or import will be in the tax return but that won't be sent to the IRS now it will give you the opportunity to attach documentation gotcha and then does the depreciation Auto calculate or does the preparer have to do that themselves so as you were able to see if I go back to the depreciation once I enter all my assets on my asset manager or the depreciation tab on line nine line third enter teen are going to calculate so you do not need to do the calculation by hand any assets that you have over here are going to move over this part right here so let me go back to the Schedule C in this case as you can see I have three different assets I have a computer I have a financial calculator and I have software that I paid for and you will have here the list of prices that you paid for in once I return to the Schedule C you will be able to see right here that it did the calculation for me the same for the vehicles right here once you have built your list of vehicles on line nine it will enter the correct amount perfect thank you very much for going over that again all right so it looks like that's about it that's going to wrap up our questions if like I said if you missed anything during the presentation we will be posting a recording video of this to our YouTube channel in the next week or so so you can go back and look at all the steps that you need to do to go in and enter your depreciation in the software so once again Maria thank you very much for that great presentation today and on behalf of everybody here at crosslink we'd like to wish all of you a very successful and profitable 2020 tax season thanks again everyone