Posted by srnotary_CA on 2/10/06 10:29am
Msg #96040
Taxes/Depreciation...
I know that we have to depreciate the value of computers and printers but how do you do that and is there a form for it? TIA
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Reply by Roger_OH on 2/10/06 10:51am
Msg #96048
If you use Turbo Tax it will make those calculations for you. It also knows that notary fees are exempt from SE taxes. I think definitely worth the cost of the program.
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Reply by srnotary_CA on 2/10/06 10:53am
Msg #96051
I have not used the program. I do have an aunt in MO that has been doign taxes. I was suppose to call her but was out doing signings last night and with the time difference didn't want to call when I got home. Was hoping someone from here could help me. 
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Reply by cmd_NH on 2/10/06 11:02am
Msg #96057
Form 4562, Depreciation and Amortization. You can download the form and instructions from www.irs.gov
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Reply by srnotary_CA on 2/10/06 11:03am
Msg #96058
Thank You....n/m
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Reply by Cherilyn_CO on 2/10/06 1:41pm
Msg #96114
Why would you depreciate a computer as opposed to
writing the whole thing off? Just so you understand, you don't get to claim the cost of the computer as an expense AND take depreciation.
Here is an example. You bought a computer on 1/1/05. It cost you 1000.00. Computers have a depreciable life of 3 years-1000/3 years=333.33 COMPUTER EXPENSE PER YEAR. OR you can take the whole 1000.00 as an expense.
Not sure why anyone would depreciate a computer in this business.
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Reply by srnotary_CA on 2/10/06 1:51pm
Msg #96117
Re: Cherilyn...
I was told that it had to be depreciated becasue it is not an expendable expesnse like paper clips paper ink and toner and stuff like that. Hmmmmm... So I can write the whole thing off this year?
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Reply by John_NorCal on 2/10/06 9:11pm
Msg #96193
Re: Cherilyn's reply...
Cherilyn is correct why depreciate when you can expense it? You can take a sec 179 deduction for the full cost of the computer and any printer you may purchase.
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Reply by John_NorCal on 2/10/06 9:11pm
Msg #96194
Re: Cherilyn's reply...
Cherilyn is correct why depreciate when you can expense it? You can take a sec 179 deduction for the full cost of the computer and any printer you may purchase.
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Reply by cmd_NH on 2/11/06 12:30pm
Msg #96337
Re: Cherilyn's reply...
As John said, you can take Section 179 and expense the entire cost. This is also reported on Form 4562. It is explained in the instructions for the form.
http://www.irs.gov/formspubs
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