problem on tax act wibsite
I’m working on a Accounting question and need guidance to help me study.
first you have to know how to use taxact website
and see this video to learn how to use it https://myclasses.tegrity.com/#/recording/06c3d9e3…
Use TaxAct 2018 to prepare the Form 1120 corporation tax return for Karane Enterprises, Inc. Enter Karane Enterprises (your first and last name) for the name of the corporation (for example Karane Enterprises Alfonso Oddo), and enter your first and last name in the DBA or trade name box. Your tax return should include Form 1120, Form 4562 Depreciation, and all related forms and schedules. Save to PDF and attach your PDF here. Your PDF tax return will be located in the following folder on your computer: C:TaxActTaxAct 2018 Professional EditionClient DataEvalPracticePDF
Where to enter the information in TaxAct is shown in red.
Karane Enterprises, Inc., a calendar-year corporation based in Niagara Falls, NY, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018:
|Asset||Cost||Date Placed in Service|
|Light delivery truck||40,000||08/17/2018|
Enter depreciation on Form 1120 line 20a, click on folder, to Form 4562, then click on folder at top to get depreciation worksheet; enter the information on three separate worksheets, one worksheet for each asset. The 2018 limit for Section 179 expense was $1,000,000, and they elect to deduct this on the machinery.
Karane had gross receipts of $2,000,000 in 2018 (enter on Form 1120 line 1a), and made four quarterly estimated tax payments of $47,000 each (a total of $188,000 for the year) (enter on Form 1120 page 3, Schedule J line 14, click on folder, and enter four quarterly estimated tax payments of $47,000 each).
Check figures to see if your tax return is correct:
- Form 1120 line 20a Depreciation $1,109,459
- Form 1120 line 37 refund $986