My wish for ATX

[FDNY]

This would be a nice addition on the ATX Enhancements forum, maybe someone will read it.

[Abby Normal]

2 hours ago, schirallicpa said:

well -can I also keep my vehicles on the schedule C vehicle worksheet?  Is it really necessary to put these on the fixed assets when youre just taking standard?  I've added my own line on page 2 of Schedule c - "mileage expense that used to go on line 9"

The reason it's needed is to calculate the gain or loss on sale or trade of the vehicle. You see, a portion of the mileage rate is depreciation (about 26 cents per mile), and ATX will calculate and accumulate the depreciation/mile for you, but only if you put in the actual cost (or other basis) of the vehicle. So if you just use a down and dirty method for mileage, then when the vehicle is traded you have to go back and manually calculate all of the depreciation claimed.

I suspect the IRS noticed that the gains on many sch C vehicles were being totally ignored by taxpayers and the government was losing out on some tax.

If you're going to depreciate an asset, including the depreciation of cents per mile, then one day you may have to pay the piper... or in a case I had recently, the sch C taxpayer had a substantial loss on trading in the vehicle. So you may be screwing your client out of a deductible loss, too.

[Burke]

20 hours ago, FDNY said:

This would be a nice addition on the ATX Enhancements forum, maybe someone will read it.

Hello?? Where is this forum? 

[FDNY]

23 minutes ago, Burke said:

Hello?? Where is this forum? 

The official ATX discussion board, log into your account and you’ll see it, Ask the Community 

[Burke]

Got it.  Didn't realize you were referring to that. 

[jasdlm]

3 hours ago, FDNY said:

The official ATX discussion board, log into your account and you’ll see it, Ask the Community 

I have never (to my memory or knowledge) logged into the official forum.  Once we got the boot, I never went back.  Am I missing important discussions?  (This is a serious question.)

[FDNY]

I usually check in every few days for the blog, updates, and to read what other people are experiencing with the forms and program.  I find it especially important early on in the season.