Depre123 Resources for Help with Depreciation Answers

Depre123 is a cloud based application to manage fixed assets and generate a variety of depreciation reports on any desktop or mobile device. Get all of your depreciation answers based on just 3 key values (cost, date, asset class) and then utilize the open design to add all necessary fixed asset detail.

Where do you turn when you have a question about fixed assets or depreciation? On the Depre123 Resources tab there are many answers:

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The Resources tab provides useful links to:

  • Latest information on Tax Regulations
  • Current Accounting News stories on our blog depreciationguru.com
  • Depre123 Overview will help to get an understanding of basic features
  • White paper “Calculating Depreciation in the Cloud”
  • Depre123 User’s Guide
  • Getting Started Guide for first time users
  • Email & phone number for technical support
  • A link for each individual state’s rules regarding depreciation

By linking to our active blog on fixed assets and depreciation, you will always have access to the most current news and information. We monitor top accounting sites, magazines and other news sources to keep up with any related content so you don’t have to.

The documentation links should be your first stop for any questions on the Depre123 application. If you can’t find the answer here then reach out to our support team by email or phone. For anyone that needs to calculate depreciation for more than one state, you will greatly appreciate the links to get the specific rules for every state.

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net or depre123.com. At Bassets register for our live webinar, download a free evaluation copy and get a personalized pricing estimate. At depre123 try out our Free Depreciation Calculator and check out our cloud based fixed assets application.

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Find Fixed Asset Detail with Global Search Feature

Depre123 is a cloud based application to manage fixed assets and generate a variety of depreciation reports on any desktop or mobile device. Get all of your depreciation answers based on just 3 key values (cost, date, asset class) and then utilize the open design to add all necessary fixed asset detail.

Whether you manage hundreds or thousands of assets, finding the details about an individual or group of fixed assets can be a challenge. Depre123 is built on the Salesforce platform and includes a global search feature to quickly locate information in Depre123. Here are some tips for better searching:

1. Auto Suggestions

find-fixed-asset-detail-with-global-1Type a keyword into the search box and the system will respond with some auto suggestions. The suggestions are based on recent items that you have opened. You can select a suggested item of hit enter to search all records.

2. Minimum Characters

You have to enter at least three characters in your search to get a set of matching results. Less than three characters will result in “No matches found” as shown below:

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A search with three of more characters will return valid results.

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3. Wild Cards

If you are not sure of the exact spelling, you can use the asterisk wildcard character to find any items that start with a given string. For example, ex* would find any items that begin with the letters ex. As you can see below, the global search will look at assets, reports, accounts, asset classes and people.

find-fixed-asset-detail-with-global-44. Search Options

You can use search options to limit the results to only the items you own or match an exact phrase:

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Use “exact phrase” when you want to search for a complete phrase with two or more words. By default search will look for all of the words in each record. So “Fixed Assets” will search for both words but not necessarily together. Selecting Exact phrase will search for the complete phrase together.
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The search options make it very easy to find all matching fixed asset data stored in Depre123. You can then select any individual record to see all the associated fields and depreciation calculations.

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net or depre123.com. At Bassets register for our live webinar, download a free evaluation copy and get a personalized pricing estimate. At depre123 try out our Free Depreciation Calculator and check out our cloud based fixed assets application.

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IRS Form 4562 Depreciation – Part 6

Part VI – Amortization

The purpose of IRS Form 4562 is to claim your deduction for depreciation, declare any section 179 expense and provide information on listed property. There are six parts to this form and we will dive into the detail of each part. Part VI – Amortization consists of 3 lines as shown in this image:

IRS Form 4562 Depreciation – Part 6

This part is for any amortization you claim. Amortization allows you to deduct part of certain capital costs over a fixed period. Amortization costs that begin in the current year are entered on line 42 (along with a description of the costs and other information); amortization of costs in earlier years are entered on line 43.

For complete instructions review the IRS instructions to Form 4562 or consult a tax professional.

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net or depre123.com. At Bassets register for our live webinar, download a free evaluation copy and get a personalized pricing estimate. At depre123 try out our Free Depreciation Calculator and check out our cloud based fixed assets application.

IRS Form 4562 Depreciation – Part 5

Part V – Listed Property

The purpose of IRS Form 4562 is to claim your deduction for depreciation, declare any section 179 expense and provide information on listed property. There six parts to this form and we will dive into the detail of each part. Part V – Listed Property consists of 18 lines as shown in this image:

IRS Form 4562 Depreciation – Part 5

This section is for claiming write-offs for listed property: cars weighing 6,000 pounds or less, pickup trucks, computers and peripheral equipment, video recording equipment and other property specifically called “listed property.”

Section A is for the depreciation allowance for listed property, including the Section 179 deduction and bonus depreciation. Section B is used to provide information about vehicles used by sole proprietors, partners or other “more than 5% owners” or people related to these business owners. Section C is used by an employer to report certain information on employee use of company vehicles.

For complete instructions review the IRS instructions to Form 4562 or consult a tax professional.

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net or depre123.com. At Bassets register for our live webinar, download a free evaluation copy and get a personalized pricing estimate. At depre123 try out our Free Depreciation Calculator and check out our cloud based fixed assets application.

IRS Form 4562 Depreciation – Part 4

Part IV – Summary

The purpose of IRS Form 4562 is to claim your deduction for depreciation, declare any section 179 expense and provide information on listed property. There six parts to this form and we will dive into the detail of each part. Part IV – Summary consists of 3 lines as shown in this image:

IRS Form 4562 Depreciation – Part 4

This part of the form is merely a summary from parts I, II and III, as well as listed property in Part V. Line 21 is for listed property and we will cover that in more detail in the next post.

Line 22 is the key entry; it is the amount of depreciation that is deductible. The amount on line 22 is reported on the appropriate line of your tax return. There are different instructions for Partnerships and S corporations. Line 23 deals with capitalization rules of section 263A that details how certain costs are capitalized as part of inventory.

For complete instructions review the IRS instructions to Form 4562 or consult a tax professional.

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net or depre123.com. At Bassets register for our live webinar, download a free evaluation copy and get a personalized pricing estimate. At depre123 try out our Free Depreciation Calculator and check out our cloud based fixed assets application.