I'm moving to TT for 2022 after using an expensive CPA for many years and have a couple of questions.
We have a small business that has been reported on Schedule C, generating mostly losses for a number of years. The business was wound down in 2022 (but will not be fully closed for a couple more years). My questions:
- During 2022 we sold most of the business' capital equipment. We have depreciated basis for larger equipment that was sold, but not for a number of smaller items. What should we do for these items, which were sold for well below what we paid? I'm not worried about missing the loss...just don't want to do something "wrong" here.
- I'm trying to get my head around the investment we made in the business over the years to fund operating losses and the capital investment. My thinking is that the investment is captured in our return. The losses that we took on the 1040 via Schedule C capture the investment in the operating side of the business, and the capital losses/gains we'll reflect from sale of the assets will capture what we put in to fund capital side of the business. Am I missing anything here?
- The business will generate a small profit in 2022, and I may need to make an unexpected estimated payment early in 2023. Does TT have some sort of simple estimator available that I could use to assess whether we'd need to make an estimated payment in January, or should I go ahead and buy the 2022 TT software and use it to make the estimate?
Thanks.
