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Allocating Section 179
Hi, I keep getting an error saying "allowable section 179 deduction for all activities is limited to zero. Currently, all your activities total $42, 089.00. You must adjust your section 179 deduction by -$42, 085.00 on one or more activities. This is for Schedule C Faming. But we also have $716.00 allocated under Schedule C Barber. We have not used section 179 in any previous tax years, this will be the first year. I have spoken to a live representative who seemed to not know the answer, even after looking at my screen herself. When I go to "Federal Review" it shows form 4562, line 12 is in error and I have no idea how to fix this. Can someone please help me!!!
‎April 6, 2023
1:19 PM