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Business & farm
Let me say what I understand from the above --- assuming that you are filing MFJ, the standard deduction is $24,000. And so you are saying that your net income ( gross income less expenses ) before depreciation, is less than $24,000. The way I see it is that this net income is really not NET income because you have to take allowable depreciation. Even section 179 can be taken to the extent there is net positive income or you have to take normal depreciation on the asset. The final taxable income is after all these items -- expenses and depreciation. Discussion on whether this makes your final taxable income is premature at this point. Also note that your SECA is based on net income after all expenses ( as long as positive).
For trying out what your tax liability may be under different scenarios ( and under windows ), just try out the scenarios, note the results and go back and try with a different scenario. I have not tried this recently , but there used to be "what-if " feature ( if I remember correctly ) in the downloaded/ CD version. But try the different scenarios and see what happens. Note that because your on CD version, you have access to forms mode ( select View, from drop down select "forms", left pane shows all the forms/worksheets being used , click on a form and the right pane shows the form/worksheet ) you can try all kinds of scenarios -- just carefully
For trying out what your tax liability may be under different scenarios ( and under windows ), just try out the scenarios, note the results and go back and try with a different scenario. I have not tried this recently , but there used to be "what-if " feature ( if I remember correctly ) in the downloaded/ CD version. But try the different scenarios and see what happens. Note that because your on CD version, you have access to forms mode ( select View, from drop down select "forms", left pane shows all the forms/worksheets being used , click on a form and the right pane shows the form/worksheet ) you can try all kinds of scenarios -- just carefully
‎June 4, 2019
8:26 PM