One way to check if you had fixed assets at the end of last year, is to check if you took depreciation in last year's tax return. If you haven't yet filed last year's tax return, just check with your tax preparer. They should have this info handy.
Here's a short guide on how to find this info on your tax return:
1120 - C Corporations (and LLCs or partnerships filing as corporations):
Grab your tax return (Form 1120)
Go to page 1, line 20, and check for depreciation (see screenshot)
If this line is not blank or 0, it means you had fixed assets this past year.
Ask your tax preparer for the closing balance of the fixed assets on Dec 31, and report this info to Finaloop.
1120-S - S Corporations
Grab your tax return (Form 1120-S)
Go to page 1, line 14, and check for depreciation (see screenshot)
If this line is not blank or 0, it means you had fixed assets this past year.
Ask your tax preparer for the closing balance of the fixed assets on Dec 31, and report this info to Finaloop.
1065 - Partnerships:
Grab your tax return (Form 1065)
Go to page 1, line 16a, and check for depreciation (see screenshot)
If this line is not blank or 0, it means you had fixed assets this past year.
Ask your tax preparer for the closing balance of the fixed assets on Dec 31, and report this info to Finaloop.
Schedule C (1040) - No Legal Entity or SMLLC:
Grab your tax return (Form 1040)
Go to Schedule C
On line 13 (part II), check for depreciation (see screenshot)
If this line is not blank or 0, it means you had fixed assets this past year.
Ask your tax preparer for the closing balance of the fixed assets on Dec 31, and report this info to Finaloop.
