One way to check if you had intangible assets at the end of last year, is to check if you took amortization on 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 26 (Other deductions)
Check the number of the attached statement (see screenshot)
If a statement exists, find it towards the end of the tax return
Check if there is a line for amortization. If a line exists, you have intangible assets
Ask your tax preparer for the closing balance of the intangible 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 19 (Other deductions)
Check the number of the attached statement (see screenshot)
If a statement exists, find it towards the end of the tax return
Check if there is a line for amortization. If a line exists, you have intangible assets
Ask your tax preparer for the closing balance of the intangible assets on Dec 31, and report this info to Finaloop.
1065 - Partnerships:
Grab your tax return (Form 1065)
Go to page 1, line 20 (Other deductions)
Check the number of the attached statement (see screenshot)
If a statement exists, find it towards the end of the tax return
Check if there is a line for amortization. If a line exists, you have intangible assets
Ask your tax preparer for the closing balance of the intangible 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
Go to Part V (Other Expenses)
Check if there is a line for amortization. If a line exists, you have intangible assets
Ask your tax preparer for the closing balance of the intangible assets on Dec 31, and report this info to Finaloop.
