<p>I really didn't want to call my accountant (and therefore pay) to fill this out, but I'm getting confused. We have two small businesses. One is my husband's full-time job, one is seasonal (this being the first year for that one). The main business is a sole proprietorship, the seasonal is an LLC. To make matters even more confusing, the main business is run out of a garage at our house. The garage is 100% for that business, however we do store some of the LLC business equipment in there as well. We built the garage with a home equity loan. While I can kind of come up with the income & expenses for the main business, working off of 2004 return, I'm really not sure about the business assets page. </p>
<p>Before I go further....has anyone had to file a CSS like this? I have some additional questions as well.</p>
<p>I haven't even started the FAFSA yet. The CSS needs to be filed by 1/15.</p>
<p>Sounds like the garage is part of the residence, not the business. Do you keep a balance sheet for your businesses? If so, this would give you the info needed.</p>
<p>What is the nature of your businesses? What type of equipment do you use for your businesses? Do you keep seperate accounts for your businesses?</p>
<p>Ask away any other questions, but let's cover the above first.</p>
<p>Yes, the garage is part of the residence, but used exclusively for the business. Claimed on taxes as 57.65% of home (the garage is bigger than the house). </p>
<p>We have a sign business. Separate bank account. Equipment consists of computers, sign plotters, shear, saws, trucks, ladders, tools...</p>
<p>I'm not a bookkeeper, but use Quickbooks for invoicing and writing checks. I don't enter accounts payable into it though.</p>
<p>I have no idea what our a/p were at the beginning of 2005. Are credit cards considered long term debts? or do I include them with "other current debts". Are the trucks considered "machinery and equipment"?</p>
<p>Our seasonal business is a rental business. I can figure out the equipment based on what we purchased, but don't know how to figure depreciation. We incorporated last March, so I don't have any previous returns to look at. I don't even know what forms we'll be sending with our tax return for this year.</p>
<p>If you organized the business in 2005, then put down 0 for the end of year numbers in the first column.</p>
<p>For your businesses, your assets are simply the sale value of your equipment. Take a guess, if you had to sell that equipment today, what would you get for it.</p>
<p>The trucks would likely be under machinery and equipment.</p>
<p>Credit cards are current debt.</p>
<p>Do you work with your accountant to prepare your tax returns? If so, you'll probably want to sit down with him before you get to much further into this. The IRS is likely to require depreciation on some of your equipment.</p>
<p>Your situation is more complicated than the average. Depreciation on equipment is very good for throwing a monkey wrench into this process.</p>
<p>You don't have to have your accountant prep the forms if you don't want, but if you don't prep financial docs until tax time, it my be best to have your accountant prep your taxes asap.</p>
<p>I, too, have been told to value the business based on resale value.....so, for your business value, how much could you get for either the business as a whole or the equipment, if you sold it to an outside party?</p>