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1040ez For 2011

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1040ez For 2011

1040ez for 2011 Index A Affected taxpayer, Affected taxpayer. 1040ez for 2011 B Book inventories, charitable deduction for, Charitable Deduction for Contributions of Book Inventories to Public Schools C Cancellation of indebtedness, Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Casualty and theft losses, Casualty and Theft Losses Charitable contributions, Temporary Suspension of Limits on Charitable Contributions Charitable deduction: Book inventory, Charitable Deduction for Contributions of Book Inventories to Public Schools Food inventory, Charitable Deduction for Contributions of Food Inventory Child tax credit, Earned Income Credit and Child Tax Credit Clean-up costs, Demolition and Clean-up Costs Copy of tax return, request for, Request for copy of tax return. 1040ez for 2011 Core disaster area, Gulf Opportunity (GO) Zone (Core Disaster Area) Covered disaster area: Katrina, Katrina Covered Disaster Area Rita, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Wilma, Wilma Covered Disaster Area Credits: Child tax, Earned Income Credit and Child Tax Credit Earned income, Earned Income Credit and Child Tax Credit Education, Education Credits Employee retention, Employee Retention Credit Hurricane Katrina housing, Hurricane Katrina Housing Credit Rehabilitation tax, Increase in Rehabilitation Tax Credit Work opportunity, Work Opportunity Credit D Deadlines, extended, Extended Tax Deadlines Demolition costs, Demolition and Clean-up Costs Depreciation: Qualified GO Zone property, Qualified GO Zone property. 1040ez for 2011 Special allowance, Special Depreciation Allowance Disaster area: Hurricane Katrina, Hurricane Katrina Disaster Area Hurricane Rita, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Hurricane Wilma, Hurricane Wilma Disaster Area Distributions: Home purchase or construction, Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Qualified hurricane, Qualified hurricane distribution. 1040ez for 2011 Repayment of, Repayment of Qualified Hurricane Distributions Taxation of, Taxation of Qualified Hurricane Distributions E Earned income credit, Earned Income Credit and Child Tax Credit Education credits, Education Credits Eligible retirement plan, Eligible retirement plan. 1040ez for 2011 Employee retention credit, Employee Retention Credit Exemption, additional for housing, Additional Exemption for Housing Individuals Displaced by Hurricane Katrina F Federal mortgage subsidy, recapture of, Recapture of Federal Mortgage Subsidy Food inventory, charitable deduction for, Charitable Deduction for Contributions of Food Inventory G Gulf Opportunity (GO) Zone, Gulf Opportunity (GO) Zone (Core Disaster Area) H Help: How to get, How To Get Tax Help Phone number, How To Get Tax Help Special IRS assistance, How To Get Tax Help Website, How To Get Tax Help Hope credit (see Education credits) Hurricane Katrina disaster area, Hurricane Katrina Disaster Area Hurricane Katrina housing credit, Hurricane Katrina Housing Credit Hurricane Rita disaster area, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Hurricane Wilma disaster area, Hurricane Wilma Disaster Area I Involuntary conversion (see Replacement period for nonrecognition of gain) IRAs and other retirement plans, IRAs and Other Retirement Plans L Lifetime learning credit (see Education credits) M Mileage reimbursements, charitable volunteers, Mileage Reimbursements to Charitable Volunteers N Net operating losses, Net Operating Losses Q Qualified GO Zone loss, Qualified GO Zone loss. 1040ez for 2011 Qualified hurricane distribution, Qualified hurricane distribution. 1040ez for 2011 R Reforestation costs, Reforestation Costs Rehabilitation tax credit, Increase in Rehabilitation Tax Credit Relocation, temporary, Tax Relief for Temporary Relocation Replacement period for nonrecognition of gain, Replacement Period for Nonrecognition of Gain Retirement plan, eligible, Eligible retirement plan. 1040ez for 2011 Retirement plans, IRAs and Other Retirement Plans Rita GO Zone, Rita GO Zone S Section 179 deduction, Increased Section 179 Deduction Standard mileage rate, charitable use, Standard Mileage Rate for Charitable Use of Vehicles T Tax return: Request for copy, Request for copy of tax return. 1040ez for 2011 Request for transcript, Request for transcript of tax return. 1040ez for 2011 Taxpayer Advocate, Contacting your Taxpayer Advocate. 1040ez for 2011 Temporary relocation, Tax Relief for Temporary Relocation Theft losses, Casualty and Theft Losses Timber: 5-year NOL carryback, 5-year NOL carryback of certain timber losses. 1040ez for 2011 Reforestation costs, Reforestation Costs Transcript of tax return, request for, Request for transcript of tax return. 1040ez for 2011 W Wilma GO Zone, Wilma GO Zone Work opportunity credit, Work Opportunity Credit Prev  Up     Home   More Online Publications
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The 1040ez For 2011

1040ez for 2011 7. 1040ez for 2011   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. 1040ez for 2011 Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. 1040ez for 2011 You must determine gross profit before you can deduct any business expenses. 1040ez for 2011 These expenses are discussed in chapter 8. 1040ez for 2011 If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. 1040ez for 2011 Businesses that sell products. 1040ez for 2011   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. 1040ez for 2011 Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). 1040ez for 2011 Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. 1040ez for 2011   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). 1040ez for 2011 The result is the gross profit from your business. 1040ez for 2011 Businesses that sell services. 1040ez for 2011   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. 1040ez for 2011 Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). 1040ez for 2011 Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. 1040ez for 2011 Illustration. 1040ez for 2011   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. 1040ez for 2011 Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. 1040ez for 2011 Gross receipts. 1040ez for 2011   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. 1040ez for 2011 You may find it helpful to use cash registers to keep track of receipts. 1040ez for 2011 You should also use a proper invoicing system and keep a separate bank account for your business. 1040ez for 2011 Sales tax collected. 1040ez for 2011   Check to make sure your records show the correct sales tax collected. 1040ez for 2011   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. 1040ez for 2011   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. 1040ez for 2011 Inventory at beginning of year. 1040ez for 2011   Compare this figure with last year's ending inventory. 1040ez for 2011 The two amounts should usually be the same. 1040ez for 2011 Purchases. 1040ez for 2011   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. 1040ez for 2011 ) be sure to remove them from the cost of goods sold. 1040ez for 2011 For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. 1040ez for 2011 Inventory at end of year. 1040ez for 2011   Check to make sure your procedures for taking inventory are adequate. 1040ez for 2011 These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. 1040ez for 2011   Use inventory forms and adding machine tapes as the only evidence for your inventory. 1040ez for 2011 Inventory forms are available at office supply stores. 1040ez for 2011 These forms have columns for recording the description, quantity, unit price, and value of each inventory item. 1040ez for 2011 Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. 1040ez for 2011 These forms will help satisfy you that the total inventory is accurate. 1040ez for 2011 They will also provide you with a permanent record to support its validity. 1040ez for 2011   Inventories are discussed in chapter 2. 1040ez for 2011 Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. 1040ez for 2011 First, divide gross profit by net receipts. 1040ez for 2011 The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. 1040ez for 2011 Next, compare this percentage to your markup policy. 1040ez for 2011 Little or no difference between these two percentages shows that your gross profit figure is accurate. 1040ez for 2011 A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. 1040ez for 2011 You should determine the reason for the difference. 1040ez for 2011 Example. 1040ez for 2011   Joe Able operates a retail business. 1040ez for 2011 On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. 1040ez for 2011 The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. 1040ez for 2011 His cost of goods sold is $200,000. 1040ez for 2011 This results in a gross profit of $100,000 ($300,000 − $200,000). 1040ez for 2011 To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). 1040ez for 2011 The resulting 331/3% confirms his markup percentage of 331/3%. 1040ez for 2011 Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. 1040ez for 2011 The result is gross business income. 1040ez for 2011 If you use Schedule C-EZ, include the income on line 1 of the schedule. 1040ez for 2011 Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. 1040ez for 2011 Prev  Up  Next   Home   More Online Publications