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2010 1040x Form

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2010 1040x Form

2010 1040x form 5. 2010 1040x form   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. 2010 1040x form Making the election. 2010 1040x form Form 3115. 2010 1040x form Income TaxesAccrual of contested income taxes. 2010 1040x form Employment Taxes Other TaxesAdditional Medicare Tax. 2010 1040x form What's New Additional Medicare Tax. 2010 1040x form  Beginning in 2013, you must withhold a 0. 2010 1040x form 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 2010 1040x form Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. 2010 1040x form See Employment Taxes , and Self-employment tax , later. 2010 1040x form Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. 2010 1040x form You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. 2010 1040x form Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. 2010 1040x form When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. 2010 1040x form This applies whether you use the cash method or an accrual method of accounting. 2010 1040x form Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. 2010 1040x form You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . 2010 1040x form Limit on accrual of taxes. 2010 1040x form   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. 2010 1040x form However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. 2010 1040x form Example. 2010 1040x form Your state imposes a tax on personal property used in a trade or business conducted in the state. 2010 1040x form This tax is assessed and becomes a lien as of July 1 (accrual date). 2010 1040x form In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. 2010 1040x form Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. 2010 1040x form You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. 2010 1040x form Uniform capitalization rules. 2010 1040x form   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. 2010 1040x form They also apply to certain taxpayers who acquire property for resale. 2010 1040x form Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. 2010 1040x form For more information, see chapter 1. 2010 1040x form Carrying charges. 2010 1040x form   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. 2010 1040x form You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. 2010 1040x form For more information, see chapter 7. 2010 1040x form Refunds of taxes. 2010 1040x form   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. 2010 1040x form For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. 2010 1040x form    You must include in income any interest you receive on tax refunds. 2010 1040x form Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. 2010 1040x form The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. 2010 1040x form Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. 2010 1040x form See Taxes for local benefits , later. 2010 1040x form If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. 2010 1040x form However, you can elect to ratably accrue the taxes during the year. 2010 1040x form See Electing to ratably accrue , later. 2010 1040x form Taxes for local benefits. 2010 1040x form   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. 2010 1040x form These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. 2010 1040x form You should increase the basis of your property by the amount of the assessment. 2010 1040x form   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. 2010 1040x form If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. 2010 1040x form Example. 2010 1040x form To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. 2010 1040x form The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. 2010 1040x form The city is paying the principal and interest with the annual payments made by the property owners. 2010 1040x form The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. 2010 1040x form The part of the payments used to pay the interest charges on the bonds is deductible as taxes. 2010 1040x form Charges for services. 2010 1040x form   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. 2010 1040x form Purchase or sale of real estate. 2010 1040x form   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. 2010 1040x form   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. 2010 1040x form Treat the seller as paying the taxes up to but not including the date of sale. 2010 1040x form Treat the buyer as paying the taxes beginning with the date of sale. 2010 1040x form You can usually find this information on the settlement statement you received at closing. 2010 1040x form   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. 2010 1040x form Example. 2010 1040x form Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. 2010 1040x form He has not elected to ratably accrue property taxes. 2010 1040x form November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. 2010 1040x form He sold the property on June 30, 2013. 2010 1040x form Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. 2010 1040x form He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. 2010 1040x form Electing to ratably accrue. 2010 1040x form   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. 2010 1040x form Example. 2010 1040x form Juan Sanchez is a calendar year taxpayer who uses an accrual method. 2010 1040x form His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. 2010 1040x form July 1 is the assessment and lien date. 2010 1040x form If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. 2010 1040x form Separate elections. 2010 1040x form   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. 2010 1040x form Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. 2010 1040x form See Form 3115 , later. 2010 1040x form Making the election. 2010 1040x form   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. 2010 1040x form The statement should show all the following items. 2010 1040x form The trades or businesses to which the election applies and the accounting method or methods used. 2010 1040x form The period to which the taxes relate. 2010 1040x form The computation of the real estate tax deduction for that first year. 2010 1040x form   Generally, you must file your return by the due date (including extensions). 2010 1040x form However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). 2010 1040x form Attach the statement to the amended return and write “Filed pursuant to section 301. 2010 1040x form 9100-2” on the statement. 2010 1040x form File the amended return at the same address where you filed the original return. 2010 1040x form Form 3115. 2010 1040x form    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. 2010 1040x form For more information, including applicable time frames for filing, see the Instructions for Form 3115. 2010 1040x form Note. 2010 1040x form If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. 2010 1040x form R. 2010 1040x form B. 2010 1040x form 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. 2010 1040x form R. 2010 1040x form B. 2010 1040x form 689, and Revenue Procedure 2012-20, 2012-14 I. 2010 1040x form R. 2010 1040x form B. 2010 1040x form 700, or any successor. 2010 1040x form Revenue Procedure 2011-14 is available at  www. 2010 1040x form irs. 2010 1040x form gov/irb/2011-04IRB/ar08. 2010 1040x form html. 2010 1040x form Income Taxes This section discusses federal, state, local, and foreign income taxes. 2010 1040x form Federal income taxes. 2010 1040x form   You cannot deduct federal income taxes. 2010 1040x form State and local income taxes. 2010 1040x form   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. 2010 1040x form An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). 2010 1040x form   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. 2010 1040x form Accrual of contested income taxes. 2010 1040x form   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. 2010 1040x form   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. 2010 1040x form You cannot deduct them in the year in which the liability is finally determined. 2010 1040x form    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. 2010 1040x form Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. 2010 1040x form   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. 2010 1040x form You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. 2010 1040x form For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. 2010 1040x form Foreign income taxes. 2010 1040x form   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. 2010 1040x form S. 2010 1040x form possession. 2010 1040x form However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. 2010 1040x form S. 2010 1040x form tax under the foreign earned income exclusion or the foreign housing exclusion. 2010 1040x form For information on these exclusions, see Publication 54, Tax Guide for U. 2010 1040x form S. 2010 1040x form Citizens and Resident Aliens Abroad. 2010 1040x form For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. 2010 1040x form Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. 2010 1040x form Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. 2010 1040x form You may also need to pay certain employment taxes from your own funds. 2010 1040x form These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. 2010 1040x form Note. 2010 1040x form Additional Medicare Tax is only imposed on the employee. 2010 1040x form There is no employer share of Additional Medicare Tax. 2010 1040x form Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. 2010 1040x form You can deduct the employment taxes you must pay from your own funds as taxes. 2010 1040x form Example. 2010 1040x form You pay your employee $18,000 a year. 2010 1040x form However, after you withhold various taxes, your employee receives $14,500. 2010 1040x form You also pay an additional $1,500 in employment taxes. 2010 1040x form You should deduct the full $18,000 as wages. 2010 1040x form You can deduct the $1,500 you pay from your own funds as taxes. 2010 1040x form For more information on employment taxes, see Publication 15 (Circular E). 2010 1040x form Unemployment fund taxes. 2010 1040x form   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. 2010 1040x form Deduct these payments as taxes. 2010 1040x form Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. 2010 1040x form Excise taxes. 2010 1040x form   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. 2010 1040x form However, see Fuel taxes , later. 2010 1040x form   For more information on excise taxes, see Publication 510. 2010 1040x form Franchise taxes. 2010 1040x form   You can deduct corporate franchise taxes as a business expense. 2010 1040x form Fuel taxes. 2010 1040x form   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. 2010 1040x form Do not deduct these taxes as a separate item. 2010 1040x form   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. 2010 1040x form For more information, see Publication 510. 2010 1040x form Occupational taxes. 2010 1040x form   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. 2010 1040x form Personal property tax. 2010 1040x form   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. 2010 1040x form Sales tax. 2010 1040x form   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. 2010 1040x form If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. 2010 1040x form If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. 2010 1040x form If the property is depreciable, add the sales tax to the basis for depreciation. 2010 1040x form For more information on basis, see Publication 551. 2010 1040x form    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. 2010 1040x form Also, do not include these taxes in gross receipts or sales. 2010 1040x form Self-employment tax. 2010 1040x form   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. 2010 1040x form This deduction only affects your income tax. 2010 1040x form It does not affect your net earnings from self-employment or your self-employment tax. 2010 1040x form   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). 2010 1040x form   For more information on self-employment tax, see Publication 334. 2010 1040x form Additional Medicare Tax. 2010 1040x form   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. 2010 1040x form See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. 2010 1040x form Prev  Up  Next   Home   More Online Publications
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The 2010 1040x Form

2010 1040x form 14. 2010 1040x form   Penalties and Interest Table of Contents Penalties and interest may result from any of the following acts. 2010 1040x form Failing to collect and pay over tax as the collecting agent (see Trust fund recovery penalty, later). 2010 1040x form Failing to keep adequate records. 2010 1040x form Failing to file returns. 2010 1040x form Failing to pay taxes. 2010 1040x form Filing returns late. 2010 1040x form Filing false or fraudulent returns. 2010 1040x form Paying taxes late. 2010 1040x form Failing to make deposits. 2010 1040x form Depositing taxes late. 2010 1040x form Making false statements relating to tax. 2010 1040x form Failing to register. 2010 1040x form Misrepresenting that tax is excluded from the price of an article. 2010 1040x form Failure to register. 2010 1040x form   The penalty for failure to register if you are required to register, unless due to reasonable cause, is $10,000 for the initial failure, and then $1,000 each day thereafter you fail to register. 2010 1040x form Claims. 2010 1040x form   There are criminal penalties for false or fraudulent claims. 2010 1040x form In addition, any person who files a refund claim, discussed earlier, for an excessive amount (without reasonable cause) may have to pay a penalty. 2010 1040x form An excessive amount is the amount claimed that is more than the allowable amount. 2010 1040x form The penalty is the greater of two times the excessive amount or $10. 2010 1040x form Trust fund recovery penalty. 2010 1040x form   If you provide taxable communications, air transportation services, or indoor tanning services, you have to collect excise taxes (as discussed earlier) from those persons who pay you for those services. 2010 1040x form You must pay over these taxes to the U. 2010 1040x form S. 2010 1040x form Government. 2010 1040x form   If you willfully fail to collect or pay over these taxes, or if you evade or defeat them in any way, the trust fund recovery penalty may apply. 2010 1040x form Willfully means voluntarily, consciously, and intentionally. 2010 1040x form The trust fund recovery penalty equals 100% of the taxes not collected or not paid over to the U. 2010 1040x form S. 2010 1040x form Government. 2010 1040x form   The trust fund recovery penalty may be imposed on any person responsible for collecting, accounting for, and paying over these taxes. 2010 1040x form If this person knows that these required actions are not taking place for whatever reason, the person is acting willfully. 2010 1040x form Paying other expenses of the business instead of paying the taxes is willful behavior. 2010 1040x form   A responsible person can be an officer or employee of a corporation, a partner or employee of a partnership, or any other person who had responsibility for certain aspects of the business and financial affairs of the employer (or business). 2010 1040x form This may include accountants, trustees in bankruptcy, members of a board, banks, insurance companies, or sureties. 2010 1040x form The responsible person could even be another corporation—in other words, anyone who has the duty and the ability to direct, account for, or pay over the money. 2010 1040x form Having signature power on the business checking account could be a significant factor in determining responsibility. 2010 1040x form Prev  Up  Next   Home   More Online Publications