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2010 Federal Tax Forms Instructions

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2010 Federal Tax Forms Instructions

2010 federal tax forms instructions 12. 2010 federal tax forms instructions   Filing Form 720 Table of Contents Attachments to Form 720. 2010 federal tax forms instructions Conditions to allowance. 2010 federal tax forms instructions Use Form 720 to report and pay the excise taxes previously discussed in this publication. 2010 federal tax forms instructions File Form 720 for each calendar quarter until you file a final Form 720. 2010 federal tax forms instructions For information on filing Form 720 electronically, visit the IRS e-file website at www. 2010 federal tax forms instructions irs. 2010 federal tax forms instructions gov/efile. 2010 federal tax forms instructions You may be required to file your returns on a monthly or semimonthly basis instead of quarterly if you do not make deposits as required (see Payment of Taxes, later) or are liable for the excise tax on taxable fuels and meet certain conditions. 2010 federal tax forms instructions Form 720 has three parts and three schedules. 2010 federal tax forms instructions Part I consists of excise taxes generally required to be deposited (see Payment of Taxes, later). 2010 federal tax forms instructions Part II consists of excise taxes that are not required to be deposited. 2010 federal tax forms instructions Part III is used to figure your tax liability for the quarter and the amount of any balance due or overpayment. 2010 federal tax forms instructions Schedule A, Excise Tax Liability, is used to record your net tax liability for each semimonthly period in a quarter. 2010 federal tax forms instructions Complete it if you have an entry in Part I. 2010 federal tax forms instructions Schedule C, Claims, is used to make claims. 2010 federal tax forms instructions However, Schedule C can only be used if you are reporting a liability in Part I or Part II. 2010 federal tax forms instructions Schedule T, Two-Party Exchange Information Reporting, is used to report certain exchanges of taxable fuel before or in connection with the removal at the terminal rack. 2010 federal tax forms instructions Attachments to Form 720. 2010 federal tax forms instructions   You may have to attach the following forms. 2010 federal tax forms instructions Form 6197 for the gas guzzler tax. 2010 federal tax forms instructions Form 6627 for environmental taxes. 2010 federal tax forms instructions Form 720X. 2010 federal tax forms instructions   This form is used to make adjustments to Forms 720 filed in prior quarters. 2010 federal tax forms instructions You can file Form 720X by itself or, if it shows a decrease in tax, you can attach it to Form 720. 2010 federal tax forms instructions See Form 720X for more information. 2010 federal tax forms instructions Conditions to allowance. 2010 federal tax forms instructions   For tax decreases, the claimant must check the appropriate box on Form 720X stating that: For adjustments of communications or air transportation taxes, the claimant has: Repaid the tax to the person from whom it was collected, or Obtained the consent of that person to the allowance of the adjustment. 2010 federal tax forms instructions For other adjustments, the claimant has: Not included the tax in the price of the article and not collected the tax from the purchaser, Repaid the tax to the ultimate purchaser, or Attached the written consent of the ultimate purchaser to the allowance of the adjustment. 2010 federal tax forms instructions However, the conditions listed under (2) do not apply to environmental taxes, the ship passenger tax, obligations not in registered form, foreign insurance taxes, fuels used on inland waterways, cellulosic or second generation biofuel sold as but not used as fuel, biodiesel sold as fuel but not used as fuel, and certain fuel taxes if the tax was based on use (for example, dyed diesel fuel used in trains, LPG, and CNG). 2010 federal tax forms instructions Final return. 2010 federal tax forms instructions   File a final return if: You go out of business, or You will not owe excise taxes that are reportable on Form 720 in future quarters. 2010 federal tax forms instructions Due dates. 2010 federal tax forms instructions   Form 720 must be filed by the following due dates. 2010 federal tax forms instructions Quarter Covered Due Dates January, February, March April 30 April, May, June July 31 July, August, September October 31 October, November, December January 31   If any due date falls on a Saturday, Sunday, or legal holiday, you can file the return on the next business day. 2010 federal tax forms instructions One-time filing. 2010 federal tax forms instructions   If you import a gas guzzling automobile, you may be eligible to make a one-time filing using your SSN if you: Do not import gas guzzling automobiles in the course of your trade or business, and Are not required to file Form 720 reporting other excise taxes for the calendar quarter, except for a one-time filing. 2010 federal tax forms instructions   If you meet both requirements above, see Gas guzzler tax (IRS No. 2010 federal tax forms instructions 40) in the Instructions for Form 720 for how to file and pay the tax. 2010 federal tax forms instructions Payment voucher. 2010 federal tax forms instructions   Form 720-V, Payment Voucher, must be included with Form 720 if you have a balance due on line 10 of Form 720 and you are making your payment by check or money order. 2010 federal tax forms instructions Prev  Up  Next   Home   More Online Publications
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The 2010 Federal Tax Forms Instructions

2010 federal tax forms instructions 2. 2010 federal tax forms instructions   The Tax and Filing Requirements Table of Contents Returns and Filing Requirements Payment of TaxFederal Tax Deposits Must be Made by Electronic Funds Transfer All organizations subject to the tax on unrelated business income, except the exempt trusts described in section 511(b)(2), are taxable at corporate rates on that income. 2010 federal tax forms instructions All exempt trusts subject to the tax on unrelated business income that, if not exempt, would be taxable as trusts are taxable at trust rates on that income. 2010 federal tax forms instructions However, an exempt trust may not claim the deduction for a personal exemption that is normally allowed to a trust. 2010 federal tax forms instructions The tax is imposed on the organization's unrelated business taxable income (described in chapter 4). 2010 federal tax forms instructions The tax is reduced by any applicable tax credits, including the general business credits (such as the investment credit) and the foreign tax credit. 2010 federal tax forms instructions Alternative minimum tax. 2010 federal tax forms instructions   Organizations liable for tax on unrelated business income may be liable for alternative minimum tax on certain adjustments and tax preference items. 2010 federal tax forms instructions Returns and Filing Requirements An exempt organization subject to the tax on unrelated business income must file Form 990-T and attach any required supporting schedules and forms. 2010 federal tax forms instructions The obligation to file Form 990-T is in addition to the obligation to file any other required returns. 2010 federal tax forms instructions Form 990-T is required if the organization's gross income from unrelated businesses is $1,000 or more. 2010 federal tax forms instructions An exempt organization must report income from all its unrelated businesses on a single Form 990-T. 2010 federal tax forms instructions Each organization must file a separate Form 990-T, except section 501(c)(2) title holding corporations and organizations receiving their earnings that file a consolidated return under section 1501. 2010 federal tax forms instructions The various provisions of tax law relating to accounting periods, accounting methods, at-risk limits (described in section 465), assessments, and collection penalties that apply to tax returns generally also apply to Form 990-T. 2010 federal tax forms instructions When to file. 2010 federal tax forms instructions   The Form 990-T of an employees' trust described in section 401(a), an IRA (including a traditional, SEP, SIMPLE, Roth, or Coverdell IRA), or an MSA must be filed by the 15th day of the 4th month after the end of its tax year. 2010 federal tax forms instructions The Form 990-T of any other exempt organization must be filed by the 15th day of the 5th month after the end of its tax year. 2010 federal tax forms instructions If the due date falls on a Saturday, Sunday, or legal holiday, the return is due by the next business day. 2010 federal tax forms instructions Extension of time to file. 2010 federal tax forms instructions   A Form 990-T filer may request an automatic 3-month (6 months for corporation) extension of time to file a return by submitting Form 8868, Application for Extension of Time To File an Exempt Organization Return. 2010 federal tax forms instructions The Form 990-T filer may also use Form 8868 to apply for an additional (not automatic) 3-month extension to file the return if the original 3-month extension was not enough time. 2010 federal tax forms instructions Public Inspection Requirements of Section 501(c)(3) Organizations. 2010 federal tax forms instructions   Under section 6104(d), a section 501(c)(3) organization that has gross income from an unrelated trade or business of $1,000 or more must make its annual exempt organization business income tax return (including amended returns) available for public inspection. 2010 federal tax forms instructions    A section 501(c)(3) organization filing the Form 990-T only to request a credit for certain federal excise taxes paid does not have to make the Form 990-T available for public inspection. 2010 federal tax forms instructions Payment of Tax Estimated tax. 2010 federal tax forms instructions   A tax-exempt organization must make estimated tax payments if it expects its tax (unrelated business income tax after certain adjustments) to be $500 or more. 2010 federal tax forms instructions Estimated tax payments are generally due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. 2010 federal tax forms instructions If any due date falls on a Saturday, Sunday, or legal holiday, the payment is due on the next business day. 2010 federal tax forms instructions   Any organization that fails to pay the proper estimated tax when due may be charged an underpayment penalty for the period of underpayment. 2010 federal tax forms instructions Generally, to avoid the estimated tax penalty, the organization must make estimated tax payments that total 100% of the organization's current tax year liability. 2010 federal tax forms instructions However, an organization can base its required estimated tax payments on 100% of the tax shown on its return for the preceding year (unless no tax is shown) if its taxable income for each of the 3 preceding tax years was less than $1 million. 2010 federal tax forms instructions If an organization's taxable income for any of those years was $1 million or more, it can base only its first required installment payment on its last year's tax. 2010 federal tax forms instructions   All tax-exempt organizations should use Form 990-W (Worksheet), to figure their estimated tax. 2010 federal tax forms instructions    Tax due with Form 990-T. 2010 federal tax forms instructions   Any tax due with Form 990-T must be paid in full when the return is filed, but no later than the date the return is due (determined without extensions). 2010 federal tax forms instructions Federal Tax Deposits Must be Made by Electronic Funds Transfer You must use electronic funds transfer to make all federal deposits (such as deposits of estimated tax, employment tax, and excise tax). 2010 federal tax forms instructions Forms 8109 and 8109-B, Federal Tax Deposit Coupon, are no longer in use. 2010 federal tax forms instructions Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). 2010 federal tax forms instructions If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make deposits on your behalf. 2010 federal tax forms instructions Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. 2010 federal tax forms instructions EFTPS is a free service provided by the Department of Treasury. 2010 federal tax forms instructions Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. 2010 federal tax forms instructions To get more information about EFTPS or to enroll in EFTPS, visit www. 2010 federal tax forms instructions eftps. 2010 federal tax forms instructions gov or call 1-800-555-4477. 2010 federal tax forms instructions Additional information about EFTPS is available in Publication 966, The Secure Way to Pay Your Federal Taxes. 2010 federal tax forms instructions Deposits on business days only. 2010 federal tax forms instructions   If a deposit is required to be made on a day that is not a business day, the deposit is considered timely if it is made by the close of the next business day. 2010 federal tax forms instructions A business day is any day other than a Saturday, Sunday, or legal holiday. 2010 federal tax forms instructions For example, if a deposit is required to be made on a Friday and Friday is a legal holiday, the deposit will be considered timely if it is made by the following Monday (if that Monday is a business day). 2010 federal tax forms instructions The term "legal holiday" means any legal holiday in the District of Columbia. 2010 federal tax forms instructions Prev  Up  Next   Home   More Online Publications