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2010 Federal Tax Forms Instructions

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2010 Federal Tax Forms Instructions

2010 federal tax forms instructions 5. 2010 federal tax forms instructions   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 federal tax forms instructions Making the election. 2010 federal tax forms instructions Form 3115. 2010 federal tax forms instructions Income TaxesAccrual of contested income taxes. 2010 federal tax forms instructions Employment Taxes Other TaxesAdditional Medicare Tax. 2010 federal tax forms instructions What's New Additional Medicare Tax. 2010 federal tax forms instructions  Beginning in 2013, you must withhold a 0. 2010 federal tax forms instructions 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 2010 federal tax forms instructions Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. 2010 federal tax forms instructions See Employment Taxes , and Self-employment tax , later. 2010 federal tax forms instructions Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. 2010 federal tax forms instructions You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. 2010 federal tax forms instructions 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 federal tax forms instructions When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. 2010 federal tax forms instructions This applies whether you use the cash method or an accrual method of accounting. 2010 federal tax forms instructions 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 federal tax forms instructions You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . 2010 federal tax forms instructions Limit on accrual of taxes. 2010 federal tax forms instructions   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. 2010 federal tax forms instructions 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 federal tax forms instructions Example. 2010 federal tax forms instructions Your state imposes a tax on personal property used in a trade or business conducted in the state. 2010 federal tax forms instructions This tax is assessed and becomes a lien as of July 1 (accrual date). 2010 federal tax forms instructions In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. 2010 federal tax forms instructions Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. 2010 federal tax forms instructions You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. 2010 federal tax forms instructions Uniform capitalization rules. 2010 federal tax forms instructions   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 federal tax forms instructions They also apply to certain taxpayers who acquire property for resale. 2010 federal tax forms instructions Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. 2010 federal tax forms instructions For more information, see chapter 1. 2010 federal tax forms instructions Carrying charges. 2010 federal tax forms instructions   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. 2010 federal tax forms instructions You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. 2010 federal tax forms instructions For more information, see chapter 7. 2010 federal tax forms instructions Refunds of taxes. 2010 federal tax forms instructions   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 federal tax forms instructions For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. 2010 federal tax forms instructions    You must include in income any interest you receive on tax refunds. 2010 federal tax forms instructions Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. 2010 federal tax forms instructions 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 federal tax forms instructions Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. 2010 federal tax forms instructions See Taxes for local benefits , later. 2010 federal tax forms instructions If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. 2010 federal tax forms instructions However, you can elect to ratably accrue the taxes during the year. 2010 federal tax forms instructions See Electing to ratably accrue , later. 2010 federal tax forms instructions Taxes for local benefits. 2010 federal tax forms instructions   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. 2010 federal tax forms instructions These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. 2010 federal tax forms instructions You should increase the basis of your property by the amount of the assessment. 2010 federal tax forms instructions   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. 2010 federal tax forms instructions 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 federal tax forms instructions Example. 2010 federal tax forms instructions To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. 2010 federal tax forms instructions The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. 2010 federal tax forms instructions The city is paying the principal and interest with the annual payments made by the property owners. 2010 federal tax forms instructions The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. 2010 federal tax forms instructions The part of the payments used to pay the interest charges on the bonds is deductible as taxes. 2010 federal tax forms instructions Charges for services. 2010 federal tax forms instructions   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. 2010 federal tax forms instructions Purchase or sale of real estate. 2010 federal tax forms instructions   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. 2010 federal tax forms instructions   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 federal tax forms instructions Treat the seller as paying the taxes up to but not including the date of sale. 2010 federal tax forms instructions Treat the buyer as paying the taxes beginning with the date of sale. 2010 federal tax forms instructions You can usually find this information on the settlement statement you received at closing. 2010 federal tax forms instructions   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 federal tax forms instructions Example. 2010 federal tax forms instructions Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. 2010 federal tax forms instructions He has not elected to ratably accrue property taxes. 2010 federal tax forms instructions November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. 2010 federal tax forms instructions He sold the property on June 30, 2013. 2010 federal tax forms instructions Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. 2010 federal tax forms instructions 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 federal tax forms instructions Electing to ratably accrue. 2010 federal tax forms instructions   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. 2010 federal tax forms instructions Example. 2010 federal tax forms instructions Juan Sanchez is a calendar year taxpayer who uses an accrual method. 2010 federal tax forms instructions His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. 2010 federal tax forms instructions July 1 is the assessment and lien date. 2010 federal tax forms instructions 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 federal tax forms instructions Separate elections. 2010 federal tax forms instructions   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 federal tax forms instructions Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. 2010 federal tax forms instructions See Form 3115 , later. 2010 federal tax forms instructions Making the election. 2010 federal tax forms instructions   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 federal tax forms instructions The statement should show all the following items. 2010 federal tax forms instructions The trades or businesses to which the election applies and the accounting method or methods used. 2010 federal tax forms instructions The period to which the taxes relate. 2010 federal tax forms instructions The computation of the real estate tax deduction for that first year. 2010 federal tax forms instructions   Generally, you must file your return by the due date (including extensions). 2010 federal tax forms instructions 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 federal tax forms instructions Attach the statement to the amended return and write “Filed pursuant to section 301. 2010 federal tax forms instructions 9100-2” on the statement. 2010 federal tax forms instructions File the amended return at the same address where you filed the original return. 2010 federal tax forms instructions Form 3115. 2010 federal tax forms instructions    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 federal tax forms instructions For more information, including applicable time frames for filing, see the Instructions for Form 3115. 2010 federal tax forms instructions Note. 2010 federal tax forms instructions 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 federal tax forms instructions R. 2010 federal tax forms instructions B. 2010 federal tax forms instructions 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. 2010 federal tax forms instructions R. 2010 federal tax forms instructions B. 2010 federal tax forms instructions 689, and Revenue Procedure 2012-20, 2012-14 I. 2010 federal tax forms instructions R. 2010 federal tax forms instructions B. 2010 federal tax forms instructions 700, or any successor. 2010 federal tax forms instructions Revenue Procedure 2011-14 is available at  www. 2010 federal tax forms instructions irs. 2010 federal tax forms instructions gov/irb/2011-04IRB/ar08. 2010 federal tax forms instructions html. 2010 federal tax forms instructions Income Taxes This section discusses federal, state, local, and foreign income taxes. 2010 federal tax forms instructions Federal income taxes. 2010 federal tax forms instructions   You cannot deduct federal income taxes. 2010 federal tax forms instructions State and local income taxes. 2010 federal tax forms instructions   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. 2010 federal tax forms instructions An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). 2010 federal tax forms instructions   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 federal tax forms instructions Accrual of contested income taxes. 2010 federal tax forms instructions   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 federal tax forms instructions   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 federal tax forms instructions You cannot deduct them in the year in which the liability is finally determined. 2010 federal tax forms instructions    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 federal tax forms instructions 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 federal tax forms instructions   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 federal tax forms instructions You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. 2010 federal tax forms instructions For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. 2010 federal tax forms instructions Foreign income taxes. 2010 federal tax forms instructions   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. 2010 federal tax forms instructions S. 2010 federal tax forms instructions possession. 2010 federal tax forms instructions However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. 2010 federal tax forms instructions S. 2010 federal tax forms instructions tax under the foreign earned income exclusion or the foreign housing exclusion. 2010 federal tax forms instructions For information on these exclusions, see Publication 54, Tax Guide for U. 2010 federal tax forms instructions S. 2010 federal tax forms instructions Citizens and Resident Aliens Abroad. 2010 federal tax forms instructions For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. 2010 federal tax forms instructions Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. 2010 federal tax forms instructions 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 federal tax forms instructions You may also need to pay certain employment taxes from your own funds. 2010 federal tax forms instructions These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. 2010 federal tax forms instructions Note. 2010 federal tax forms instructions Additional Medicare Tax is only imposed on the employee. 2010 federal tax forms instructions There is no employer share of Additional Medicare Tax. 2010 federal tax forms instructions 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 federal tax forms instructions You can deduct the employment taxes you must pay from your own funds as taxes. 2010 federal tax forms instructions Example. 2010 federal tax forms instructions You pay your employee $18,000 a year. 2010 federal tax forms instructions However, after you withhold various taxes, your employee receives $14,500. 2010 federal tax forms instructions You also pay an additional $1,500 in employment taxes. 2010 federal tax forms instructions You should deduct the full $18,000 as wages. 2010 federal tax forms instructions You can deduct the $1,500 you pay from your own funds as taxes. 2010 federal tax forms instructions For more information on employment taxes, see Publication 15 (Circular E). 2010 federal tax forms instructions Unemployment fund taxes. 2010 federal tax forms instructions   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. 2010 federal tax forms instructions Deduct these payments as taxes. 2010 federal tax forms instructions Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. 2010 federal tax forms instructions Excise taxes. 2010 federal tax forms instructions   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 federal tax forms instructions However, see Fuel taxes , later. 2010 federal tax forms instructions   For more information on excise taxes, see Publication 510. 2010 federal tax forms instructions Franchise taxes. 2010 federal tax forms instructions   You can deduct corporate franchise taxes as a business expense. 2010 federal tax forms instructions Fuel taxes. 2010 federal tax forms instructions   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 federal tax forms instructions Do not deduct these taxes as a separate item. 2010 federal tax forms instructions   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. 2010 federal tax forms instructions For more information, see Publication 510. 2010 federal tax forms instructions Occupational taxes. 2010 federal tax forms instructions   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 federal tax forms instructions Personal property tax. 2010 federal tax forms instructions   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. 2010 federal tax forms instructions Sales tax. 2010 federal tax forms instructions   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 federal tax forms instructions 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 federal tax forms instructions If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. 2010 federal tax forms instructions If the property is depreciable, add the sales tax to the basis for depreciation. 2010 federal tax forms instructions For more information on basis, see Publication 551. 2010 federal tax forms instructions    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 federal tax forms instructions Also, do not include these taxes in gross receipts or sales. 2010 federal tax forms instructions Self-employment tax. 2010 federal tax forms instructions   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. 2010 federal tax forms instructions This deduction only affects your income tax. 2010 federal tax forms instructions It does not affect your net earnings from self-employment or your self-employment tax. 2010 federal tax forms instructions   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 federal tax forms instructions   For more information on self-employment tax, see Publication 334. 2010 federal tax forms instructions Additional Medicare Tax. 2010 federal tax forms instructions   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. 2010 federal tax forms instructions See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. 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 Publicación 4492(SP) - Introductory Material Tabla de contenidos Introducción Artículos de interés - A usted quizá le interese ver: Introducción En esta publicación se explican las disposiciones principales de la Katrina Emergency Tax Relief Act of 2005 (Ley de Alivio Tributario para Desastres Causados por el Huracán Katrina del 2005) y la Gulf Opportunity Zone Act of 2005 (Ley de la Zona de Oportunidad del Golfo del 2005). 2010 federal tax forms instructions Artículos de interés - A usted quizá le interese ver: Publicación 526 Charitable Contributions (Contribuciones Caritativas), en inglés 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts (Pérdidas Netas de Operación (NOL) para Personas Físicas, Caudales Hereditarios y Fideicomisos), en inglés 547(SP) Hechos Fortuitos, Desastres y Robos, en español 946 How to Depreciate Property (Cómo Depreciar los Bienes), en inglés Formas (e instrucciones) 4506Request for Copy of Tax Return (Solicitud de una Copia de la Declaración de Impuestos), en inglés 4506-TRequest for Transcript of Tax Return (Solicitud de un Apógrafo de la Declaración de Impuestos), en inglés 4684Casualties and Thefts (Hechos Fortuitos y Robos), en inglés 5884Work Opportunity Credit (Crédito por Oportunidad de Trabajo), en inglés 5884-ACredits for Employers Affected by Hurricane Katrina, Rita, or Wilma (Créditos para Patronos o Empleadores Afectados por el Huracán Katrina, Rita o Wilma), en inglés 8863Education Credits (Hope and Lifetime Learning Credits) (Créditos por Enseñanza Superior (Crédito Hope y Crédito Perpetuo (Vitalicio) por Aprendizaje)), en inglés 8914Exemption Amount for Taxpayers Housing Individuals Displaced by Hurricane Katrina (Cantidad de la Exención para Contribuyentes dando Alojamiento a Personas Desplazadas por el Huracán Katrina), en inglés 8915Qualified Hurricane Retirement Plan Distributions and Repayments (Distribuciones y Devoluciones (Reintegros) de Pagos Calificados de Planes de Jubilación a Causa de un Huracán), en inglés Anterior  Subir  Siguiente   Inicio   More Online Publications