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2010 Tax Form 1040x

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2010 Tax Form 1040x

2010 tax form 1040x 7. 2010 tax form 1040x   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. 2010 tax form 1040x Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. 2010 tax form 1040x Useful Items - You may want to see: Forms (and Instructions) 1040 U. 2010 tax form 1040x S. 2010 tax form 1040x Individual Income Tax Return 1040A U. 2010 tax form 1040x S. 2010 tax form 1040x Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. 2010 tax form 1040x S. 2010 tax form 1040x Nonresident Alien Income Tax Return 1040NR-EZ U. 2010 tax form 1040x S. 2010 tax form 1040x Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. 2010 tax form 1040x What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. 2010 tax form 1040x Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. 2010 tax form 1040x The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). 2010 tax form 1040x Under U. 2010 tax form 1040x S. 2010 tax form 1040x immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. 2010 tax form 1040x Extensions of time to file. 2010 tax form 1040x   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. 2010 tax form 1040x You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). 2010 tax form 1040x Use Form 4868 to get the extension to October 15. 2010 tax form 1040x In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). 2010 tax form 1040x To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. 2010 tax form 1040x Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. 2010 tax form 1040x   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. 2010 tax form 1040x S. 2010 tax form 1040x citizens and resident aliens abroad who expect to qualify for special tax treatment). 2010 tax form 1040x    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. 2010 tax form 1040x You may be able to file your return electronically. 2010 tax form 1040x See IRS e-file in your form instructions. 2010 tax form 1040x Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. 2010 tax form 1040x If you are any of the following, you must file a return. 2010 tax form 1040x A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. 2010 tax form 1040x (But see Exceptions , later. 2010 tax form 1040x ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. 2010 tax form 1040x S. 2010 tax form 1040x sources, or Your income is exempt from income tax. 2010 tax form 1040x A nonresident alien individual not engaged in a trade or business in the United States with U. 2010 tax form 1040x S. 2010 tax form 1040x income on which the tax liability was not satisfied by the withholding of tax at the source. 2010 tax form 1040x A representative or agent responsible for filing the return of an individual described in (1) or (2). 2010 tax form 1040x A fiduciary for a nonresident alien estate or trust. 2010 tax form 1040x You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. 2010 tax form 1040x For example, if you have no U. 2010 tax form 1040x S. 2010 tax form 1040x business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. 2010 tax form 1040x For information on what is timely, see When to file for deductions and credits under When To File, later. 2010 tax form 1040x Exceptions. 2010 tax form 1040x   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. 2010 tax form 1040x Your only U. 2010 tax form 1040x S. 2010 tax form 1040x trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. 2010 tax form 1040x You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. 2010 tax form 1040x Even if you have left the United States and filed a Form 1040-C, U. 2010 tax form 1040x S. 2010 tax form 1040x Departing Alien Income Tax Return, on departure, you still must file an annual U. 2010 tax form 1040x S. 2010 tax form 1040x income tax return. 2010 tax form 1040x If you are married and both you and your spouse are required to file, you must each file a separate return. 2010 tax form 1040x Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. 2010 tax form 1040x You do not claim any dependents. 2010 tax form 1040x You cannot be claimed as a dependent on someone else's U. 2010 tax form 1040x S. 2010 tax form 1040x tax return. 2010 tax form 1040x If you were married, you do not claim an exemption for your spouse. 2010 tax form 1040x Your taxable income is less than $100,000. 2010 tax form 1040x The only itemized deduction you can claim is for state and local income taxes. 2010 tax form 1040x Note. 2010 tax form 1040x Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. 2010 tax form 1040x See chapter 5. 2010 tax form 1040x Your only U. 2010 tax form 1040x S. 2010 tax form 1040x source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. 2010 tax form 1040x (If you had taxable interest or dividend income, you cannot use this form. 2010 tax form 1040x ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. 2010 tax form 1040x You are not claiming any tax credits. 2010 tax form 1040x This is not an “expatriation return. 2010 tax form 1040x ” See Expatriation Tax in chapter 4. 2010 tax form 1040x The only taxes you owe are: The income tax from the Tax Table. 2010 tax form 1040x The social security and Medicare tax from Form 4137 or Form 8919. 2010 tax form 1040x You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. 2010 tax form 1040x You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. 2010 tax form 1040x If you do not meet all of the above conditions, you must file Form 1040NR. 2010 tax form 1040x When To File If you are an employee and you receive wages subject to U. 2010 tax form 1040x S. 2010 tax form 1040x income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. 2010 tax form 1040x For the 2013 calendar year, file your return by April 15, 2014. 2010 tax form 1040x If you are not an employee who receives wages subject to U. 2010 tax form 1040x S. 2010 tax form 1040x income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. 2010 tax form 1040x For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. 2010 tax form 1040x ) Extensions of time to file. 2010 tax form 1040x   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. 2010 tax form 1040x For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). 2010 tax form 1040x You must file the extension by the regular due date of your return. 2010 tax form 1040x   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). 2010 tax form 1040x To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. 2010 tax form 1040x Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. 2010 tax form 1040x When to file for deductions and credits. 2010 tax form 1040x   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. 2010 tax form 1040x For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. 2010 tax form 1040x However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. 2010 tax form 1040x The allowance of the following credits is not affected by this time requirement. 2010 tax form 1040x Credit for withheld taxes. 2010 tax form 1040x Credit for excise tax on certain uses of gasoline and special fuels. 2010 tax form 1040x Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. 2010 tax form 1040x Protective return. 2010 tax form 1040x   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. 2010 tax form 1040x S. 2010 tax form 1040x trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. 2010 tax form 1040x By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. 2010 tax form 1040x You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. 2010 tax form 1040x   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. 2010 tax form 1040x To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. 2010 tax form 1040x   You can follow the same procedure if you believe you have no U. 2010 tax form 1040x S. 2010 tax form 1040x tax liability because of a U. 2010 tax form 1040x S. 2010 tax form 1040x tax treaty. 2010 tax form 1040x Be sure to also complete item L on page 5 of Form 1040NR. 2010 tax form 1040x Waiver of filing deadline. 2010 tax form 1040x   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. 2010 tax form 1040x S. 2010 tax form 1040x income tax return (including a protective return) and you cooperate with the IRS in determining your U. 2010 tax form 1040x S. 2010 tax form 1040x income tax liability for the tax year for which you did not file a return. 2010 tax form 1040x Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. 2010 tax form 1040x  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. 2010 tax form 1040x O. 2010 tax form 1040x Box 1303 Charlotte, NC 28201-1303 Aliens from the U. 2010 tax form 1040x S. 2010 tax form 1040x Virgin Islands. 2010 tax form 1040x    If you are a bona fide resident of the U. 2010 tax form 1040x S. 2010 tax form 1040x Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. 2010 tax form 1040x S. 2010 tax form 1040x Virgin Islands and file your income tax returns at the following address. 2010 tax form 1040x Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. 2010 tax form 1040x Thomas, VI 00802   Report all income from U. 2010 tax form 1040x S. 2010 tax form 1040x sources, as well as income from other sources, on your return. 2010 tax form 1040x For information on filing U. 2010 tax form 1040x S. 2010 tax form 1040x Virgin Islands returns, contact the U. 2010 tax form 1040x S. 2010 tax form 1040x Virgin Islands Bureau of Internal Revenue. 2010 tax form 1040x   Chapter 8 discusses withholding from U. 2010 tax form 1040x S. 2010 tax form 1040x wages of U. 2010 tax form 1040x S. 2010 tax form 1040x Virgin Islanders. 2010 tax form 1040x Aliens from Guam or the Commonwealth of the Northern Mariana Islands. 2010 tax form 1040x   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. 2010 tax form 1040x Report all income, including income from U. 2010 tax form 1040x S. 2010 tax form 1040x sources, on your return. 2010 tax form 1040x It is not necessary to file a separate U. 2010 tax form 1040x S. 2010 tax form 1040x income tax return. 2010 tax form 1040x    Bona fide residents of Guam should file their Guam returns at the following address. 2010 tax form 1040x   Department of Revenue and Taxation Government of Guam P. 2010 tax form 1040x O. 2010 tax form 1040x Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. 2010 tax form 1040x   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. 2010 tax form 1040x O. 2010 tax form 1040x Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. 2010 tax form 1040x 570, Tax Guide for Individuals With Income From U. 2010 tax form 1040x S. 2010 tax form 1040x Possessions, for information on where to file your return. 2010 tax form 1040x Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. 2010 tax form 1040x S. 2010 tax form 1040x Individual Income Tax Return. 2010 tax form 1040x Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. 2010 tax form 1040x If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. 2010 tax form 1040x ) to Form 1040X. 2010 tax form 1040x Print “Amended” across the top. 2010 tax form 1040x Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. 2010 tax form 1040x A return filed before the final due date is considered to have been filed on the due date. 2010 tax form 1040x Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. 2010 tax form 1040x FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. 2010 tax form 1040x The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. 2010 tax form 1040x The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. 2010 tax form 1040x However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. 2010 tax form 1040x A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. 2010 tax form 1040x Filing requirements. 2010 tax form 1040x   FinCEN Form 105 filing requirements follow. 2010 tax form 1040x Recipients. 2010 tax form 1040x   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. 2010 tax form 1040x Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. 2010 tax form 1040x   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. 2010 tax form 1040x Travelers. 2010 tax form 1040x   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. 2010 tax form 1040x Penalties. 2010 tax form 1040x   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. 2010 tax form 1040x Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. 2010 tax form 1040x More information. 2010 tax form 1040x   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. 2010 tax form 1040x Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. 2010 tax form 1040x A resident alien of the United States for any part of the tax year. 2010 tax form 1040x A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. 2010 tax form 1040x S. 2010 tax form 1040x income tax treaty. 2010 tax form 1040x See Effect of Tax Treaties in chapter 1. 2010 tax form 1040x A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. 2010 tax form 1040x See chapter 1 for information about this election. 2010 tax form 1040x A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. 2010 tax form 1040x See Publication 570, Tax Guide for Individuals With Income From U. 2010 tax form 1040x S. 2010 tax form 1040x Possessions, for a definition of bona fide resident. 2010 tax form 1040x You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). 2010 tax form 1040x The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. 2010 tax form 1040x Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. 2010 tax form 1040x S. 2010 tax form 1040x person. 2010 tax form 1040x You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. 2010 tax form 1040x More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. 2010 tax form 1040x Penalties The law provides penalties for failure to file returns or pay taxes as required. 2010 tax form 1040x Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. 2010 tax form 1040x You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. 2010 tax form 1040x If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. 2010 tax form 1040x Filing late. 2010 tax form 1040x   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. 2010 tax form 1040x The penalty is based on the tax not paid by the due date (without regard to extensions). 2010 tax form 1040x The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. 2010 tax form 1040x Fraud. 2010 tax form 1040x   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. 2010 tax form 1040x Return over 60 days late. 2010 tax form 1040x   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. 2010 tax form 1040x Exception. 2010 tax form 1040x   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. 2010 tax form 1040x Paying tax late. 2010 tax form 1040x   You will have to pay a failure-to-pay penalty of ½ of 1% (. 2010 tax form 1040x 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. 2010 tax form 1040x This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. 2010 tax form 1040x   The monthly rate of the failure-to-pay penalty is half the usual rate (. 2010 tax form 1040x 25% instead of . 2010 tax form 1040x 50%) if an installment agreement is in effect for that month. 2010 tax form 1040x You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. 2010 tax form 1040x   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. 2010 tax form 1040x If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. 2010 tax form 1040x   This penalty cannot be more than 25% of your unpaid tax. 2010 tax form 1040x You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. 2010 tax form 1040x Combined penalties. 2010 tax form 1040x   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. 2010 tax form 1040x However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. 2010 tax form 1040x Accuracy-related penalty. 2010 tax form 1040x   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. 2010 tax form 1040x The penalty is equal to 20% of the underpayment. 2010 tax form 1040x The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. 2010 tax form 1040x The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. 2010 tax form 1040x Negligence or disregard. 2010 tax form 1040x   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. 2010 tax form 1040x Negligence also includes failure to keep adequate books and records. 2010 tax form 1040x You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. 2010 tax form 1040x   The term “disregard” includes any careless, reckless, or intentional disregard. 2010 tax form 1040x Adequate disclosure. 2010 tax form 1040x   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. 2010 tax form 1040x See Disclosure statement , later. 2010 tax form 1040x   This exception will not apply to an item that is attributable to a tax shelter. 2010 tax form 1040x In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. 2010 tax form 1040x Substantial understatement of income tax. 2010 tax form 1040x   You understate your tax if the tax shown on your return is less than the correct tax. 2010 tax form 1040x The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. 2010 tax form 1040x However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. 2010 tax form 1040x   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. 2010 tax form 1040x However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. 2010 tax form 1040x Substantial authority. 2010 tax form 1040x   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. 2010 tax form 1040x Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. 2010 tax form 1040x Disclosure statement. 2010 tax form 1040x   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. 2010 tax form 1040x You must also have a reasonable basis for treating the item the way you did. 2010 tax form 1040x   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. 2010 tax form 1040x   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. 2010 tax form 1040x Transaction lacking economic substance. 2010 tax form 1040x   For more information on economic substance, see section 7701(o). 2010 tax form 1040x Foreign financial asset. 2010 tax form 1040x   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. 2010 tax form 1040x Reasonable cause. 2010 tax form 1040x   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. 2010 tax form 1040x You must also show that you acted in good faith. 2010 tax form 1040x This does not apply to a transaction that lacks economic substance. 2010 tax form 1040x Filing erroneous claim for refund or credit. 2010 tax form 1040x   You may have to pay a penalty if you file an erroneous claim for refund or credit. 2010 tax form 1040x The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. 2010 tax form 1040x However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. 2010 tax form 1040x The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. 2010 tax form 1040x Frivolous tax submission. 2010 tax form 1040x   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. 2010 tax form 1040x A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. 2010 tax form 1040x For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. 2010 tax form 1040x irs. 2010 tax form 1040x gov/irb/2010-17_irb/ar13. 2010 tax form 1040x html. 2010 tax form 1040x   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. 2010 tax form 1040x This includes altering or striking out the preprinted language above the space provided for your signature. 2010 tax form 1040x   This penalty is added to any other penalty provided by law. 2010 tax form 1040x Fraud. 2010 tax form 1040x   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. 2010 tax form 1040x Failure to supply taxpayer identification number. 2010 tax form 1040x   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. 2010 tax form 1040x You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. 2010 tax form 1040x   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. 2010 tax form 1040x The number must be shown on the Form 1099-INT or other statement the bank sends you. 2010 tax form 1040x If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. 2010 tax form 1040x (You also may be subject to “backup” withholding of income tax. 2010 tax form 1040x )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. 2010 tax form 1040x Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. 2010 tax form 1040x Prev  Up  Next   Home   More Online Publications
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The 2010 Tax Form 1040x

2010 tax form 1040x Publication 587 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. 2010 tax form 1040x Tax questions. 2010 tax form 1040x Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 587, such as legislation enacted after it was published, go to www. 2010 tax form 1040x irs. 2010 tax form 1040x gov/pub587. 2010 tax form 1040x What's New The IRS now provides a simplified method to determine your expenses for business use of your home. 2010 tax form 1040x The simplified method is an alternative to calculating and substantiating actual expenses. 2010 tax form 1040x For more information, see Using the Simplified Method under Figuring the Deduction, later. 2010 tax form 1040x Reminders Photographs of missing children. 2010 tax form 1040x  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2010 tax form 1040x Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2010 tax form 1040x You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 2010 tax form 1040x Introduction The purpose of this publication is to provide information on figuring and claiming the deduction for business use of your home. 2010 tax form 1040x The term “home” includes a house, apartment, condominium, mobile home, boat, or similar property which provides basic living accommodations. 2010 tax form 1040x It also includes structures on the property, such as an unattached garage, studio, barn, or greenhouse. 2010 tax form 1040x However, it does not include any part of your property used exclusively as a hotel, motel, inn, or similar establishment. 2010 tax form 1040x Qualifying for a Deduction gives the requirements for qualifying to deduct expenses for the business use of your home (including special rules for employees and special rules for storing inventory or product samples). 2010 tax form 1040x For special rules that apply to daycare providers, see Daycare Facility . 2010 tax form 1040x After you determine that you qualify for the deduction, Figuring the Deduction explains the expenses you can deduct using either your actual expenses or the simplified method. 2010 tax form 1040x The simplified method is an alternative to calculating and substantiating actual expenses. 2010 tax form 1040x Where To Deduct explains where a self-employed person, employee, or partner will report the deduction. 2010 tax form 1040x This publication also includes information on the following. 2010 tax form 1040x Selling a home that was used partly for business. 2010 tax form 1040x Deducting expenses for furniture and equipment used in your business. 2010 tax form 1040x Records you should keep. 2010 tax form 1040x Finally, this publication contains worksheets to help you figure the amount of your deduction if you use your home in your farming business and you are filing Schedule F (Form 1040), you use your home for work as an employee, or you are a partner and the use of your home resulted in unreimbursed ordinary and necessary expenses that you are required to pay under the partnership agreement. 2010 tax form 1040x If you used your home for business and you are filing Schedule C (Form 1040), you will use either Form 8829 or the Simplified Method Worksheet in your Instructions for Schedule C. 2010 tax form 1040x The rules in this publication apply to individuals. 2010 tax form 1040x If you need information on deductions for renting out your property, see Publication 527, Residential Rental Property. 2010 tax form 1040x Comments and suggestions. 2010 tax form 1040x   We welcome your comments about this publication and your suggestions for future editions. 2010 tax form 1040x   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 2010 tax form 1040x NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2010 tax form 1040x Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2010 tax form 1040x   You can send your comments from www. 2010 tax form 1040x irs. 2010 tax form 1040x gov/formspubs/. 2010 tax form 1040x Click on “More Information” and then on “Comment on Tax Forms and Publications. 2010 tax form 1040x ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 2010 tax form 1040x Ordering forms and publications. 2010 tax form 1040x   Visit www. 2010 tax form 1040x irs. 2010 tax form 1040x gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 2010 tax form 1040x Internal Revenue Service 1201 N. 2010 tax form 1040x Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2010 tax form 1040x   If you have a tax question, check the information available on IRS. 2010 tax form 1040x gov or call 1-800-829-1040. 2010 tax form 1040x We cannot answer tax questions sent to either of the above addresses. 2010 tax form 1040x Useful Items - You may want to see: Publications 523 Selling Your Home 551 Basis of Assets 583 Starting a Business and Keeping Records 946 How To Depreciate Property Forms (and Instructions) Schedule C (Form 1040) Profit or Loss from Business 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 4562 Depreciation and Amortization 8829 Expenses for Business Use of Your Home  See How To Get Tax Help , near the end of this publication for information about getting publications and forms. 2010 tax form 1040x Prev  Up 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