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2012 Free Tax Return

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2012 Free Tax Return

2012 free tax return Publication 587 - Additional Material Prev  Up  Next   Home   More Online Publications
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Affordable Care Act Tax Provisions for Employers

The Affordable Care Act, or health care law, contains benefits and responsibilities for employers. The size and structure of your workforce – small, large, or part of a group – helps determine what applies to you. However, if you have no employees, the following information does not apply to you.

 Small Employers
 
Large Employers
 
Small employers, generally those with fewer than 50 full-time employees, may be eligible for credits and other benefits.
 
  > More…
 
A large employer has 50 or more full-time employees or equivalents.
 
  > More…

 

How do I know if I am a small or large employer? Why does it matter?

An employer’s size is determined by the number of its employees. Employer benefits, opportunities and requirements are dependent upon the employer’s size and the applicable rules. Generally, an employer with 50 or more full-time employees or equivalents will be considered a large employer.

Employers with:

  • Fewer than 25 full-time equivalent employees may be eligible for a Small Business Health Care Tax Credit to help cover the cost of providing coverage.
  • Generally 50 or fewer employees may be eligible to buy coverage through the Small Business Health Options Program (SHOP). Learn more at HealthCare.gov
  • 50 or more full-time equivalent employees will need to file an annual return reporting whether and what health insurance they offered employees. In addition, they are subject to the Employer Shared Responsibility provisions.

Certain affiliated employers with common ownership or part of a controlled group must aggregate their employees to determine their workforce size. Proposed regulations (pdf) and FAQs provide more information about determining the size of your workforce.

Page Last Reviewed or Updated: 28-Jan-2014

The 2012 Free Tax Return

2012 free tax return 1. 2012 free tax return   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. 2012 free tax return This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. 2012 free tax return Tax records are not the only type of records you need to keep for your farming business. 2012 free tax return You should also keep records that measure your farm's financial performance. 2012 free tax return This publication only discusses tax records. 2012 free tax return The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. 2012 free tax return For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. 2012 free tax return ffsc. 2012 free tax return org. 2012 free tax return For more information, contact Countryside Marketing, Inc. 2012 free tax return in the following manner. 2012 free tax return Call 262-253-6902. 2012 free tax return Send a fax to 262-253-6903. 2012 free tax return Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. 2012 free tax return , #287 Menomonee Falls, WI 53051. 2012 free tax return Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. 2012 free tax return Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. 2012 free tax return Recordkeeping will help you do the following. 2012 free tax return Monitor the progress of your farming business. 2012 free tax return   You need records to monitor the progress of your farming business. 2012 free tax return Records can show whether your business is improving, which items are selling, or what changes you need to make. 2012 free tax return Records can help you make better decisions that may increase the likelihood of business success. 2012 free tax return Prepare your financial statements. 2012 free tax return   You need records to prepare accurate financial statements. 2012 free tax return These include income (profit and loss) statements and balance sheets. 2012 free tax return These statements can help you in dealing with your bank or creditors and help you to manage your farm business. 2012 free tax return Identify source of receipts. 2012 free tax return   You will receive money or property from many sources. 2012 free tax return Your records can identify the source of your receipts. 2012 free tax return You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. 2012 free tax return Keep track of deductible expenses. 2012 free tax return   You may forget expenses when you prepare your tax return unless you record them when they occur. 2012 free tax return Prepare your tax returns. 2012 free tax return   You need records to prepare your tax return. 2012 free tax return For example, your records must support the income, expenses, and credits you report. 2012 free tax return Generally, these are the same records you use to monitor your farming business and prepare your financial statements. 2012 free tax return Support items reported on tax returns. 2012 free tax return   You must keep your business records available at all times for inspection by the IRS. 2012 free tax return If the IRS examines any of your tax returns, you may be asked to explain the items reported. 2012 free tax return A complete set of records will speed up the examination. 2012 free tax return Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. 2012 free tax return You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. 2012 free tax return You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. 2012 free tax return See  chapter 2. 2012 free tax return If you are in more than one business, you should keep a complete and separate set of records for each business. 2012 free tax return A corporation should keep minutes of board of directors' meetings. 2012 free tax return Your recordkeeping system should include a summary of your business transactions. 2012 free tax return This summary is ordinarily made in accounting journals and ledgers. 2012 free tax return For example, they must show your gross income, as well as your deductions and credits. 2012 free tax return In addition, you must keep supporting documents. 2012 free tax return Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. 2012 free tax return These documents contain the information you need to record in your journals and ledgers. 2012 free tax return It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. 2012 free tax return Keep them in an orderly fashion and in a safe place. 2012 free tax return For instance, organize them by year and type of income or expense. 2012 free tax return Electronic records. 2012 free tax return   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. 2012 free tax return When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. 2012 free tax return An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. 2012 free tax return The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. 2012 free tax return All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. 2012 free tax return Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. 2012 free tax return The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. 2012 free tax return You still have the responsibility of retaining any other books and records that are required to be retained. 2012 free tax return The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. 2012 free tax return This test is not considered an examination and the results must be shared with you. 2012 free tax return If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. 2012 free tax return If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. 2012 free tax return For details on electronic storage system requirements, see Rev. 2012 free tax return Proc. 2012 free tax return 97-22. 2012 free tax return You can find Rev. 2012 free tax return Proc. 2012 free tax return 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. 2012 free tax return irs. 2012 free tax return gov/pub/irs-irbs/irb97-13. 2012 free tax return pdf. 2012 free tax return Travel, transportation, entertainment, and gift expenses. 2012 free tax return   Specific recordkeeping rules apply to these expenses. 2012 free tax return For more information, see Publication 463. 2012 free tax return Employment taxes. 2012 free tax return   There are specific employment tax records you must keep. 2012 free tax return For a list, see Publication 51 (Circular A). 2012 free tax return Excise taxes. 2012 free tax return   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. 2012 free tax return Assets. 2012 free tax return   Assets are the property, such as machinery and equipment, you own and use in your business. 2012 free tax return You must keep records to verify certain information about your business assets. 2012 free tax return You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. 2012 free tax return Your records should show all the following. 2012 free tax return When and how you acquired the asset. 2012 free tax return Purchase price. 2012 free tax return Cost of any improvements. 2012 free tax return Section 179 deduction taken. 2012 free tax return Deductions taken for depreciation. 2012 free tax return Deductions taken for casualty losses, such as losses resulting from fires or storms. 2012 free tax return How you used the asset. 2012 free tax return When and how you disposed of the asset. 2012 free tax return Selling price. 2012 free tax return Expenses of sale. 2012 free tax return   The following are examples of records that may show this information. 2012 free tax return Purchase and sales invoices. 2012 free tax return Real estate closing statements. 2012 free tax return Canceled checks. 2012 free tax return Bank statements. 2012 free tax return Financial account statements as proof of payment. 2012 free tax return   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. 2012 free tax return These include account statements prepared for the financial institution by a third party. 2012 free tax return These account statements must be legible. 2012 free tax return The following table lists acceptable account statements. 2012 free tax return IF payment is by. 2012 free tax return . 2012 free tax return . 2012 free tax return THEN the statement must show the. 2012 free tax return . 2012 free tax return . 2012 free tax return Check Check number. 2012 free tax return Amount. 2012 free tax return Payee's name. 2012 free tax return Date the check amount was posted to the account by the financial institution. 2012 free tax return Electronic funds  transfer Amount transferred. 2012 free tax return Payee's name. 2012 free tax return Date the transfer was posted to the account by the financial institution. 2012 free tax return Credit card Amount charged. 2012 free tax return Payee's name. 2012 free tax return Transaction date. 2012 free tax return    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. 2012 free tax return You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. 2012 free tax return Tax returns. 2012 free tax return   Keep copies of your filed tax returns. 2012 free tax return They help in preparing future tax returns and making computations if you file an amended return. 2012 free tax return Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. 2012 free tax return How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. 2012 free tax return Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. 2012 free tax return A period of limitations is the period of time after which no legal action can be brought. 2012 free tax return Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. 2012 free tax return However, certain records must be kept for a longer period of time, as discussed below. 2012 free tax return Employment taxes. 2012 free tax return   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. 2012 free tax return Assets. 2012 free tax return   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. 2012 free tax return You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. 2012 free tax return   You may need to keep records relating to the basis of property longer than the period of limitation. 2012 free tax return Keep those records as long as they are important in figuring the basis of the original or replacement property. 2012 free tax return Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. 2012 free tax return For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. 2012 free tax return For more information on basis, see chapter 6. 2012 free tax return Records for nontax purposes. 2012 free tax return   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. 2012 free tax return For example, your insurance company or creditors may require you to keep them longer than the IRS does. 2012 free tax return Prev  Up  Next   Home   More Online Publications