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2012. 2012.taxhow taxhow Publication 946 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. 2012.taxhow Tax questions. 2012.taxhow What's New for 2013 Increased section 179 deduction dollar limits. 2012.taxhow  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000 ($535,000 for qualified enterprise zone property). 2012.taxhow This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2,000,000. 2012.taxhow See Dollar Limits under How Much Can You Deduct in chapter 2. 2012.taxhow Depreciation limits on business vehicles. 2012.taxhow  The total section 179 deduction and depreciation you can deduct for a passenger automobile (that is not a truck or van) you use in your business and first placed in service in 2013 is $3,160, if the special depreciation allowance does not apply. 2012.taxhow The maximum deduction you can take for a truck or van you use in your business and first placed in service in 2013 is $3,360, if the special depreciation allowance does not apply. 2012.taxhow See Maximum Depreciation Deduction in chapter 5. 2012.taxhow Special allowance for qualified second generation biofuel plant property. 2012.taxhow . 2012.taxhow  For tax years ending after December 31, 2012, you may be able to take a 50% special depreciation allowance for qualified second generation biofuel plant property placed in service after January 2, 2013, and before January 1, 2014. 2012.taxhow Election to accelerate minimum tax credits for round 3 extension property. 2012.taxhow . 2012.taxhow  For tax years ending after December 31, 2012, a corporation can elect to claim pre-2006 unused minimum tax credits in lieu of the special depreciation allowance for round 3 extension property. 2012.taxhow What's New for 2014 Expiration of the increased section 179 deduction limits and expanded definition of section 179 property. 2012.taxhow  For tax years beginning after 2013, the increased section 179 expense deduction limit and threshold amount before reduction in limitation will no longer apply. 2012.taxhow Also, the definition of section 179 property will no longer include certain qualified real property. 2012.taxhow Expiration of the 7-year recovery period for motor sports entertainment complexes. 2012.taxhow  Qualified motor sports entertainment complex property placed in service after December 31, 2013, will not be treated as 7-year property under MACRS. 2012.taxhow Expiration of the 15-year recovery period for qualified leasehold improvement, restaurant, and retail improvement properties. 2012.taxhow  Qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property placed in service after December 31, 2013, will not be treated as 15-year property under MACRS. 2012.taxhow Expiration of the accelerated depreciation for qualified Indian reservation property. 2012.taxhow  The accelerated depreciation of property on an Indian Reservation will not apply to property placed in service after December 31, 2013. 2012.taxhow Expiration of the 3-year recovery period for certain race horses. 2012.taxhow  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. 2012.taxhow Reminders Photographs of missing children. 2012.taxhow  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2012.taxhow Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2012.taxhow 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. 2012.taxhow Introduction Future developments. 2012.taxhow   For the latest information about developments related to Publication 946 such as legislation enacted after this publication was published, go to www. 2012.taxhow irs. 2012.taxhow gov/pub946. 2012.taxhow This publication explains how you can recover the cost of business or income-producing property through deductions for depreciation (for example, the special depreciation allowance and deductions under the Modified Accelerated Cost Recovery System (MACRS)). 2012.taxhow It also explains how you can elect to take a section 179 deduction, instead of depreciation deductions, for certain property, and the additional rules for listed property. 2012.taxhow The depreciation methods discussed in this publication generally do not apply to property placed in service before 1987. 2012.taxhow For more information, see Publication 534, Depreciating Property Placed in Service Before 1987. 2012.taxhow Definitions. 2012.taxhow   Many of the terms used in this publication are defined in the Glossary near the end of the publication. 2012.taxhow Glossary terms used in each discussion under the major headings are listed before the beginning of each discussion throughout the publication. 2012.taxhow Do you need a different publication?   The following table shows where you can get more detailed information when depreciating certain types of property. 2012.taxhow For information on depreciating: See Publication: A car 463, Travel, Entertainment, Gift, and Car Expenses Residential rental property 527, Residential Rental Property (Including Rental of Vacation Home) Office space in your home 587, Business Use of Your Home (Including Use by Daycare Providers) Farm property 225, Farmer's Tax Guide Comments and suggestions. 2012.taxhow   We welcome your comments about this publication and your suggestions for future editions. 2012.taxhow   You can write to us at the following address: Internal Revenue Service Business, Exempt Organizations and International Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. 2012.taxhow NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2012.taxhow Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2012.taxhow   You can send us comments from www. 2012.taxhow irs. 2012.taxhow gov/formspubs/. 2012.taxhow Select “Comment on Tax Forms and Publications” under “More Information. 2012.taxhow ”   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. 2012.taxhow Ordering forms and publications. 2012.taxhow   Visit www. 2012.taxhow irs. 2012.taxhow 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. 2012.taxhow Internal Revenue Service 1201 N. 2012.taxhow Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2012.taxhow   If you have a tax question, check the information available on IRS. 2012.taxhow gov or call 1-800-829-1040. 2012.taxhow We cannot answer tax questions sent to either of the above addresses. 2012.taxhow Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Tropical Storm Irene in New Hampshire

E-file to Remain Open through Oct. 31 for Victims of Tropical Storm Irene

NH-2011-31, Sept. 8, 2011

BOSTON — Victims of Tropical Storm Irene that began on Aug. 27, 2011 in parts of New Hampshire may qualify for tax relief from the Internal Revenue Service.

The President has declared the following counties a federal disaster area: Carroll and Grafton. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Aug. 27, and on or before Oct. 31, have been postponed to Oct. 31, 2011. This includes corporations and other businesses that previously obtained an extension until Sept. 15 to file their 2010 returns, and individuals and businesses that received a similar extension until Oct. 17. It also includes the estimated tax payment for the third quarter, normally due Sept. 15.

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Aug. 27, and on or before Sept. 12, as long as the deposits are made by Sept. 12, 2011.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until Oct. 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Aug. 27 and on or before Oct. 31.

The IRS also gives affected taxpayers until Oct. 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Aug. 27 and on or before Oct. 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Aug. 27 and on or before Sept. 12 provided the taxpayer makes these deposits by Sept. 12.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “New Hampshire/Tropical Storm Irene” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website,, or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.

Related Information

Page Last Reviewed or Updated: 20-Mar-2014

The 2012.taxhow

2012.taxhow It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. 2012.taxhow Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors. 2012.taxhow Select the Scenario that Applies to You: 2012.taxhow I am an independent contractor or in business for myself 2012.taxhow If you are a business owner or contractor who provides services to other businesses, then you are generally considered self-employed. For more information on your tax obligations if you are self-employed (an independent contractor), see our Self-Employed Tax Center. 2012.taxhow I hire or contract with individuals to provide services to my business 2012.taxhow If you are a business owner hiring or contracting with other individuals to provide services, you must determine whether the individuals providing services are employees or independent contractors. Follow the rest of this page to find out more about this topic and what your responsibilities are. 2012.taxhow Determining Whether the Individuals Providing Services are Employees or Independent Contractors 2012.taxhow Before you can determine how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services. The person performing the services may be - 2012.taxhow An independent contractor 2012.taxhow An employee (common-law employee) 2012.taxhow A statutory employee 2012.taxhow A statutory nonemployee 2012.taxhow In determining whether the person providing service is an employee or an independent contractor, all information that provides evidence of the degree of control and independence must be considered. 2012.taxhow Common Law Rules 2012.taxhow Facts that provide evidence of the degree of control and independence fall into three categories: 2012.taxhow Behavioral: Does the company control or have the right to control what the worker does and how the worker does his or her job? 2012.taxhow Financial: Are the business aspects of the worker’s job controlled by the payer? (these include things like how worker is paid, whether expenses are reimbursed, who provides tools/supplies, etc.) 2012.taxhow Type of Relationship: Are there written contracts or employee type benefits (i.e. pension plan, insurance, vacation pay, etc.)? Will the relationship continue and is the work performed a key aspect of the business? 2012.taxhow Businesses must weigh all these factors when determining whether a worker is an employee or independent contractor. Some factors may indicate that the worker is an employee, while other factors indicate that the worker is an independent contractor. There is no “magic” or set number of factors that “makes” the worker an employee or an independent contractor, and no one factor stands alone in making this determination. Also, factors which are relevant in one situation may not be relevant in another. 2012.taxhow The keys are to look at the entire relationship, consider the degree or extent of the right to direct and control, and finally, to document each of the factors used in coming up with the determination. 2012.taxhow Form SS-8 2012.taxhow If, after reviewing the three categories of evidence, it is still unclear whether a worker is an employee or an independent contractor, Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding (PDF) can be filed with the IRS. The form may be filed by either the business or the worker. The IRS will review the facts and circumstances and officially determine the worker’s status. 2012.taxhow Be aware that it can take at least six months to get a determination, but a business that continually hires the same types of workers to perform particular services may want to consider filing the Form SS-8 (PDF).