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Amend My 2011 Tax Return

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Amend My 2011 Tax Return

Amend my 2011 tax return 3. Amend my 2011 tax return   Gifts Table of Contents If you give gifts in the course of your trade or business, you can deduct all or part of the cost. Amend my 2011 tax return This chapter explains the limits and rules for deducting the costs of gifts. Amend my 2011 tax return $25 limit. Amend my 2011 tax return   You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. Amend my 2011 tax return A gift to a company that is intended for the eventual personal use or benefit of a particular person or a limited class of people will be considered an indirect gift to that particular person or to the individuals within that class of people who receive the gift. Amend my 2011 tax return   If you give a gift to a member of a customer's family, the gift is generally considered to be an indirect gift to the customer. Amend my 2011 tax return This rule does not apply if you have a bona fide, independent business connection with that family member and the gift is not intended for the customer's eventual use. Amend my 2011 tax return   If you and your spouse both give gifts, both of you are treated as one taxpayer. Amend my 2011 tax return It does not matter whether you have separate businesses, are separately employed, or whether each of you has an independent connection with the recipient. Amend my 2011 tax return If a partnership gives gifts, the partnership and the partners are treated as one taxpayer. Amend my 2011 tax return Example. Amend my 2011 tax return Bob Jones sells products to Local Company. Amend my 2011 tax return He and his wife, Jan, gave Local Company three gourmet gift baskets to thank them for their business. Amend my 2011 tax return They paid $80 for each gift basket, or $240 total. Amend my 2011 tax return Three of Local Company's executives took the gift baskets home for their families' use. Amend my 2011 tax return Bob and Jan have no independent business relationship with any of the executives' other family members. Amend my 2011 tax return They can deduct a total of $75 ($25 limit × 3) for the gift baskets. Amend my 2011 tax return Incidental costs. Amend my 2011 tax return   Incidental costs, such as engraving on jewelry, or packaging, insuring, and mailing, are generally not included in determining the cost of a gift for purposes of the $25 limit. Amend my 2011 tax return   A cost is incidental only if it does not add substantial value to the gift. Amend my 2011 tax return For example, the cost of gift wrapping is an incidental cost. Amend my 2011 tax return However, the purchase of an ornamental basket for packaging fruit is not an incidental cost if the value of the basket is substantial compared to the value of the fruit. Amend my 2011 tax return Exceptions. Amend my 2011 tax return   The following items are not considered gifts for purposes of the $25 limit. Amend my 2011 tax return An item that costs $4 or less and: Has your name clearly and permanently imprinted on the gift, and Is one of a number of identical items you widely distribute. Amend my 2011 tax return Examples include pens, desk sets, and plastic bags and cases. Amend my 2011 tax return Signs, display racks, or other promotional material to be used on the business premises of the recipient. Amend my 2011 tax return    Figure B. Amend my 2011 tax return When Are Transportation Expenses Deductible? Most employees and self-employed persons can use this chart. Amend my 2011 tax return (Do not use this chart if your home is your principal place of business. Amend my 2011 tax return See Office in the home . Amend my 2011 tax return ) Please click here for the text description of the image. Amend my 2011 tax return Figure B. Amend my 2011 tax return When Are Local Transportation Expenses Deductible?TAs for Figure B are: Reg 1. Amend my 2011 tax return 162-1(a); RR 55–109; RR 94–47 Gift or entertainment. Amend my 2011 tax return   Any item that might be considered either a gift or entertainment generally will be considered entertainment. Amend my 2011 tax return However, if you give a customer packaged food or beverages you intend the customer to use at a later date, treat it as a gift. Amend my 2011 tax return    If you give a customer tickets to a theater performance or sporting event and you do not go with the customer to the performance or event, you have a choice. Amend my 2011 tax return You can treat the cost of the tickets as either a gift expense or an entertainment expense, whichever is to your advantage. Amend my 2011 tax return   You can change your treatment of the tickets at a later date by filing an amended return. Amend my 2011 tax return Generally, an amended return must be filed within 3 years from the date the original return was filed or within 2 years from the time the tax was paid, whichever is later. Amend my 2011 tax return    If you go with the customer to the event, you must treat the cost of the tickets as an entertainment expense. Amend my 2011 tax return You cannot choose, in this case, to treat the cost of the tickets as a gift expense. Amend my 2011 tax return Prev  Up  Next   Home   More Online Publications
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SOI Tax Stats - Corporate Foreign Tax Credit Statistics

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Corporate Foreign Tax Credit, Tax Year 2010 One Sheet
 

What is the Corporate Foreign Tax Credit?

The corporate foreign tax credit is a set of provisions designed by Congress to eliminate potential double taxation on the foreign-source income of U.S. corporations. Double taxation occurs when an item of income is taxed by both the United States, as the corporation's country of residence, as well as by the country where the income was generated. The current provisions allow U.S. businesses to credit their foreign taxes paid, accrued, or deemed paid against their U.S. income tax liability, subject to limitations that prevent taxpayers from using taxes paid in a country with a higher tax rate than the U.S. to offset their tax liability on U.S. income. Corporations are required to calculate this credit separately for different income categories to prevent taxpayers from combining income that is traditionally taxed at low rates, such as dividend or interest income, with income that is typically taxed at higher rates, such as active business income. The corporate foreign tax credit is reported on Form 1118, Foreign Tax Credit - Corporations.

For information about selected terms and concepts and a description of the data sources and limitations, please visit Corporate Foreign Tax Credit Study Metadata.

Statistical Tables      SOI Bulletin Articles      Archive
 


Statistical Tables

The following tables are available as Microsoft Excel®  files.  A free Excel viewer is available for download, if needed.

U.S. Corporation Income Tax Returns with a Foreign Tax Credit: Total Assets, Income, Taxes, and Credits, and Foreign Income, Deductions, and Taxes 
Shown by major and selected minor industry.

U.S. Corporation Income Tax Returns with a Foreign Tax Credit: Returns with Income in Excess Credit Position: Foreign Income, Deductions, and Taxes 
Shown by major and selected minor industry.

U.S. Corporation Income Tax Returns with a Foreign Tax Credit: Returns with Income in Excess Limitation Position: Foreign Income, Deductions, and Taxes 
Shown by major and selected minor industry.

U.S. Corporation Income Tax Returns with a Foreign Tax Credit: Foreign Income, Deductions, and Taxes
Shown by industrial sector and by type of foreign income for which separate credit was computed. (Tax Year 2006 is the last year published for this table.)

U.S. Corporation Income Tax Returns with a Foreign Tax Credit: Foreign Income, Deductions, and Taxes Reported on Form 1118
Shown by selected country to which foreign taxes were paid.
 


SOI Bulletin Articles

The following are available as PDF files. A free Adobe® Reader is available for download, if needed.


Archives

Foreign Tax Credit, Claimed on Corporation Income Tax Returns

 


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Page Last Reviewed or Updated: 24-Feb-2014

The Amend My 2011 Tax Return

Amend my 2011 tax return Índice Pérdidas en ciertas actividades madereras, retroactivación a 5 años, Traspaso a 5 años de NOL por ciertas pérdidas en actividades madereras. Amend my 2011 tax return A Actividad maderera: Costos de reforestación, Costos de Reforestación Retroactivación a 5 años de NOL, Costos de Reforestación Apógrafo de la declaración de impuestos, solicitud de, Solicitud de apógrafo de la declaración de impuestos. Amend my 2011 tax return Ayuda: Ayuda especial del IRS, Cómo Obtener Ayuda con los Impuestos Cibersitio del IRS, Cómo Obtener Ayuda con los Impuestos Cómo obtener, Cómo Obtener Ayuda con los Impuestos Teléfono, Cómo Obtener Ayuda con los Impuestos C Cancelación de endeudamiento, Exclusión de Ciertas Cancelaciones de Endeudamiento por Motivos del Huracán Katrina Cibersitio del IRS, Servicios gratis con los impuestos. Amend my 2011 tax return Contribuciones caritativas, Suspensión Temporal de los Límites sobre las Contribuciones Caritativas Contribuyentes afectados, Contribuyentes afectados. Amend my 2011 tax return Conversión involuntaria (ver Plazo de reposición para que las ganancias no sean reconocidas) Copia de su declaración de impuestos, solicitud de, Solicitud de copia de la declaración de impuestos. Amend my 2011 tax return Costos de demolición, Costos de Demolición y Limpieza Costos de limpieza, Costos de Demolición y Limpieza Costos de reforestación, Costos de Reforestación Crédito Hope (ver Créditos por enseñanza superior) Crédito perpétuo (vitalicio) por aprendizaje (ver Créditos por enseñanza superior) Crédito por ingreso del trabajo, Crédito por Ingreso del Trabajo y Crédito Tributario por Hijos Crédito por la retención de empleados, Créditos por la Retención de Empleados Crédito por oportunidad de trabajo, Crédito por Oportunidad de Trabajo Crédito por vivienda para afectados por el huracán Katrina, Crédito por Vivienda del Huracán Katrina Crédito tributario por hijos, Crédito por Ingreso del Trabajo y Crédito Tributario por Hijos Crédito tributario por rehabilitación, Aumento del Crédito Tributario por Rehabilitación Créditos por enseñanza superior, Créditos Tributarios por Enseñanza Superior Créditos: Enseñanza superior, Créditos Tributarios por Enseñanza Superior Impuesto por rehabilitación, Aumento del Crédito Tributario por Rehabilitación Ingreso del trabajo, Crédito por Ingreso del Trabajo y Crédito Tributario por Hijos Oportunidad de trabajo, Crédito por Oportunidad de Trabajo Retención de empleados , Créditos por la Retención de Empleados Tributario por hijos, Crédito por Ingreso del Trabajo y Crédito Tributario por Hijos Vivienda para afectados por el huracán Katrina, Crédito por Vivienda del Huracán Katrina Cuentas IRA y otros planes de jubilación, Las Cuentas IRA y Otros Planes de Jubilación D Declaración de impuestos: Solicitud de apógrafo, Solicitud de apógrafo de la declaración de impuestos. Amend my 2011 tax return Solicitud de una copia, Solicitud de copia de la declaración de impuestos. Amend my 2011 tax return Deducción caritativa: Inventario de alimentos, Deducción Caritativa por Contribuciones de Inventario de Alimentos Inventario de libros, Deducción Caritativa por Contribuciones de Inventarios de Libros a Escuelas Públicas Deducción conforme a la sección 179, Mayor Deducción Conforme a la Sección 179 Defensor del contribuyente, Poniéndose en contacto con el Defensor del Contribuyente. Amend my 2011 tax return Depreciación : Asignación especial , Asignación (Descuento) Especial de Depreciación Depreciación: Propiedad calificada de la Zona GO, Propiedad calificada de la Zona GO. Amend my 2011 tax return Distribución calificada por motivos del huracán, Distribución calificada por motivos del huracán. Amend my 2011 tax return Distribuciones: Compra o construcción de una vivienda, Reintegro de Distribuciones Calificadas por la Compra o Construcción de un Hogar Principal Huracán calificado, Distribución calificada por motivos del huracán. Amend my 2011 tax return Reintegro de, Reintegro de Distribuciones Calificadas por Motivos de un Huracán Tributación de, Tributación de Distribuciones Calificadas por Motivos de un Huracán E Exención adicional por provisión de vivienda, Exenciones Adicionales por la Provisión de Vivienda para Personas que Tuvieron que Abandonar sus Hogares por Causa del Huracán Katrina F Fechas de vencimiento, prorrogadas, Prórrogas de las Fechas de Vencimiento Tributarias I Internet: Cibersitio del IRS, Servicios gratis con los impuestos. Amend my 2011 tax return Inventario de alimentos, deducción caritativa por , Deducción Caritativa por Contribuciones de Inventario de Alimentos Inventario de libros, deducción caritativa por, Deducción Caritativa por Contribuciones de Inventarios de Libros a Escuelas Públicas P Pérdida calificada en una Zona GO, Pérdida calificada en una Zona GO. Amend my 2011 tax return Pérdidas netas de operación , Pérdidas Netas de Operación Pérdidas por hechos fortuitos y robos, Pérdidas por Hechos Fortuitos y Robos Pérdidas por robo, Pérdidas por Hechos Fortuitos y Robos Plan de jubilación elegible, Plan de jubilación elegible. Amend my 2011 tax return Planes de jubilación, Las Cuentas IRA y Otros Planes de Jubilación Plazo de reposición para que las ganancias no sean reconocidas, Período de Reposición para que las Ganancias no sean Reconocidas R Reembolsos de millas, voluntarios que prestaron servicios con fines caritativos, Reembolsos de Millas a Voluntarios que Prestaron Servicios con Fines Caritativos Reubicación temporal, Alivio Tributario para la Reubicación Temporal S Servicio de Impuestos Internos (IRS): Cibersitio del, Servicios gratis con los impuestos. Amend my 2011 tax return Subsidio hipotecario federal, recuperación, Recuperación del Subsidio Hipotecario Federal T Tasa estándar por milla, uso con fines caritativos, Tasa Estándar por Milla para el Uso de Vehículos para Fines Caritativos Z Zona central del desastre, Zona de Oportunidad del Golfo (GO) (Zona Central del Desastre) Zona de desastre con cobertura: Katrina, Zona de Desastre del Huracán Katrina con Cobertura Rita, Zona de Desastre del Huracán Rita (Zona de Desastre de Rita con Cobertura) Wilma, Zona de Desastre del Huracán Wilma con Cobertura Zona de desastre: Huracán Katrina, Zona de Desastre del Huracán Katrina Huracán Rita, Zona de Desastre del Huracán Rita (Zona de Desastre de Rita con Cobertura) Huracán Wilma, Zona de Desastre del Huracán Wilma Zona de Oportunidad del Golfo (GO), Zona de Oportunidad del Golfo (GO) (Zona Central del Desastre) Zona GO de Rita, Zona GO de Rita Zona GO de Wilma, Zona GO de Wilma Anterior  Subir     Inicio   More Online Publications