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Amended Tax

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Amended Tax

Amended tax 11. Amended tax   Employer-Provided Educational Assistance Table of Contents Introduction Working condition fringe benefit. Amended tax Introduction If you receive educational assistance benefits from your employer under an educational assistance program, you can exclude up to $5,250 of those benefits each year. Amended tax This means your employer should not include those benefits with your wages, tips, and other compensation shown in box 1 of your Form W-2. Amended tax This also means that you do not have to include the benefits on your income tax return. Amended tax You cannot use any of the tax-free education expenses paid for by your employer as the basis for any other deduction or credit, including the American opportunity credit and lifetime learning credit. Amended tax Educational assistance program. Amended tax   To qualify as an educational assistance program, the plan must be written and must meet certain other requirements. Amended tax Your employer can tell you whether there is a qualified program where you work. Amended tax Educational assistance benefits. Amended tax   Tax-free educational assistance benefits include payments for tuition, fees and similar expenses, books, supplies, and equipment. Amended tax Education generally includes any form of instruction or training that improves or develops your capabilities. Amended tax The payments do not have to be for work-related courses or courses that are part of a degree program. Amended tax   Educational assistance benefits do not include payments for the following items. Amended tax Meals, lodging, or transportation. Amended tax Tools or supplies (other than textbooks) that you can keep after completing the course of instruction. Amended tax Courses involving sports, games, or hobbies unless they: Have a reasonable relationship to the business of your employer, or Are required as part of a degree program. Amended tax Benefits over $5,250. Amended tax   If your employer pays more than $5,250 in educational assistance benefits for you during the year, you must generally pay tax on the amount over $5,250. Amended tax Your employer should include in your wages (Form W-2, box 1) the amount that you must include in income. Amended tax Working condition fringe benefit. Amended tax    However, if the benefits over $5,250 also qualify as a working condition fringe benefit, your employer does not have to include them in your wages. Amended tax A working condition fringe benefit is a benefit which, had you paid for it, you could deduct as an employee business expense. Amended tax For more information on working condition fringe benefits, see Working Condition Benefits in chapter 2 of Publication 15-B, Employer's Tax Guide to Fringe Benefits. Amended tax Prev  Up  Next   Home   More Online Publications
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The Amended Tax

Amended tax Tax Changes for Businesses Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Electronic Form 1099 Tax Incentives for New York Liberty Zone Other 2001 Changes 2002 ChangesNonaccrual-Experience Method Issuance of Qualified Zone Academy Bonds Depletion Work Opportunity Credit Expanded in New York Liberty Zone Credit For Pension Plan Startup Costs Welfare-to-Work Credit Extended Work Opportunity Credit Extended Electric and Clean-Fuel Vehicles Renewable Electricity Production Credit Later ChangesSpecial Depreciation Allowance Extension of Placed in Service Date Special Liberty Zone Depreciation Allowance for New and Used Property Depreciation of Property Used on Indian Reservations Indian Employment Credit Extended 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). Amended tax However, you can still choose to use the previous carryback period. Amended tax You also can choose not to carry back an NOL and only carry it forward. Amended tax Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. Amended tax Corporations can file Form 1139, Corporation Application for Tentative Refund. Amended tax The instructions for these forms will be revised to reflect the new law. Amended tax Electronic Form 1099 For tax years ending after March 9, 2002, most Forms 1099 can be furnished electronically if the recipient consents, according to IRS regulations, to receive it that way. Amended tax Tax Incentives for New York Liberty Zone New tax benefits are provided for the parts of New York City damaged in the terrorist attacks on September 11, 2001. Amended tax These benefits apply to the newly created New York Liberty Zone, which is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway), in the Borough of Manhattan. Amended tax Tax benefits for the New York Liberty Zone include the following. Amended tax A special depreciation allowance equal to 30% of the adjusted basis of qualified Liberty Zone property. Amended tax It is allowed for the year the property is placed in service. Amended tax No alternative minimum tax depreciation adjustment for qualified Liberty Zone property. Amended tax Classification of Liberty Zone leasehold improvement property as 5-year property. Amended tax Authorization of the issuance of tax-exempt New York Liberty bonds to finance the acquisition, construction, reconstruction, and renovation of nonresidential real property, residential rental property, and public utility property in the Liberty Zone. Amended tax An increased section 179 deduction for certain Liberty Zone property. Amended tax Extension of the replacement period from 2 years to 5 years for certain property involuntarily converted as a result of the terrorist attacks on September 11, 2001, but only if substantially all of the use of the replacement property is in New York City. Amended tax For more information about involuntary conversions, see Postponement of Gain in Publication 547, Casualties, Disasters, and Thefts. Amended tax In addition, for 2002 and 2003, the work opportunity credit is expanded by creating a new targeted group, consisting generally of employees who work in the Liberty Zone or, in certain cases, in New York City outside the Liberty Zone. Amended tax For more information, see Work Opportunity Credit Expanded in New York Liberty Zone under 2002 Changes, later. Amended tax For more information about the 30% special depreciation allowance, Liberty Zone leasehold improvement property, or increased section 179 deduction, see New York Liberty Zone Benefits, in chapter 5. Amended tax In addition, the tax benefits for the Liberty Zone will be covered in a new edition of Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities, available later in 2002. Amended tax Other 2001 Changes Other changes are discussed in the following chapters. Amended tax Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Nonaccrual-Experience Method Under current law, if you perform services and use an accrual method of accounting, you do not accrue income which, based on experience, you expect to be uncollectible. Amended tax Beginning in 2002, this rule only applies if you perform services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, and consulting, or your average annual gross receipts for the 3 prior tax years does not exceed $5,000,000. Amended tax As under current law, the nonaccrual-experience method will not apply to amounts on which you charge interest or a late payment penalty. Amended tax For more information, see Nonaccrual-Experience Method in chapter 11 of Publication 535, Business Expenses. Amended tax Issuance of Qualified Zone Academy Bonds State and local governments issue qualified zone academy bonds to raise funds for the use of qualified zone academies. Amended tax The amount of bonds that may be issued was limited to $400 million each year for 1998, 1999, 2000, and 2001. Amended tax This provision has been extended to provide for an additional $400 million of bonds to be issued each year for 2002 and 2003. Amended tax For more information about qualified zone academy bonds, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Amended tax Depletion The suspension of the taxable income limit on percentage depletion from the marginal production of oil and natural gas that was scheduled to expire for tax years beginning after 2001 has been extended to tax years beginning before 2004. Amended tax For more information on marginal production, see section 613A(c) of the Internal Revenue Code. Amended tax Work Opportunity Credit Expanded in New York Liberty Zone The work opportunity credit is expanded to include a new targeted group consisting generally of employees who perform substantially all their services: In the New York Liberty Zone (defined earlier under Tax Incentives for New York Liberty Zone, under 2001 Changes), or Elsewhere in New York City for a business that relocated from the Liberty Zone due to the destruction or damage of its place of business by the September 11, 2001, terrorist attack. Amended tax The credit is available to employers for wages paid to new employees and existing employees for work performed during 2002 or 2003. Amended tax Certain limits apply. Amended tax For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Amended tax Credit For Pension Plan Startup Costs The credit for pension plan startup costs is now allowed for plans that become effective after December 31, 2001. Amended tax Previously, the credit was only allowed for plans established after December 31, 2001. Amended tax For more information on the credit, see Important Changes for 2002 in Publication 560, Retirement Plans for Small Business. Amended tax Welfare-to-Work Credit Extended The welfare-to-work credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Amended tax For more information on the welfare-to-work credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Amended tax Work Opportunity Credit Extended The work opportunity credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Amended tax For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Amended tax Electric and Clean-Fuel Vehicles The maximum clean-fuel vehicle deduction and qualified electric vehicle credit were scheduled to be 25% lower for 2002 and both were scheduled to be phased out completely by 2005. Amended tax The full deduction and credit are now allowed for qualified property placed in service in 2002 and 2003. Amended tax The phaseout of the deduction and the credit will begin in 2004, and no deduction or credit will be allowed for property placed in service after 2006. Amended tax For more information about electric and clean-fuel vehicles, see chapter 12 in Publication 535, Business Expenses. Amended tax Renewable Electricity Production Credit The renewable electricity production credit is extended to include electricity produced by facilities placed in service after 2001 and before 2004. Amended tax Later Changes Special Depreciation Allowance You can claim the special depreciation allowance (an additional 30% depreciation deduction) for new property that you acquire before September 11, 2004, and place in service for your business generally before January 1, 2005, if you meet the other requirements for qualified property covered in chapter 5. Amended tax Accordingly, you will generally no longer be able to claim the special depreciation allowance for the qualified property if you acquire it after September 10, 2004, or place it in service for your business after December 31, 2004. Amended tax However, you will be able to claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for most qualified property if you place it in service in the Liberty Zone after December 31, 2004, and generally before January 1, 2007, provided you meet the other requirements for qualified Liberty Zone property covered in chapter 5. Amended tax Extension of Placed in Service Date To qualify for the special depreciation allowance, your property must meet certain tests, including the placed in service date test, as well as the other requirements covered in chapter 5 of this publication. Amended tax To meet the placed in service date test, your property must generally be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Amended tax However, certain property placed in service before January 1, 2006, may meet this test. Amended tax Transportation property and property with a recovery period of 10 years or longer meet the test if one of the following applies. Amended tax The property has an estimated production period of more than 2 years. Amended tax The property has an estimated production period of more than 1 year and it costs more than $1 million. Amended tax Transportation property is any tangible personal property used in the trade or business of transporting persons or property. Amended tax For property that qualifies for the special depreciation allowance solely because of the one-year extension of the placed in service date, only the part of the basis attributable to manufacture, construction, or production before September 11, 2004, is eligible for the special depreciation allowance. Amended tax Special Liberty Zone Depreciation Allowance for New and Used Property You can claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for used property that you acquire after September 10, 2001, if the property meets the requirements listed under Qualified Liberty Zone Property in chapter 5 of this publication. Amended tax You will be able to claim the allowance for both new and used property that you acquire after September 10, 2004, provided the property meets the other requirements for qualified Liberty Zone property. Amended tax Depreciation of Property Used on Indian Reservations The special depreciation rules that apply to qualified property used on an Indian reservation were scheduled to expire for property placed in service after 2003. Amended tax These special rules have been extended to include property placed in service in 2004. Amended tax For more information about these rules, see Publication 946, How To Depreciate Property. Amended tax Indian Employment Credit Extended The Indian employment credit that was scheduled to expire for tax years beginning after 2003 has been extended to include a tax year beginning in 2004. Amended tax For more information about this credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Amended tax Prev  Up  Next   Home   More Online Publications