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Do my taxes free online 9. Do my taxes free online   Dispositions of Property Used in Farming Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Section 1231 Gains and LossesNonrecaptured section 1231 losses. Do my taxes free online Depreciation RecaptureSection 1245 Property Section 1250 Property Installment Sale Other Dispositions Other GainsExceptions. Do my taxes free online Amount to report as ordinary income. Do my taxes free online Applicable percentage. Do my taxes free online Amount to report as ordinary income. Do my taxes free online Applicable percentage. Do my taxes free online Introduction When you dispose of property used in your farm business, your taxable gain or loss is usually treated as ordinary income (which is taxed at the same rates as wages and interest income) or capital gain (which is generally taxed at lower rates) under the rules for section 1231 transactions. Do my taxes free online When you dispose of depreciable property (section 1245 property or section 1250 property) at a gain, you may have to recognize all or part of the gain as ordinary income under the depreciation recapture rules. Do my taxes free online Any gain remaining after applying the depreciation recapture rules is a section 1231 gain, which may be taxed as a capital gain. Do my taxes free online Gains and losses from property used in farming are reported on Form 4797, Sales of Business Property. Do my taxes free online Table 9-1 contains examples of items reported on Form 4797 and refers to the part of that form on which they first should be reported. Do my taxes free online Topics - This chapter discusses: Section 1231 gains and losses Depreciation recapture Other gains Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property See chapter 16 for information about getting publications and forms. Do my taxes free online Section 1231 Gains and Losses Section 1231 gains and losses are the taxable gains and losses from section 1231 transactions (explained below). Do my taxes free online Their treatment as ordinary or capital gains depends on whether you have a net gain or a net loss from all of your section 1231 transactions in the tax year. Do my taxes free online Table 9-1. Do my taxes free online Where to First Report Certain Items on Form 4797 Type of property Held 1 year  or less Held more than  1 year 1 Depreciable trade or business property:       a Sold or exchanged at a gain Part II Part III (1245, 1250)   b Sold or exchanged at a loss Part II Part I 2 Farmland held less than 10 years for which soil, water, or land clearing expenses were deducted:       a Sold at a gain Part II Part III (1252)   b Sold at a loss Part II Part I 3 All other farmland Part II Part I 4 Disposition of cost-sharing payment property described in section 126 Part II Part III (1255) 5 Cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: Held less  than 24 mos. Do my taxes free online Held 24 mos. Do my taxes free online  or more   a Sold at a gain Part II Part III (1245)   b Sold at a loss Part II Part I   c Raised cattle and horses sold at a gain Part II Part I 6 Livestock other than cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: Held less  than 12 mos. Do my taxes free online Held 12 mos. Do my taxes free online   or more   a Sold at a gain Part II Part III (1245)   b Sold at a loss Part II Part I   c Raised livestock sold at a gain Part II Part I If you have a gain from a section 1231 transaction, first determine whether any of the gain is ordinary income under the depreciation recapture rules (explained later). Do my taxes free online Do not take that gain into account as section 1231 gain. Do my taxes free online Section 1231 transactions. Do my taxes free online   Gain or loss on the following transactions is subject to section 1231 treatment. Do my taxes free online Sale or exchange of cattle and horses. Do my taxes free online The cattle and horses must be held for draft, breeding, dairy, or sporting purposes and held for 24 months or longer. Do my taxes free online Sale or exchange of other livestock. Do my taxes free online This livestock must be held for draft, breeding, dairy, or sporting purposes and held for 12 months or longer. Do my taxes free online Other livestock includes hogs, mules, sheep, goats, donkeys, and other fur-bearing animals. Do my taxes free online Other livestock does not include poultry. Do my taxes free online Sale or exchange of depreciable personal property. Do my taxes free online This property must be used in your business and held longer than 1 year. Do my taxes free online Generally, property held for the production of rents or royalties is considered to be used in a trade or business. Do my taxes free online Examples of depreciable personal property include farm machinery and trucks. Do my taxes free online It also includes amortizable section 197 intangibles. Do my taxes free online Sale or exchange of real estate. Do my taxes free online This property must be used in your business and held longer than 1 year. Do my taxes free online Examples are your farm or ranch (including barns and sheds). Do my taxes free online Sale or exchange of unharvested crops. Do my taxes free online The crop and land must be sold, exchanged, or involuntarily converted at the same time and to the same person, and the land must have been held longer than 1 year. Do my taxes free online You cannot keep any right or option to reacquire the land directly or indirectly (other than a right customarily incident to a mortgage or other security transaction). Do my taxes free online Growing crops sold with a leasehold on the land, even if sold to the same person in a single transaction, are not included. Do my taxes free online Distributive share of partnership gains and losses. Do my taxes free online Your distributive share must be from the sale or exchange of property listed above and held longer than 1 year (or for the required period for certain livestock). Do my taxes free online Cutting or disposal of timber. Do my taxes free online Special rules apply if you owned the timber longer than 1 year and elect to treat timber cutting as a sale or exchange, or you enter into a cutting contract, as described in chapter 8 under Timber . Do my taxes free online Condemnation. Do my taxes free online The condemned property (defined in chapter 11) must have been held longer than 1 year. Do my taxes free online It must be business property or a capital asset held in connection with a trade or business or a transaction entered into for profit, such as investment property. Do my taxes free online It cannot be property held for personal use. Do my taxes free online Casualty or theft. Do my taxes free online The casualty or theft must have affected business property, property held for the production of rents or royalties, or investment property (such as notes and bonds). Do my taxes free online You must have held the property longer than 1 year. Do my taxes free online However, if your casualty or theft losses are more than your casualty or theft gains, neither the gains nor the losses are taken into account in the section 1231 computation. Do my taxes free online Section 1231 does not apply to personal casualty gains and losses. Do my taxes free online See chapter 11 for information on how to treat those gains and losses. Do my taxes free online If the property is not held for the required holding period, the transaction is not subject to section 1231 treatment, and any gain or loss is ordinary income reported in Part II of Form 4797. Do my taxes free online See Table 9-1. Do my taxes free online Property for sale to customers. Do my taxes free online   A sale, exchange, or involuntary conversion of property held mainly for sale to customers is not a section 1231 transaction. Do my taxes free online If you will get back all, or nearly all, of your investment in the property by selling it rather than by using it up in your business, it is property held mainly for sale to customers. Do my taxes free online Treatment as ordinary or capital. Do my taxes free online   To determine the treatment of section 1231 gains and losses, combine all of your section 1231 gains and losses for the year. Do my taxes free online If you have a net section 1231 loss, it is an ordinary loss. Do my taxes free online If you have a net section 1231 gain, it is ordinary income up to your nonrecaptured section 1231 losses from previous years, explained next. Do my taxes free online The rest, if any, is long-term capital gain. Do my taxes free online Nonrecaptured section 1231 losses. Do my taxes free online   Your nonrecaptured section 1231 losses are your net section 1231 losses for the previous 5 years that have not been applied against a net section 1231 gain by treating the gain as ordinary income. Do my taxes free online These losses are applied against your net section 1231 gain beginning with the earliest loss in the 5-year period. Do my taxes free online Example. Do my taxes free online In 2013, Ben has a $2,000 net section 1231 gain. Do my taxes free online To figure how much he has to report as ordinary income and long-term capital gain, he must first determine his section 1231 gains and losses from the previous 5-year period. Do my taxes free online From 2008 through 2012 he had the following section 1231 gains and losses. Do my taxes free online Year Amount 2008 -0- 2009 -0- 2010 ($2,500) 2011 -0- 2012 $1,800   Ben uses this information to figure how to report his net section 1231 gain for 2013 as shown below. Do my taxes free online 1) Net section 1231 gain (2013) $2,000 2) Net section 1231 loss (2010) ($2,500)   3) Net section 1231 gain (2012) 1,800   4) Remaining net section 1231 loss from prior 5 years ($700)   5) Gain treated as  ordinary income $700 6) Gain treated as long-term  capital gain $1,300 His remaining net section 1231 loss from 2010 is completely recaptured in 2013. Do my taxes free online Depreciation Recapture If you dispose of depreciable or amortizable property at a gain, you may have to treat all or part of the gain (even if it is otherwise nontaxable) as ordinary income. Do my taxes free online To figure any gain that must be reported as ordinary income, you must keep permanent records of the facts necessary to figure the depreciation or amortization allowed or allowable on your property. Do my taxes free online For more information, see chapter 3 of Publication 544. Do my taxes free online Section 1245 Property A gain on the disposition of section 1245 property is treated as ordinary income to the extent of depreciation allowed or allowable. Do my taxes free online Any recognized gain that is more than the part that is ordinary income is a section 1231 gain. Do my taxes free online See Treatment as ordinary or capital under Section 1231 Gains and Losses , earlier. Do my taxes free online Section 1245 property includes any property that is or has been subject to an allowance for depreciation or amortization and that is any of the following types of property. Do my taxes free online Personal property (either tangible or intangible). Do my taxes free online Other tangible property (except buildings and their structural components) used as any of the following. Do my taxes free online See Buildings and structural components below. Do my taxes free online An integral part of manufacturing, production, or extraction, or of furnishing certain services. Do my taxes free online A research facility in any of the activities in (a). Do my taxes free online A facility in any of the activities in (a) above, for the bulk storage of fungible commodities (discussed later). Do my taxes free online That part of real property (not included in (2)) with an adjusted basis reduced by (but not limited to) the following. Do my taxes free online Amortization of certified pollution control facilities. Do my taxes free online The section 179 expense deduction. Do my taxes free online Deduction for clean-fuel vehicles and certain refueling property. Do my taxes free online Expenditures to remove architectural and transportation barriers to the handicapped and elderly. Do my taxes free online Certain reforestation expenditures (as described under Reforestation Costs in chapter 7. Do my taxes free online Single purpose agricultural (livestock) or horticultural structures. Do my taxes free online Storage facilities (except buildings and their structural components) used in distributing petroleum or any primary product of petroleum. Do my taxes free online Buildings and structural components. Do my taxes free online   Section 1245 property does not include buildings and structural components. Do my taxes free online The term building includes a house, barn, warehouse, or garage. Do my taxes free online The term structural component includes walls, floors, windows, doors, central air conditioning systems, light fixtures, etc. Do my taxes free online   Do not treat a structure that is essentially machinery or equipment as a building or structural component. Do my taxes free online Also, do not treat a structure that houses property used as an integral part of an activity as a building or structural component if the structure's use is so closely related to the property's use that the structure can be expected to be replaced when the property it initially houses is replaced. Do my taxes free online   The fact that the structure is specially designed to withstand the stress and other demands of the property and cannot be used economically for other purposes indicates it is closely related to the use of the property it houses. Do my taxes free online Structures such as oil and gas storage tanks, grain storage bins, and silos are not treated as buildings, but as section 1245 property. Do my taxes free online Facility for bulk storage of fungible commodities. Do my taxes free online   This is a facility used mainly for the bulk storage of fungible commodities. Do my taxes free online Bulk storage means storage of a commodity in a large mass before it is used. Do my taxes free online For example, if a facility is used to store oranges that have been sorted and boxed, it is not used for bulk storage. Do my taxes free online To be fungible, a commodity must be such that one part may be used in place of another. Do my taxes free online Gain Treated as Ordinary Income The gain treated as ordinary income on the sale, exchange, or involuntary conversion of section 1245 property, including a sale and leaseback transaction, is the lesser of the following amounts. Do my taxes free online The depreciation (which includes any section 179 deduction claimed) and amortization allowed or allowable on the property. Do my taxes free online The gain realized on the disposition (the amount realized from the disposition minus the adjusted basis of the property). Do my taxes free online For any other disposition of section 1245 property, ordinary income is the lesser of (1) above or the amount by which its fair market value (FMV) is more than its adjusted basis. Do my taxes free online For details, see chapter 3 of Publication 544. Do my taxes free online Use Part III of Form 4797 to figure the ordinary income part of the gain. Do my taxes free online Depreciation claimed on other property or claimed by other taxpayers. Do my taxes free online   Depreciation and amortization include the amounts you claimed on the section 1245 property as well as the following depreciation and amortization amounts. Do my taxes free online Amounts you claimed on property you exchanged for, or converted to, your section 1245 property in a like-kind exchange or involuntary conversion. Do my taxes free online For details on exchanges of property that are not taxable, see Like-Kind Exchanges in chapter 8. Do my taxes free online Amounts a previous owner of the section 1245 property claimed if your basis is determined with reference to that person's adjusted basis (for example, the donor's depreciation deductions on property you received as a gift and part of the transfer is a sale or exchange). Do my taxes free online Example. Do my taxes free online Jeff Free paid $120,000 for a tractor in 2012. Do my taxes free online On February 23, 2013, he traded it for a chopper and paid an additional $30,000. Do my taxes free online To figure his depreciation deduction on the chopper for the current year, Jeff continues to use the basis of the tractor as he would have before the trade. Do my taxes free online Jeff can also depreciate the additional $30,000 for the chopper. Do my taxes free online Depreciation and amortization. Do my taxes free online   Depreciation and amortization deductions that must be recaptured as ordinary income include (but are not limited to) the following items. Do my taxes free online See Depreciation Recapture in chapter 3 of Publication 544 for more details. Do my taxes free online Ordinary depreciation deductions. Do my taxes free online Section 179 deduction (see chapter 7). Do my taxes free online Any special depreciation allowance. Do my taxes free online Amortization deductions for all the following costs. Do my taxes free online Acquiring a lease. Do my taxes free online Lessee improvements. Do my taxes free online Pollution control facilities. Do my taxes free online Reforestation expenses. Do my taxes free online Section 197 intangibles. Do my taxes free online Qualified disaster expenses. Do my taxes free online Franchises, trademarks, and trade names acquired before August 11, 1993. Do my taxes free online Example. Do my taxes free online You file your returns on a calendar year basis. Do my taxes free online In February 2011, you bought and placed in service for 100% use in your farming business a light-duty truck (5-year property) that cost $10,000. Do my taxes free online You used the half-year convention and your MACRS deductions for the truck were $1,500 in 2011 and $2,550 in 2012. Do my taxes free online You did not claim the section 179 expense deduction for the truck. Do my taxes free online You sold it in May 2013 for $7,000. Do my taxes free online The MACRS deduction in 2013, the year of sale, is $893 (½ of $1,785). Do my taxes free online Figure the gain treated as ordinary income as follows. Do my taxes free online 1) Amount realized $7,000 2) Cost (February 2011) $10,000   3) Depreciation allowed or allowable (MACRS deductions: $1,500 + $2,550 + $893) 4,943   4) Adjusted basis (subtract line 3 from line 2) $5,057 5) Gain realized (subtract line 4 from line 1) 1,943 6) Gain treated as ordinary income (lesser of line 3 or line 5) $1,943 Depreciation allowed or allowable. Do my taxes free online   You generally use the greater of the depreciation allowed or allowable when figuring the part of gain to report as ordinary income. Do my taxes free online If, in prior years, you have consistently taken proper deductions under one method, the amount allowed for your prior years will not be increased even though a greater amount would have been allowed under another proper method. Do my taxes free online If you did not take any deduction at all for depreciation, your adjustments to basis for depreciation allowable are figured by using the straight line method. Do my taxes free online This treatment applies only when figuring what part of the gain is treated as ordinary income under the rules for section 1245 depreciation recapture. Do my taxes free online Disposition of plants and animals. Do my taxes free online   If you elect not to use the uniform capitalization rules (see chapter 6), you must treat any plant you produce as section 1245 property. Do my taxes free online If you have a gain on the property's disposition, you must recapture the pre-productive expenses you would have capitalized if you had not made the election by treating the gain, up to the amount of these expenses, as ordinary income. Do my taxes free online For section 1231 transactions, show these expenses as depreciation on Form 4797, Part III, line 22. Do my taxes free online For plant sales that are reported on Schedule F (1040), Profit or Loss From Farming, this recapture rule does not change the reporting of income because the gain is already ordinary income. Do my taxes free online You can use the farm-price method or the unit-livestock-price method discussed in  chapter 2 to figure these expenses. Do my taxes free online Example. Do my taxes free online Janet Maple sold her apple orchard in 2013 for $80,000. Do my taxes free online Her adjusted basis at the time of sale was $60,000. Do my taxes free online She bought the orchard in 2006, but the trees did not produce a crop until 2009. Do my taxes free online Her pre-productive expenses were $6,000. Do my taxes free online She elected not to use the uniform capitalization rules. Do my taxes free online Janet must treat $6,000 of the gain as ordinary income. Do my taxes free online Section 1250 Property Section 1250 property includes all real property subject to an allowance for depreciation that is not and never has been section 1245 property. Do my taxes free online It includes buildings and structural components that are not section 1245 property (discussed earlier). Do my taxes free online It includes a leasehold of land or section 1250 property subject to an allowance for depreciation. Do my taxes free online A fee simple interest in land is not section 1250 property because, like land, it is not depreciable. Do my taxes free online Gain on the disposition of section 1250 property is treated as ordinary income to the extent of additional depreciation allowed or allowable. Do my taxes free online To determine the additional depreciation on section 1250 property, see Depreciation Recapture in chapter 3 of Publication 544. Do my taxes free online You will not have additional depreciation if any of the following apply to the property disposed of. Do my taxes free online You figured depreciation for the property using the straight line method or any other method that does not result in depreciation that is more than the amount figured by the straight line method and you have held the property longer than 1 year. Do my taxes free online You chose the alternate ACRS (straight line) method for the property, which was a type of 15-, 18-, or 19-year real property covered by the section 1250 rules. Do my taxes free online The property was nonresidential real property placed in service after 1986 (or after July 31, 1986, if the choice to use MACRS was made) and you held it longer than 1 year. Do my taxes free online These properties are depreciated using the straight line method. Do my taxes free online Installment Sale If you report the sale of property under the installment method, any depreciation recapture under section 1245 or 1250 is taxable as ordinary income in the year of sale. Do my taxes free online This applies even if no payments are received in that year. Do my taxes free online If the gain is more than the depreciation recapture income, report the rest of the gain using the rules of the installment method. Do my taxes free online For this purpose, include the recapture income in your installment sale basis to determine your gross profit on the installment sale. Do my taxes free online If you dispose of more than one asset in a single transaction, you must separately figure the gain on each asset so that it may be properly reported. Do my taxes free online To do this, allocate the selling price and the payments you receive in the year of sale to each asset. Do my taxes free online Report any depreciation recapture income in the year of sale before using the installment method for any remaining gain. Do my taxes free online For more information on installment sales, see chapter 10. Do my taxes free online Other Dispositions Chapter 3 of Publication 544 discusses the tax treatment of the following transfers of depreciable property. Do my taxes free online By gift. Do my taxes free online At death. Do my taxes free online In like-kind exchanges. Do my taxes free online In involuntary conversions. Do my taxes free online Publication 544 also explains how to handle a single transaction involving multiple properties. Do my taxes free online Other Gains This section discusses gain on the disposition of farmland for which you were allowed either of the following. Do my taxes free online Deductions for soil and water conservation expenditures (section 1252 property). Do my taxes free online Exclusions from income for certain cost sharing payments (section 1255 property). Do my taxes free online Section 1252 property. Do my taxes free online   If you disposed of farmland you held more than 1 year and less than 10 years at a gain and you were allowed deductions for soil and water conservation expenses for the land, as discussed in chapter 5, you must treat part of the gain as ordinary income and treat the balance as section 1231 gain. Do my taxes free online Exceptions. Do my taxes free online   Do not treat gain on the following transactions as gain on section 1252 property. Do my taxes free online Disposition of farmland by gift. Do my taxes free online Transfer of farm property at death (except for income in respect of a decedent). Do my taxes free online For more information, see Regulations section 1. Do my taxes free online 1252-2. Do my taxes free online Amount to report as ordinary income. Do my taxes free online   You report as ordinary income the lesser of the following amounts. Do my taxes free online Your gain (determined by subtracting the adjusted basis from the amount realized from a sale, exchange, or involuntary conversion, or the FMV for all other dispositions). Do my taxes free online The total deductions allowed for soil and water conservation expenses multiplied by the applicable percentage, discussed next. Do my taxes free online Applicable percentage. Do my taxes free online   The applicable percentage is based on the length of time you held the land. Do my taxes free online If you dispose of your farmland within 5 years after the date you acquired it, the percentage is 100%. Do my taxes free online If you dispose of the land within the 6th through 9th year after you acquired it, the applicable percentage is reduced by 20% a year for each year or part of a year you hold the land after the 5th year. Do my taxes free online If you dispose of the land 10 or more years after you acquired it, the percentage is 0%, and the entire gain is a section 1231 gain. Do my taxes free online Example. Do my taxes free online You acquired farmland on January 19, 2005. Do my taxes free online On October 3, 2013, you sold the land at a $30,000 gain. Do my taxes free online Between January 1 and October 3, 2013, you incur soil and water conservation expenditures of $15,000 for the land that are fully deductible in 2013. Do my taxes free online The applicable percentage is 40% since you sold the land within the 8th year after you acquired it. Do my taxes free online You treat $6,000 (40% of $15,000) of the $30,000 gain as ordinary income and the $24,000 balance as a section 1231 gain. Do my taxes free online Section 1255 property. Do my taxes free online   If you receive certain cost-sharing payments on property and you exclude those payments from income (as discussed in chapter 3), you may have to treat part of any gain as ordinary income and treat the balance as a section 1231 gain. Do my taxes free online If you chose not to exclude these payments, you will not have to recognize ordinary income under this provision. Do my taxes free online Amount to report as ordinary income. Do my taxes free online   You report as ordinary income the lesser of the following amounts. Do my taxes free online The applicable percentage of the total excluded cost-sharing payments. Do my taxes free online The gain on the disposition of the property. Do my taxes free online You do not report ordinary income under this rule to the extent the gain is recognized as ordinary income under sections 1231 through 1254, 1256, and 1257. Do my taxes free online However, if applicable, gain reported under this rule must be reported regardless of any contrary provisions (including nonrecognition provisions) under any other section. Do my taxes free online Applicable percentage. Do my taxes free online   The applicable percentage of the excluded cost-sharing payments to be reported as ordinary income is based on the length of time you hold the property after receiving the payments. Do my taxes free online If the property is held less than 10 years after you receive the payments, the percentage is 100%. Do my taxes free online After 10 years, the percentage is reduced by 10% a year, or part of a year, until the rate is 0%. Do my taxes free online Form 4797, Part III. Do my taxes free online   Use Form 4797, Part III, to figure the ordinary income part of a gain from the sale, exchange, or involuntary conversion of section 1252 property and section 1255 property. Do my taxes free online Prev  Up  Next   Home   More Online Publications
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The Do My Taxes Free Online

Do my taxes free online Publication 505 - Introductory Material Table of Contents IntroductionNonresident aliens. Do my taxes free online Ordering forms and publications. Do my taxes free online Tax questions. Do my taxes free online What's New for 2014 Reminders Introduction The federal income tax is a pay-as-you-go tax. Do my taxes free online You must pay the tax as you earn or receive income during the year. Do my taxes free online There are two ways to pay as you go. Do my taxes free online Withholding. Do my taxes free online If you are an employee, your employer probably withholds income tax from your pay. Do my taxes free online In addition, tax may be withheld from certain other income, such as pensions, bonuses, commissions, and gambling winnings. Do my taxes free online The amount withheld is paid to the Internal Revenue Service (IRS) in your name. Do my taxes free online Estimated tax. Do my taxes free online If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Do my taxes free online People who are in business for themselves generally will have to pay their tax this way. Do my taxes free online You may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rents, and royalties. Do my taxes free online Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. Do my taxes free online This publication explains both of these methods. Do my taxes free online It also explains how to take credit on your return for the tax that was withheld and for your estimated tax payments. Do my taxes free online If you did not pay enough tax during the year, either through withholding or by making estimated tax payments, you may have to pay a penalty. Do my taxes free online Generally, the IRS can figure this penalty for you. Do my taxes free online This underpayment penalty, and the exceptions to it, are discussed in chapter 4. Do my taxes free online Nonresident aliens. Do my taxes free online    Before completing Form W-4, nonresident alien employees should see the Instructions for Form 8233, Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual. Do my taxes free online Also see chapter 8 of Publication 519, U. Do my taxes free online S. Do my taxes free online Tax Guide for Aliens, for important information on withholding. Do my taxes free online What's new for 2013 and 2014. Do my taxes free online   See What's New for 2014 in this Introduction, and What's New for 2013 in chapter 4. Do my taxes free online Comments and suggestions. Do my taxes free online   We welcome your comments about this publication and your suggestions for future editions. Do my taxes free online   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Do my taxes free online NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Do my taxes free online Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Do my taxes free online   You can send your comments from www. Do my taxes free online irs. Do my taxes free online gov/formspubs/. Do my taxes free online Click on “More Information” and then on Give us feedback on forms and publications. Do my taxes free online   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. Do my taxes free online Ordering forms and publications. Do my taxes free online   Visit www. Do my taxes free online irs. Do my taxes free online 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 business days after your request is received. Do my taxes free online Internal Revenue Service 1201 N. Do my taxes free online Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Do my taxes free online   If you have a tax question, check the information available on IRS. Do my taxes free online gov or call 1-800-829-1040. Do my taxes free online We cannot answer tax questions sent to either of the above addresses. Do my taxes free online What's New for 2014 Use your 2013 tax return as a guide in figuring your 2014 estimated tax, but be sure to consider the following. Do my taxes free online Standard mileage rates. Do my taxes free online  The 2014 rate for business use of your vehicle is 56 cents per mile. Do my taxes free online The rate for use of your vehicle to get medical care or move is 23½ cents per mile. Do my taxes free online The rate of 14 cents per mile for charitable use is unchanged. Do my taxes free online Personal exemption increased for certain taxpayers. Do my taxes free online  For 2014, the personal exemption amount is increased to $3,950 for taxpayers with adjusted gross income at or below $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, or $152,525 if married filing separately. Do my taxes free online The personal exemption amount for taxpayers with adjusted gross income above these thresholds may be reduced. Do my taxes free online Limitation on itemized deductions. Do my taxes free online  For 2014, itemized deductions for taxpayers with adjusted gross income above $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, and $152,525 if married filing separately may be reduced. Do my taxes free online Health care coverage. Do my taxes free online  When you file your 2014 tax return in 2015, you will need to either (1) indicate on your return that you and your family had health care coverage throughout 2014, (2) claim an exemption from the health care coverage requirement for some or all of 2014, or (3) make a payment if you do not have coverage or an exemption(s) for all 12 months of 2014. Do my taxes free online For examples on how this payment works, go to www. Do my taxes free online IRS. Do my taxes free online gov/aca and click under the “Individuals & Families” section. Do my taxes free online You may want to consider this when figuring your “Other taxes” on Line 12 of the 2014 Estimated Tax Worksheet (Worksheet 2-1). Do my taxes free online For general information on these requirements, go to www. Do my taxes free online IRS. Do my taxes free online gov/aca. Do my taxes free online Advance payments of the Premium Tax Credit. Do my taxes free online  If you buy health care insurance through the Health Insurance Marketplace, you may be eligible for advance payments of the Premium Tax Credit to help pay for your insurance coverage. Do my taxes free online Receiving too little or too much in advance will affect your refund or balance due. Do my taxes free online Promptly report changes in your income or family size to your Marketplace. Do my taxes free online You may want to consider this when figuring your estimated taxes for 2014. Do my taxes free online For more information, go to www. Do my taxes free online IRS. Do my taxes free online gov/aca and see Publication 5120 and Publication 5121. Do my taxes free online http://www. Do my taxes free online IRS. Do my taxes free online gov/pub5120 Alternative minimum tax (AMT) exemption amount increased. Do my taxes free online  The AMT exemption amount is increased to $52,800 ($82,100 if married filing jointly or qualifying widow(er); $41,050 if married filing separately). Do my taxes free online Lifetime learning credit income limits. Do my taxes free online  In order to claim a lifetime learning credit, your MAGI must be less than $54,000 ($108,000 if married filing jointly). Do my taxes free online Retirement savings contribution credit income limits increased. Do my taxes free online  In order to claim this credit for 2014, your MAGI must be less than $30,000 ($60,000 if married filing jointly; $45,000 if head of household). Do my taxes free online Adoption credit or exclusion. Do my taxes free online  The maximum adoption credit or exclusion for employer-provided adoption benefits has increased to $13,190. Do my taxes free online In order to claim either the credit or exclusion, your MAGI must be less than $237,880. Do my taxes free online Earned income credit (EIC). Do my taxes free online  You may be able to take the EIC in 2014 if: Three or more children lived with you and you earned less than $46,997 ($52,427 if married filing jointly), Two children lived with you and you earned less than $43,756 ($49,186 if married filing jointly), One child lived with you and you earned less than $38,511 ($43,941 if married filing jointly), or A child did not live with you and you earned less than $14,590 ($20,020 if married filing jointly). Do my taxes free online Also, the maximum MAGI you can have and still get the credit has increased. Do my taxes free online You may be able to take the credit if your MAGI is less than the amount in the above list that applies to you. Do my taxes free online The maximum investment income you can have and get the credit has increased to $3,350. Do my taxes free online Reminders Future developments. Do my taxes free online  The IRS has created a page on IRS. Do my taxes free online gov for information about Publication 505 at www. Do my taxes free online irs. Do my taxes free online gov/pub505. Do my taxes free online Information about any future developments affecting Publication 505 (such as legislation enacted after we release it) will be posted on that page. Do my taxes free online Social security tax. Do my taxes free online   Generally, each employer for whom you work during the tax year must withhold social security tax up to the annual limit. Do my taxes free online The annual limit is $117,000 in 2014. Do my taxes free online Photographs of missing children. Do my taxes free online  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Do my taxes free online Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. Do my taxes free online 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. Do my taxes free online Additional Medicare Tax. Do my taxes free online  Beginning in 2013, a 0. Do my taxes free online 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act compensation, and self-employment income over a threshold amount based on your filing status. Do my taxes free online You may need to include this amount when figuring your estimated tax. Do my taxes free online See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Do my taxes free online You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4, Employee's Withholding Allowance Certificate. Do my taxes free online For more information on Additional Medicare Tax, go to IRS. Do my taxes free online gov and enter “Additional Medicare Tax” in the search box. Do my taxes free online Net Investment Income Tax. Do my taxes free online  Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Do my taxes free online NIIT is a 3. Do my taxes free online 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Do my taxes free online NIIT may need to be included when figuring estimated tax. Do my taxes free online See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Do my taxes free online You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4. Do my taxes free online For more information on NIIT, go to IRS. Do my taxes free online gov and enter “Net Investment Income Tax” in the search box. Do my taxes free online Prev  Up  Next   Home   More Online Publications