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E Filing Income Tax

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E Filing Income Tax

E filing income tax 5. E filing income tax   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. E filing income tax Making the election. E filing income tax Form 3115. E filing income tax Income TaxesAccrual of contested income taxes. E filing income tax Employment Taxes Other TaxesAdditional Medicare Tax. E filing income tax What's New Additional Medicare Tax. E filing income tax  Beginning in 2013, you must withhold a 0. E filing income tax 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. E filing income tax Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. E filing income tax See Employment Taxes , and Self-employment tax , later. E filing income tax Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. E filing income tax You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. E filing income tax Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. E filing income tax When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. E filing income tax This applies whether you use the cash method or an accrual method of accounting. E filing income tax Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. E filing income tax You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . E filing income tax Limit on accrual of taxes. E filing income tax   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. E filing income tax However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. E filing income tax Example. E filing income tax Your state imposes a tax on personal property used in a trade or business conducted in the state. E filing income tax This tax is assessed and becomes a lien as of July 1 (accrual date). E filing income tax In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. E filing income tax Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. E filing income tax You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. E filing income tax Uniform capitalization rules. E filing income tax   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. E filing income tax They also apply to certain taxpayers who acquire property for resale. E filing income tax Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. E filing income tax For more information, see chapter 1. E filing income tax Carrying charges. E filing income tax   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. E filing income tax You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. E filing income tax For more information, see chapter 7. E filing income tax Refunds of taxes. E filing income tax   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. E filing income tax For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. E filing income tax    You must include in income any interest you receive on tax refunds. E filing income tax Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. E filing income tax The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. E filing income tax Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. E filing income tax See Taxes for local benefits , later. E filing income tax If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. E filing income tax However, you can elect to ratably accrue the taxes during the year. E filing income tax See Electing to ratably accrue , later. E filing income tax Taxes for local benefits. E filing income tax   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. E filing income tax These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. E filing income tax You should increase the basis of your property by the amount of the assessment. E filing income tax   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. E filing income tax If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. E filing income tax Example. E filing income tax To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. E filing income tax The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. E filing income tax The city is paying the principal and interest with the annual payments made by the property owners. E filing income tax The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. E filing income tax The part of the payments used to pay the interest charges on the bonds is deductible as taxes. E filing income tax Charges for services. E filing income tax   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. E filing income tax Purchase or sale of real estate. E filing income tax   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. E filing income tax   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. E filing income tax Treat the seller as paying the taxes up to but not including the date of sale. E filing income tax Treat the buyer as paying the taxes beginning with the date of sale. E filing income tax You can usually find this information on the settlement statement you received at closing. E filing income tax   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. E filing income tax Example. E filing income tax Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. E filing income tax He has not elected to ratably accrue property taxes. E filing income tax November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. E filing income tax He sold the property on June 30, 2013. E filing income tax Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. E filing income tax He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. E filing income tax Electing to ratably accrue. E filing income tax   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. E filing income tax Example. E filing income tax Juan Sanchez is a calendar year taxpayer who uses an accrual method. E filing income tax His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. E filing income tax July 1 is the assessment and lien date. E filing income tax If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. E filing income tax Separate elections. E filing income tax   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. E filing income tax Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. E filing income tax See Form 3115 , later. E filing income tax Making the election. E filing income tax   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. E filing income tax The statement should show all the following items. E filing income tax The trades or businesses to which the election applies and the accounting method or methods used. E filing income tax The period to which the taxes relate. E filing income tax The computation of the real estate tax deduction for that first year. E filing income tax   Generally, you must file your return by the due date (including extensions). E filing income tax However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). E filing income tax Attach the statement to the amended return and write “Filed pursuant to section 301. E filing income tax 9100-2” on the statement. E filing income tax File the amended return at the same address where you filed the original return. E filing income tax Form 3115. E filing income tax    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. E filing income tax For more information, including applicable time frames for filing, see the Instructions for Form 3115. E filing income tax Note. E filing income tax If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. E filing income tax R. E filing income tax B. E filing income tax 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. E filing income tax R. E filing income tax B. E filing income tax 689, and Revenue Procedure 2012-20, 2012-14 I. E filing income tax R. E filing income tax B. E filing income tax 700, or any successor. E filing income tax Revenue Procedure 2011-14 is available at  www. E filing income tax irs. E filing income tax gov/irb/2011-04IRB/ar08. E filing income tax html. E filing income tax Income Taxes This section discusses federal, state, local, and foreign income taxes. E filing income tax Federal income taxes. E filing income tax   You cannot deduct federal income taxes. E filing income tax State and local income taxes. E filing income tax   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. E filing income tax An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). E filing income tax   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. E filing income tax Accrual of contested income taxes. E filing income tax   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. E filing income tax   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. E filing income tax You cannot deduct them in the year in which the liability is finally determined. E filing income tax    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. E filing income tax Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. E filing income tax   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. E filing income tax You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. E filing income tax For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. E filing income tax Foreign income taxes. E filing income tax   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. E filing income tax S. E filing income tax possession. E filing income tax However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. E filing income tax S. E filing income tax tax under the foreign earned income exclusion or the foreign housing exclusion. E filing income tax For information on these exclusions, see Publication 54, Tax Guide for U. E filing income tax S. E filing income tax Citizens and Resident Aliens Abroad. E filing income tax For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. E filing income tax Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. E filing income tax Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. E filing income tax You may also need to pay certain employment taxes from your own funds. E filing income tax These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. E filing income tax Note. E filing income tax Additional Medicare Tax is only imposed on the employee. E filing income tax There is no employer share of Additional Medicare Tax. E filing income tax Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. E filing income tax You can deduct the employment taxes you must pay from your own funds as taxes. E filing income tax Example. E filing income tax You pay your employee $18,000 a year. E filing income tax However, after you withhold various taxes, your employee receives $14,500. E filing income tax You also pay an additional $1,500 in employment taxes. E filing income tax You should deduct the full $18,000 as wages. E filing income tax You can deduct the $1,500 you pay from your own funds as taxes. E filing income tax For more information on employment taxes, see Publication 15 (Circular E). E filing income tax Unemployment fund taxes. E filing income tax   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. E filing income tax Deduct these payments as taxes. E filing income tax Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. E filing income tax Excise taxes. E filing income tax   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. E filing income tax However, see Fuel taxes , later. E filing income tax   For more information on excise taxes, see Publication 510. E filing income tax Franchise taxes. E filing income tax   You can deduct corporate franchise taxes as a business expense. E filing income tax Fuel taxes. E filing income tax   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. E filing income tax Do not deduct these taxes as a separate item. E filing income tax   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. E filing income tax For more information, see Publication 510. E filing income tax Occupational taxes. E filing income tax   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. E filing income tax Personal property tax. E filing income tax   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. E filing income tax Sales tax. E filing income tax   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. E filing income tax If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. E filing income tax If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. E filing income tax If the property is depreciable, add the sales tax to the basis for depreciation. E filing income tax For more information on basis, see Publication 551. E filing income tax    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. E filing income tax Also, do not include these taxes in gross receipts or sales. E filing income tax Self-employment tax. E filing income tax   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. E filing income tax This deduction only affects your income tax. E filing income tax It does not affect your net earnings from self-employment or your self-employment tax. E filing income tax   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). E filing income tax   For more information on self-employment tax, see Publication 334. E filing income tax Additional Medicare Tax. E filing income tax   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. E filing income tax See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. E filing income tax Prev  Up  Next   Home   More Online Publications
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Power Administrations

There are four power administrations that market the hydroelectric power produced by the Army Corps of Engineers' dams.

The E Filing Income Tax

E filing income tax Index A Adjusted gross income (AGI) Income limits for, Income Limits Age Age 65, Age 65. E filing income tax Mandatory retirement age, Payments that are not disability income. E filing income tax Assistance (see Tax help) C Citizenship requirement, U. E filing income tax S. E filing income tax Citizen or Resident Alien Credit figured by IRS, Credit Figured for You Credit figured for you, Credit Figured for You D Disability benefits Nontaxable by law, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits Disability income, Disability income. E filing income tax Disability, permanent and total disability, Qualified Individual, Permanent and total disability. E filing income tax E Eligibility for credit, Are You Eligible for the Credit? Employer's accident or health plans or pension plans Disability income from, Disability income. E filing income tax Excess adjusted gross income, Step 3. E filing income tax Determine Excess Adjusted Gross Income F Figuring the credit yourself, Figuring the Credit Yourself Determine excess AGI, Step 3. E filing income tax Determine Excess Adjusted Gross Income Determine initial amount, Step 1. E filing income tax Determine Initial Amount Determine the credit, Step 5. E filing income tax Determine Your Credit Determine the total of steps 2 and 3, Step 4. E filing income tax Determine the Total of Steps 2 and 3 Total certain nontaxable pensions and benefits, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits Foreign military service Pension, annuity, or disability benefit from, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits Foreign Service Pension, annuity, or disability benefit from, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits Form RRB-1099 Payments by Railroad Retirement Board, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits Form SSA-1099 Social security benefit statement, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits Free tax services, Free help with your tax return. E filing income tax H Head of household, Head of household. E filing income tax Help (see Tax help) I Income limits, Income Limits Initial amounts for persons under age 65, Initial amounts for persons under age 65. E filing income tax J Joint returns, Married Persons L Limit on credit, Limit on credit. E filing income tax Lump-sum payments Accrued annual leave, Payments that are not disability income. E filing income tax Death benefits paid to surviving spouse or child, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits M Mandatory retirement age, Payments that are not disability income. E filing income tax Married taxpayers, Married Persons Mentally incompetent persons Sheltered employment for, Sheltered employment. E filing income tax Missing children Photographs of, Reminders N National Oceanic and Atmospheric Administration Pension, annuity, or disability benefit from, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits Nonresident aliens, Exceptions. E filing income tax Nontaxable payments, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits O Out of work, Substantial gainful activity. E filing income tax P Pension or annuity payments Nontaxable by law, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits Permanent and total disability, Qualified Individual, Permanent and total disability. E filing income tax Physician certification, Permanent and total disability. E filing income tax , Physician's statement. E filing income tax Public Health Service Pension, annuity, or disability benefit from, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits Publications (see Tax help) Q Qualified individual, Qualified Individual Age 65 or older, Qualified Individual Under age 65 and retired on permanent and total disability, Qualified Individual, Under Age 65 R Residence requirement, U. E filing income tax S. E filing income tax Citizen or Resident Alien S Schedule R, Credit Figured for You, Figuring the Credit Yourself, , Examples Sheltered employment, Sheltered employment. E filing income tax Social security payments, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits Substantial gainful activity, Substantial gainful activity. E filing income tax T Tables and figures Figure A, Qualified individual determination, Substantial gainful activity. E filing income tax Table 1, Income limits, Substantial gainful activity. E filing income tax , Table 1. E filing income tax Income Limits Table 2, Initial amounts, Table 2. E filing income tax Initial Amounts Tax help, How To Get Tax Help TTY/TDD information, How To Get Tax Help U U. E filing income tax S. E filing income tax citizens and resident aliens, U. E filing income tax S. E filing income tax Citizen or Resident Alien V VA Form 21-0172 Certification of permanent and total disability, Veterans. E filing income tax Veterans Certification by VA of permanent and total disability, Veterans. E filing income tax Exclusion of nontaxable pension or annuity payment or disability benefits, Step 2. E filing income tax Total Certain Nontaxable Pensions and Benefits Prev  Up     Home   More Online Publications