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Efile 1040x Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. Efile 1040x Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Efile 1040x However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Efile 1040x The new provisions are in the Supplement to Publication 463, which is reprinted below. Efile 1040x Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. Efile 1040x After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Efile 1040x Certain provisions of this new law may reduce your taxes for 2001. Efile 1040x The new law contains the following provisions. Efile 1040x A new depreciation deduction, the special depreciation allowance. Efile 1040x An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Efile 1040x If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Efile 1040x See Amended Return, later. Efile 1040x Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. Efile 1040x However, there is a limit on the depreciation deduction you can take for your car each year. Efile 1040x See Depreciation Limit later. Efile 1040x Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Efile 1040x This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Efile 1040x You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). Efile 1040x See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Efile 1040x You can claim the special depreciation allowance only for the year the qualified property is placed in service. Efile 1040x Qualified property. Efile 1040x Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. Efile 1040x You bought it new. Efile 1040x You bought it after September 10, 2001. Efile 1040x (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. Efile 1040x ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Efile 1040x Example. Efile 1040x Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Efile 1040x Bob's car is qualified property. Efile 1040x Bob chooses not to take a section 179 deduction for the car. Efile 1040x He does claim the new special depreciation allowance. Efile 1040x Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Efile 1040x 75). Efile 1040x He then figures the special depreciation allowance of $4,500 ($15,000 × . Efile 1040x 30). Efile 1040x The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . Efile 1040x 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Efile 1040x However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Efile 1040x 75), as discussed next. Efile 1040x Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. Efile 1040x The limit is increased to $23,080 if the car is an electric car. Efile 1040x The section 179 deduction is treated as depreciation for purposes of this limit. Efile 1040x If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. Efile 1040x For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). Efile 1040x Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. Efile 1040x S. Efile 1040x Individual Income Tax Return, by April 15, 2003. Efile 1040x At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Efile 1040x ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Efile 1040x If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Efile 1040x Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Efile 1040x For details, see Revenue Procedure 2002–33. Efile 1040x (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Efile 1040x ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. Efile 1040x Example. Efile 1040x The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . Efile 1040x 75 x . Efile 1040x 20) depreciation deduction for his new car using MACRS. Efile 1040x Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Efile 1040x Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. Efile 1040x Bob's new filled-in Form 2106 is shown later. Efile 1040x Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. Efile 1040x As a general rule, you must make this election by the due date (including extensions) of your return. Efile 1040x You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. Efile 1040x To get this extension, you must have filed your original return by the due date (including extensions). Efile 1040x At the top of the statement, print “Filed pursuant to section 301. Efile 1040x 9100–2. Efile 1040x ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. Efile 1040x Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. Efile 1040x Deemed election for return filed before June 1, 2002. Efile 1040x If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. Efile 1040x You filed your 2001 return before June 1, 2002. Efile 1040x You claimed depreciation on your return but did not claim the special depreciation allowance. Efile 1040x You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. Efile 1040x Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev Up Next Home More Online Publications
Federally Funded Research and Development Center (FFRDC) - contract is available for task order issuance for all Treasury Bureaus as well as other Government Agencies (upon approval by the IRS Contracting Officer). The focus of this technical support is for Total Enterprise Modernization in the areas of: 1) Strategic Management, 2) Procurement (Support & Evaluation), 3) Program and Project Management, 4) Technical Management, and 5) Evaluation and Audit (includes IV&V).
Land Mobile Radio (LMR) Subscriber Unit - contracts provide standards-based and standards-compliant LMR equipment to enable communications interoperability with similarly configured equipment. The TIA/EIA-102 suite of standards, also know as Project 25, provides the basis for the required LMR technical specifications.
Prime Modernization (TIRNO-99-D-00001) - This is an indefinite Delivery/Indefinite Quantity (IDIQ) type contract under which Cost Reimbursement, Time and Materials (T&M), Fixed Price, and Performance Based Task Orders may be issued.
Prime Contract Outreach Information - IRS Small Business Program Office from time to time hosts a Prime Contract Network Opportunity Session. The purpose of these events are to assist small businesses in meeting with the IRS Prime and Alliance partners to discuss potential subcontracting opportunities available under the IRS Prime Systems Integration Contract.
Treasury Commercial Vehicles (TCV) - Blanket Purchase Agreements are a series of acquisition vehicles structured to provide commercial-off-the shelf products for the IRS and Treasury bureaus. Six (6) BPA's were established to better serve our customers. TCV is available for use by any employee of the Treasury Department or any of its bureaus. The BPA's are very flexible with items regularly added to meet specific needs.
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The Efile 1040x
Efile 1040x 11. Efile 1040x Employer-Provided Educational Assistance Table of Contents Introduction Working condition fringe benefit. Efile 1040x 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. Efile 1040x 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. Efile 1040x This also means that you do not have to include the benefits on your income tax return. Efile 1040x 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. Efile 1040x Educational assistance program. Efile 1040x To qualify as an educational assistance program, the plan must be written and must meet certain other requirements. Efile 1040x Your employer can tell you whether there is a qualified program where you work. Efile 1040x Educational assistance benefits. Efile 1040x Tax-free educational assistance benefits include payments for tuition, fees and similar expenses, books, supplies, and equipment. Efile 1040x Education generally includes any form of instruction or training that improves or develops your capabilities. Efile 1040x The payments do not have to be for work-related courses or courses that are part of a degree program. Efile 1040x Educational assistance benefits do not include payments for the following items. Efile 1040x Meals, lodging, or transportation. Efile 1040x Tools or supplies (other than textbooks) that you can keep after completing the course of instruction. Efile 1040x 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. Efile 1040x Benefits over $5,250. Efile 1040x 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. Efile 1040x Your employer should include in your wages (Form W-2, box 1) the amount that you must include in income. Efile 1040x Working condition fringe benefit. Efile 1040x 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. Efile 1040x A working condition fringe benefit is a benefit which, had you paid for it, you could deduct as an employee business expense. Efile 1040x 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. Efile 1040x Prev Up Next Home More Online Publications