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Filing 2009 Taxes Late Online For Free

Filing 2009 taxes late online for free 5. Filing 2009 taxes late online for free   Business Income Table of Contents Introduction Kinds of IncomeBartering for Property or Services Real Estate Rents Personal Property Rents Interest and Dividend Income Canceled Debt Other Income Items That Are Not IncomeAmount you can exclude. Filing 2009 taxes late online for free Short-term lease. Filing 2009 taxes late online for free Retail space. Filing 2009 taxes late online for free Qualified long-term real property. Filing 2009 taxes late online for free Guidelines for Selected Occupations Accounting for Your Income Introduction This chapter primarily explains business income and how to account for it on your tax return, what items are not considered income, and gives guidelines for selected occupations. Filing 2009 taxes late online for free If there is a connection between any income you receive and your business, the income is business income. Filing 2009 taxes late online for free A connection exists if it is clear that the payment of income would not have been made if you did not have the business. Filing 2009 taxes late online for free You can have business income even if you are not involved in the activity on a regular full-time basis. Filing 2009 taxes late online for free Income from work you do on the side in addition to your regular job can be business income. Filing 2009 taxes late online for free You report most business income, such as income from selling your products or services, on Schedule C or C-EZ. Filing 2009 taxes late online for free But you report the income from the sale of business assets, such as land and office buildings, on other forms instead of Schedule C or C-EZ. Filing 2009 taxes late online for free For information on selling business assets, see chapter 3. Filing 2009 taxes late online for free Nonemployee compensation. Filing 2009 taxes late online for free Business income includes amounts you received in your business that were properly shown on Forms 1099-MISC. Filing 2009 taxes late online for free This includes amounts reported as nonemployee compensation in box 7 of the form. Filing 2009 taxes late online for free You can find more information in the instructions on the back of the Form 1099-MISC you received. Filing 2009 taxes late online for free Kinds of Income You must report on your tax return all income you receive from your business unless it is excluded by law. Filing 2009 taxes late online for free In most cases, your business income will be in the form of cash, checks, and credit card charges. Filing 2009 taxes late online for free But business income can be in other forms, such as property or services. Filing 2009 taxes late online for free These and other types of income are explained next. Filing 2009 taxes late online for free If you are a U. Filing 2009 taxes late online for free S. Filing 2009 taxes late online for free citizen who has business income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt from tax under U. Filing 2009 taxes late online for free S. Filing 2009 taxes late online for free law. Filing 2009 taxes late online for free If you live outside the United States, you may be able to exclude part or all of your foreign-source business income. Filing 2009 taxes late online for free For details, see Publication 54, Tax Guide for U. Filing 2009 taxes late online for free S. Filing 2009 taxes late online for free Citizens and Resident Aliens Abroad. Filing 2009 taxes late online for free Bartering for Property or Services Bartering is an exchange of property or services. Filing 2009 taxes late online for free You must include in your gross receipts, at the time received, the fair market value of property or services you receive in exchange for something else. Filing 2009 taxes late online for free If you exchange services with another person and you both have agreed ahead of time on the value of the services, that value will be accepted as the fair market value unless the value can be shown to be otherwise. Filing 2009 taxes late online for free Example 1. Filing 2009 taxes late online for free You are a self-employed lawyer. Filing 2009 taxes late online for free You perform legal services for a client, a small corporation. Filing 2009 taxes late online for free In payment for your services, you receive shares of stock in the corporation. Filing 2009 taxes late online for free You must include the fair market value of the shares in income. Filing 2009 taxes late online for free Example 2. Filing 2009 taxes late online for free You are an artist and create a work of art to compensate your landlord for the rent-free use of your apartment. Filing 2009 taxes late online for free You must include the fair rental value of the apartment in your gross receipts. Filing 2009 taxes late online for free Your landlord must include the fair market value of the work of art in his or her rental income. Filing 2009 taxes late online for free Example 3. Filing 2009 taxes late online for free You are a self-employed accountant. Filing 2009 taxes late online for free Both you and a house painter are members of a barter club, an organization that each year gives its members a directory of members and the services each member provides. Filing 2009 taxes late online for free Members get in touch with other members directly and bargain for the value of the services to be performed. Filing 2009 taxes late online for free In return for accounting services you provided for the house painter's business, the house painter painted your home. Filing 2009 taxes late online for free You must include in gross receipts the fair market value of the services you received from the house painter. Filing 2009 taxes late online for free The house painter must include the fair market value of your accounting services in his or her gross receipts. Filing 2009 taxes late online for free Example 4. Filing 2009 taxes late online for free You are a member of a barter club that uses credit units to credit or debit members' accounts for goods or services provided or received. Filing 2009 taxes late online for free As soon as units are credited to your account, you can use them to buy goods or services or sell or transfer the units to other members. Filing 2009 taxes late online for free You must include the value of credit units you received in your gross receipts for the tax year in which the units are credited to your account. Filing 2009 taxes late online for free The dollar value of units received for services by an employee of the club, who can use the units in the same manner as other members, must be included in the employee's gross income for the tax year in which received. Filing 2009 taxes late online for free It is wages subject to social security and Medicare taxes (FICA), federal unemployment taxes (FUTA), and income tax withholding. Filing 2009 taxes late online for free See Publication 15 (Circular E), Employer's Tax Guide. Filing 2009 taxes late online for free Example 5. Filing 2009 taxes late online for free You operate a plumbing business and use the cash method of accounting. Filing 2009 taxes late online for free You join a barter club and agree to provide plumbing services to any member for a specified number of hours. Filing 2009 taxes late online for free Each member has access to a directory that lists the members of the club and the services available. Filing 2009 taxes late online for free Members contact each other directly and request services to be performed. Filing 2009 taxes late online for free You are not required to provide services unless requested by another member, but you can use as many of the offered services as you wish without paying a fee. Filing 2009 taxes late online for free You must include the fair market value of any services you receive from club members in your gross receipts when you receive them even if you have not provided any services to club members. Filing 2009 taxes late online for free Information returns. Filing 2009 taxes late online for free   If you are involved in a bartering transaction, you may have to file either of the following forms. Filing 2009 taxes late online for free Form 1099-B, Proceeds From Broker and Barter Exchange Transactions. Filing 2009 taxes late online for free Form 1099-MISC, Miscellaneous Income. Filing 2009 taxes late online for free For information about these forms, see the General Instructions for Certain Information Returns. Filing 2009 taxes late online for free Real Estate Rents If you are a real estate dealer who receives income from renting real property or an owner of a hotel, motel, etc. Filing 2009 taxes late online for free , who provides services (maid services, etc. Filing 2009 taxes late online for free ) for guests, report the rental income and expenses on Schedule C or C-EZ. Filing 2009 taxes late online for free If you are not a real estate dealer or the kind of owner described in the preceding sentence, report the rental income and expenses on Schedule E. Filing 2009 taxes late online for free For more information, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes). Filing 2009 taxes late online for free Real estate dealer. Filing 2009 taxes late online for free   You are a real estate dealer if you are engaged in the business of selling real estate to customers with the purpose of making a profit from those sales. Filing 2009 taxes late online for free Rent you receive from real estate held for sale to customers is subject to SE tax. Filing 2009 taxes late online for free However, rent you receive from real estate held for speculation or investment is not subject to SE tax. Filing 2009 taxes late online for free Trailer park owner. Filing 2009 taxes late online for free   Rental income from a trailer park is subject to SE tax if you are a self-employed trailer park owner who provides trailer lots and facilities and substantial services for the convenience of your tenants. Filing 2009 taxes late online for free    You generally are considered to provide substantial services for tenants if they are primarily for the tenants' convenience and normally are not provided to maintain the lots in a condition for occupancy. Filing 2009 taxes late online for free Services are substantial if the compensation for the services makes up a material part of the tenants' rental payments. Filing 2009 taxes late online for free   Examples of services that are not normally provided for the tenants' convenience include supervising and maintaining a recreational hall provided by the park, distributing a monthly newsletter to tenants, operating a laundry facility, and helping tenants buy or sell their trailers. Filing 2009 taxes late online for free   Examples of services that are normally provided to maintain the lots in a condition for tenant occupancy include city sewerage, electrical connections, and roadways. Filing 2009 taxes late online for free Hotels, boarding houses, and apartments. Filing 2009 taxes late online for free   Rental income you receive for the use or occupancy of hotels, boarding houses, or apartment houses is subject to SE tax if you provide services for the occupants. Filing 2009 taxes late online for free   Generally, you are considered to provide services for the occupants if the services are primarily for their convenience and are not services normally provided with the rental of rooms for occupancy only. Filing 2009 taxes late online for free An example of a service that is not normally provided for the convenience of the occupants is maid service. Filing 2009 taxes late online for free However, providing heat and light, cleaning stairways and lobbies, and collecting trash are services normally provided for the occupants' convenience. Filing 2009 taxes late online for free Prepaid rent. Filing 2009 taxes late online for free   Advance payments received under a lease that does not put any restriction on their use or enjoyment are income in the year you receive them. Filing 2009 taxes late online for free This is true no matter what accounting method or period you use. Filing 2009 taxes late online for free Lease bonus. Filing 2009 taxes late online for free   A bonus you receive from a lessee for granting a lease is an addition to the rent. Filing 2009 taxes late online for free Include it in your gross receipts in the year received. Filing 2009 taxes late online for free Lease cancellation payments. Filing 2009 taxes late online for free   Report payments you receive from your lessee for canceling a lease in your gross receipts in the year received. Filing 2009 taxes late online for free Payments to third parties. Filing 2009 taxes late online for free   If your lessee makes payments to someone else under an agreement to pay your debts or obligations, include the payments in your gross receipts when the lessee makes the payments. Filing 2009 taxes late online for free A common example of this kind of income is a lessee's payment of your property taxes on leased real property. Filing 2009 taxes late online for free Settlement payments. Filing 2009 taxes late online for free   Payments you receive in settlement of a lessee's obligation to restore the leased property to its original condition are income in the amount that the payments exceed the adjusted basis of the leasehold improvements destroyed, damaged, removed, or disconnected by the lessee. Filing 2009 taxes late online for free Personal Property Rents If you are in the business of renting personal property (equipment, vehicles, formal wear, etc. Filing 2009 taxes late online for free ), include the rental amount you receive in your gross receipts on Schedule C or C-EZ. Filing 2009 taxes late online for free Prepaid rent and other payments described in the preceding Real Estate Rents discussion can also be received for renting personal property. Filing 2009 taxes late online for free If you receive any of those payments, include them in your gross receipts as explained in that discussion. Filing 2009 taxes late online for free Interest and Dividend Income Interest and dividends may be considered business income. Filing 2009 taxes late online for free Interest. Filing 2009 taxes late online for free   Interest received on notes receivable that you have accepted in the ordinary course of business is business income. Filing 2009 taxes late online for free Interest received on loans is business income if you are in the business of lending money. Filing 2009 taxes late online for free Uncollectible loans. Filing 2009 taxes late online for free   If a loan payable to you becomes uncollectible during the tax year and you use an accrual method of accounting, you must include in gross income interest accrued up to the time the loan became uncollectible. Filing 2009 taxes late online for free If the accrued interest later becomes uncollectible, you may be able to take a bad debt deduction. Filing 2009 taxes late online for free See Bad Debts in chapter 8. Filing 2009 taxes late online for free Unstated interest. Filing 2009 taxes late online for free   If little or no interest is charged on an installment sale, you may have to treat a part of each payment as unstated interest. Filing 2009 taxes late online for free See Unstated Interest and Original Issue Discount (OID) in Publication 537, Installment Sales. Filing 2009 taxes late online for free Dividends. Filing 2009 taxes late online for free   Generally, dividends are business income to dealers in securities. Filing 2009 taxes late online for free For most sole proprietors and statutory employees, however, dividends are nonbusiness income. Filing 2009 taxes late online for free If you hold stock as a personal investment separately from your business activity, the dividends from the stock are nonbusiness income. Filing 2009 taxes late online for free   If you receive dividends from business insurance premiums you deducted in an earlier year, you must report all or part of the dividend as business income on your return. Filing 2009 taxes late online for free To find out how much you have to report, see   Recovery of items previously deducted under Other Income, later. Filing 2009 taxes late online for free Canceled Debt The following explains the general rule for including canceled debt in income and the exceptions to the general rule. Filing 2009 taxes late online for free General Rule Generally, if your debt is canceled or forgiven, other than as a gift or bequest to you, you must include the canceled amount in your gross income for tax purposes. Filing 2009 taxes late online for free Report the canceled amount on line 6 of Schedule C if you incurred the debt in your business. Filing 2009 taxes late online for free If the debt is a nonbusiness debt, report the canceled amount on line 21 of Form 1040. Filing 2009 taxes late online for free Exceptions The following discussion covers some exceptions to the general rule for canceled debt. Filing 2009 taxes late online for free Price reduced after purchase. Filing 2009 taxes late online for free   If you owe a debt to the seller for property you bought and the seller reduces the amount you owe, you generally do not have income from the reduction. Filing 2009 taxes late online for free Unless you are bankrupt or insolvent, treat the amount of the reduction as a purchase price adjustment and reduce your basis in the property. Filing 2009 taxes late online for free Deductible debt. Filing 2009 taxes late online for free   You do not realize income from a canceled debt to the extent the payment of the debt would have led to a deduction. Filing 2009 taxes late online for free Example. Filing 2009 taxes late online for free You get accounting services for your business on credit. Filing 2009 taxes late online for free Later, you have trouble paying your business debts, but you are not bankrupt or insolvent. Filing 2009 taxes late online for free Your accountant forgives part of the amount you owe for the accounting services. Filing 2009 taxes late online for free How you treat the canceled debt depends on your method of accounting. Filing 2009 taxes late online for free Cash method — You do not include the canceled debt in income because payment of the debt would have been deductible as a business expense. Filing 2009 taxes late online for free Accrual method — You include the canceled debt in income because the expense was deductible when you incurred the debt. Filing 2009 taxes late online for free   For information on the cash and accrual methods of accounting, see chapter 2. Filing 2009 taxes late online for free Exclusions Do not include canceled debt in income in the following situations. Filing 2009 taxes late online for free However, you may be required to file Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. Filing 2009 taxes late online for free For more information, see Form 982. Filing 2009 taxes late online for free The cancellation takes place in a bankruptcy case under title 11 of the U. Filing 2009 taxes late online for free S. Filing 2009 taxes late online for free Code (relating to bankruptcy). Filing 2009 taxes late online for free See Publication 908, Bankruptcy Tax Guide. Filing 2009 taxes late online for free The cancellation takes place when you are insolvent. Filing 2009 taxes late online for free You can exclude the canceled debt to the extent you are insolvent. Filing 2009 taxes late online for free See Publication 908. Filing 2009 taxes late online for free The canceled debt is a qualified farm debt owed to a qualified person. Filing 2009 taxes late online for free See chapter 3 in Publication 225, Farmer's Tax Guide. Filing 2009 taxes late online for free The canceled debt is a qualified real property business debt. Filing 2009 taxes late online for free This situation is explained later. Filing 2009 taxes late online for free The canceled debt is qualified principal residence indebtedness which is discharged after 2006. Filing 2009 taxes late online for free See Form 982. Filing 2009 taxes late online for free If a canceled debt is excluded from income because it takes place in a bankruptcy case, the exclusions in situations 2 through 5 do not apply. Filing 2009 taxes late online for free If it takes place when you are insolvent, the exclusions in situations 3 and 4 do not apply to the extent you are insolvent. Filing 2009 taxes late online for free Debt. Filing 2009 taxes late online for free   For purposes of this discussion, debt includes any debt for which you are liable or which attaches to property you hold. Filing 2009 taxes late online for free Qualified real property business debt. Filing 2009 taxes late online for free   You can elect to exclude (up to certain limits) the cancellation of qualified real property business debt. Filing 2009 taxes late online for free If you make the election, you must reduce the basis of your depreciable real property by the amount excluded. Filing 2009 taxes late online for free Make this reduction at the beginning of your tax year following the tax year in which the cancellation occurs. Filing 2009 taxes late online for free However, if you dispose of the property before that time, you must reduce its basis immediately before the disposition. Filing 2009 taxes late online for free Cancellation of qualified real property business debt. Filing 2009 taxes late online for free   Qualified real property business debt is debt (other than qualified farm debt) that meets all the following conditions. Filing 2009 taxes late online for free It was incurred or assumed in connection with real property used in a trade or business. Filing 2009 taxes late online for free It was secured by such real property. Filing 2009 taxes late online for free It was incurred or assumed at either of the following times. Filing 2009 taxes late online for free Before January 1, 1993. Filing 2009 taxes late online for free After December 31, 1992, if incurred or assumed to acquire, construct, or substantially improve the real property. Filing 2009 taxes late online for free It is debt to which you choose to apply these rules. Filing 2009 taxes late online for free   Qualified real property business debt includes refinancing of debt described in (3) earlier, but only to the extent it does not exceed the debt being refinanced. Filing 2009 taxes late online for free   You cannot exclude more than either of the following amounts. Filing 2009 taxes late online for free The excess (if any) of: The outstanding principal of qualified real property business debt (immediately before the cancellation), over The fair market value (immediately before the cancellation) of the business real property that is security for the debt, reduced by the outstanding principal amount of any other qualified real property business debt secured by this property immediately before the cancellation. Filing 2009 taxes late online for free The total adjusted bases of depreciable real property held by you immediately before the cancellation. Filing 2009 taxes late online for free These adjusted bases are determined after any basis reduction due to a cancellation in bankruptcy, insolvency, or of qualified farm debt. Filing 2009 taxes late online for free Do not take into account depreciable real property acquired in contemplation of the cancellation. Filing 2009 taxes late online for free Election. Filing 2009 taxes late online for free   To make this election, complete Form 982 and attach it to your income tax return for the tax year in which the cancellation occurs. Filing 2009 taxes late online for free You must file your return by the due date (including extensions). Filing 2009 taxes late online for free If you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Filing 2009 taxes late online for free For more information, see When To File in the form instructions. Filing 2009 taxes late online for free Other Income The following discussion explains how to treat other types of business income you may receive. Filing 2009 taxes late online for free Restricted property. Filing 2009 taxes late online for free   Restricted property is property that has certain restrictions that affect its value. Filing 2009 taxes late online for free If you receive restricted stock or other property for services performed, the fair market value of the property in excess of your cost is included in your income on Schedule C or C-EZ when the restriction is lifted. Filing 2009 taxes late online for free However, you can choose to be taxed in the year you receive the property. Filing 2009 taxes late online for free For more information on including restricted property in income, see Publication 525, Taxable and Nontaxable Income. Filing 2009 taxes late online for free Gains and losses. Filing 2009 taxes late online for free   Do not report on Schedule C or C-EZ a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Filing 2009 taxes late online for free Instead, you must report these gains and losses on other forms. Filing 2009 taxes late online for free For more information, see chapter 3. Filing 2009 taxes late online for free Promissory notes. Filing 2009 taxes late online for free   Report promissory notes and other evidences of debt issued to you in a sale or exchange of property that is stock in trade or held primarily for sale to customers on Schedule C or C-EZ. Filing 2009 taxes late online for free In general, you report them at their stated principal amount (minus any unstated interest) when you receive them. Filing 2009 taxes late online for free Lost income payments. Filing 2009 taxes late online for free   If you reduce or stop your business activities, report on Schedule C or C-EZ any payment you receive for the lost income of your business from insurance or other sources. Filing 2009 taxes late online for free Report it on Schedule C or C-EZ even if your business is inactive when you receive the payment. Filing 2009 taxes late online for free Damages. Filing 2009 taxes late online for free   You must include in gross income compensation you receive during the tax year as a result of any of the following injuries connected with your business. Filing 2009 taxes late online for free Patent infringement. Filing 2009 taxes late online for free Breach of contract or fiduciary duty. Filing 2009 taxes late online for free Antitrust injury. Filing 2009 taxes late online for free Economic injury. Filing 2009 taxes late online for free   You may be entitled to a deduction against the income if it compensates you for actual economic injury. Filing 2009 taxes late online for free Your deduction is the smaller of the following amounts. Filing 2009 taxes late online for free The amount you receive or accrue for damages in the tax year reduced by the amount you pay or incur in the tax year to recover that amount. Filing 2009 taxes late online for free Your loss from the injury that you have not yet deducted. Filing 2009 taxes late online for free Punitive damages. Filing 2009 taxes late online for free   You must also include punitive damages in income. Filing 2009 taxes late online for free Kickbacks. Filing 2009 taxes late online for free   If you receive any kickbacks, include them in your income on Schedule C or C-EZ. Filing 2009 taxes late online for free However, do not include them if you properly treat them as a reduction of a related expense item, a capital expenditure, or cost of goods sold. Filing 2009 taxes late online for free Recovery of items previously deducted. Filing 2009 taxes late online for free   If you recover a bad debt or any other item deducted in a previous year, include the recovery in income on Schedule C or C-EZ. Filing 2009 taxes late online for free However, if all or part of the deduction in earlier years did not reduce your tax, you can exclude the part that did not reduce your tax. Filing 2009 taxes late online for free If you exclude part of the recovery from income, you must include with your return a computation showing how you figured the exclusion. Filing 2009 taxes late online for free Example. Filing 2009 taxes late online for free Joe Smith, a sole proprietor, had gross income of $8,000, a bad debt deduction of $300, and other allowable deductions of $7,700. Filing 2009 taxes late online for free He also had 2 personal exemptions for a total of $7,800. Filing 2009 taxes late online for free He would not pay income tax even if he did not deduct the bad debt. Filing 2009 taxes late online for free Therefore, he will not report as income any part of the $300 he may recover in any future year. Filing 2009 taxes late online for free Exception for depreciation. Filing 2009 taxes late online for free   This rule does not apply to depreciation. Filing 2009 taxes late online for free You recover depreciation using the rules explained next. Filing 2009 taxes late online for free Recapture of depreciation. Filing 2009 taxes late online for free   In the following situations, you have to recapture the depreciation deduction. Filing 2009 taxes late online for free This means you include in income part or all of the depreciation you deducted in previous years. Filing 2009 taxes late online for free Listed property. Filing 2009 taxes late online for free   If your business use of listed property (explained in chapter 8 under Depreciation ) falls to 50% or less in a tax year after the tax year you placed the property in service, you may have to recapture part of the depreciation deduction. Filing 2009 taxes late online for free You do this by including in income on Schedule C part of the depreciation you deducted in previous years. Filing 2009 taxes late online for free Use Part IV of Form 4797, Sales of Business Property, to figure the amount to include on Schedule C. Filing 2009 taxes late online for free For more information, see What is the Business-Use Requirement? in chapter 5 of Publication 946, How To Depreciate Property. Filing 2009 taxes late online for free That chapter explains how to determine whether property is used more than 50% in your business. Filing 2009 taxes late online for free Section 179 property. Filing 2009 taxes late online for free   If you take a section 179 deduction (explained in chapter 8 under Depreciation ) for an asset and before the end of the asset's recovery period the percentage of business use drops to 50% or less, you must recapture part of the section 179 deduction. Filing 2009 taxes late online for free You do this by including in income on Schedule C part of the deduction you took. Filing 2009 taxes late online for free Use Part IV of Form 4797 to figure the amount to include on Schedule C. Filing 2009 taxes late online for free See chapter 2 in Publication 946 to find out when you recapture the deduction. Filing 2009 taxes late online for free Sale or exchange of depreciable property. Filing 2009 taxes late online for free   If you sell or exchange depreciable property at a gain, you may have to treat all or part of the gain due to depreciation as ordinary income. Filing 2009 taxes late online for free You figure the income due to depreciation recapture in Part III of Form 4797. Filing 2009 taxes late online for free For more information, see chapter 4 in Publication 544, Sales and Other Dispositions of Assets. Filing 2009 taxes late online for free Items That Are Not Income In some cases the property or money you receive is not income. Filing 2009 taxes late online for free Appreciation. Filing 2009 taxes late online for free   Increases in value of your property are not income until you realize the increases through a sale or other taxable disposition. Filing 2009 taxes late online for free Consignments. Filing 2009 taxes late online for free   Consignments of merchandise to others to sell for you are not sales. Filing 2009 taxes late online for free The title of merchandise remains with you, the consignor, even after the consignee possesses the merchandise. Filing 2009 taxes late online for free Therefore, if you ship goods on consignment, you have no profit or loss until the consignee sells the merchandise. Filing 2009 taxes late online for free Merchandise you have shipped out on consignment is included in your inventory until it is sold. Filing 2009 taxes late online for free   Do not include merchandise you receive on consignment in your inventory. Filing 2009 taxes late online for free Include your profit or commission on merchandise consigned to you in your income when you sell the merchandise or when you receive your profit or commission, depending upon the method of accounting you use. Filing 2009 taxes late online for free Construction allowances. Filing 2009 taxes late online for free   If you enter into a lease after August 5, 1997, you can exclude from income the construction allowance you receive (in cash or as a rent reduction) from your landlord if you receive it under both the following conditions. Filing 2009 taxes late online for free Under a short-term lease of retail space. Filing 2009 taxes late online for free For the purpose of constructing or improving qualified long-term real property for use in your business at that retail space. Filing 2009 taxes late online for free Amount you can exclude. Filing 2009 taxes late online for free   You can exclude the construction allowance to the extent it does not exceed the amount you spent for construction or improvements. Filing 2009 taxes late online for free Short-term lease. Filing 2009 taxes late online for free   A short-term lease is a lease (or other agreement for occupancy or use) of retail space for 15 years or less. Filing 2009 taxes late online for free The following rules apply in determining whether the lease is for 15 years or less. Filing 2009 taxes late online for free Take into account options to renew when figuring whether the lease is for 15 years or less. Filing 2009 taxes late online for free But do not take into account any option to renew at fair market value determined at the time of renewal. Filing 2009 taxes late online for free Two or more successive leases that are part of the same transaction (or a series of related transactions) for the same or substantially similar retail space are treated as one lease. Filing 2009 taxes late online for free Retail space. Filing 2009 taxes late online for free   Retail space is real property leased, occupied, or otherwise used by you as a tenant in your business of selling tangible personal property or services to the general public. Filing 2009 taxes late online for free Qualified long-term real property. Filing 2009 taxes late online for free   Qualified long-term real property is nonresidential real property that is part of, or otherwise present at, your retail space and that reverts to the landlord when the lease ends. Filing 2009 taxes late online for free Exchange of like-kind property. Filing 2009 taxes late online for free   If you exchange your business property or property you hold for investment solely for property of a like kind to be used in your business or to be held for investment, no gain or loss is recognized. Filing 2009 taxes late online for free This means that the gain is not taxable and the loss is not deductible. Filing 2009 taxes late online for free A common type of nontaxable exchange is the trade-in of a business automobile for another business automobile. Filing 2009 taxes late online for free For more information, see Form 8824. Filing 2009 taxes late online for free Leasehold improvements. Filing 2009 taxes late online for free   If a tenant erects buildings or makes improvements to your property, the increase in the value of the property due to the improvements is not income to you. Filing 2009 taxes late online for free However, if the facts indicate that the improvements are a payment of rent to you, then the increase in value would be income. Filing 2009 taxes late online for free Loans. Filing 2009 taxes late online for free   Money borrowed through a bona fide loan is not income. Filing 2009 taxes late online for free Sales tax. Filing 2009 taxes late online for free   State and local sales taxes imposed on the buyer, which you were required to collect and pay over to state or local governments, are not income. Filing 2009 taxes late online for free Guidelines for Selected Occupations This section provides information to determine whether your earnings should be reported on Schedule C (Form 1040) or C-EZ (Form 1040). Filing 2009 taxes late online for free Direct seller. Filing 2009 taxes late online for free   You must report all income you receive as a direct seller on Schedule C or C-EZ. Filing 2009 taxes late online for free This includes any of the following. Filing 2009 taxes late online for free Income from sales—payments you receive from customers for products they buy from you. Filing 2009 taxes late online for free Commissions, bonuses, or percentages you receive for sales and the sales of others who work under you. Filing 2009 taxes late online for free Prizes, awards, and gifts you receive from your selling business. Filing 2009 taxes late online for free You must report this income regardless of whether it is reported to you on an information return. Filing 2009 taxes late online for free   You are a direct seller if you meet all the following conditions. Filing 2009 taxes late online for free You are engaged in one of the following trades or businesses. Filing 2009 taxes late online for free Selling or soliciting the sale of consumer products either in a home or other place that is not a permanent retail establishment, or to any buyer on a buy-sell basis or a deposit-commission basis for resale in a home or other place of business that is not a permanent retail establishment. Filing 2009 taxes late online for free Delivering or distributing newspapers or shopping news (including any services directly related to that trade or business). Filing 2009 taxes late online for free Substantially all your pay (whether paid in cash or not) for services described above is directly related to sales or other output (including performance of services) rather than to the number of hours worked. Filing 2009 taxes late online for free Your services are performed under a written contract between you and the person for whom you perform the services, and the contract provides that you will not be treated as an employee for federal tax purposes. Filing 2009 taxes late online for free Executor or administrator. Filing 2009 taxes late online for free   If you administer a deceased person's estate, your fees are reported on Schedule C or C-EZ if you are one of the following: A professional fiduciary. Filing 2009 taxes late online for free A nonprofessional fiduciary (personal representative) and both of the following apply. Filing 2009 taxes late online for free The estate includes an active trade or business in which you actively participate. Filing 2009 taxes late online for free Your fees are related to the operation of that trade or business. Filing 2009 taxes late online for free A nonprofessional fiduciary of a single estate that requires extensive managerial activities on your part for a long period of time, provided these activities are enough to be considered a trade or business. Filing 2009 taxes late online for free    If the fees do not meet the above requirements, report them on line 21 of Form 1040. Filing 2009 taxes late online for free Fishing crew member. Filing 2009 taxes late online for free    If you are a member of the crew that catches fish or other water life, your earnings are reported on Schedule C or C-EZ if you meet all the requirements shown in chapter 10 under Fishing crew member . Filing 2009 taxes late online for free Insurance agent, former. Filing 2009 taxes late online for free   Termination payments you receive as a former self-employed insurance agent from an insurance company because of services you performed for that company are not reported on Schedule C or C-EZ if all the following conditions are met. Filing 2009 taxes late online for free You received payments after your agreement to perform services for the company ended. Filing 2009 taxes late online for free You did not perform any services for the company after your service agreement ended and before the end of the year in which you received the payment. Filing 2009 taxes late online for free You entered into a covenant not to compete against the company for at least a 1-year period beginning on the date your service agreement ended. Filing 2009 taxes late online for free The amount of the payments depended primarily on policies sold by you or credited to your account during the last year of your service agreement or the extent to which those policies remain in force for some period after your service agreement ended, or both. Filing 2009 taxes late online for free The amount of the payment did not depend to any extent on length of service or overall earnings from services performed for the company (regardless of whether eligibility for the payments depended on length of service). Filing 2009 taxes late online for free Insurance agent, retired. Filing 2009 taxes late online for free   Income paid by an insurance company to a retired self-employed insurance agent based on a percentage of commissions received before retirement is reported on Schedule C or C-EZ. Filing 2009 taxes late online for free Also, renewal commissions and deferred commissions for sales made before retirement are generally reported on Schedule C or C-EZ. Filing 2009 taxes late online for free   However, renewal commissions paid to the survivor of an insurance agent are not reported on Schedule C or C-EZ. Filing 2009 taxes late online for free Newspaper carrier or distributor. Filing 2009 taxes late online for free   You are a direct seller and your earnings are reported on Schedule C or C-EZ if all the following conditions apply. Filing 2009 taxes late online for free You are in the business of delivering or distributing newspapers or shopping news (including directly related services such as soliciting customers and collecting receipts). Filing 2009 taxes late online for free Substantially all your pay for these services directly relates to your sales or other output rather than to the number of hours you work. Filing 2009 taxes late online for free You perform the services under a written contract that says you will not be treated as an employee for federal tax purposes. Filing 2009 taxes late online for free   This rule applies whether or not you hire others to help you make deliveries. Filing 2009 taxes late online for free It also applies whether you buy the papers from the publisher or are paid based on the number of papers you deliver. Filing 2009 taxes late online for free Newspaper or magazine vendor. Filing 2009 taxes late online for free   If you are 18 or older and you sell newspapers or magazines, your earnings are reported on Schedule C or C-EZ if all the following conditions apply. Filing 2009 taxes late online for free You sell newspapers or magazines to ultimate consumers. Filing 2009 taxes late online for free You sell them at a fixed price. Filing 2009 taxes late online for free Your earnings are based on the difference between the sales price and your cost of goods sold. Filing 2009 taxes late online for free   This rule applies whether or not you are guaranteed a minimum amount of earnings. Filing 2009 taxes late online for free It also applies whether or not you receive credit for unsold newspapers or magazines you return to your supplier. Filing 2009 taxes late online for free Notary public. Filing 2009 taxes late online for free   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ. Filing 2009 taxes late online for free These payments are not subject to self-employment tax (see the instructions for Schedule SE (Form 1040)). Filing 2009 taxes late online for free Public official. Filing 2009 taxes late online for free   Public officials generally do not report what they earn for serving in public office on Schedule C or C-EZ. Filing 2009 taxes late online for free This rule applies to payments received by an elected tax collector from state funds on the basis of a fixed percentage of the taxes collected. Filing 2009 taxes late online for free Public office includes any elective or appointive office of the United States or its possessions, the District of Columbia, a state or its political subdivisions, or a wholly owned instrumentality of any of these. Filing 2009 taxes late online for free   Public officials of state or local governments report their fees on Schedule C or C-EZ if they are paid solely on a fee basis and if their services are eligible for, but not covered by, social security under a federal-state agreement. Filing 2009 taxes late online for free Real estate agent or direct seller. Filing 2009 taxes late online for free   If you are a licensed real estate agent or a direct seller, your earnings are reported on Schedule C or C-EZ if both the following apply. Filing 2009 taxes late online for free Substantially all your pay for services as a real estate agent or direct seller directly relates to your sales or other output rather than to the number of hours you work. Filing 2009 taxes late online for free You perform the services under a written contract that says you will not be treated as an employee for federal tax purposes. Filing 2009 taxes late online for free Securities dealer. Filing 2009 taxes late online for free   If you are a dealer in options or commodities, your gains and losses from dealing or trading in section 1256 contracts (regulated futures contracts, foreign currency contracts, nonequity options, dealer equity options, and dealer securities futures contracts) or property related to those contracts (such as stock used to hedge options) are reported on Schedule C or C-EZ. Filing 2009 taxes late online for free For more information, see sections 1256 and 1402(i). Filing 2009 taxes late online for free Securities trader. Filing 2009 taxes late online for free   You are a trader in securities if you are engaged in the business of buying and selling securities for your own account. Filing 2009 taxes late online for free As a trader in securities, your gain or loss from the disposition of securities is not reported on Schedule C or C-EZ. Filing 2009 taxes late online for free However, see Securities dealer , earlier, for an exception that applies to section 1256 contracts. Filing 2009 taxes late online for free For more information about securities traders, see Publication 550, Investment Income and Expenses. Filing 2009 taxes late online for free Accounting for Your Income Accounting for your income for income tax purposes differs at times from accounting for financial purposes. Filing 2009 taxes late online for free This section discusses some of the more common differences that may affect business transactions. Filing 2009 taxes late online for free Figure your business income on the basis of a tax year and according to your regular method of accounting (see chapter 2). Filing 2009 taxes late online for free If the sale of a product is an income-producing factor in your business, you usually have to use inventories to clearly show your income. Filing 2009 taxes late online for free Dealers in real estate are not allowed to use inventories. Filing 2009 taxes late online for free For more information on inventories, see chapter 2. Filing 2009 taxes late online for free Income paid to a third party. Filing 2009 taxes late online for free   All income you earn is taxable to you. Filing 2009 taxes late online for free You cannot avoid tax by having the income paid to a third party. Filing 2009 taxes late online for free Example. Filing 2009 taxes late online for free You rent out your property and the rental agreement directs the lessee to pay the rent to your son. Filing 2009 taxes late online for free The amount paid to your son is gross income to you. Filing 2009 taxes late online for free Cash discounts. Filing 2009 taxes late online for free   These are amounts the seller permits you to deduct from the invoice price for prompt payment. Filing 2009 taxes late online for free For income tax purposes, you can use either of the following two methods to account for cash discounts. Filing 2009 taxes late online for free Deduct the cash discount from purchases (see Line 36, Purchases Less Cost of Items Withdrawn for Personal Use in chapter 6). Filing 2009 taxes late online for free Credit the cash discount to a discount income account. Filing 2009 taxes late online for free You must use the chosen method every year for all your purchase discounts. Filing 2009 taxes late online for free   If you use the second method, the credit balance in the account at the end of your tax year is business income. Filing 2009 taxes late online for free Under this method, you do not reduce the cost of goods sold by the cash discounts you received. Filing 2009 taxes late online for free When valuing your closing inventory, you cannot reduce the invoice price of merchandise on hand at the close of the tax year by the average or estimated discounts received on the merchandise. Filing 2009 taxes late online for free Trade discounts. Filing 2009 taxes late online for free   These are reductions from list or catalog prices and usually are not written into the invoice or charged to the customer. Filing 2009 taxes late online for free Do not enter these discounts on your books of account. Filing 2009 taxes late online for free Instead, use only the net amount as the cost of the merchandise purchased. Filing 2009 taxes late online for free For more information, see Trade discounts in chapter 6. Filing 2009 taxes late online for free Payment placed in escrow. Filing 2009 taxes late online for free   If the buyer of your property places part or all of the purchase price in escrow, you do not include any part of it in gross sales until you actually or constructively receive it. Filing 2009 taxes late online for free However, upon completion of the terms of the contract and the escrow agreement, you will have taxable income, even if you do not accept the money until the next year. Filing 2009 taxes late online for free Sales returns and allowances. Filing 2009 taxes late online for free   Credits you allow customers for returned merchandise and any other allowances you make on sales are deductions from gross sales in figuring net sales. Filing 2009 taxes late online for free Advance payments. Filing 2009 taxes late online for free   Special rules dealing with an accrual method of accounting for payments received in advance are discussed in chapter 2 under Accrual Method. Filing 2009 taxes late online for free Insurance proceeds. Filing 2009 taxes late online for free   If you receive insurance or another type of reimbursement for a casualty or theft loss, you must subtract it from the loss when you figure your deduction. Filing 2009 taxes late online for free You cannot deduct the reimbursed part of a casualty or theft loss. Filing 2009 taxes late online for free   For information on casualty or theft losses, see Publication 547, Casualties, Disasters, and Thefts. Filing 2009 taxes late online for free Prev  Up  Next   Home   More Online Publications
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Filing Your Taxes

Last year, nearly 120 million taxpayers opted for the safest, fastest and easiest way to submit their individual tax returns — IRS e-file. Since 1990, taxpayers have e-filed more than 1 billion Form 1040 series tax returns safely and securely. With Free File, everyone can file Form 1040 series tax returns for free!

     
 

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  • You must file a federal income tax return if you owe tax.
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  • Answer some easy questions to see if you need to file.

 

 

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Health Insurance Filing Requirement: If you don't have a tax filing requirement, you don't need to file a 2013 federal tax return to establish future eligibility or to qualify for future financial assistance. But the deadline for signing up for health insurance is March 31, 2014. Learn more at HealthCare.gov.

Page Last Reviewed or Updated: 06-Mar-2014

The Filing 2009 Taxes Late Online For Free

Filing 2009 taxes late online for free Index A Accounting methods, Accounting Methods Accrual method, Accrual method. Filing 2009 taxes late online for free Change in accounting method Section 481(a) adjustment. Filing 2009 taxes late online for free , Change in accounting method. Filing 2009 taxes late online for free Mark-to-market accounting method, Mark-to-market accounting method. Filing 2009 taxes late online for free Nonaccrual experience method, Nonaccrual experience method. Filing 2009 taxes late online for free Percentage of completion method, Percentage of completion method. Filing 2009 taxes late online for free Accounting periods, Accounting Periods Accumulated earnings tax, Accumulated Earnings Tax Alternative minimum tax (AMT), Alternative Minimum Tax (AMT) At-risk limits, At-Risk Limits B Backup withholding, Backup withholding. Filing 2009 taxes late online for free Below-market loans, Below-Market Loans C Capital contributions, Capital Contributions Capital losses, Capital Losses Charitable contributions, Charitable Contributions Closely held corporation: At-risk limits, Closely held corporation. Filing 2009 taxes late online for free Closely held corporations:, Closely held corporations. Filing 2009 taxes late online for free Comments, Comments and suggestions. Filing 2009 taxes late online for free Corporate preference items, Corporate Preference Items Corporations, businesses taxed as, Businesses Taxed as Corporations Credits, Credits Credits: Foreign tax, Credits General business credit, Credits Prior year minimum tax, Credits D Distributions: Money or property. Filing 2009 taxes late online for free , Money or Property Distributions Other, Constructive Distributions Reporting, Reporting Dividends and Other Distributions Stock or stock rights, Distributions of Stock or Stock Rights To shareholders, Distributions to Shareholders Dividends-received deduction, Dividends-Received Deduction E EFTPS, Electronic Federal Tax Payment System, Electronic Federal Tax Payment System (EFTPS). Filing 2009 taxes late online for free Electronic filing, Electronic filing. Filing 2009 taxes late online for free Energy-efficient commercial building property deduction, Energy-Efficient Commercial Building Property Deduction Estimated tax, Estimated Tax Extraordinary dividends, Extraordinary Dividends F Figuring: NOL carryovers, Figuring the NOL Carryover Tax, Figuring Tax Foreign tax credit, Credits Form: 1096, Form 1099-DIV. Filing 2009 taxes late online for free 1099–DIV, Form 1099-DIV. Filing 2009 taxes late online for free 1118, Credits 1120, Which form to file. Filing 2009 taxes late online for free 1120-W, How to figure each required installment. Filing 2009 taxes late online for free 1120X, Refunds. Filing 2009 taxes late online for free , NOL carryback. Filing 2009 taxes late online for free 1138, Carryback expected. Filing 2009 taxes late online for free 1139, Refunds. Filing 2009 taxes late online for free , NOL carryback. Filing 2009 taxes late online for free 2220, Form 2220. Filing 2009 taxes late online for free 3800, Credits, Recapture Taxes 4255, Recapture Taxes 4626, Form 4626. Filing 2009 taxes late online for free 5452, Form 5452. Filing 2009 taxes late online for free 7004, Extension of time to file. Filing 2009 taxes late online for free 8611, Recapture Taxes 8827, Credits 8832, Business formed after 1996. Filing 2009 taxes late online for free 8834, Recapture Taxes 8845, Recapture Taxes 8874, Recapture Taxes 8882, Recapture Taxes 8912, Credits G Going into business, Costs of Going Into Business I Income tax returns, Income Tax Return L Loans, below-market, Below-Market Loans M Minimum tax credit, Credits N Net operating losses, Net Operating Losses Nontaxable exchange of property for stock, Property Exchanged for Stock P Paid-in capital, Paid-in capital. Filing 2009 taxes late online for free Passive activity limits, Passive Activity Limits Paying estimated tax, How to pay estimated tax. Filing 2009 taxes late online for free Penalties Other, Other penalties. Filing 2009 taxes late online for free Trust fund recovery, Trust fund recovery penalty. Filing 2009 taxes late online for free Penalties: Estimated tax, Underpayment penalty. Filing 2009 taxes late online for free Late filing of return, Late filing of return. Filing 2009 taxes late online for free Late payment of tax, Late payment of tax. Filing 2009 taxes late online for free Personal service corporation: Figuring tax, Qualified personal service corporation. Filing 2009 taxes late online for free Personal service corporations:, Personal service corporations. Filing 2009 taxes late online for free Preference items, Corporate Preference Items Q Qualified refinery property, election to expense, Election to Expense Qualified Refinery Property Qualifying shipping activities, income from, Income From Qualifying Shipping Activities R Recapture taxes: Childcare facilities and services credit , Recapture Taxes Indian employment credit, Recapture Taxes Investment credit, Recapture Taxes Low-income housing credit, Recapture Taxes New markets credit, Recapture Taxes Qualified plug-in electric and electric vehicle credit, Recapture Taxes Recordkeeping, Recordkeeping Related persons, Related Persons Retained earnings, Accumulated Earnings Tax S Suggestions, Comments and suggestions. Filing 2009 taxes late online for free T Tax help, How To Get Tax Help Tax rate schedule, Tax Rate Schedule Tax, figuring, Figuring Tax Taxpayer Advocate, Contacting your Taxpayer Advocate. Filing 2009 taxes late online for free TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications