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Filing And Amended Tax Return

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Filing And Amended Tax Return

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

Filing and amended tax return 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. Filing and amended tax return Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Filing and amended tax return However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Filing and amended tax return The new provisions are in the Supplement to Publication 463, which is reprinted below. Filing and amended tax return 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. Filing and amended tax return After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Filing and amended tax return Certain provisions of this new law may reduce your taxes for 2001. Filing and amended tax return The new law contains the following provisions. Filing and amended tax return A new depreciation deduction, the special depreciation allowance. Filing and amended tax return An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Filing and amended tax return If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Filing and amended tax return See Amended Return, later. Filing and amended tax return 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. Filing and amended tax return However, there is a limit on the depreciation deduction you can take for your car each year. Filing and amended tax return See Depreciation Limit later. Filing and amended tax return Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Filing and amended tax return This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Filing and amended tax return 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). Filing and amended tax return See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Filing and amended tax return You can claim the special depreciation allowance only for the year the qualified property is placed in service. Filing and amended tax return Qualified property. Filing and amended tax return   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. Filing and amended tax return You bought it new. Filing and amended tax return You bought it after September 10, 2001. Filing and amended tax return (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. Filing and amended tax return ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Filing and amended tax return Example. Filing and amended tax return Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Filing and amended tax return Bob's car is qualified property. Filing and amended tax return Bob chooses not to take a section 179 deduction for the car. Filing and amended tax return He does claim the new special depreciation allowance. Filing and amended tax return Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Filing and amended tax return 75). Filing and amended tax return He then figures the special depreciation allowance of $4,500 ($15,000 × . Filing and amended tax return 30). Filing and amended tax return 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 × . Filing and amended tax return 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Filing and amended tax return However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Filing and amended tax return 75), as discussed next. Filing and amended tax return 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. Filing and amended tax return The limit is increased to $23,080 if the car is an electric car. Filing and amended tax return The section 179 deduction is treated as depreciation for purposes of this limit. Filing and amended tax return 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. Filing and amended tax return 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). Filing and amended tax return 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. Filing and amended tax return S. Filing and amended tax return Individual Income Tax Return, by April 15, 2003. Filing and amended tax return At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Filing and amended tax return ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Filing and amended tax return If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Filing and amended tax return Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Filing and amended tax return For details, see Revenue Procedure 2002–33. Filing and amended tax return (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Filing and amended tax return ) 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. Filing and amended tax return Example. Filing and amended tax return 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 . Filing and amended tax return 75 x . Filing and amended tax return 20) depreciation deduction for his new car using MACRS. Filing and amended tax return Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Filing and amended tax return 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. Filing and amended tax return Bob's new filled-in Form 2106 is shown later. Filing and amended tax return 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. Filing and amended tax return As a general rule, you must make this election by the due date (including extensions) of your return. Filing and amended tax return 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. Filing and amended tax return To get this extension, you must have filed your original return by the due date (including extensions). Filing and amended tax return At the top of the statement, print “Filed pursuant to section 301. Filing and amended tax return 9100–2. Filing and amended tax return ” 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. Filing and amended tax return 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. Filing and amended tax return Deemed election for return filed before June 1, 2002. Filing and amended tax return   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. Filing and amended tax return You filed your 2001 return before June 1, 2002. Filing and amended tax return You claimed depreciation on your return but did not claim the special depreciation allowance. Filing and amended tax return 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. Filing and amended tax return Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications