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Filing Late Taxes For 2012

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Filing Late Taxes For 2012

Filing late taxes for 2012 Tax Changes for Individuals Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Wash Sale Rules Do Not Apply to Section 1256 Contracts Other 2001 Changes 2002 ChangesDeduction for Educator Expenses Personal Credits Still Allowed Against Alternative Minimum Tax Later ChangeChild and Dependent Care Expenses 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). Filing late taxes for 2012 However, you can still choose to use the previous carryback period. Filing late taxes for 2012 You also can choose not to carry back an NOL and only carry it forward. Filing late taxes for 2012 Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. Filing late taxes for 2012 The instructions for this form will be revised to reflect the new law. Filing late taxes for 2012 Wash Sale Rules Do Not Apply to Section 1256 Contracts The wash sale rules that generally apply to losses from the sale of stock or securities, do not apply to any loss arising from a section 1256 contract. Filing late taxes for 2012 A section 1256 contract is any: Regulated futures contract, Foreign currency contract, Nonequity option, Dealer equity option, or Dealer securities futures contract. Filing late taxes for 2012 Wash sales and section 1256 contracts are explained in detail in Publication 550, Investment Income and Expenses. Filing late taxes for 2012 Other 2001 Changes Other changes are discussed in the following chapters. Filing late taxes for 2012 Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Deduction for Educator Expenses If you are an eligible educator, you can deduct as an adjustment to income up to $250 in qualified expenses. Filing late taxes for 2012 You can deduct these expenses even if you do not itemize deductions on Schedule A (Form 1040). Filing late taxes for 2012 This adjustment to income is for expenses paid or incurred in tax years beginning during 2002 or 2003. Filing late taxes for 2012 Previously, these expenses were deductible only as a miscellaneous itemized deduction subject to the 2% of adjusted gross income limit. Filing late taxes for 2012 Eligible educator. Filing late taxes for 2012   You are an eligible educator if, for the tax year, you meet the following requirements. Filing late taxes for 2012 You are a kindergarten through grade 12: Teacher, Instructor, Counselor, Principal, or Aide. Filing late taxes for 2012 You work at least 900 hours during a school year in a school that provides elementary or secondary education, as determined under state law. Filing late taxes for 2012 Qualified expenses. Filing late taxes for 2012   These are unreimbursed expenses you paid or incurred for books, supplies, computer equipment (including related software and services), other equipment, and supplementary materials that you use in the classroom. Filing late taxes for 2012 For courses in health and physical education, expenses for supplies are qualified expenses only if they are related to athletics. Filing late taxes for 2012   To be deductible as an adjustment to income, the qualified expenses must be more than the following amounts for the tax year. Filing late taxes for 2012 The interest on qualified U. Filing late taxes for 2012 S. Filing late taxes for 2012 savings bonds that you excluded from income because you paid qualified higher education expenses, Any distribution from a qualified tuition program that you excluded from income, or Any tax-free withdrawals from your Coverdell education savings account. Filing late taxes for 2012 Personal Credits Still Allowed Against Alternative Minimum Tax The provision that allowed certain nonrefundable personal credits to reduce both your regular tax and any alternative minimum tax (AMT) has been extended and will be in effect for 2002 and 2003. Filing late taxes for 2012 This provision, as it applies to the AMT, was originally scheduled to expire after 2001. Filing late taxes for 2012 Without the extension, these credits could not have been used to reduce any AMT in 2002 or 2003. Filing late taxes for 2012 Later Change Child and Dependent Care Expenses For the purpose of figuring the child and dependent care credit, your spouse is treated as having at least a minimum amount of earned income for any month that he or she is a full-time student or not able to care for himself or herself. Filing late taxes for 2012 Beginning in 2003, this amount is increased to $250 a month if there is one qualifying person and to $500 a month if there are two or more qualifying persons. Filing late taxes for 2012 Before 2003, the amounts were $200 and $400. Filing late taxes for 2012 The same rule applies for the exclusion of employer-provided dependent care benefits. Filing late taxes for 2012 For more information about the credit and exclusion, see Publication 503, Child and Dependent Care Expenses. Filing late taxes for 2012 Prev  Up  Next   Home   More Online Publications
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The Filing Late Taxes For 2012

Filing late taxes for 2012 7. Filing late taxes for 2012   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Filing late taxes for 2012 Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. Filing late taxes for 2012 You must determine gross profit before you can deduct any business expenses. Filing late taxes for 2012 These expenses are discussed in chapter 8. Filing late taxes for 2012 If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. Filing late taxes for 2012 Businesses that sell products. Filing late taxes for 2012   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Filing late taxes for 2012 Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). Filing late taxes for 2012 Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. Filing late taxes for 2012   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). Filing late taxes for 2012 The result is the gross profit from your business. Filing late taxes for 2012 Businesses that sell services. Filing late taxes for 2012   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. Filing late taxes for 2012 Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). Filing late taxes for 2012 Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. Filing late taxes for 2012 Illustration. Filing late taxes for 2012   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Filing late taxes for 2012 Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. Filing late taxes for 2012 Gross receipts. Filing late taxes for 2012   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Filing late taxes for 2012 You may find it helpful to use cash registers to keep track of receipts. Filing late taxes for 2012 You should also use a proper invoicing system and keep a separate bank account for your business. Filing late taxes for 2012 Sales tax collected. Filing late taxes for 2012   Check to make sure your records show the correct sales tax collected. Filing late taxes for 2012   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. Filing late taxes for 2012   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. Filing late taxes for 2012 Inventory at beginning of year. Filing late taxes for 2012   Compare this figure with last year's ending inventory. Filing late taxes for 2012 The two amounts should usually be the same. Filing late taxes for 2012 Purchases. Filing late taxes for 2012   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. Filing late taxes for 2012 ) be sure to remove them from the cost of goods sold. Filing late taxes for 2012 For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. Filing late taxes for 2012 Inventory at end of year. Filing late taxes for 2012   Check to make sure your procedures for taking inventory are adequate. Filing late taxes for 2012 These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. Filing late taxes for 2012   Use inventory forms and adding machine tapes as the only evidence for your inventory. Filing late taxes for 2012 Inventory forms are available at office supply stores. Filing late taxes for 2012 These forms have columns for recording the description, quantity, unit price, and value of each inventory item. Filing late taxes for 2012 Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. Filing late taxes for 2012 These forms will help satisfy you that the total inventory is accurate. Filing late taxes for 2012 They will also provide you with a permanent record to support its validity. Filing late taxes for 2012   Inventories are discussed in chapter 2. Filing late taxes for 2012 Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. Filing late taxes for 2012 First, divide gross profit by net receipts. Filing late taxes for 2012 The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. Filing late taxes for 2012 Next, compare this percentage to your markup policy. Filing late taxes for 2012 Little or no difference between these two percentages shows that your gross profit figure is accurate. Filing late taxes for 2012 A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Filing late taxes for 2012 You should determine the reason for the difference. Filing late taxes for 2012 Example. Filing late taxes for 2012   Joe Able operates a retail business. Filing late taxes for 2012 On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Filing late taxes for 2012 The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Filing late taxes for 2012 His cost of goods sold is $200,000. Filing late taxes for 2012 This results in a gross profit of $100,000 ($300,000 − $200,000). Filing late taxes for 2012 To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Filing late taxes for 2012 The resulting 331/3% confirms his markup percentage of 331/3%. Filing late taxes for 2012 Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. Filing late taxes for 2012 The result is gross business income. Filing late taxes for 2012 If you use Schedule C-EZ, include the income on line 1 of the schedule. Filing late taxes for 2012 Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. Filing late taxes for 2012 Prev  Up  Next   Home   More Online Publications