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Free 1040 ez filing Depreciation Table of Contents Introduction Special Depreciation AllowanceQualified Property Election Not To Claim the Allowance Rules for Returns Filed Before June 1, 2002 Passenger Automobiles New York Liberty Zone BenefitsSpecial Liberty Zone Depreciation Allowance Increased Section 179 Deduction Liberty Zone Leasehold Improvement Property If you depreciate business property that you acquired and placed in service after September 10, 2001, new law contains provisions that may affect your depreciation deduction for that property. Free 1040 ez filing Publication 946, How To Depreciate Property, contains information on depreciation. Free 1040 ez filing However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Free 1040 ez filing The new provisions are in the Supplement to Publication 946, which is reprinted below. Free 1040 ez filing Supplement to Publication 946 How To Depreciate Property   Introduction After Publication 946 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Free 1040 ez filing The new law made several changes in the tax rules explained in the publication. Free 1040 ez filing Some of the changes apply to property placed in service during 2001. Free 1040 ez filing This supplemental publication describes those changes and explains what you should do if you are affected by them. Free 1040 ez filing The situations and examples in Publication 946 do not reflect any of the changes made by the Job Creation and Worker Assistance Act of 2002. Free 1040 ez filing The new law contains the following provisions. Free 1040 ez filing 30% depreciation deductions (special depreciation allowance and special New York Liberty Zone (Liberty Zone) depreciation allowance) for the year qualified property is placed in service after September 10, 2001. Free 1040 ez filing An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Free 1040 ez filing A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Free 1040 ez filing An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Free 1040 ez filing If you believe you qualify for an increased deduction under any of these new rules, you must file the revised 2001 Form 4562 (dated March 2002) for 2001 calendar or fiscal years and 2000 fiscal years ending after September 10, 2001. Free 1040 ez filing If you have already filed a tax return, this supplemental publication explains how to claim these benefits and how to elect not to claim the special depreciation allowance or special Liberty Zone depreciation allowance. Free 1040 ez filing See Table 2 at the end of the supplement for an overview of the rules that apply if you filed your return before June 1, 2002. Free 1040 ez filing Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Free 1040 ez filing The allowance is an additional deduction of 30% of the property's depreciable basis. Free 1040 ez filing To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Free 1040 ez filing See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Free 1040 ez filing The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Free 1040 ez filing There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Free 1040 ez filing In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Free 1040 ez filing Example 1. Free 1040 ez filing On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Free 1040 ez filing You did not elect to claim a section 179 deduction. Free 1040 ez filing You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Free 1040 ez filing You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Free 1040 ez filing Example 2. Free 1040 ez filing The facts are the same as in Example 1, except that you choose to deduct $24,000 of the property's cost as a section 179 deduction. Free 1040 ez filing You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Free 1040 ez filing You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Free 1040 ez filing Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Free 1040 ez filing It is new property of one of the following types. Free 1040 ez filing Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Free 1040 ez filing See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Free 1040 ez filing Water utility property. Free 1040 ez filing See 25-year property on page 22 in Publication 946. Free 1040 ez filing Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Free 1040 ez filing (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Free 1040 ez filing ) Qualified leasehold improvement property (defined later). Free 1040 ez filing It meets the following tests (explained later under Tests To Be Met). Free 1040 ez filing Acquisition date test. Free 1040 ez filing Placed in service date test. Free 1040 ez filing Original use test. Free 1040 ez filing It is not excepted property (explained later under Excepted Property). Free 1040 ez filing Qualified leasehold improvement property. Free 1040 ez filing    Generally, this is any improvement to an interior part of a building that is nonresidential real property, provided all of the following requirements are met. Free 1040 ez filing The improvement is made under or pursuant to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Free 1040 ez filing That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Free 1040 ez filing The improvement is placed in service more than 3 years after the date the building was first placed in service. Free 1040 ez filing   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Free 1040 ez filing The enlargement of the building. Free 1040 ez filing Any elevator or escalator. Free 1040 ez filing Any structural component benefiting a common area. Free 1040 ez filing The internal structural framework of the building. Free 1040 ez filing   Generally, a binding commitment to enter into a lease is treated as a lease and the parties to the commitment are treated as the lessor and lessee. Free 1040 ez filing However, a binding commitment between related persons is not treated as a lease. Free 1040 ez filing Related persons. Free 1040 ez filing   For this purpose, the following are related persons. Free 1040 ez filing Members of an affiliated group. Free 1040 ez filing The persons listed in items (1) through (9) under Related persons on page 8 of Publication 946 (except that “80% or more” should be substituted for “more than 10%” each place it appears). Free 1040 ez filing An executor and a beneficiary of the same estate. Free 1040 ez filing Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Free 1040 ez filing Acquisition date test. Free 1040 ez filing    Generally, you must have acquired the property either: After September 10, 2001, and before September 11, 2004, but only if no written binding contract for the acquisition was in effect before September 11, 2001, or Pursuant to a written binding contract entered into after September 10, 2001, and before September 11, 2004. Free 1040 ez filing   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001, and before September 11, 2004. Free 1040 ez filing Placed in service date test. Free 1040 ez filing   Generally, the property must be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Free 1040 ez filing   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Free 1040 ez filing Original use test. Free 1040 ez filing   The original use of the property must have begun with you after September 10, 2001. Free 1040 ez filing “Original use” means the first use to which the property is put, whether or not by you. Free 1040 ez filing Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Free 1040 ez filing Excepted Property The following property does not qualify for the special depreciation allowance. Free 1040 ez filing Property used by any person before September 11, 2001. Free 1040 ez filing Property required to be depreciated using ADS. Free 1040 ez filing This includes listed property used 50% or less in a qualified business use. Free 1040 ez filing Qualified New York Liberty Zone leasehold improvement property (defined next). Free 1040 ez filing Qualified New York Liberty Zone leasehold improvement property. Free 1040 ez filing   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Free 1040 ez filing The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Free 1040 ez filing The improvement is placed in service after September 10, 2001, and before January 1, 2007. Free 1040 ez filing No written binding contract for the improvement was in effect before September 11, 2001. Free 1040 ez filing Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Free 1040 ez filing If you make this election for any property, it applies to all property in the same property class placed in service during the year. Free 1040 ez filing To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Free 1040 ez filing When to make election. Free 1040 ez filing   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Free 1040 ez filing   However, 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 original return (not including extensions). Free 1040 ez filing Attach the election statement to the amended return. Free 1040 ez filing At the top of the election statement, write “Filed pursuant to section 301. Free 1040 ez filing 9100–2. Free 1040 ez filing ” Revoking an election. Free 1040 ez filing   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Free 1040 ez filing A request to revoke the election is subject to a user fee. Free 1040 ez filing Rules for Returns Filed Before June 1, 2002 The following rules apply if you placed qualified property in service after September 10, 2001, and filed your return before June 1, 2002. Free 1040 ez filing The rules apply to returns for the following years. Free 1040 ez filing 2000 fiscal years that end after September 10, 2001. Free 1040 ez filing 2001 calendar and fiscal years. Free 1040 ez filing Claiming the allowance. Free 1040 ez filing   If you did not claim the allowance on your return and did not make the election not to claim the allowance, you can do either of the following to claim the allowance. Free 1040 ez filing File an amended return by the due date (not including extensions) of your return for the year following the year the property was placed in service. Free 1040 ez filing Write “Filed Pursuant to Rev. Free 1040 ez filing Proc. Free 1040 ez filing 2002–33” at the top of the amended return. Free 1040 ez filing File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Free 1040 ez filing Your return must be filed by the due date (including extensions). Free 1040 ez filing Write “Automatic Change Filed Under Rev. Free 1040 ez filing Proc. Free 1040 ez filing 2002–33” on the appropriate line of Form 3115. Free 1040 ez filing You must also file a copy (with signature) of the completed Form 3115 with the IRS National Office no later than when you file the original with your return. Free 1040 ez filing For more information about filing Form 3115, including the address to send it to, see Revenue Procedure 2002–9, Revenue Procedure 2002–19, and Revenue Procedure 2002–33. Free 1040 ez filing Example 1. Free 1040 ez filing You are an individual and you use the calendar year. Free 1040 ez filing You placed qualified property in service for your business in December 2001. Free 1040 ez filing You filed your 2001 income tax return before April 15, 2002. Free 1040 ez filing You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Free 1040 ez filing You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Free 1040 ez filing Proc. Free 1040 ez filing 2002–33” at the top of the amended return. Free 1040 ez filing You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Free 1040 ez filing Example 2. Free 1040 ez filing The facts concerning your 2001 return are the same as in Example 1. Free 1040 ez filing In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Free 1040 ez filing You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Free 1040 ez filing Proc. Free 1040 ez filing 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Free 1040 ez filing You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Free 1040 ez filing Electing not to claim the allowance. Free 1040 ez filing   Generally, you have elected not to claim the special depreciation allowance for a class of property if you: Filed your return timely (including extensions) for the year you placed qualified property in service and indicated on a statement with the return that you are not claiming the allowance, or Filed your return timely and filed an amended return within 6 months of the due date of the original return (not including extensions) and indicated on a statement with the amended return that you are not claiming the allowance. Free 1040 ez filing The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Free 1040 ez filing The statement can be either attached to or written on the return. Free 1040 ez filing You can, for example, write “not deducting 30%” on Form 4562. Free 1040 ez filing Deemed election. Free 1040 ez filing   If you have not followed either of the procedures described above to elect not to claim the allowance, you may still be treated as making the election. Free 1040 ez filing You will be treated as making the election if you meet both of the following conditions. Free 1040 ez filing You filed your return for the year you placed the property in service and claimed depreciation, but not the special allowance, for any class of property. Free 1040 ez filing You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Free 1040 ez filing See Claiming the allowance, earlier. Free 1040 ez filing Passenger Automobiles The limit on your depreciation deduction (including any section 179 deduction) for any passenger automobile that is qualified property (defined earlier) placed in service after September 10, 2001, and for which you claim the special depreciation allowance is increased. Free 1040 ez filing Generally, the limit is increased from $3,060 to $7,660. Free 1040 ez filing However, if the automobile is a qualified electric car, the limit is increased from $9,280 to $23,080 ($22,980 if placed in service in 2002). Free 1040 ez filing Table 1 shows the maximum deduction amounts for 2001. Free 1040 ez filing Table 1. Free 1040 ez filing Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Free 1040 ez filing 11 Placed in Service After Sept. Free 1040 ez filing 10 Passenger automobile $3,060 $7,660 Electric car 9,280 23,080 1 1$22,980 if you place an electric car in service in 2002. Free 1040 ez filing Election not to claim the allowance. Free 1040 ez filing   The increased maximum depreciation deduction does not apply if you elected not to claim the special depreciation allowance as explained earlier under Election Not To Claim the Allowance and Rules for Returns Filed Before June 1, 2002. Free 1040 ez filing New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Free 1040 ez filing They include a special depreciation allowance for the year you place the property in service, an increased section 179 deduction, and the classification of certain leasehold improvement property as 5-year property. Free 1040 ez filing Area defined. Free 1040 ez filing   The New York Liberty Zone is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway) in the Borough of Manhattan in the City of New York, New York. Free 1040 ez filing Special Liberty Zone Depreciation Allowance You can take a special depreciation allowance for qualified Liberty Zone property you place in service after September 10, 2001. Free 1040 ez filing The allowance is an additional deduction of 30% of the property's depreciable basis. Free 1040 ez filing To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Free 1040 ez filing See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Free 1040 ez filing The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Free 1040 ez filing There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Free 1040 ez filing In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Free 1040 ez filing You cannot claim the special Liberty Zone depreciation allowance for property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Free 1040 ez filing Qualified property is eligible for only one special depreciation allowance. Free 1040 ez filing Example 1. Free 1040 ez filing On November 1, 2001, you bought and placed in service in your business, which is in the Liberty Zone, qualified Liberty Zone property that cost $200,000. Free 1040 ez filing You did not elect to claim a section 179 deduction. Free 1040 ez filing You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Free 1040 ez filing You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Free 1040 ez filing Example 2. Free 1040 ez filing The facts are the same as in Example 1, except that you choose to deduct $59,000 of the property's cost as a section 179 deduction. Free 1040 ez filing (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Free 1040 ez filing You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Free 1040 ez filing You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Free 1040 ez filing Qualified Liberty Zone Property For a 2001 calendar or fiscal year and a 2000 fiscal year that ends after September 10, 2001, property qualifies for the special Liberty Zone depreciation allowance if it meets the following requirements. Free 1040 ez filing It is one of the following types of property. Free 1040 ez filing Used property depreciated under MACRS with a recovery period of 20 years or less. Free 1040 ez filing See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Free 1040 ez filing Used water utility property. Free 1040 ez filing See 25-year property on page 22 in Publication 946. Free 1040 ez filing Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Free 1040 ez filing (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Free 1040 ez filing ) Certain nonresidential real property and residential rental property (defined later). Free 1040 ez filing It meets the following tests (explained later under Tests to be met). Free 1040 ez filing Acquisition date test. Free 1040 ez filing Placed in service date test. Free 1040 ez filing Substantial use test. Free 1040 ez filing Original use test. Free 1040 ez filing It is not excepted property (explained later under Excepted property). Free 1040 ez filing Nonresidential real property and residential rental property. Free 1040 ez filing   This property is qualifying property only to the extent it rehabilitates real property damaged, or replaces real property destroyed or condemned, as a result of the terrorist attack of September 11, 2001. Free 1040 ez filing Property is treated as replacing destroyed or condemned property if, as part of an integrated plan, such property replaces real property included in a continuous area that includes real property destroyed or condemned. Free 1040 ez filing   For these purposes, real property is considered destroyed (or condemned) only if an entire building or structure was destroyed (or condemned) as a result of the terrorist attack. Free 1040 ez filing Otherwise, the property is considered damaged real property. Free 1040 ez filing For example, if certain structural components of a building (such as walls, floors, or plumbing fixtures) are damaged or destroyed as a result of the terrorist attack, but the building is not destroyed (or condemned), then only costs related to replacing the damaged or destroyed structural components qualify for the special Liberty Zone depreciation allowance. Free 1040 ez filing Tests to be met. Free 1040 ez filing   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Free 1040 ez filing Acquisition date test. Free 1040 ez filing   You must have acquired the property by purchase after September 10, 2001, and there must not have been a binding written contract for the acquisition in effect before September 11, 2001. Free 1040 ez filing   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Free 1040 ez filing   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001. Free 1040 ez filing Placed in service date test. Free 1040 ez filing   Generally, the property must be placed in service for use in your trade or business or for the production of income before January 1, 2007 (January 1, 2010, in the case of qualifying nonresidential real property and residential rental property). Free 1040 ez filing   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Free 1040 ez filing Substantial use test. Free 1040 ez filing   Substantially all use of the property must be in the Liberty Zone and in the active conduct of your trade or business in the Liberty Zone. Free 1040 ez filing Original use test. Free 1040 ez filing   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Free 1040 ez filing   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Free 1040 ez filing Also, additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test if the original use of the property in the Liberty Zone began with you. Free 1040 ez filing Excepted property. Free 1040 ez filing   The following property does not qualify for the special Liberty Zone depreciation allowance. Free 1040 ez filing Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Free 1040 ez filing Property required to be depreciated using ADS. Free 1040 ez filing This includes listed property used 50% or less in a qualified business use. Free 1040 ez filing Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Free 1040 ez filing Example. Free 1040 ez filing In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Free 1040 ez filing New office furniture with a MACRS recovery period of 7 years. Free 1040 ez filing A used computer with a MACRS recovery period of 5 years. Free 1040 ez filing The computer had not previously been used within the Liberty Zone. Free 1040 ez filing Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Free 1040 ez filing Because the computer is used property that had not previously been used in the Liberty Zone, it qualifies for the special Liberty Zone depreciation allowance, but not the special depreciation allowance. Free 1040 ez filing Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Free 1040 ez filing If you make this election for any property, it applies to all property in the same property class placed in service during the year. Free 1040 ez filing To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Free 1040 ez filing When to make the election. Free 1040 ez filing   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Free 1040 ez filing   However, 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 original return (not including extensions). Free 1040 ez filing Attach the election statement to the amended return. Free 1040 ez filing At the top of the election statement, write “Filed pursuant to section 301. Free 1040 ez filing 9100–2. Free 1040 ez filing ” Revoking an election. Free 1040 ez filing   Once you elect not to deduct the special Liberty Zone depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Free 1040 ez filing A request to revoke the election is subject to a user fee. Free 1040 ez filing Returns filed before June 1, 2002. Free 1040 ez filing   The rules that apply to the special depreciation allowance discussed earlier in Rules for Returns Filed Before June 1, 2002 under Special Depreciation Allowance also apply to the special Liberty Zone depreciation allowance. Free 1040 ez filing Increased Section 179 Deduction Under section 179 of the Internal Revenue Code, you can choose to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. Free 1040 ez filing For tax years beginning in 2000, that limit was $20,000. Free 1040 ez filing For tax years beginning in 2001 and 2002, that limit is generally $24,000. Free 1040 ez filing If the cost of qualifying section 179 property placed in service in a year is over $200,000, you must reduce the dollar limit (but not below zero) by the amount of the cost over $200,000. Free 1040 ez filing Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Free 1040 ez filing The increase is the smaller of the following amounts. Free 1040 ez filing $35,000. Free 1040 ez filing The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Free 1040 ez filing If you use the revised 2001 Form 4562 (dated March 2002) for a tax year beginning in 2000, you must reduce the section 179 dollar limit to $20,000 before adding the additional amount for qualified property. Free 1040 ez filing Qualified property. Free 1040 ez filing   To qualify for the increased section 179 deduction, your property must be section 179 property that is either: Qualified Liberty Zone property, or Property that would be qualified Liberty Zone property except that it is eligible for the special depreciation allowance. Free 1040 ez filing Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Free 1040 ez filing Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Free 1040 ez filing For information on the requirements that must be met for property to qualify for the section 179 deduction, see What Property Qualifies? on page 14 of Publication 946. Free 1040 ez filing Example 1. Free 1040 ez filing In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Free 1040 ez filing Because this cost is less than $35,000, the dollar limit on the section 179 deduction is increased by $25,000 to $49,000 ($24,000 + $25,000). Free 1040 ez filing Example 2. Free 1040 ez filing In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Free 1040 ez filing Because $35,000 is less than the cost of the property you place in service, the dollar limit on the section 179 deduction you can claim is increased by $35,000 to $59,000 ($24,000 + $35,000). Free 1040 ez filing Reduced Dollar Limit Generally, you must reduce the dollar limit for a year by the cost of qualifying section 179 property placed in service in the year that is more than $200,000. Free 1040 ez filing However, if the cost of your Liberty Zone property exceeds $200,000, you take into account only 50% (instead of 100%) of the cost of qualified property placed in service in a year. Free 1040 ez filing Example. Free 1040 ez filing In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Free 1040 ez filing Your increased dollar limit is $59,000 ($35,000 + $24,000). Free 1040 ez filing Because 50% of the cost of the property you place in service ($230,000) is $30,000 more than $200,000, you must reduce your $59,000 dollar limit to $29,000 ($59,000 - $30,000). Free 1040 ez filing Recapture Rules Rules similar to those explained on page 20 of Publication 946 under When Must You Recapture the Deduction? apply with respect to any qualified property you stop using in the Liberty Zone. Free 1040 ez filing Returns Filed Before June 1, 2002 If you filed a return before June 1, 2002, and did not deduct the increased section 179 amount for qualified property placed in service after September 10, 2001, you can deduct the increased amount by filing an amended return by the due date (not including extensions) of the return for the year after the year the property was placed in service. Free 1040 ez filing This rule applies to returns for the following years. Free 1040 ez filing 2000 fiscal years that end after September 10, 2001. Free 1040 ez filing 2001 calendar and fiscal years. Free 1040 ez filing On the amended return, write “Filed Pursuant to Rev. Free 1040 ez filing Proc. Free 1040 ez filing 2002–33. Free 1040 ez filing ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Free 1040 ez filing This means that it is depreciated over a recovery period of 5 years. Free 1040 ez filing For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Free 1040 ez filing The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Free 1040 ez filing Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Free 1040 ez filing Returns Filed Before June 1, 2002 If you filed either of the following returns before June 1, 2002, and did not depreciate qualified Liberty Zone leasehold improvement property placed in service during the tax year as 5-year property using the straight line method, you should file an amended return before you file your return for the year after the year the property was placed in service. Free 1040 ez filing Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Free 1040 ez filing Your 2001 calendar or fiscal year return. Free 1040 ez filing On the amended return, write “Filed Pursuant to Rev. Free 1040 ez filing Proc. Free 1040 ez filing 2002–33. Free 1040 ez filing ” Table 2. Free 1040 ez filing Rules for Returns Filed Before June 1, 2002 Note:This chart highlights the rules for returns affected by the Job Creation and Worker Assistance Act of 2002 that were filed before June 1, 2002, without accounting for any of the new benefits under the law. Free 1040 ez filing See the text for definitions and examples. Free 1040 ez filing Do not rely on this chart alone. Free 1040 ez filing IF you want to. Free 1040 ez filing . Free 1040 ez filing . Free 1040 ez filing THEN you. Free 1040 ez filing . Free 1040 ez filing . Free 1040 ez filing BY. Free 1040 ez filing . Free 1040 ez filing . Free 1040 ez filing claim the special depreciation allowance or special Liberty Zone depreciation allowance • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service, or • must file Form 3115, Application for Change in Accounting Method, with your return for the year after the year the property was placed in service • the due date (including extensions) of your return for the year after the year the property was placed in service, and • must file a copy of your completed Form 3115 with the IRS National Office • the date you file the original Form 3115 with your return for the year after the year the property was placed in service. Free 1040 ez filing elect not to claim the special depreciation allowance or the special Liberty Zone depreciation allowance 1 • must have filed your return timely for the year the property was placed in service, and   • must file an amended return stating you are not claiming the allowance • the date that is 6 months after the due date of the original return (not including extensions). Free 1040 ez filing deduct the increased section 179 amount • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service. Free 1040 ez filing use a 5-year recovery period for depreciating qualified Liberty Zone leasehold improvement property • should file an amended return • the date you file your return for the year after the year the property was placed in service. Free 1040 ez filing 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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Free 1040 ez filing 5. Free 1040 ez filing   How To Get Tax Help Table of Contents Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Free 1040 ez filing Free help with your tax return. Free 1040 ez filing   You can get free help preparing your return nationwide from IRS-certified volunteers. Free 1040 ez filing The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Free 1040 ez filing The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free 1040 ez filing Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Free 1040 ez filing In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Free 1040 ez filing To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Free 1040 ez filing gov, download the IRS2Go app, or call 1-800-906-9887. Free 1040 ez filing   As part of the TCE program, AARP offers the Tax-Aide counseling program. Free 1040 ez filing To find the nearest AARP Tax-Aide site, visit AARP's website at www. Free 1040 ez filing aarp. Free 1040 ez filing org/money/taxaide or call 1-888-227-7669. Free 1040 ez filing For more information on these programs, go to IRS. Free 1040 ez filing gov and enter “VITA” in the search box. Free 1040 ez filing Internet. Free 1040 ez filing    IRS. Free 1040 ez filing gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Free 1040 ez filing Download the free IRS2Go app from the iTunes app store or from Google Play. Free 1040 ez filing Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Free 1040 ez filing Check the status of your 2013 refund with the Where's My Refund? application on IRS. Free 1040 ez filing gov or download the IRS2Go app and select the Refund Status option. Free 1040 ez filing The IRS issues more than 9 out of 10 refunds in less than 21 days. Free 1040 ez filing Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Free 1040 ez filing You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free 1040 ez filing The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free 1040 ez filing Use the Interactive Tax Assistant (ITA) to research your tax questions. Free 1040 ez filing No need to wait on the phone or stand in line. Free 1040 ez filing The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Free 1040 ez filing When you reach the response screen, you can print the entire interview and the final response for your records. Free 1040 ez filing New subject areas are added on a regular basis. Free 1040 ez filing  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Free 1040 ez filing gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Free 1040 ez filing You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Free 1040 ez filing The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Free 1040 ez filing When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Free 1040 ez filing Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Free 1040 ez filing You can also ask the IRS to mail a return or an account transcript to you. Free 1040 ez filing Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Free 1040 ez filing gov or by calling 1-800-908-9946. Free 1040 ez filing Tax return and tax account transcripts are generally available for the current year and the past three years. Free 1040 ez filing Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Free 1040 ez filing Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Free 1040 ez filing If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Free 1040 ez filing Check the status of your amended return using Where's My Amended Return? Go to IRS. Free 1040 ez filing gov and enter Where's My Amended Return? in the search box. Free 1040 ez filing You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free 1040 ez filing It can take up to 3 weeks from the date you mailed it to show up in our system. Free 1040 ez filing Make a payment using one of several safe and convenient electronic payment options available on IRS. Free 1040 ez filing gov. Free 1040 ez filing Select the Payment tab on the front page of IRS. Free 1040 ez filing gov for more information. Free 1040 ez filing Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Free 1040 ez filing Figure your income tax withholding with the IRS Withholding Calculator on IRS. Free 1040 ez filing gov. Free 1040 ez filing Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Free 1040 ez filing Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Free 1040 ez filing gov. Free 1040 ez filing Request an Electronic Filing PIN by going to IRS. Free 1040 ez filing gov and entering Electronic Filing PIN in the search box. Free 1040 ez filing Download forms, instructions and publications, including accessible versions for people with disabilities. Free 1040 ez filing Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Free 1040 ez filing gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Free 1040 ez filing An employee can answer questions about your tax account or help you set up a payment plan. Free 1040 ez filing Before you visit, check the Office Locator on IRS. Free 1040 ez filing gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Free 1040 ez filing If you have a special need, such as a disability, you can request an appointment. Free 1040 ez filing Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Free 1040 ez filing Apply for an Employer Identification Number (EIN). Free 1040 ez filing Go to IRS. Free 1040 ez filing gov and enter Apply for an EIN in the search box. Free 1040 ez filing Read the Internal Revenue Code, regulations, or other official guidance. Free 1040 ez filing Read Internal Revenue Bulletins. Free 1040 ez filing Sign up to receive local and national tax news and more by email. Free 1040 ez filing Just click on “subscriptions” above the search box on IRS. Free 1040 ez filing gov and choose from a variety of options. Free 1040 ez filing    Phone. Free 1040 ez filing You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Free 1040 ez filing Download the free IRS2Go app from the iTunes app store or from Google Play. Free 1040 ez filing Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Free 1040 ez filing gov, or download the IRS2Go app. Free 1040 ez filing Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Free 1040 ez filing The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free 1040 ez filing Most VITA and TCE sites offer free electronic filing. Free 1040 ez filing Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Free 1040 ez filing Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Free 1040 ez filing Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Free 1040 ez filing If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Free 1040 ez filing The IRS issues more than 9 out of 10 refunds in less than 21 days. Free 1040 ez filing Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free 1040 ez filing Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Free 1040 ez filing The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free 1040 ez filing Note, the above information is for our automated hotline. Free 1040 ez filing Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Free 1040 ez filing Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Free 1040 ez filing You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free 1040 ez filing It can take up to 3 weeks from the date you mailed it to show up in our system. Free 1040 ez filing Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Free 1040 ez filing You should receive your order within 10 business days. Free 1040 ez filing Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Free 1040 ez filing If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Free 1040 ez filing Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Free 1040 ez filing The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Free 1040 ez filing These individuals can also contact the IRS through relay services such as the Federal Relay Service. Free 1040 ez filing    Walk-in. Free 1040 ez filing You can find a selection of forms, publications and services — in-person. Free 1040 ez filing Products. Free 1040 ez filing You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Free 1040 ez filing Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Free 1040 ez filing Services. Free 1040 ez filing You can walk in to your local TAC for face-to-face tax help. Free 1040 ez filing An employee can answer questions about your tax account or help you set up a payment plan. Free 1040 ez filing Before visiting, use the Office Locator tool on IRS. Free 1040 ez filing gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Free 1040 ez filing    Mail. Free 1040 ez filing You can send your order for forms, instructions, and publications to the address below. Free 1040 ez filing You should receive a response within 10 business days after your request is received. Free 1040 ez filing Internal Revenue Service 1201 N. Free 1040 ez filing Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Free 1040 ez filing The Taxpayer Advocate Service (TAS) is your voice at the IRS. Free 1040 ez filing Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Free 1040 ez filing   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Free 1040 ez filing We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Free 1040 ez filing You face (or your business is facing) an immediate threat of adverse action. Free 1040 ez filing You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Free 1040 ez filing   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Free 1040 ez filing Here's why we can help: TAS is an independent organization within the IRS. Free 1040 ez filing Our advocates know how to work with the IRS. Free 1040 ez filing Our services are free and tailored to meet your needs. Free 1040 ez filing We have offices in every state, the District of Columbia, and Puerto Rico. Free 1040 ez filing   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Free 1040 ez filing   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Free 1040 ez filing If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Free 1040 ez filing Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Free 1040 ez filing Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Free 1040 ez filing Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Free 1040 ez filing Prev  Up  Next   Home   More Online Publications