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Free Income Tax Return

Free income tax return Publication 596SP - Introductory Material Table of Contents Acontecimientos Futuros ¿Qué es el Crédito por Ingreso del Trabajo (EIC)? ¿Puedo Reclamar el Crédito por Ingreso del Trabajo (EIC)? ¿Necesito esta Publicación? ¿Hay que Tener un Hijo para Tener Derecho al Crédito por Ingreso del Trabajo (EIC)? ¿Cómo Calculo la Cantidad del Crédito por Ingreso del Trabajo (EIC)? ¿Cómo Puedo Encontrar Rápidamente Información Específica? ¿Hay Ayuda Disponible en Internet? Qué Hay de Nuevo para el año 2013 Recordatorios Acontecimientos Futuros Para la información más actualizada sobre los acontecimientos que afectan la Publicación 596(SP), tales como legislación promulgada después de su publicación, visite www. Free income tax return irs. Free income tax return gov/pub596sp, en inglés. Free income tax return ¿Qué es el Crédito por Ingreso del Trabajo (EIC)? El crédito por ingreso del trabajo (EIC, por sus siglas en inglés) es un crédito tributario para aquellas personas que trabajan y que reciben ingreso del trabajo inferior a $51,567. Free income tax return Un crédito tributario significa que va a tener más dinero disponible porque reduce la cantidad de impuesto a pagar. Free income tax return El crédito por ingreso del trabajo (EIC) también podría proporcionarle un reembolso. Free income tax return ¿Puedo Reclamar el Crédito por Ingreso del Trabajo (EIC)? Para tener derecho al crédito por ingreso del trabajo (EIC), tiene que cumplir determinados requisitos. Free income tax return Dichos requisitos se resumen en la Tabla 1. Free income tax return Tabla 1. Free income tax return Síntesis del Crédito por Ingreso del Trabajo Primero, tiene que cumplir todos los requisitos de esta columna. Free income tax return Segundo, tiene que cumplir todos los requisitos de una de estas columnas, la que le corresponda. Free income tax return Tercero, tiene que cumplir el requisito de esta columna. Free income tax return Capítulo 1. Free income tax return  Requisitos para Todos Capítulo 2. Free income tax return  Requisitos que Tiene que Cumplir si Tiene un Hijo Calificado Capítulo 3. Free income tax return  Requisitos que Tiene que Cumplir si no Tiene un Hijo Calificado Capítulo 4. Free income tax return  Calcular y Reclamar el Crédito por Ingreso del Trabajo (EIC) 1. Free income tax return Tiene que tener  ingresos brutos ajustados (AGI, por sus siglas en inglés) inferiores a:  • $46,227 ($51,567 para casados que presentan una declaración conjunta) si tiene tres o más hijos calificados,  • $43,038 ($48,378 para casados que presentan una declaración conjunta) si tiene dos hijos calificados,  • $37,870 ($43,210 para casados que presentan una declaración conjunta) si tiene un hijo calificado o  • $14,340 ($19,680 para casados que presentan una declaración conjunta) si no tiene un hijo calificado. Free income tax return 2. Free income tax return Tiene que tener un número de Seguro Social válido. Free income tax return   3. Free income tax return Su estado civil para efectos de la declaración no puede ser  “casado que presenta la declaración por separado”. Free income tax return   4. Free income tax return Tiene que ser ciudadano de los Estados Unidos o extranjero residente durante todo el año. Free income tax return   5. Free income tax return No puede presentar el Formulario 2555 ni el Formulario 2555-EZ (relacionado con el ingreso del trabajo en el extranjero). Free income tax return   6. Free income tax return Sus ingresos procedentes de inversiones tienen que ser de $3,300 o menos. Free income tax return    7. Free income tax return Tiene que haber recibido ingreso del trabajo. Free income tax return 8. Free income tax return Su hijo tiene que cumplir los requisitos de parentesco, edad, residencia y de declaración conjunta. Free income tax return   9. Free income tax return Soló una persona puede utilizar su hijo calificado para fines de reclamar el crédito por ingreso del trabajo (EIC). Free income tax return   10. Free income tax return Usted no puede ser el hijo calificado de otra persona. Free income tax return 11. Free income tax return Tiene que tener por lo menos 25 años de edad pero menos de 65 años de edad. Free income tax return   12. Free income tax return Usted no puede ser dependiente de otra persona. Free income tax return   13. Free income tax return Usted no puede ser el hijo calificado de otra persona. Free income tax return   14. Free income tax return Tiene que haber vivido en los Estados Unidos durante más de la mitad del año. Free income tax return 15. Free income tax return Tiene que tener ingresos del trabajo inferiores a:  • $46,227 ($51,567 para casados que presentan una declaración conjunta) si tiene tres o más hijos calificados,  • $43,038 ($48,378 para casados que presentan una declaración conjunta) si tiene dos hijos calificados,  • $37,870 ($43,210 para casados que presentan una declaración conjunta) si tiene un hijo calificado o  • $14,340 ($19,680 para casados que presentan una declaración conjunta) si no tiene un hijo calificado. Free income tax return ¿Necesito esta Publicación? Algunas personas que presenten el Formulario 1040 tienen que usar la Hoja de Trabajo 1 de esta publicación, en vez de consultar el Paso 2 de las instrucciones para el Formulario 1040, para determinar si pueden reclamar el crédito por ingreso del trabajo (EIC). Free income tax return Usted se encuentra en esta categoría si alguna de las siguientes situaciones le corresponde para el año 2013. Free income tax return Presenta el Anexo E (Formulario 1040). Free income tax return Declara ingresos provenientes del alquiler de bienes inmuebles/muebles que no son utilizados en un oficio o negocio. Free income tax return Declara ingresos en la línea 21 del Formulario 1040 que provienen del Formulario 8814 (relacionados con la elección de declarar los intereses y dividendos recibidos por un hijo). Free income tax return Declara una cantidad en la línea 13 del Formulario 1040 que incluye una cantidad del Formulario 4797. Free income tax return Si ninguna de las situaciones que aparecen anteriormente le corresponde, las instrucciones del formulario de impuestos contienen toda la información que necesita para saber si puede reclamar el crédito por ingreso del trabajo (EIC) y para calcular la cantidad del mismo. Free income tax return No necesita esta publicación, pero puede leerla para saber si puede reclamar el crédito por ingreso del trabajo (EIC) y para aprender más sobre este crédito. Free income tax return ¿Hay que Tener un Hijo para Tener Derecho al Crédito por Ingreso del Trabajo (EIC)? No. Free income tax return Puede reunir los requisitos del crédito por ingreso del trabajo (EIC) aunque no tenga un hijo calificado si usted tiene como mínimo 25 años de edad pero menos de 65 años y tiene ingresos del trabajo inferiores a $14,340 ($19,680 si es casado que presenta una declaración conjunta). Free income tax return Vea el capítulo 3 para información adicional. Free income tax return ¿Cómo Calculo la Cantidad del Crédito por Ingreso del Trabajo (EIC)? Si puede reclamar el crédito por ingreso del trabajo (EIC), tiene la opción de solicitar que el IRS le calcule la cantidad del crédito o puede calcularlo usted mismo. Free income tax return Para calcularlo usted mismo, puede llenar la hoja de trabajo que se encuentra en las instrucciones del formulario que presente. Free income tax return Para saber cómo solicitar que el IRS le calcule la cantidad del crédito, vea el capítulo 4. Free income tax return ¿Cómo Puedo Encontrar Rápidamente Información Específica? Puede utilizar el índice para buscar información específica. Free income tax return En la mayoría de los casos, el índice hace referencia a títulos, tablas u hojas de trabajo. Free income tax return ¿Hay Ayuda Disponible en Internet? Sí. Free income tax return Puede utilizar el Asistente EITC en el sitio web www. Free income tax return irs. Free income tax return gov/espanol para saber si tiene derecho al crédito. Free income tax return El Asistente EITC está disponible en español y en inglés. Free income tax return Qué Hay de Nuevo para el año 2013 La cantidad de ingresos del trabajo ha aumentado. Free income tax return La cantidad máxima de ingresos que usted puede ganar y aún obtener el crédito ha aumentado. Free income tax return Tal vez pueda reclamar el crédito si: Tiene tres o más hijos calificados y gana menos de $46,227 ($51,567 si es casado que presenta una declaración conjunta), Tiene dos hijos calificados y gana menos de $43,038 ($48,378 si es casado que presenta una declaración conjunta), Tiene un hijo calificado y gana menos de $37,870 ($43,210 si es casado que presenta una declaración conjunta) o No tiene un hijo calificado y gana menos de $14,340 ($19,680 si es casado que presenta una declaración conjunta). Free income tax return Además, tiene que tener ingresos brutos ajustados inferiores a la cantidad que le corresponda de la lista anterior. Free income tax return Para más información, vea los Requisitos 1 y 15. Free income tax return La cantidad de ingresos de inversiones ha aumentado. Free income tax return La cantidad máxima de ingresos de inversiones que usted puede ganar y aún obtener el crédito ha aumentado a $3,300. Free income tax return Vea el Requisito 6 —Tiene que tener ingresos de inversiones de $3,300 o menos . Free income tax return Recordatorios Aumento del crédito por ingreso del trabajo (EIC) en ciertas declaraciones conjuntas. Free income tax return  Una persona casada que presente una declaración conjunta podría recibir un crédito mayor que el que recibe otra persona que tenga los mismos ingresos pero con un estado civil diferente para efectos de la declaración. Free income tax return Por lo tanto, la Tabla del Crédito por Ingreso del Trabajo (EIC) tiene columnas distintas para las personas casadas que presenten una declaración conjunta que para los demás. Free income tax return Cuando busque su crédito por ingreso del trabajo en la Tabla del Crédito por Ingreso del Trabajo (EIC), asegúrese de usar la columna correcta para su estado civil para efectos de la declaración y el número de hijos que tenga. Free income tax return El crédito por ingreso del trabajo (EIC) no afecta ciertos pagos de bienestar social. Free income tax return  Todo reembolso que reciba por el crédito por ingreso del trabajo (EIC) no se considera ingreso al determinar si usted u otra persona tiene derecho a recibir beneficios de los programas de asistencia social que se indican a continuación, ni al determinar la cantidad que usted u otra persona puede recibir de algún programa federal, o algún programa estatal o local que recibe todo o parte de sus fondos de fuentes federales. Free income tax return Tales programas incluyen los siguientes: Asistencia Temporal para Familias Necesitadas (TANF, por sus siglas en inglés). Free income tax return Seguro Medicaid. Free income tax return Seguridad de Ingreso Suplementario (SSI, por sus siglas en inglés). Free income tax return Programas de Asistencia Suplementaria de Alimentación (SNAP, por sus siglas en inglés) (cupones para alimentos). Free income tax return Viviendas para personas de bajos ingresos. Free income tax return Además, cuando determine la elegibilidad, el reembolso no podrá ser contado como una fuente de ingresos, durante por lo menos 12 meses después que usted lo reciba. Free income tax return Hable con el coordinador de beneficios local para averiguar si su reembolso afectará sus beneficios. Free income tax return No se olvide del crédito estatal. Free income tax return  Si reúne los requisitos para reclamar el crédito por ingreso del trabajo (EIC) en la declaración de impuestos federales sobre los ingresos, podría tener también derecho a reclamar un crédito parecido en la declaración de impuestos estatales o locales sobre los ingresos. Free income tax return Para ver una lista de estados que ofrecen el crédito estatal por ingreso del trabajo, visite www. Free income tax return irs. Free income tax return gov/eitc. Free income tax return En caso de que el IRS cuestione el crédito por ingreso del trabajo (EIC). Free income tax return  El IRS puede pedirle que entregue documentos para comprobar que usted tiene derecho al crédito por ingreso del trabajo (EIC). Free income tax return Le informaremos cuáles documentos debe enviarnos. Free income tax return Éstos pueden incluir actas de nacimiento, expedientes académicos, expedientes médicos, etc. Free income tax return El proceso para determinar su derecho al crédito demorará su reembolso. Free income tax return Fotografías de niños desaparecidos. Free income tax return  El IRS se complace en colaborar con el Centro Nacional de Niños Desaparecidos y Explotados (National Center for Missing and Exploited Children). Free income tax return Esta publicación puede contener fotografías de niños desaparecidos seleccionadas por el Centro en páginas que de otra manera estarían en blanco. Free income tax return Usted puede ayudar a que estos niños regresen a su hogar si al mirar sus fotografías los identifica y llama gratis al 1-800-THE-LOST (1-800-843-5678). Free income tax return Comentarios y sugerencias. Free income tax return  Agradeceremos sus comentarios acerca de esta publicación, así como sus sugerencias para ediciones futuras. Free income tax return Nos puede escribir a la dirección siguiente:  Internal Revenue Service Tax Forms and Publications 1111 Constitution Ave. Free income tax return NW, IR-6526 Washington, DC 20224 Contestamos muchas cartas por teléfono. Free income tax return Por lo tanto, sería útil que incluyera en la correspondencia su número de teléfono, con el código de área, para llamar durante el día. Free income tax return Usted nos puede enviar comentarios desde la página web en www. Free income tax return irs. Free income tax return gov/formspubs, en inglés. Free income tax return Pulse sobre “More Information,” (Más información) y seleccionando “Give us feedback. Free income tax return ” (Proveer comentarios). Free income tax return Aunque no podemos contestar individualmente cada comentario, agradecemos sus comentarios y sugerencias y los tendremos en cuenta para ediciones futuras de nuestros productos tributarios. Free income tax return Para pedir formularios y publicaciones. Free income tax return  Visite www. Free income tax return irs. Free income tax return gov/formspubs para descargar formularios y publicaciones, llame al 1-800-829-3676 para pedir formularios y publicaciones o escriba a la dirección a continuación para recibir una respuesta dentro de los 10 días después de recibir su solicitud. Free income tax return  Internal Revenue Service 1201 N. Free income tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Preguntas sobre los impuestos. Free income tax return  Si tiene una pregunta sobre los impuestos, verifique la información disponible en IRS. Free income tax return gov/espanol o llame al 1-800-829-1040. Free income tax return No podemos contestar preguntas sobre impuestos enviadas a ninguna de las dos direcciones anteriores. Free income tax return Prev  Up  Next   Home   More Online Publications
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The Free Income Tax Return

Free income tax return 5. Free income tax return   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. Free income tax return Making the election. Free income tax return Form 3115. Free income tax return Income TaxesAccrual of contested income taxes. Free income tax return Employment Taxes Other TaxesAdditional Medicare Tax. Free income tax return What's New Additional Medicare Tax. Free income tax return  Beginning in 2013, you must withhold a 0. Free income tax return 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Free income tax return Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. Free income tax return See Employment Taxes , and Self-employment tax , later. Free income tax return Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. Free income tax return You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. Free income tax return Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. Free income tax return When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. Free income tax return This applies whether you use the cash method or an accrual method of accounting. Free income tax return Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. Free income tax return You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . Free income tax return Limit on accrual of taxes. Free income tax return   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. Free income tax return However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. Free income tax return Example. Free income tax return Your state imposes a tax on personal property used in a trade or business conducted in the state. Free income tax return This tax is assessed and becomes a lien as of July 1 (accrual date). Free income tax return In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. Free income tax return Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. Free income tax return You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. Free income tax return Uniform capitalization rules. Free income tax return   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. Free income tax return They also apply to certain taxpayers who acquire property for resale. Free income tax return Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. Free income tax return For more information, see chapter 1. Free income tax return Carrying charges. Free income tax return   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. Free income tax return You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. Free income tax return For more information, see chapter 7. Free income tax return Refunds of taxes. Free income tax return   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. Free income tax return For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. Free income tax return    You must include in income any interest you receive on tax refunds. Free income tax return Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. Free income tax return The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. Free income tax return Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. Free income tax return See Taxes for local benefits , later. Free income tax return If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. Free income tax return However, you can elect to ratably accrue the taxes during the year. Free income tax return See Electing to ratably accrue , later. Free income tax return Taxes for local benefits. Free income tax return   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. Free income tax return These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. Free income tax return You should increase the basis of your property by the amount of the assessment. Free income tax return   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. Free income tax return If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. Free income tax return Example. Free income tax return To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. Free income tax return The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. Free income tax return The city is paying the principal and interest with the annual payments made by the property owners. Free income tax return The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. Free income tax return The part of the payments used to pay the interest charges on the bonds is deductible as taxes. Free income tax return Charges for services. Free income tax return   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. Free income tax return Purchase or sale of real estate. Free income tax return   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. Free income tax return   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. Free income tax return Treat the seller as paying the taxes up to but not including the date of sale. Free income tax return Treat the buyer as paying the taxes beginning with the date of sale. Free income tax return You can usually find this information on the settlement statement you received at closing. Free income tax return   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. Free income tax return Example. Free income tax return Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. Free income tax return He has not elected to ratably accrue property taxes. Free income tax return November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. Free income tax return He sold the property on June 30, 2013. Free income tax return Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. Free income tax return He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. Free income tax return Electing to ratably accrue. Free income tax return   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. Free income tax return Example. Free income tax return Juan Sanchez is a calendar year taxpayer who uses an accrual method. Free income tax return His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. Free income tax return July 1 is the assessment and lien date. Free income tax return If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. Free income tax return Separate elections. Free income tax return   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. Free income tax return Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. Free income tax return See Form 3115 , later. Free income tax return Making the election. Free income tax return   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. Free income tax return The statement should show all the following items. Free income tax return The trades or businesses to which the election applies and the accounting method or methods used. Free income tax return The period to which the taxes relate. Free income tax return The computation of the real estate tax deduction for that first year. Free income tax return   Generally, you must file your return by the due date (including extensions). Free income tax return However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). Free income tax return Attach the statement to the amended return and write “Filed pursuant to section 301. Free income tax return 9100-2” on the statement. Free income tax return File the amended return at the same address where you filed the original return. Free income tax return Form 3115. Free income tax return    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. Free income tax return For more information, including applicable time frames for filing, see the Instructions for Form 3115. Free income tax return Note. Free income tax return If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. Free income tax return R. Free income tax return B. Free income tax return 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. Free income tax return R. Free income tax return B. Free income tax return 689, and Revenue Procedure 2012-20, 2012-14 I. Free income tax return R. Free income tax return B. Free income tax return 700, or any successor. Free income tax return Revenue Procedure 2011-14 is available at  www. Free income tax return irs. Free income tax return gov/irb/2011-04IRB/ar08. Free income tax return html. Free income tax return Income Taxes This section discusses federal, state, local, and foreign income taxes. Free income tax return Federal income taxes. Free income tax return   You cannot deduct federal income taxes. Free income tax return State and local income taxes. Free income tax return   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. Free income tax return An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). Free income tax return   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. Free income tax return Accrual of contested income taxes. Free income tax return   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. Free income tax return   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. Free income tax return You cannot deduct them in the year in which the liability is finally determined. Free income tax return    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. Free income tax return Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. Free income tax return   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. Free income tax return You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. Free income tax return For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. Free income tax return Foreign income taxes. Free income tax return   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. Free income tax return S. Free income tax return possession. Free income tax return However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. Free income tax return S. Free income tax return tax under the foreign earned income exclusion or the foreign housing exclusion. Free income tax return For information on these exclusions, see Publication 54, Tax Guide for U. Free income tax return S. Free income tax return Citizens and Resident Aliens Abroad. Free income tax return For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. Free income tax return Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. Free income tax return Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. Free income tax return You may also need to pay certain employment taxes from your own funds. Free income tax return These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. Free income tax return Note. Free income tax return Additional Medicare Tax is only imposed on the employee. Free income tax return There is no employer share of Additional Medicare Tax. Free income tax return Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. Free income tax return You can deduct the employment taxes you must pay from your own funds as taxes. Free income tax return Example. Free income tax return You pay your employee $18,000 a year. Free income tax return However, after you withhold various taxes, your employee receives $14,500. Free income tax return You also pay an additional $1,500 in employment taxes. Free income tax return You should deduct the full $18,000 as wages. Free income tax return You can deduct the $1,500 you pay from your own funds as taxes. Free income tax return For more information on employment taxes, see Publication 15 (Circular E). Free income tax return Unemployment fund taxes. Free income tax return   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. Free income tax return Deduct these payments as taxes. Free income tax return Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. Free income tax return Excise taxes. Free income tax return   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. Free income tax return However, see Fuel taxes , later. Free income tax return   For more information on excise taxes, see Publication 510. Free income tax return Franchise taxes. Free income tax return   You can deduct corporate franchise taxes as a business expense. Free income tax return Fuel taxes. Free income tax return   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. Free income tax return Do not deduct these taxes as a separate item. Free income tax return   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. Free income tax return For more information, see Publication 510. Free income tax return Occupational taxes. Free income tax return   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. Free income tax return Personal property tax. Free income tax return   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. Free income tax return Sales tax. Free income tax return   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. Free income tax return If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. Free income tax return If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. Free income tax return If the property is depreciable, add the sales tax to the basis for depreciation. Free income tax return For more information on basis, see Publication 551. Free income tax return    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. Free income tax return Also, do not include these taxes in gross receipts or sales. Free income tax return Self-employment tax. Free income tax return   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. Free income tax return This deduction only affects your income tax. Free income tax return It does not affect your net earnings from self-employment or your self-employment tax. Free income tax return   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). Free income tax return   For more information on self-employment tax, see Publication 334. Free income tax return Additional Medicare Tax. Free income tax return   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. Free income tax return See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. Free income tax return Prev  Up  Next   Home   More Online Publications