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Free Irs Extension Form

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Free Irs Extension Form

Free irs extension form 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 irs extension form Publication 946, How To Depreciate Property, contains information on depreciation. Free irs extension form However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Free irs extension form The new provisions are in the Supplement to Publication 946, which is reprinted below. Free irs extension form 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 irs extension form The new law made several changes in the tax rules explained in the publication. Free irs extension form Some of the changes apply to property placed in service during 2001. Free irs extension form This supplemental publication describes those changes and explains what you should do if you are affected by them. Free irs extension form 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 irs extension form The new law contains the following provisions. Free irs extension form 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 irs extension form An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Free irs extension form A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Free irs extension form An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Free irs extension form 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 irs extension form 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 irs extension form 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 irs extension form Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Free irs extension form The allowance is an additional deduction of 30% of the property's depreciable basis. Free irs extension form 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 irs extension form See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Free irs extension form The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Free irs extension form There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Free irs extension form 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 irs extension form Example 1. Free irs extension form On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Free irs extension form You did not elect to claim a section 179 deduction. Free irs extension form You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Free irs extension form You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Free irs extension form Example 2. Free irs extension form 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 irs extension form You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Free irs extension form You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Free irs extension form Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Free irs extension form It is new property of one of the following types. Free irs extension form Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Free irs extension form See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Free irs extension form Water utility property. Free irs extension form See 25-year property on page 22 in Publication 946. Free irs extension form Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Free irs extension form (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Free irs extension form ) Qualified leasehold improvement property (defined later). Free irs extension form It meets the following tests (explained later under Tests To Be Met). Free irs extension form Acquisition date test. Free irs extension form Placed in service date test. Free irs extension form Original use test. Free irs extension form It is not excepted property (explained later under Excepted Property). Free irs extension form Qualified leasehold improvement property. Free irs extension form    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 irs extension form 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 irs extension form That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Free irs extension form The improvement is placed in service more than 3 years after the date the building was first placed in service. Free irs extension form   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Free irs extension form The enlargement of the building. Free irs extension form Any elevator or escalator. Free irs extension form Any structural component benefiting a common area. Free irs extension form The internal structural framework of the building. Free irs extension form   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 irs extension form However, a binding commitment between related persons is not treated as a lease. Free irs extension form Related persons. Free irs extension form   For this purpose, the following are related persons. Free irs extension form Members of an affiliated group. Free irs extension form 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 irs extension form An executor and a beneficiary of the same estate. Free irs extension form Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Free irs extension form Acquisition date test. Free irs extension form    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 irs extension form   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 irs extension form Placed in service date test. Free irs extension form   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 irs extension form   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 irs extension form Original use test. Free irs extension form   The original use of the property must have begun with you after September 10, 2001. Free irs extension form “Original use” means the first use to which the property is put, whether or not by you. Free irs extension form Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Free irs extension form Excepted Property The following property does not qualify for the special depreciation allowance. Free irs extension form Property used by any person before September 11, 2001. Free irs extension form Property required to be depreciated using ADS. Free irs extension form This includes listed property used 50% or less in a qualified business use. Free irs extension form Qualified New York Liberty Zone leasehold improvement property (defined next). Free irs extension form Qualified New York Liberty Zone leasehold improvement property. Free irs extension form   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Free irs extension form The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Free irs extension form The improvement is placed in service after September 10, 2001, and before January 1, 2007. Free irs extension form No written binding contract for the improvement was in effect before September 11, 2001. Free irs extension form Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Free irs extension form 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 irs extension form 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 irs extension form When to make election. Free irs extension form   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 irs extension form   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 irs extension form Attach the election statement to the amended return. Free irs extension form At the top of the election statement, write “Filed pursuant to section 301. Free irs extension form 9100–2. Free irs extension form ” Revoking an election. Free irs extension form   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Free irs extension form A request to revoke the election is subject to a user fee. Free irs extension form 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 irs extension form The rules apply to returns for the following years. Free irs extension form 2000 fiscal years that end after September 10, 2001. Free irs extension form 2001 calendar and fiscal years. Free irs extension form Claiming the allowance. Free irs extension form   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 irs extension form 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 irs extension form Write “Filed Pursuant to Rev. Free irs extension form Proc. Free irs extension form 2002–33” at the top of the amended return. Free irs extension form 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 irs extension form Your return must be filed by the due date (including extensions). Free irs extension form Write “Automatic Change Filed Under Rev. Free irs extension form Proc. Free irs extension form 2002–33” on the appropriate line of Form 3115. Free irs extension form 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 irs extension form 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 irs extension form Example 1. Free irs extension form You are an individual and you use the calendar year. Free irs extension form You placed qualified property in service for your business in December 2001. Free irs extension form You filed your 2001 income tax return before April 15, 2002. Free irs extension form You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Free irs extension form You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Free irs extension form Proc. Free irs extension form 2002–33” at the top of the amended return. Free irs extension form 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 irs extension form Example 2. Free irs extension form The facts concerning your 2001 return are the same as in Example 1. Free irs extension form In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Free irs extension form You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Free irs extension form Proc. Free irs extension form 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Free irs extension form 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 irs extension form Electing not to claim the allowance. Free irs extension form   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 irs extension form The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Free irs extension form The statement can be either attached to or written on the return. Free irs extension form You can, for example, write “not deducting 30%” on Form 4562. Free irs extension form Deemed election. Free irs extension form   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 irs extension form You will be treated as making the election if you meet both of the following conditions. Free irs extension form 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 irs extension form You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Free irs extension form See Claiming the allowance, earlier. Free irs extension form 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 irs extension form Generally, the limit is increased from $3,060 to $7,660. Free irs extension form 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 irs extension form Table 1 shows the maximum deduction amounts for 2001. Free irs extension form Table 1. Free irs extension form Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Free irs extension form 11 Placed in Service After Sept. Free irs extension form 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 irs extension form Election not to claim the allowance. Free irs extension form   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 irs extension form New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Free irs extension form 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 irs extension form Area defined. Free irs extension form   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 irs extension form 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 irs extension form The allowance is an additional deduction of 30% of the property's depreciable basis. Free irs extension form 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 irs extension form See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Free irs extension form The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Free irs extension form There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Free irs extension form 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 irs extension form 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 irs extension form Qualified property is eligible for only one special depreciation allowance. Free irs extension form Example 1. Free irs extension form 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 irs extension form You did not elect to claim a section 179 deduction. Free irs extension form You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Free irs extension form You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Free irs extension form Example 2. Free irs extension form 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 irs extension form (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Free irs extension form You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Free irs extension form You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Free irs extension form 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 irs extension form It is one of the following types of property. Free irs extension form Used property depreciated under MACRS with a recovery period of 20 years or less. Free irs extension form See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Free irs extension form Used water utility property. Free irs extension form See 25-year property on page 22 in Publication 946. Free irs extension form Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Free irs extension form (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Free irs extension form ) Certain nonresidential real property and residential rental property (defined later). Free irs extension form It meets the following tests (explained later under Tests to be met). Free irs extension form Acquisition date test. Free irs extension form Placed in service date test. Free irs extension form Substantial use test. Free irs extension form Original use test. Free irs extension form It is not excepted property (explained later under Excepted property). Free irs extension form Nonresidential real property and residential rental property. Free irs extension form   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 irs extension form 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 irs extension form   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 irs extension form Otherwise, the property is considered damaged real property. Free irs extension form 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 irs extension form Tests to be met. Free irs extension form   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Free irs extension form Acquisition date test. Free irs extension form   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 irs extension form   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Free irs extension form   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 irs extension form Placed in service date test. Free irs extension form   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 irs extension form   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 irs extension form Substantial use test. Free irs extension form   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 irs extension form Original use test. Free irs extension form   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Free irs extension form   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Free irs extension form 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 irs extension form Excepted property. Free irs extension form   The following property does not qualify for the special Liberty Zone depreciation allowance. Free irs extension form Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Free irs extension form Property required to be depreciated using ADS. Free irs extension form This includes listed property used 50% or less in a qualified business use. Free irs extension form Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Free irs extension form Example. Free irs extension form In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Free irs extension form New office furniture with a MACRS recovery period of 7 years. Free irs extension form A used computer with a MACRS recovery period of 5 years. Free irs extension form The computer had not previously been used within the Liberty Zone. Free irs extension form Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Free irs extension form 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 irs extension form Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Free irs extension form 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 irs extension form 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 irs extension form When to make the election. Free irs extension form   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 irs extension form   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 irs extension form Attach the election statement to the amended return. Free irs extension form At the top of the election statement, write “Filed pursuant to section 301. Free irs extension form 9100–2. Free irs extension form ” Revoking an election. Free irs extension form   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 irs extension form A request to revoke the election is subject to a user fee. Free irs extension form Returns filed before June 1, 2002. Free irs extension form   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 irs extension form 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 irs extension form For tax years beginning in 2000, that limit was $20,000. Free irs extension form For tax years beginning in 2001 and 2002, that limit is generally $24,000. Free irs extension form 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 irs extension form Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Free irs extension form The increase is the smaller of the following amounts. Free irs extension form $35,000. Free irs extension form The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Free irs extension form 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 irs extension form Qualified property. Free irs extension form   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 irs extension form Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Free irs extension form Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Free irs extension form 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 irs extension form Example 1. Free irs extension form In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Free irs extension form 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 irs extension form Example 2. Free irs extension form In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Free irs extension form 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 irs extension form 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 irs extension form 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 irs extension form Example. Free irs extension form In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Free irs extension form Your increased dollar limit is $59,000 ($35,000 + $24,000). Free irs extension form 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 irs extension form 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 irs extension form 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 irs extension form This rule applies to returns for the following years. Free irs extension form 2000 fiscal years that end after September 10, 2001. Free irs extension form 2001 calendar and fiscal years. Free irs extension form On the amended return, write “Filed Pursuant to Rev. Free irs extension form Proc. Free irs extension form 2002–33. Free irs extension form ” 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 irs extension form This means that it is depreciated over a recovery period of 5 years. Free irs extension form For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Free irs extension form The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Free irs extension form Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Free irs extension form 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 irs extension form Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Free irs extension form Your 2001 calendar or fiscal year return. Free irs extension form On the amended return, write “Filed Pursuant to Rev. Free irs extension form Proc. Free irs extension form 2002–33. Free irs extension form ” Table 2. Free irs extension form 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 irs extension form See the text for definitions and examples. Free irs extension form Do not rely on this chart alone. Free irs extension form IF you want to. Free irs extension form . Free irs extension form . Free irs extension form THEN you. Free irs extension form . Free irs extension form . Free irs extension form BY. Free irs extension form . Free irs extension form . Free irs extension form 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 irs extension form 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 irs extension form 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 irs extension form 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 irs extension form 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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Life Cycle of an Exempt Organization

Organizations that meet the requirements of Internal Revenue Code section 501(a) are exempt from federal income taxation. In addition, charitable contributions made to some section 501(a) organizations by individuals and corporations are deductible under Code section 170.

This website provides information about points of intersection between organizations and the IRS. The content includes explanatory information, and links to forms that an organization may need to file with the IRS. The materials cover five stages in an organization's life cycle:

  1. Starting Out: Creating an organization under state law, acquiring an employer identification number, and identifying the appropriate federal tax classification.
  2. Applying for Exemption:  Acquiring, completing, and submitting application forms; how the IRS processes applications; and getting help from the IRS during the application process.
  3. Required Filings:  Annual exempt organization returns, unrelated business income tax filings, and other returns and reports that an organization may have to file.
  4. Ongoing Compliance:  How an organization can avoid jeopardizing its tax-exempt status, disclosure requirements, employment taxes, and other ongoing compliance issues.
  5. Significant Events:  Audits, private letter rulings, and termination procedures.

Life Cycle pages are available for the following types of organizations:

 

Page Last Reviewed or Updated: 19-Nov-2013

The Free Irs Extension Form

Free irs extension form 15. Free irs extension form   Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. Free irs extension form . Free irs extension form  For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Free irs extension form NIIT is a 3. Free irs extension form 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Free irs extension form NIIT may need to be included when calculating your estimated tax. Free irs extension form For more information, see Publication 505,Tax Withholding and Estimated Tax. Free irs extension form Additional Medicare Tax. Free irs extension form  For tax years beginning in 2013, a 0. Free irs extension form 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. Free irs extension form You may need to include this amount when figuring your estimated tax. Free irs extension form For more information, see Publication 505. Free irs extension form Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Free irs extension form See Publication 505 for the general rules and requirements for paying estimated tax. Free irs extension form If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Free irs extension form Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Free irs extension form S. Free irs extension form Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. Free irs extension form Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Free irs extension form If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Free irs extension form Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. Free irs extension form See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. Free irs extension form See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Free irs extension form Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. Free irs extension form On a joint return, you must add your spouse's gross income to your gross income. Free irs extension form To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. Free irs extension form Wages, salaries, tips, etc. Free irs extension form Taxable interest. Free irs extension form Ordinary dividends. Free irs extension form Taxable refunds, credits, or offsets of state and local income taxes. Free irs extension form Alimony. Free irs extension form Gross business income from Schedule C (Form 1040). Free irs extension form Gross business receipts from Schedule C-EZ (Form 1040). Free irs extension form Capital gains from Schedule D (Form 1040). Free irs extension form Losses are not netted against gains. Free irs extension form Gains on sales of business property. Free irs extension form Taxable IRA distributions, pensions, annuities, and social security benefits. Free irs extension form Gross rental income from Schedule E (Form 1040). Free irs extension form Gross royalty income from Schedule E (Form 1040). Free irs extension form Taxable net income from an estate or trust reported on Schedule E (Form 1040). Free irs extension form Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Free irs extension form Gross farm rental income from Form 4835. Free irs extension form Gross farm income from Schedule F (Form 1040). Free irs extension form Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Free irs extension form Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Free irs extension form Unemployment compensation. Free irs extension form Other income not included with any of the items listed above. Free irs extension form Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Free irs extension form It includes the following amounts. Free irs extension form Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Free irs extension form Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Free irs extension form Crop shares for the use of your land. Free irs extension form Gains from sales of draft, breeding, dairy, or sporting livestock. Free irs extension form Gross income from farming is the total of the following amounts from your tax return. Free irs extension form Gross farm income from Schedule F (Form 1040). Free irs extension form Gross farm rental income from Form 4835. Free irs extension form Gross farm income from Schedule E (Form 1040), Parts II and III. Free irs extension form Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Free irs extension form For more information about income from farming, see chapter 3. Free irs extension form Farm income does not include any of the following: Wages you receive as a farm employee. Free irs extension form Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Free irs extension form Gains you receive from the sale of farm land and depreciable farm equipment. Free irs extension form Percentage From Farming Figure your gross income from all sources, discussed earlier. Free irs extension form Then figure your gross income from farming, discussed earlier. Free irs extension form Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Free irs extension form Example 1. Free irs extension form Jane Smith had the following total gross income and farm gross income amounts in 2013. Free irs extension form Gross Income   Total Farm Taxable interest $3,000   Dividends 500   Rental income (Sch E) 41,500   Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). Free irs extension form However, that loss is not netted against the gain to figure Ms. Free irs extension form Smith's total gross income or her gross farm income. Free irs extension form Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Free irs extension form 64). Free irs extension form Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Free irs extension form You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. Free irs extension form You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. Free irs extension form 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Free irs extension form If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. Free irs extension form See Required Annual Payment , next, for details. Free irs extension form Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Free irs extension form Example 2. Free irs extension form Assume the same fact as in Example 1. Free irs extension form Ms. Free irs extension form Smith's gross farm income is only 64% of her total income. Free irs extension form Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Free irs extension form However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Free irs extension form Example 3. Free irs extension form Assume the same facts as in Example 1 except that Ms. Free irs extension form Smith's farm income from Schedule F was $90,000 instead of $75,000. Free irs extension form This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). Free irs extension form She qualifies to use the special estimated tax rules for qualified farmers, since 67. Free irs extension form 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Free irs extension form 679). Free irs extension form Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. Free irs extension form Apply the following special rules for qualified farmers to the worksheet. Free irs extension form On line 14a, multiply line 13c by 662/3% (. Free irs extension form 6667). Free irs extension form On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Free irs extension form For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. Free irs extension form For more information, see chapter 4 of Publication 505. Free irs extension form Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. Free irs extension form Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Free irs extension form See the instructions for Form 2210-F. Free irs extension form Figure 15-1. Free irs extension form Estimated Tax for Farmers Please click here for the text description of the image. Free irs extension form Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Free irs extension form You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. Free irs extension form If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. Free irs extension form Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. Free irs extension form Prev  Up  Next   Home   More Online Publications