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Free Tax Filing 2012

Free tax filing 2012 Publication 547 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Free tax filing 2012 Tax questions. Free tax filing 2012 Useful Items - You may want to see: What's New Section C of Form 4684 for Ponzi-type investment schemes. Free tax filing 2012  Section C of Form 4684 is new for 2013. Free tax filing 2012 You must complete Section C if you are claiming a theft loss deduction due to a Ponzi-type investment scheme and are using Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58. Free tax filing 2012 Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. Free tax filing 2012 You do not need to complete Appendix A. Free tax filing 2012 For details, see Losses from Ponzi-type investment schemes , later. Free tax filing 2012 Reminders Future developments. Free tax filing 2012   For the latest information about developments related to Publication 547, such as legislation enacted after it was published, go to www. Free tax filing 2012 irs. Free tax filing 2012 gov/pub547. Free tax filing 2012 Photographs of missing children. Free tax filing 2012  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free tax filing 2012 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free tax filing 2012 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Free tax filing 2012 Introduction This publication explains the tax treatment of casualties, thefts, and losses on deposits. Free tax filing 2012 A casualty occurs when your property is damaged as a result of a disaster such as a storm, fire, car accident, or similar event. Free tax filing 2012 A theft occurs when someone steals your property. Free tax filing 2012 A loss on deposits occurs when your financial institution becomes insolvent or bankrupt. Free tax filing 2012 This publication discusses the following topics. Free tax filing 2012 Definitions of a casualty, theft, and loss on deposits. Free tax filing 2012 How to figure the amount of your gain or loss. Free tax filing 2012 How to treat insurance and other reimbursements you receive. Free tax filing 2012 The deduction limits. Free tax filing 2012 When and how to report a casualty or theft. Free tax filing 2012 The special rules for disaster area losses. Free tax filing 2012 Forms to file. Free tax filing 2012   Generally, when you have a casualty or theft, you have to file Form 4684. Free tax filing 2012 You may also have to file one or more of the following forms. Free tax filing 2012 Schedule A (Form 1040). Free tax filing 2012 Form 1040NR, Schedule A (for nonresident aliens). Free tax filing 2012 Schedule D. Free tax filing 2012 Form 4797. Free tax filing 2012 For details on which form to use, see How To Report Gains and Losses , later. Free tax filing 2012 Condemnations. Free tax filing 2012   For information on condemnations of property, see Involuntary Conversions in chapter 1 of Publication 544, Sales and Other Dispositions of Assets. Free tax filing 2012 Workbooks for casualties and thefts. Free tax filing 2012   Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property), is available to help you make a list of your stolen or damaged personal-use property and figure your loss. Free tax filing 2012 It includes schedules to help you figure the loss on your home and its contents, and your motor vehicles. Free tax filing 2012   Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook, is available to help you make a list of your stolen or damaged business or income-producing property and figure your loss. Free tax filing 2012 Comments and suggestions. Free tax filing 2012   We welcome your comments about this publication and your suggestions for future editions. Free tax filing 2012   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free tax filing 2012 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free tax filing 2012 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free tax filing 2012   You can send your comments from www. Free tax filing 2012 irs. Free tax filing 2012 gov/formspubs/. Free tax filing 2012 Click on “More Information” and then on “Comment on Tax Forms and Publications”. Free tax filing 2012   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Free tax filing 2012 Ordering forms and publications. Free tax filing 2012   Visit www. Free tax filing 2012 irs. Free tax filing 2012 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Free tax filing 2012 Internal Revenue Service 1201 N. Free tax filing 2012 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Free tax filing 2012   If you have a tax question, check the information available on IRS. Free tax filing 2012 gov or call 1-800-829-1040. Free tax filing 2012 We cannot answer tax questions sent to either of the above addresses. Free tax filing 2012 Useful Items - You may want to see: Publication 523 Selling Your Home 525 Taxable and Nontaxable Income 550 Investment Income and Expenses 551 Basis of Assets 584 Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) 584-B Business Casualty, Disaster, and   Theft Loss Workbook Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Form 1040NR, Schedule A Itemized Deductions (for nonresident aliens) Schedule D (Form 1040) Capital Gains and Losses 4684 Casualties and Thefts 4797 Sales of Business Property See How To Get Tax Help near the end of this publication for information about getting publications and forms. Free tax filing 2012 Prev  Up  Next   Home   More Online Publications
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The Free Tax Filing 2012

Free tax filing 2012 Tax Changes for Businesses Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Electronic Form 1099 Tax Incentives for New York Liberty Zone Other 2001 Changes 2002 ChangesNonaccrual-Experience Method Issuance of Qualified Zone Academy Bonds Depletion Work Opportunity Credit Expanded in New York Liberty Zone Credit For Pension Plan Startup Costs Welfare-to-Work Credit Extended Work Opportunity Credit Extended Electric and Clean-Fuel Vehicles Renewable Electricity Production Credit Later ChangesSpecial Depreciation Allowance Extension of Placed in Service Date Special Liberty Zone Depreciation Allowance for New and Used Property Depreciation of Property Used on Indian Reservations Indian Employment Credit Extended 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). Free tax filing 2012 However, you can still choose to use the previous carryback period. Free tax filing 2012 You also can choose not to carry back an NOL and only carry it forward. Free tax filing 2012 Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. Free tax filing 2012 Corporations can file Form 1139, Corporation Application for Tentative Refund. Free tax filing 2012 The instructions for these forms will be revised to reflect the new law. Free tax filing 2012 Electronic Form 1099 For tax years ending after March 9, 2002, most Forms 1099 can be furnished electronically if the recipient consents, according to IRS regulations, to receive it that way. Free tax filing 2012 Tax Incentives for New York Liberty Zone New tax benefits are provided for the parts of New York City damaged in the terrorist attacks on September 11, 2001. Free tax filing 2012 These benefits apply to the newly created New York Liberty Zone, which 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. Free tax filing 2012 Tax benefits for the New York Liberty Zone include the following. Free tax filing 2012 A special depreciation allowance equal to 30% of the adjusted basis of qualified Liberty Zone property. Free tax filing 2012 It is allowed for the year the property is placed in service. Free tax filing 2012 No alternative minimum tax depreciation adjustment for qualified Liberty Zone property. Free tax filing 2012 Classification of Liberty Zone leasehold improvement property as 5-year property. Free tax filing 2012 Authorization of the issuance of tax-exempt New York Liberty bonds to finance the acquisition, construction, reconstruction, and renovation of nonresidential real property, residential rental property, and public utility property in the Liberty Zone. Free tax filing 2012 An increased section 179 deduction for certain Liberty Zone property. Free tax filing 2012 Extension of the replacement period from 2 years to 5 years for certain property involuntarily converted as a result of the terrorist attacks on September 11, 2001, but only if substantially all of the use of the replacement property is in New York City. Free tax filing 2012 For more information about involuntary conversions, see Postponement of Gain in Publication 547, Casualties, Disasters, and Thefts. Free tax filing 2012 In addition, for 2002 and 2003, the work opportunity credit is expanded by creating a new targeted group, consisting generally of employees who work in the Liberty Zone or, in certain cases, in New York City outside the Liberty Zone. Free tax filing 2012 For more information, see Work Opportunity Credit Expanded in New York Liberty Zone under 2002 Changes, later. Free tax filing 2012 For more information about the 30% special depreciation allowance, Liberty Zone leasehold improvement property, or increased section 179 deduction, see New York Liberty Zone Benefits, in chapter 5. Free tax filing 2012 In addition, the tax benefits for the Liberty Zone will be covered in a new edition of Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities, available later in 2002. Free tax filing 2012 Other 2001 Changes Other changes are discussed in the following chapters. Free tax filing 2012 Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Nonaccrual-Experience Method Under current law, if you perform services and use an accrual method of accounting, you do not accrue income which, based on experience, you expect to be uncollectible. Free tax filing 2012 Beginning in 2002, this rule only applies if you perform services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, and consulting, or your average annual gross receipts for the 3 prior tax years does not exceed $5,000,000. Free tax filing 2012 As under current law, the nonaccrual-experience method will not apply to amounts on which you charge interest or a late payment penalty. Free tax filing 2012 For more information, see Nonaccrual-Experience Method in chapter 11 of Publication 535, Business Expenses. Free tax filing 2012 Issuance of Qualified Zone Academy Bonds State and local governments issue qualified zone academy bonds to raise funds for the use of qualified zone academies. Free tax filing 2012 The amount of bonds that may be issued was limited to $400 million each year for 1998, 1999, 2000, and 2001. Free tax filing 2012 This provision has been extended to provide for an additional $400 million of bonds to be issued each year for 2002 and 2003. Free tax filing 2012 For more information about qualified zone academy bonds, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax filing 2012 Depletion The suspension of the taxable income limit on percentage depletion from the marginal production of oil and natural gas that was scheduled to expire for tax years beginning after 2001 has been extended to tax years beginning before 2004. Free tax filing 2012 For more information on marginal production, see section 613A(c) of the Internal Revenue Code. Free tax filing 2012 Work Opportunity Credit Expanded in New York Liberty Zone The work opportunity credit is expanded to include a new targeted group consisting generally of employees who perform substantially all their services: In the New York Liberty Zone (defined earlier under Tax Incentives for New York Liberty Zone, under 2001 Changes), or Elsewhere in New York City for a business that relocated from the Liberty Zone due to the destruction or damage of its place of business by the September 11, 2001, terrorist attack. Free tax filing 2012 The credit is available to employers for wages paid to new employees and existing employees for work performed during 2002 or 2003. Free tax filing 2012 Certain limits apply. Free tax filing 2012 For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax filing 2012 Credit For Pension Plan Startup Costs The credit for pension plan startup costs is now allowed for plans that become effective after December 31, 2001. Free tax filing 2012 Previously, the credit was only allowed for plans established after December 31, 2001. Free tax filing 2012 For more information on the credit, see Important Changes for 2002 in Publication 560, Retirement Plans for Small Business. Free tax filing 2012 Welfare-to-Work Credit Extended The welfare-to-work credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Free tax filing 2012 For more information on the welfare-to-work credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax filing 2012 Work Opportunity Credit Extended The work opportunity credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Free tax filing 2012 For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax filing 2012 Electric and Clean-Fuel Vehicles The maximum clean-fuel vehicle deduction and qualified electric vehicle credit were scheduled to be 25% lower for 2002 and both were scheduled to be phased out completely by 2005. Free tax filing 2012 The full deduction and credit are now allowed for qualified property placed in service in 2002 and 2003. Free tax filing 2012 The phaseout of the deduction and the credit will begin in 2004, and no deduction or credit will be allowed for property placed in service after 2006. Free tax filing 2012 For more information about electric and clean-fuel vehicles, see chapter 12 in Publication 535, Business Expenses. Free tax filing 2012 Renewable Electricity Production Credit The renewable electricity production credit is extended to include electricity produced by facilities placed in service after 2001 and before 2004. Free tax filing 2012 Later Changes Special Depreciation Allowance You can claim the special depreciation allowance (an additional 30% depreciation deduction) for new property that you acquire before September 11, 2004, and place in service for your business generally before January 1, 2005, if you meet the other requirements for qualified property covered in chapter 5. Free tax filing 2012 Accordingly, you will generally no longer be able to claim the special depreciation allowance for the qualified property if you acquire it after September 10, 2004, or place it in service for your business after December 31, 2004. Free tax filing 2012 However, you will be able to claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for most qualified property if you place it in service in the Liberty Zone after December 31, 2004, and generally before January 1, 2007, provided you meet the other requirements for qualified Liberty Zone property covered in chapter 5. Free tax filing 2012 Extension of Placed in Service Date To qualify for the special depreciation allowance, your property must meet certain tests, including the placed in service date test, as well as the other requirements covered in chapter 5 of this publication. Free tax filing 2012 To meet the placed in service date test, your property must generally 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 tax filing 2012 However, certain property placed in service before January 1, 2006, may meet this test. Free tax filing 2012 Transportation property and property with a recovery period of 10 years or longer meet the test if one of the following applies. Free tax filing 2012 The property has an estimated production period of more than 2 years. Free tax filing 2012 The property has an estimated production period of more than 1 year and it costs more than $1 million. Free tax filing 2012 Transportation property is any tangible personal property used in the trade or business of transporting persons or property. Free tax filing 2012 For property that qualifies for the special depreciation allowance solely because of the one-year extension of the placed in service date, only the part of the basis attributable to manufacture, construction, or production before September 11, 2004, is eligible for the special depreciation allowance. Free tax filing 2012 Special Liberty Zone Depreciation Allowance for New and Used Property You can claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for used property that you acquire after September 10, 2001, if the property meets the requirements listed under Qualified Liberty Zone Property in chapter 5 of this publication. Free tax filing 2012 You will be able to claim the allowance for both new and used property that you acquire after September 10, 2004, provided the property meets the other requirements for qualified Liberty Zone property. Free tax filing 2012 Depreciation of Property Used on Indian Reservations The special depreciation rules that apply to qualified property used on an Indian reservation were scheduled to expire for property placed in service after 2003. Free tax filing 2012 These special rules have been extended to include property placed in service in 2004. Free tax filing 2012 For more information about these rules, see Publication 946, How To Depreciate Property. Free tax filing 2012 Indian Employment Credit Extended The Indian employment credit that was scheduled to expire for tax years beginning after 2003 has been extended to include a tax year beginning in 2004. Free tax filing 2012 For more information about this credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax filing 2012 Prev  Up  Next   Home   More Online Publications