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H&r Tax Cut

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H&r Tax Cut

H&r tax cut Publication 501 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. H&r tax cut Tax questions. H&r tax cut Useful Items - You may want to see: What's New Who must file. H&r tax cut   In some cases, the amount of income you can receive before you must file a tax return has increased. H&r tax cut Table 1 shows the filing requirements for most taxpayers. H&r tax cut Exemption amount. H&r tax cut  The amount you can deduct for each exemption has increased. H&r tax cut It was $3,800 for 2012. H&r tax cut It is $3,900 for 2013. H&r tax cut Exemption phaseout. H&r tax cut  You lose at least part of the benefit of your exemptions if your adjusted gross income is above a certain amount. H&r tax cut For 2013, the phaseout begins at $150,000 for married individuals filing separate returns; $250,000 for single individuals; $275,000 for heads of household; and $300,000 for married individuals filing joint returns or qualifying widow(er)s. H&r tax cut See Phaseout of Exemptions , later. H&r tax cut Standard deduction increased. H&r tax cut   The standard deduction for some taxpayers who do not itemize their deductions on Schedule A of Form 1040 is higher for 2013 than it was for 2012. H&r tax cut The amount depends on your filing status. H&r tax cut You can use the 2013 Standard Deduction Tables near the end of this publication to figure your standard deduction. H&r tax cut Same-sex marriages. H&r tax cut . H&r tax cut  If you have a same-sex spouse whom you legally married in a state (or foreign country) that recognizes same-sex marriage, you and your spouse generally must use the married filing jointly or married filing separately filing status on your 2013 return, even if you and your spouse now live in a state (or foreign country) that does not recognize same-sex marriage. H&r tax cut See Same-sex marriage under Marital Status, later. H&r tax cut If you meet certain requirements, you may be able to file amended returns to change your filing status for some earlier years. H&r tax cut For details on filing amended returns, see Joint Return After Separate Returns . H&r tax cut Reminders Future developments. H&r tax cut  Information about any future developments affecting Publication 501 (such as legislation enacted after we release it) will be posted at www. H&r tax cut irs. H&r tax cut gov/pub501. H&r tax cut Taxpayer identification number for aliens. H&r tax cut   If you are a nonresident or resident alien and you do not have and are not eligible to get a social security number (SSN), you must apply for an individual taxpayer identification number (ITIN). H&r tax cut Your spouse also may need an ITIN if he or she does not have and is not eligible to get an SSN. H&r tax cut See Form W-7, Application for IRS Individual Taxpayer Identification Number. H&r tax cut Also, see Social Security Numbers for Dependents , later. H&r tax cut Photographs of missing children. H&r tax cut   The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. H&r tax cut Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. H&r tax cut 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. H&r tax cut Introduction This publication discusses some tax rules that affect every person who may have to file a federal income tax return. H&r tax cut It answers some basic questions: who must file; who should file; what filing status to use; how many exemptions to claim; and the amount of the standard deduction. H&r tax cut Who Must File explains who must file an income tax return. H&r tax cut If you have little or no gross income, reading this section will help you decide if you have to file a return. H&r tax cut Who Should File helps you decide if you should file a return, even if you are not required to do so. H&r tax cut Filing Status helps you determine which filing status to use. H&r tax cut Filing status is important in determining whether you must file a return and whether you may claim certain deductions and credits. H&r tax cut It also helps determine your standard deduction and tax rate. H&r tax cut Exemptions, which reduce your taxable income, are discussed in Exemptions . H&r tax cut Exemptions for Dependents explains the difference between a qualifying child and a qualifying relative. H&r tax cut Other topics include the social security number requirement for dependents, the rules for multiple support agreements, and the rules for divorced or separated parents. H&r tax cut Phaseout of Exemptions explains how to determine whether you must reduce the dollar amount of exemptions you claim and, if so, the amount of the reduction. H&r tax cut Standard Deduction gives the rules and dollar amounts for the standard deduction — a benefit for taxpayers who do not itemize their deductions. H&r tax cut This section also discusses the standard deduction for taxpayers who are blind or age 65 or older, as well as special rules that limit the standard deduction available to dependents. H&r tax cut In addition, this section helps you decide whether you would be better off taking the standard deduction or itemizing your deductions. H&r tax cut How To Get Tax Help explains how to get tax help from the IRS. H&r tax cut This publication is for U. H&r tax cut S. H&r tax cut citizens and resident aliens only. H&r tax cut If you are a resident alien for the entire year, you must follow the same tax rules that apply to U. H&r tax cut S. H&r tax cut citizens. H&r tax cut The rules to determine if you are a resident or nonresident alien are discussed in chapter 1 of Publication 519, U. H&r tax cut S. H&r tax cut Tax Guide for Aliens. H&r tax cut Nonresident aliens. H&r tax cut    If you were a nonresident alien at any time during the year, the rules and tax forms that apply to you may be different from those that apply to U. H&r tax cut S. H&r tax cut citizens. H&r tax cut See Publication 519. H&r tax cut Comments and suggestions. H&r tax cut    We welcome your comments about this publication and your suggestions for future editions. H&r tax cut   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. H&r tax cut NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. H&r tax cut Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. H&r tax cut   You can send your comments from www. H&r tax cut irs. H&r tax cut gov/formspubs. H&r tax cut Click on “More Information” and then on “Comment on Tax Forms and Publications. H&r tax cut ”   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. H&r tax cut Ordering forms and publications. H&r tax cut    Visit www. H&r tax cut irs. H&r tax cut 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. H&r tax cut Internal Revenue Service 1201 N. H&r tax cut Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. H&r tax cut    If you have a tax question, check the information available on IRS. H&r tax cut gov or call 1-800-829-1040. H&r tax cut We cannot answer tax questions sent to either of the above addresses. H&r tax cut Useful Items - You may want to see: Publication 559 Survivors, Executors, and Administrators 929 Tax Rules for Children and Dependents Form (and Instructions) 1040X Amended U. H&r tax cut S. H&r tax cut Individual Income Tax Return 2848 Power of Attorney and Declaration of Representative 8332 Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent 8814 Parents' Election To Report Child's Interest and Dividends Prev  Up  Next   Home   More Online Publications
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Effect of Sequestration on the Alternative Minimum Tax Credit for Corporations

Pursuant to the requirements of the Balanced Budget and Emergency Deficit Reduction Act of 1985, as amended, refund payments issued to corporations claiming refundable prior year minimum tax liability, are subject to sequestration. This means that refund payments processed on or after October 1, 2013 and on or before September 30, 2014 will be reduced by the fiscal year 2014 sequestration rate of 7.2 percent, irrespective of when the original or amended tax return was received by the Service. The sequestration reduction rate will be applied unless and until a law is enacted that cancels or otherwise impacts the sequester, at which time the sequestration reduction rate is subject to change.

A corporation that can claim an additional first-year depreciation deduction under section 168(k) can choose instead to accelerate the use of its prior year minimum tax credits, treating the accelerated credits as refundable credits.  Corporations making this section 168(k)(4) election and claiming a refund of prior year minimum tax credits should complete Form 8827.  These corporations will be notified that a portion of their requested refund was subject to the sequester reduction.

Corporations making the section 168(k)(4) election but not claiming a refund of prior year minimum tax credits are not subject to this reduction. 

Page Last Reviewed or Updated: 30-Sep-2013

The H&r Tax Cut

H&r tax cut Index A Activities not for profit, Hobby Expenses Adjustments to gross income Armed forces reservists' travel expenses, Armed Forces reservists traveling more than 100 miles from home. H&r tax cut Performing artists, Performing Artists State or local government officials paid on fee basis, Officials Paid on a Fee Basis Unlawful discrimination claims, Unlawful discrimination claims. H&r tax cut Administrative fees IRA trustees, Trustee's Administrative Fees for IRA Adoption expenses, Adoption Expenses Amortizable bond premium, Amortizable Premium on Taxable Bonds, More information. H&r tax cut Appraisal fees, Appraisal Fees Armed forces Military uniforms, Military uniforms. H&r tax cut Reservists, travel expenses, Armed Forces reservists traveling more than 100 miles from home. H&r tax cut Assistance (see Tax help) B Bad debts, Business Bad Debt Bank accounts Check-writing fees, Check-Writing Fees on Personal Account Losses on deposits, Loss on Deposits Bonds Amortizable premium, Amortizable Premium on Taxable Bonds Breach of contract Damages, Damages for Breach of Employment Contract Bribes, List of Nondeductible Expenses Burial expenses, List of Nondeductible Expenses Business expenses (see Employee business expenses) Business gifts, Gift expenses. H&r tax cut C Campaign contributions, Lobbying and political activities. H&r tax cut , Political Contributions Campaign expenses, Campaign Expenses Capital expenditures, Capital Expenses Casualty losses, Casualty and Theft Losses, Casualty and Theft Losses of Income-Producing Property Cell phones, Depreciation on Computers Chambers of Commerce dues, Lobbying and political activities. H&r tax cut Check-writing fees, Check-Writing Fees on Personal Account Claim of right repayments, Repayments Under Claim of Right Clerical help, deductibility of, Clerical Help and Office Rent Clothes Protective, Protective clothing. H&r tax cut Work, Work Clothes and Uniforms Club dues, Club Dues Commissions, Commissions Commuting expenses, Commuting Expenses Computers Depreciation, Depreciation on Computers, Depreciation on Home Computer, Excess Deductions of an Estate Convenience fees, Credit or Debit Card Convenience Fees Criminal prosecutions Travel expenses for federal staff, Federal crime investigation and prosecution. H&r tax cut D Damages Breach of employment contract, Damages for Breach of Employment Contract Deposits Losses on, Loss on Deposits Depreciation Computers, Depreciation on Computers, Depreciation on Home Computer, Excess Deductions of an Estate Disabilities, persons with Work-related expenses, Impairment-Related Work Expenses Dividends Fees to collect, Fees To Collect Interest and Dividends Service charges on reinvestment plans, Service Charges on Dividend Reinvestment Plans Dues, Dues to Chambers of Commerce and Professional Societies (see also Expenses) (see also Fees) Chambers of Commerce, Dues to Chambers of Commerce and Professional Societies Club, Club Dues Lobbying, Dues used for lobbying. H&r tax cut Professional societies, Dues to Chambers of Commerce and Professional Societies Union, Union Dues and Expenses E Education, Educator Expenses, Education Expenses During Unemployment Education expenses, Work-Related Education, More information. H&r tax cut Employee business expenses Form 2106 and Form 2106-EZ, Form 2106 and Form 2106-EZ. H&r tax cut Performing artists, Performing Artists Unreimbursed, Unreimbursed Employee Expenses Employment Agency fees, Employment and outplacement agency fees. H&r tax cut Breach of contract, Damages for Breach of Employment Contract Entertainers and musicians (see Performing artists) Entertainment expenses, Meals and entertainment. H&r tax cut Estates Federal estate tax, Federal Estate Tax on Income in Respect of a Decedent Expenses, Dues to Chambers of Commerce and Professional Societies, Education Expenses During Unemployment (see also Dues) (see also Fees) Adoption, Adoption Expenses Campaign, Campaign Expenses Capital, Capital Expenses Commuting, Commuting Expenses Education Work-related, Work-Related Education Educator, Educator Expenses Qualified, Qualified expenses. H&r tax cut Educator Expenses, Eligible educator. H&r tax cut Employee business (see Employee business expenses) Entertainment, Meals and entertainment. H&r tax cut Funeral and burial, List of Nondeductible Expenses Gifts, Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging, Gift expenses. H&r tax cut Health spa, Health Spa Expenses Hobby, Hobby Expenses Home office, Home Office Impairment-related, Impairment-Related Work Expenses Investment, Investment Fees and Expenses, Investment-Related Seminars Job search, Job Search Expenses Legal (see Legal expenses) Local lodging, Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging Meals, Meals and entertainment. H&r tax cut , Lunches With Co-workers Meals and entertainment, Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging Nondeductible, Nondeductible Expenses Over limit, educator, Educator expenses over limit. H&r tax cut Personal, Nondeductible Expenses Production of income, Other Expenses Professional promotion, Professional Reputation Tax-exempt income, Tax-Exempt Income Expenses Travel and transportation, Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging Travel as education, Travel as education. H&r tax cut F Federal estate tax, Federal Estate Tax on Income in Respect of a Decedent Fees, Dues to Chambers of Commerce and Professional Societies (see also Dues) (see also Expenses) Appraisal, Appraisal Fees Check-writing, Check-Writing Fees on Personal Account Employment and outplacement agency, Employment and outplacement agency fees. H&r tax cut Investment, Fees To Collect Interest and Dividends, Investment Fees and Expenses IRA trustee, Trustee's Administrative Fees for IRA Legal (see Legal expenses) License, Licenses and Regulatory Fees Professional accreditation, Professional Accreditation Fees Fines, Fines or Penalties Form 2106 Employee business expenses, Form 2106 and Form 2106-EZ. H&r tax cut Form 2106-EZ Employee business expenses, Form 2106 and Form 2106-EZ. H&r tax cut Form 4562 Depreciation and amortization, Reporting your depreciation deduction. H&r tax cut , Depreciation. H&r tax cut , Computer used in a home office. H&r tax cut Free tax services, Free help with your tax return. H&r tax cut Funeral expenses, List of Nondeductible Expenses G Gambling winnings and losses, Gambling Losses Up to the Amount of Gambling Winnings Government employees Federal criminal investigation and prosecution travel expenses, Federal crime investigation and prosecution. H&r tax cut State or local government officials paid on fee basis, Officials Paid on a Fee Basis H Health spa, Health Spa Expenses Help (see Tax help) Hobbies, Hobby Expenses Home Security system, Home Security System Telephone service, Residential Telephone Service Home office Computers, Computer used in a home office. H&r tax cut Expenses, Home Office Principal place of business, Principal place of business. H&r tax cut Travel and transportation expenses, Home office. H&r tax cut I Impairment-related work expenses, Impairment-Related Work Expenses Income aid payment, Repayment of Income Aid Payment Income in respect of decedent Estate tax, Federal Estate Tax on Income in Respect of a Decedent Individual retirement arrangements (IRAs) Trustees' fees, Trustee's Administrative Fees for IRA Insurance Business liability, Business Liability Insurance Life insurance, Life Insurance Premiums Malpractice, Unreimbursed Employee Expenses Personal disability, List of Nondeductible Expenses Interest income Fees to collect, Fees To Collect Interest and Dividends Investments Annuity, unrecovered investment in, Unrecovered Investment in Annuity Deposits, losses on, Loss on Deposits Fees and expenses, Investment Fees and Expenses Seminars, Investment-Related Seminars Itemized deductions Deductions not subject to 2% limit, Deductions Not Subject to the 2% Limit Deductions subject to 2% limit, Introduction, Deductions Subject to the 2% Limit How to report, How To Report J Job search, Job Search Expenses, Travel and transportation expenses. H&r tax cut K Kickbacks, List of Nondeductible Expenses L Legal expenses Job-related, Legal Fees Personal, Personal Legal Expenses Political campaigns, Legal fees. H&r tax cut Production of income, Legal Expenses Unlawful discrimination claims, Legal Expenses Licenses Fees, Licenses and Regulatory Fees Life insurance, Life Insurance Premiums Lobbying, Lobbying and political activities. H&r tax cut , Lobbying Expenses, Exceptions. H&r tax cut Local transportation, Local transportation expenses. H&r tax cut Losses Casualties and thefts, Casualty and Theft Losses, Casualty and Theft Losses of Income-Producing Property Deposits, Loss on Deposits Gambling, Gambling Losses Up to the Amount of Gambling Winnings IRA, Loss on IRA Mislaid cash or property, Lost or Mislaid Cash or Property Partnership, Loss From Other Activities From Schedule K-1 (Form 1065-B), Box 2 Roth IRA, Loss on IRA M Mail carriers, rural, Rural Mail Carriers' Vehicle Expenses Malpractice insurance, Unreimbursed Employee Expenses Meal and lodging expenses, Meals and entertainment. H&r tax cut Lunches with coworkers, Lunches With Co-workers Working late, Meals While Working Late Medical examinations, Unreimbursed Employee Expenses Mileage rate, What's New Missing children, photographs of, Reminders Mutual funds Indirect deductions, Indirect Deductions of Pass-Through Entities N Nondeductible expenses, Nondeductible Expenses, Wristwatches Not-for-profit activities, Hobby Expenses O Occupational taxes, Occupational Taxes Office Home (see Home office) Rent, Clerical Help and Office Rent Outplacement agency fees, Employment and outplacement agency fees. H&r tax cut P Partnerships Indirect deductions, Indirect Deductions of Pass-Through Entities Pass-through entities, Indirect Deductions of Pass-Through Entities Passport expense, Unreimbursed Employee Expenses Penalties, Fines or Penalties Performing artists, Performing Artists Work clothes, Work Clothes and Uniforms Personal expenses, Nondeductible Expenses, Wristwatches Political contributions, Lobbying and political activities. H&r tax cut , Political Contributions Campaign expenses, Campaign Expenses Ponzi-type investment schemes, Losses From Ponzi-type Investment Schemes Postal workers, Rural Mail Carriers' Vehicle Expenses Production of income expenses, Other Expenses, Loss on IRA Professional accreditation fees, Professional Accreditation Fees Professional journals, Unreimbursed Employee Expenses Professional reputation and marketing, Professional Reputation Professional societies dues, Lobbying and political activities. H&r tax cut Prosecution travel expenses, Federal crime investigation and prosecution. H&r tax cut Protective clothing, Protective clothing. H&r tax cut Publications (see Tax help) R Recordkeeping requirements Computer used for home and business, Depreciation on Computers Deductions, to verify, Introduction Gambling winnings and losses, Gambling Losses Up to the Amount of Gambling Winnings Home office, Home Office Relief fund contributions, Relief Fund Contributions Rent Office, Clerical Help and Office Rent Safe deposit box, Safe Deposit Box Rent Repayments Claim of right, Repayments Under Claim of Right Income, Repayments of Income Income aid payments, Unreimbursed Employee Expenses Social Security benefits, Repayments of Social Security Benefits Reporting requirements Armed Forces reservists, Armed Forces reservists. H&r tax cut Computer used in a home office, Computer used in a home office. H&r tax cut Depreciation, Depreciation. H&r tax cut Form 2106 and Form 2106-EZ, Form 2106 and Form 2106-EZ. H&r tax cut Impairment-related work expenses, Impairment-related work expenses. H&r tax cut Itemized deductions, How To Report Tax preparation fees, Tax preparation fees. H&r tax cut Research expenses, Research Expenses of a College Professor Résumé, Résumé. H&r tax cut Rural mail carriers, Rural Mail Carriers' Vehicle Expenses S S corporations Indirect deductions, Indirect Deductions of Pass-Through Entities Safe deposit box, Safe Deposit Box Rent Security systems, home, Home Security System Seminars, investment-related, Investment-Related Seminars Service charges on dividend reinvestment plans, Service Charges on Dividend Reinvestment Plans Social Security repayments, Repayments of Social Security Benefits State or local governments Officials paid on fee basis, Officials Paid on a Fee Basis Stockholders' meeting expenses, Stockholders' Meetings T Tax help, How To Get Tax Help Tax-exempt income expenses, Tax-Exempt Income Expenses Taxes Estate tax, Federal Estate Tax on Income in Respect of a Decedent Occupational, Occupational Taxes Telephones Cell phone, Depreciation on Computers Residential service, Residential Telephone Service Theft losses, Casualty and Theft Losses, Casualty and Theft Losses of Income-Producing Property Tools, Tools Used in Your Work Travel and transportation expenses, Local lodging. H&r tax cut , Additional information. H&r tax cut Another individual, paid by taxpayer, Travel Expenses for Another Individual Armed forces reservists, Armed Forces reservists traveling more than 100 miles from home. H&r tax cut Commuting, Commuting Expenses Criminal investigations and prosecutions, Federal crime investigation and prosecution. H&r tax cut Education, Travel as education. H&r tax cut Indefinite work assignments, Indefinite work assignment. H&r tax cut Job search, Travel and transportation expenses. H&r tax cut Local transportation, Local transportation expenses. H&r tax cut Research, Research Expenses of a College Professor Temporary work assignments, Temporary work assignment. H&r tax cut Trustees IRA administrative fees, Trustee's Administrative Fees for IRA TTY/TDD information, How To Get Tax Help U Unemployment and education expenses, Education Expenses During Unemployment Unemployment benefit fund contributions, Voluntary Unemployment Benefit Fund Contributions Uniforms, military, Military uniforms. H&r tax cut Union dues, Union Dues and Expenses Unreimbursed employee expenses, Unreimbursed Employee Expenses, Military uniforms. H&r tax cut W Wagering winnings and losses, Gambling Losses Up to the Amount of Gambling Winnings Work Clothes and uniforms, Work Clothes and Uniforms Impairment-related expenses, Impairment-Related Work Expenses Supplies, Unreimbursed Employee Expenses Tools, Unreimbursed Employee Expenses, Tools Used in Your Work Travel and transportation expenses, Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging Wristwatches, List of Nondeductible Expenses, Wristwatches Prev  Up     Home   More Online Publications