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Irs Form1040xIrs form1040x 5. Irs form1040x Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. Irs form1040x Making the election. Irs form1040x Form 3115. Irs form1040x Income TaxesAccrual of contested income taxes. Irs form1040x Employment Taxes Other TaxesAdditional Medicare Tax. Irs form1040x What's New Additional Medicare Tax. Irs form1040x Beginning in 2013, you must withhold a 0. Irs form1040x 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Irs form1040x Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. Irs form1040x See Employment Taxes , and Self-employment tax , later. Irs form1040x Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. Irs form1040x You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. Irs form1040x Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. Irs form1040x When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. Irs form1040x This applies whether you use the cash method or an accrual method of accounting. Irs form1040x Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. Irs form1040x You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . Irs form1040x Limit on accrual of taxes. Irs form1040x A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. Irs form1040x However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. Irs form1040x Example. Irs form1040x Your state imposes a tax on personal property used in a trade or business conducted in the state. Irs form1040x This tax is assessed and becomes a lien as of July 1 (accrual date). Irs form1040x In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. Irs form1040x Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. Irs form1040x You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. Irs form1040x Uniform capitalization rules. Irs form1040x Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. Irs form1040x They also apply to certain taxpayers who acquire property for resale. Irs form1040x Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. Irs form1040x For more information, see chapter 1. Irs form1040x Carrying charges. Irs form1040x Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. Irs form1040x You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. Irs form1040x For more information, see chapter 7. Irs form1040x Refunds of taxes. Irs form1040x If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. Irs form1040x For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. Irs form1040x You must include in income any interest you receive on tax refunds. Irs form1040x Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. Irs form1040x The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. Irs form1040x Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. Irs form1040x See Taxes for local benefits , later. Irs form1040x If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. Irs form1040x However, you can elect to ratably accrue the taxes during the year. Irs form1040x See Electing to ratably accrue , later. Irs form1040x Taxes for local benefits. Irs form1040x Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. Irs form1040x These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. Irs form1040x You should increase the basis of your property by the amount of the assessment. Irs form1040x You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. Irs form1040x If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. Irs form1040x Example. Irs form1040x To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. Irs form1040x The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. Irs form1040x The city is paying the principal and interest with the annual payments made by the property owners. Irs form1040x The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. Irs form1040x The part of the payments used to pay the interest charges on the bonds is deductible as taxes. Irs form1040x Charges for services. Irs form1040x Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. Irs form1040x Purchase or sale of real estate. Irs form1040x If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. Irs form1040x The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. Irs form1040x Treat the seller as paying the taxes up to but not including the date of sale. Irs form1040x Treat the buyer as paying the taxes beginning with the date of sale. Irs form1040x You can usually find this information on the settlement statement you received at closing. Irs form1040x If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. Irs form1040x Example. Irs form1040x Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. Irs form1040x He has not elected to ratably accrue property taxes. Irs form1040x November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. Irs form1040x He sold the property on June 30, 2013. Irs form1040x Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. Irs form1040x He is treated as having accrued his part of the tax, 181/366 (January 1–June 29), on June 30, and he can deduct it for 2013. Irs form1040x Electing to ratably accrue. Irs form1040x If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. Irs form1040x Example. Irs form1040x Juan Sanchez is a calendar year taxpayer who uses an accrual method. Irs form1040x His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. Irs form1040x July 1 is the assessment and lien date. Irs form1040x If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. Irs form1040x Separate elections. Irs form1040x You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. Irs form1040x Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. Irs form1040x See Form 3115 , later. Irs form1040x Making the election. Irs form1040x If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. Irs form1040x The statement should show all the following items. Irs form1040x The trades or businesses to which the election applies and the accounting method or methods used. Irs form1040x The period to which the taxes relate. Irs form1040x The computation of the real estate tax deduction for that first year. Irs form1040x Generally, you must file your return by the due date (including extensions). Irs form1040x However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). Irs form1040x Attach the statement to the amended return and write “Filed pursuant to section 301. Irs form1040x 9100-2” on the statement. Irs form1040x File the amended return at the same address where you filed the original return. Irs form1040x Form 3115. Irs form1040x If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. Irs form1040x For more information, including applicable time frames for filing, see the Instructions for Form 3115. Irs form1040x Note. Irs form1040x If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. Irs form1040x R. Irs form1040x B. Irs form1040x 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. Irs form1040x R. Irs form1040x B. Irs form1040x 689, and Revenue Procedure 2012-20, 2012-14 I. Irs form1040x R. Irs form1040x B. Irs form1040x 700, or any successor. Irs form1040x Revenue Procedure 2011-14 is available at www. Irs form1040x irs. Irs form1040x gov/irb/2011-04IRB/ar08. Irs form1040x html. Irs form1040x Income Taxes This section discusses federal, state, local, and foreign income taxes. Irs form1040x Federal income taxes. Irs form1040x You cannot deduct federal income taxes. Irs form1040x State and local income taxes. Irs form1040x A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. Irs form1040x An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). Irs form1040x However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. Irs form1040x Accrual of contested income taxes. Irs form1040x If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. Irs form1040x If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. Irs form1040x You cannot deduct them in the year in which the liability is finally determined. Irs form1040x The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. Irs form1040x Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. Irs form1040x However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. Irs form1040x You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. Irs form1040x For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. Irs form1040x Foreign income taxes. Irs form1040x Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. Irs form1040x S. Irs form1040x possession. Irs form1040x However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. Irs form1040x S. Irs form1040x tax under the foreign earned income exclusion or the foreign housing exclusion. Irs form1040x For information on these exclusions, see Publication 54, Tax Guide for U. Irs form1040x S. Irs form1040x Citizens and Resident Aliens Abroad. Irs form1040x For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. Irs form1040x Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. Irs form1040x Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. Irs form1040x You may also need to pay certain employment taxes from your own funds. Irs form1040x These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. Irs form1040x Note. Irs form1040x Additional Medicare Tax is only imposed on the employee. Irs form1040x There is no employer share of Additional Medicare Tax. Irs form1040x Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. Irs form1040x You can deduct the employment taxes you must pay from your own funds as taxes. Irs form1040x Example. Irs form1040x You pay your employee $18,000 a year. Irs form1040x However, after you withhold various taxes, your employee receives $14,500. Irs form1040x You also pay an additional $1,500 in employment taxes. Irs form1040x You should deduct the full $18,000 as wages. Irs form1040x You can deduct the $1,500 you pay from your own funds as taxes. Irs form1040x For more information on employment taxes, see Publication 15 (Circular E). Irs form1040x Unemployment fund taxes. Irs form1040x As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. Irs form1040x Deduct these payments as taxes. Irs form1040x Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. Irs form1040x Excise taxes. Irs form1040x Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. Irs form1040x However, see Fuel taxes , later. Irs form1040x For more information on excise taxes, see Publication 510. Irs form1040x Franchise taxes. Irs form1040x You can deduct corporate franchise taxes as a business expense. Irs form1040x Fuel taxes. Irs form1040x Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. Irs form1040x Do not deduct these taxes as a separate item. Irs form1040x You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. Irs form1040x For more information, see Publication 510. Irs form1040x Occupational taxes. Irs form1040x You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. Irs form1040x Personal property tax. Irs form1040x You can deduct any tax imposed by a state or local government on personal property used in your trade or business. Irs form1040x Sales tax. Irs form1040x Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. Irs form1040x If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. Irs form1040x If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. Irs form1040x If the property is depreciable, add the sales tax to the basis for depreciation. Irs form1040x For more information on basis, see Publication 551. Irs form1040x Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. Irs form1040x Also, do not include these taxes in gross receipts or sales. Irs form1040x Self-employment tax. Irs form1040x You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. Irs form1040x This deduction only affects your income tax. Irs form1040x It does not affect your net earnings from self-employment or your self-employment tax. Irs form1040x To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). Irs form1040x For more information on self-employment tax, see Publication 334. Irs form1040x Additional Medicare Tax. Irs form1040x Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. Irs form1040x See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. Irs form1040x Prev Up Next Home More Online Publications
There are four power administrations that market the hydroelectric power produced by the Army Corps of Engineers' dams.