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My1040ez com 3. My1040ez com   Gifts Table of Contents If you give gifts in the course of your trade or business, you can deduct all or part of the cost. My1040ez com This chapter explains the limits and rules for deducting the costs of gifts. My1040ez com $25 limit. My1040ez com   You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. My1040ez com A gift to a company that is intended for the eventual personal use or benefit of a particular person or a limited class of people will be considered an indirect gift to that particular person or to the individuals within that class of people who receive the gift. My1040ez com   If you give a gift to a member of a customer's family, the gift is generally considered to be an indirect gift to the customer. My1040ez com This rule does not apply if you have a bona fide, independent business connection with that family member and the gift is not intended for the customer's eventual use. My1040ez com   If you and your spouse both give gifts, both of you are treated as one taxpayer. My1040ez com It does not matter whether you have separate businesses, are separately employed, or whether each of you has an independent connection with the recipient. My1040ez com If a partnership gives gifts, the partnership and the partners are treated as one taxpayer. My1040ez com Example. My1040ez com Bob Jones sells products to Local Company. My1040ez com He and his wife, Jan, gave Local Company three gourmet gift baskets to thank them for their business. My1040ez com They paid $80 for each gift basket, or $240 total. My1040ez com Three of Local Company's executives took the gift baskets home for their families' use. My1040ez com Bob and Jan have no independent business relationship with any of the executives' other family members. My1040ez com They can deduct a total of $75 ($25 limit × 3) for the gift baskets. My1040ez com Incidental costs. My1040ez com   Incidental costs, such as engraving on jewelry, or packaging, insuring, and mailing, are generally not included in determining the cost of a gift for purposes of the $25 limit. My1040ez com   A cost is incidental only if it does not add substantial value to the gift. My1040ez com For example, the cost of gift wrapping is an incidental cost. My1040ez com However, the purchase of an ornamental basket for packaging fruit is not an incidental cost if the value of the basket is substantial compared to the value of the fruit. My1040ez com Exceptions. My1040ez com   The following items are not considered gifts for purposes of the $25 limit. My1040ez com An item that costs $4 or less and: Has your name clearly and permanently imprinted on the gift, and Is one of a number of identical items you widely distribute. My1040ez com Examples include pens, desk sets, and plastic bags and cases. My1040ez com Signs, display racks, or other promotional material to be used on the business premises of the recipient. My1040ez com    Figure B. My1040ez com When Are Transportation Expenses Deductible? Most employees and self-employed persons can use this chart. My1040ez com (Do not use this chart if your home is your principal place of business. My1040ez com See Office in the home . My1040ez com ) Please click here for the text description of the image. My1040ez com Figure B. My1040ez com When Are Local Transportation Expenses Deductible?TAs for Figure B are: Reg 1. My1040ez com 162-1(a); RR 55–109; RR 94–47 Gift or entertainment. My1040ez com   Any item that might be considered either a gift or entertainment generally will be considered entertainment. My1040ez com However, if you give a customer packaged food or beverages you intend the customer to use at a later date, treat it as a gift. My1040ez com    If you give a customer tickets to a theater performance or sporting event and you do not go with the customer to the performance or event, you have a choice. My1040ez com You can treat the cost of the tickets as either a gift expense or an entertainment expense, whichever is to your advantage. My1040ez com   You can change your treatment of the tickets at a later date by filing an amended return. My1040ez com Generally, an amended return must be filed within 3 years from the date the original return was filed or within 2 years from the time the tax was paid, whichever is later. My1040ez com    If you go with the customer to the event, you must treat the cost of the tickets as an entertainment expense. My1040ez com You cannot choose, in this case, to treat the cost of the tickets as a gift expense. My1040ez com Prev  Up  Next   Home   More Online Publications
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Contact Your Local Taxpayer Advocate

The Taxpayer Advocate Service is your voice at the IRS. Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. Remember, the worst thing you can do is nothing at all.

TAS can help if you can’t resolve your problem with the IRS and:

  • Your problem is causing financial difficulties for you, your family, or your business.
  • You face (or your business is facing) an immediate threat of adverse action.
  • You’ve tried repeatedly to contact the IRS but no one has responded to you, or the IRS hasn’t responded by the date promised.

If you qualify for our help, we’ll do everything we can to get your problem resolved. You'll be assigned to one advocate who will be with you at every turn. Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved.

As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Our tax toolkit can help you understand these rights.

Here’s how to reach your local Taxpayer Advocate Service office:

There’s also a list of offices in Publication 1546 ( English, Spanish), Taxpayer Advocate Service–Your Voice at the IRS

Virtual Tax Help

Need help but don’t have a Taxpayer Advocate Service office near you?  We have a new option!  TAS now offers help through video conferencing.  

How does this work?

You can go to a location in one of the cities listed below and use high-definition two-way video conferencing to get face-to-face help from a taxpayer advocate in another city.  Similar to talking to a case advocate in person, this allows you to discuss your tax matters in a private setting.

Available cities:

Toll-Free Assistance
You can also call this toll-free number to find out if TAS can help you: 1-877-777-4778 or TTY/TTD: 1-800-829-4059. 

You can file Form 911, Request for Taxpayer Advocate Service Assistance, with the Taxpayer Advocate Service, or ask an IRS employee to complete the form on your behalf. Fax or mail the form to your Local Taxpayer Advocate.



Page Last Reviewed or Updated: 14-Mar-2014

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My1040ez com 1. My1040ez com   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. My1040ez com This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. My1040ez com Tax records are not the only type of records you need to keep for your farming business. My1040ez com You should also keep records that measure your farm's financial performance. My1040ez com This publication only discusses tax records. My1040ez com The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. My1040ez com For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. My1040ez com ffsc. My1040ez com org. My1040ez com For more information, contact Countryside Marketing, Inc. My1040ez com in the following manner. My1040ez com Call 262-253-6902. My1040ez com Send a fax to 262-253-6903. My1040ez com Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. My1040ez com , #287 Menomonee Falls, WI 53051. My1040ez com Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. My1040ez com Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. My1040ez com Recordkeeping will help you do the following. My1040ez com Monitor the progress of your farming business. My1040ez com   You need records to monitor the progress of your farming business. My1040ez com Records can show whether your business is improving, which items are selling, or what changes you need to make. My1040ez com Records can help you make better decisions that may increase the likelihood of business success. My1040ez com Prepare your financial statements. My1040ez com   You need records to prepare accurate financial statements. My1040ez com These include income (profit and loss) statements and balance sheets. My1040ez com These statements can help you in dealing with your bank or creditors and help you to manage your farm business. My1040ez com Identify source of receipts. My1040ez com   You will receive money or property from many sources. My1040ez com Your records can identify the source of your receipts. My1040ez com You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. My1040ez com Keep track of deductible expenses. My1040ez com   You may forget expenses when you prepare your tax return unless you record them when they occur. My1040ez com Prepare your tax returns. My1040ez com   You need records to prepare your tax return. My1040ez com For example, your records must support the income, expenses, and credits you report. My1040ez com Generally, these are the same records you use to monitor your farming business and prepare your financial statements. My1040ez com Support items reported on tax returns. My1040ez com   You must keep your business records available at all times for inspection by the IRS. My1040ez com If the IRS examines any of your tax returns, you may be asked to explain the items reported. My1040ez com A complete set of records will speed up the examination. My1040ez com Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. My1040ez com You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. My1040ez com You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. My1040ez com See  chapter 2. My1040ez com If you are in more than one business, you should keep a complete and separate set of records for each business. My1040ez com A corporation should keep minutes of board of directors' meetings. My1040ez com Your recordkeeping system should include a summary of your business transactions. My1040ez com This summary is ordinarily made in accounting journals and ledgers. My1040ez com For example, they must show your gross income, as well as your deductions and credits. My1040ez com In addition, you must keep supporting documents. My1040ez com Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. My1040ez com These documents contain the information you need to record in your journals and ledgers. My1040ez com It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. My1040ez com Keep them in an orderly fashion and in a safe place. My1040ez com For instance, organize them by year and type of income or expense. My1040ez com Electronic records. My1040ez com   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. My1040ez com When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. My1040ez com An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. My1040ez com The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. My1040ez com All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. My1040ez com Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. My1040ez com The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. My1040ez com You still have the responsibility of retaining any other books and records that are required to be retained. My1040ez com The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. My1040ez com This test is not considered an examination and the results must be shared with you. My1040ez com If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. My1040ez com If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. My1040ez com For details on electronic storage system requirements, see Rev. My1040ez com Proc. My1040ez com 97-22. My1040ez com You can find Rev. My1040ez com Proc. My1040ez com 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. My1040ez com irs. My1040ez com gov/pub/irs-irbs/irb97-13. My1040ez com pdf. My1040ez com Travel, transportation, entertainment, and gift expenses. My1040ez com   Specific recordkeeping rules apply to these expenses. My1040ez com For more information, see Publication 463. My1040ez com Employment taxes. My1040ez com   There are specific employment tax records you must keep. My1040ez com For a list, see Publication 51 (Circular A). My1040ez com Excise taxes. My1040ez com   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. My1040ez com Assets. My1040ez com   Assets are the property, such as machinery and equipment, you own and use in your business. My1040ez com You must keep records to verify certain information about your business assets. My1040ez com You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. My1040ez com Your records should show all the following. My1040ez com When and how you acquired the asset. My1040ez com Purchase price. My1040ez com Cost of any improvements. My1040ez com Section 179 deduction taken. My1040ez com Deductions taken for depreciation. My1040ez com Deductions taken for casualty losses, such as losses resulting from fires or storms. My1040ez com How you used the asset. My1040ez com When and how you disposed of the asset. My1040ez com Selling price. My1040ez com Expenses of sale. My1040ez com   The following are examples of records that may show this information. My1040ez com Purchase and sales invoices. My1040ez com Real estate closing statements. My1040ez com Canceled checks. My1040ez com Bank statements. My1040ez com Financial account statements as proof of payment. My1040ez com   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. My1040ez com These include account statements prepared for the financial institution by a third party. My1040ez com These account statements must be legible. My1040ez com The following table lists acceptable account statements. My1040ez com IF payment is by. My1040ez com . My1040ez com . My1040ez com THEN the statement must show the. My1040ez com . My1040ez com . My1040ez com Check Check number. My1040ez com Amount. My1040ez com Payee's name. My1040ez com Date the check amount was posted to the account by the financial institution. My1040ez com Electronic funds  transfer Amount transferred. My1040ez com Payee's name. My1040ez com Date the transfer was posted to the account by the financial institution. My1040ez com Credit card Amount charged. My1040ez com Payee's name. My1040ez com Transaction date. My1040ez com    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. My1040ez com You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. My1040ez com Tax returns. My1040ez com   Keep copies of your filed tax returns. My1040ez com They help in preparing future tax returns and making computations if you file an amended return. My1040ez com Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. My1040ez com How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. My1040ez com Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. My1040ez com A period of limitations is the period of time after which no legal action can be brought. My1040ez com Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. My1040ez com However, certain records must be kept for a longer period of time, as discussed below. My1040ez com Employment taxes. My1040ez com   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. My1040ez com Assets. My1040ez com   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. My1040ez com You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. My1040ez com   You may need to keep records relating to the basis of property longer than the period of limitation. My1040ez com Keep those records as long as they are important in figuring the basis of the original or replacement property. My1040ez com Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. My1040ez com For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. My1040ez com For more information on basis, see chapter 6. My1040ez com Records for nontax purposes. My1040ez com   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. My1040ez com For example, your insurance company or creditors may require you to keep them longer than the IRS does. My1040ez com Prev  Up  Next   Home   More Online Publications