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Ri 1040nr 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). Ri 1040nr However, you can still choose to use the previous carryback period. Ri 1040nr You also can choose not to carry back an NOL and only carry it forward. Ri 1040nr Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. Ri 1040nr Corporations can file Form 1139, Corporation Application for Tentative Refund. Ri 1040nr The instructions for these forms will be revised to reflect the new law. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr Tax benefits for the New York Liberty Zone include the following. Ri 1040nr A special depreciation allowance equal to 30% of the adjusted basis of qualified Liberty Zone property. Ri 1040nr It is allowed for the year the property is placed in service. Ri 1040nr No alternative minimum tax depreciation adjustment for qualified Liberty Zone property. Ri 1040nr Classification of Liberty Zone leasehold improvement property as 5-year property. Ri 1040nr 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. Ri 1040nr An increased section 179 deduction for certain Liberty Zone property. Ri 1040nr 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. Ri 1040nr For more information about involuntary conversions, see Postponement of Gain in Publication 547, Casualties, Disasters, and Thefts. Ri 1040nr 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. Ri 1040nr For more information, see Work Opportunity Credit Expanded in New York Liberty Zone under 2002 Changes, later. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr Other 2001 Changes Other changes are discussed in the following chapters. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr As under current law, the nonaccrual-experience method will not apply to amounts on which you charge interest or a late payment penalty. Ri 1040nr For more information, see Nonaccrual-Experience Method in chapter 11 of Publication 535, Business Expenses. Ri 1040nr 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. Ri 1040nr The amount of bonds that may be issued was limited to $400 million each year for 1998, 1999, 2000, and 2001. Ri 1040nr This provision has been extended to provide for an additional $400 million of bonds to be issued each year for 2002 and 2003. Ri 1040nr For more information about qualified zone academy bonds, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Ri 1040nr 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. Ri 1040nr For more information on marginal production, see section 613A(c) of the Internal Revenue Code. Ri 1040nr 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. Ri 1040nr The credit is available to employers for wages paid to new employees and existing employees for work performed during 2002 or 2003. Ri 1040nr Certain limits apply. Ri 1040nr For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Ri 1040nr 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. Ri 1040nr Previously, the credit was only allowed for plans established after December 31, 2001. Ri 1040nr For more information on the credit, see Important Changes for 2002 in Publication 560, Retirement Plans for Small Business. Ri 1040nr 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. Ri 1040nr For more information on the welfare-to-work credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Ri 1040nr 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. Ri 1040nr For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Ri 1040nr 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. Ri 1040nr The full deduction and credit are now allowed for qualified property placed in service in 2002 and 2003. Ri 1040nr 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. Ri 1040nr For more information about electric and clean-fuel vehicles, see chapter 12 in Publication 535, Business Expenses. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr However, certain property placed in service before January 1, 2006, may meet this test. Ri 1040nr Transportation property and property with a recovery period of 10 years or longer meet the test if one of the following applies. Ri 1040nr The property has an estimated production period of more than 2 years. Ri 1040nr The property has an estimated production period of more than 1 year and it costs more than $1 million. Ri 1040nr Transportation property is any tangible personal property used in the trade or business of transporting persons or property. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr 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. Ri 1040nr These special rules have been extended to include property placed in service in 2004. Ri 1040nr For more information about these rules, see Publication 946, How To Depreciate Property. Ri 1040nr 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. Ri 1040nr For more information about this credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Ri 1040nr Prev Up Next Home More Online Publications
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The Ri 1040nr
Ri 1040nr Publication 501 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Ri 1040nr Tax questions. Ri 1040nr Useful Items - You may want to see: What's New Who must file. Ri 1040nr In some cases, the amount of income you can receive before you must file a tax return has increased. Ri 1040nr Table 1 shows the filing requirements for most taxpayers. Ri 1040nr Exemption amount. Ri 1040nr The amount you can deduct for each exemption has increased. Ri 1040nr It was $3,800 for 2012. Ri 1040nr It is $3,900 for 2013. Ri 1040nr Exemption phaseout. Ri 1040nr You lose at least part of the benefit of your exemptions if your adjusted gross income is above a certain amount. Ri 1040nr 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. Ri 1040nr See Phaseout of Exemptions , later. Ri 1040nr Standard deduction increased. Ri 1040nr 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. Ri 1040nr The amount depends on your filing status. Ri 1040nr You can use the 2013 Standard Deduction Tables near the end of this publication to figure your standard deduction. Ri 1040nr Same-sex marriages. Ri 1040nr . Ri 1040nr 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. Ri 1040nr See Same-sex marriage under Marital Status, later. Ri 1040nr If you meet certain requirements, you may be able to file amended returns to change your filing status for some earlier years. Ri 1040nr For details on filing amended returns, see Joint Return After Separate Returns . Ri 1040nr Reminders Future developments. Ri 1040nr Information about any future developments affecting Publication 501 (such as legislation enacted after we release it) will be posted at www. Ri 1040nr irs. Ri 1040nr gov/pub501. Ri 1040nr Taxpayer identification number for aliens. Ri 1040nr 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). Ri 1040nr Your spouse also may need an ITIN if he or she does not have and is not eligible to get an SSN. Ri 1040nr See Form W-7, Application for IRS Individual Taxpayer Identification Number. Ri 1040nr Also, see Social Security Numbers for Dependents , later. Ri 1040nr Photographs of missing children. Ri 1040nr The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Ri 1040nr Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Ri 1040nr 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. Ri 1040nr Introduction This publication discusses some tax rules that affect every person who may have to file a federal income tax return. Ri 1040nr 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. Ri 1040nr Who Must File explains who must file an income tax return. Ri 1040nr If you have little or no gross income, reading this section will help you decide if you have to file a return. Ri 1040nr Who Should File helps you decide if you should file a return, even if you are not required to do so. Ri 1040nr Filing Status helps you determine which filing status to use. Ri 1040nr Filing status is important in determining whether you must file a return and whether you may claim certain deductions and credits. Ri 1040nr It also helps determine your standard deduction and tax rate. Ri 1040nr Exemptions, which reduce your taxable income, are discussed in Exemptions . Ri 1040nr Exemptions for Dependents explains the difference between a qualifying child and a qualifying relative. Ri 1040nr Other topics include the social security number requirement for dependents, the rules for multiple support agreements, and the rules for divorced or separated parents. Ri 1040nr 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. Ri 1040nr Standard Deduction gives the rules and dollar amounts for the standard deduction — a benefit for taxpayers who do not itemize their deductions. Ri 1040nr 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. Ri 1040nr In addition, this section helps you decide whether you would be better off taking the standard deduction or itemizing your deductions. Ri 1040nr How To Get Tax Help explains how to get tax help from the IRS. Ri 1040nr This publication is for U. Ri 1040nr S. Ri 1040nr citizens and resident aliens only. Ri 1040nr If you are a resident alien for the entire year, you must follow the same tax rules that apply to U. Ri 1040nr S. Ri 1040nr citizens. Ri 1040nr The rules to determine if you are a resident or nonresident alien are discussed in chapter 1 of Publication 519, U. Ri 1040nr S. Ri 1040nr Tax Guide for Aliens. Ri 1040nr Nonresident aliens. Ri 1040nr 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. Ri 1040nr S. Ri 1040nr citizens. Ri 1040nr See Publication 519. Ri 1040nr Comments and suggestions. Ri 1040nr We welcome your comments about this publication and your suggestions for future editions. Ri 1040nr You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Ri 1040nr NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Ri 1040nr Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Ri 1040nr You can send your comments from www. Ri 1040nr irs. Ri 1040nr gov/formspubs. Ri 1040nr Click on “More Information” and then on “Comment on Tax Forms and Publications. Ri 1040nr ” 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. Ri 1040nr Ordering forms and publications. Ri 1040nr Visit www. Ri 1040nr irs. Ri 1040nr 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. Ri 1040nr Internal Revenue Service 1201 N. Ri 1040nr Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Ri 1040nr If you have a tax question, check the information available on IRS. Ri 1040nr gov or call 1-800-829-1040. Ri 1040nr We cannot answer tax questions sent to either of the above addresses. Ri 1040nr 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. Ri 1040nr S. Ri 1040nr 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