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Tax Amendments

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Tax Amendments

Tax amendments Publication 523 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. Tax amendments Tax questions. Tax amendments Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 523, such as legislation enacted after it was published, go to www. Tax amendments irs. Tax amendments gov/pub523. Tax amendments Reminders Change of address. Tax amendments  If you change your mailing address, be sure to notify the Internal Revenue Service (IRS) using Form 8822, Change of Address. Tax amendments Mail it to the Internal Revenue Service Center for your old address. Tax amendments (Addresses for the Service Centers are on the back of the form. Tax amendments ) Home sold with undeducted points. Tax amendments  If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of sale. Tax amendments See Points in Publication 936, Home Mortgage Interest Deduction. Tax amendments Photographs of missing children. Tax amendments  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Tax amendments Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax amendments 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. Tax amendments Introduction This publication explains the tax rules that apply when you sell your main home. Tax amendments In most cases, your main home is the one in which you live most of the time. Tax amendments If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). Tax amendments See Excluding the Gain , later. Tax amendments Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. Tax amendments If you have gain that cannot be excluded, you generally must report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040), Capital Gains and Losses. Tax amendments You may also have to complete Form 4797, Sales of Business Property. Tax amendments See Reporting the Sale , later. Tax amendments If you have a loss on the sale, you generally cannot deduct it on your return. Tax amendments However, you may need to report it. Tax amendments See Reporting the Sale , later. Tax amendments The main topics in this publication are: Figuring gain or loss, Basis, Excluding the gain, Ownership and use tests, and Reporting the sale. Tax amendments Other topics include: Business use or rental of home, Deducting taxes in the year of sale, and Recapturing a federal mortgage subsidy. Tax amendments Net Investment Income Tax (NIIT). Tax amendments   If any part of the gain on the sale of a home is not excluded under the rules discussed in this publication, it may be subject to the NIIT. Tax amendments For more details, see Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions. Tax amendments Worksheets. Tax amendments   Near the end of this publication you will find worksheets you can use to figure your gain (or loss) and your exclusion. Tax amendments Use Worksheet 1 to figure the adjusted basis of the home you sold. Tax amendments Use Worksheet 2 to figure the gain (or loss), the exclusion, and the taxable gain (if any) on the sale. Tax amendments If you do not qualify for the maximum exclusion, use Worksheet 3 to figure your reduced maximum exclusion. Tax amendments Date of sale. Tax amendments    If you received a Form 1099-S, Proceeds From Real Estate Transactions, the date of sale should be shown in box 1. Tax amendments If you did not receive this form, the date of sale is the earlier of (a) the date title transferred or (b) the date the economic burdens and benefits of ownership shifted to the buyer. Tax amendments In most cases, these dates are the same. Tax amendments What is not covered in this publication. Tax amendments   This publication does not cover the sale of rental property, second homes, or vacation homes. Tax amendments For information on how to report any gain or loss from those sales, see Publication 544, Sales and Other Dispositions of Assets. Tax amendments Comments and suggestions. Tax amendments   We welcome your comments about this publication and your suggestions for future editions. Tax amendments   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Tax amendments NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Tax amendments Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax amendments   You can send your comments from www. Tax amendments irs. Tax amendments gov/formspubs/. Tax amendments Click on “More Information” and then on “Comment on Tax Forms and Publications”. Tax amendments   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. Tax amendments Ordering forms and publications. Tax amendments   Visit www. Tax amendments irs. Tax amendments 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. Tax amendments Internal Revenue Service 1201 N. Tax amendments Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Tax amendments   If you have a tax question, check the information available on IRS. Tax amendments gov or call 1-800-829-1040. Tax amendments We cannot answer tax questions sent to either of the above addresses. Tax amendments Useful Items - You may want to see: Publication 527 Residential Rental Property 530 Tax Information for Homeowners 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 587 Business Use of Your Home 936 Home Mortgage Interest Deduction 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 1040 U. Tax amendments S. Tax amendments Individual Income Tax Return 1040NR U. Tax amendments S. Tax amendments Nonresident Alien Income Tax Return 1040X Amended U. Tax amendments S. Tax amendments Individual Income Tax Return 1099-S Proceeds From Real Estate Transactions 4797 Sales of Business Property 5405 Repayment of the First-Time Homebuyer Credit 8822 Change of Address 8828 Recapture of Federal Mortgage Subsidy 8939 Allocation of Increase in Basis for Property Acquired From a Decedent 8949 Sales and Other Dispositions of Capital Assets W-2 Wage and Tax Statement See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Tax amendments Prev  Up  Next   Home   More Online Publications
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TEB Financial Restructuring Compliance

To promote voluntary compliance with federal tax laws, Tax Exempt Bonds (TEB) has compiled material to educate and assist issuers and conduit borrowers as they navigate the hazards of defaulted or distressed tax-exempt, tax credit or direct pay debt. Note, however, that these materials should not be relied upon as legal authority. The Internal Revenue Code and applicable regulations are complex and these materials do not address every situation.

Information on Reissuance of Obligations

Actions taken with respect to defaulted or distressed debt can inadvertently trigger a reissuance for federal tax purposes leading to the loss of tax exemption for the debt (or, in the case of tax credit or direct pay bonds, loss of the credit or subsidy). The reissuance rules apply to all tax-exempt, tax credit and direct pay bonds from a large bond issue to a small lease entered into to purchase equipment (for example, police cars) to a note held by a local bank.

  • Reissuance of Tax Exempt Obligations: Some Basic Concepts provides an educational overview on reissuance.
  • A Reissuance Lesson, part of IRS training materials, discusses situations in which post-issuance changes in the terms of an obligation cause a deemed reissuance. It also discusses the extinguishment of bonds and certain temporary relief provided to issuers who acquire and hold their own bonds.
  • Our Reissuance Contact Letter, mailed to some issuers as part of our education and outreach efforts, summarizes some of the causes and consequences of inadvertent reissuance.

Information on Sales or Leases of Bond-Financed Property

In addition to reissuance, the sale or lease of property financed with tax-exempt bonds may make the bonds taxable or, in the case of tax credit or direct pay bonds, cause a loss of the credit or subsidy.  Such actions can result in noncompliance with the qualified use requirements jeopardizing the tax-advantaged status of the bonds financing the property.  However, certain self-correction options are available to remediate such noncompliance.

Whatever the violation, TEB encourages voluntary compliance  (including the VCAP Program)  as a vehicle for expeditiously correcting self-discovered problems in bond issuances.

If you have questions, email them to TEB and indicate "Financial Restructuring" in the subject line.  Be sure to include your name, telephone number and the best time to reach you, as we may reply to your questions by telephone.

Page Last Reviewed or Updated: 04-Sep-2013

The Tax Amendments

Tax amendments Publication 334 - Introductory Material Table of Contents IntroductionOrdering forms and publications. Tax amendments Tax questions. Tax amendments Future Developments What's New for 2013 What's New for 2014 Reminders Photographs of Missing Children Introduction The purpose of this publication is to provide general information about the federal tax laws that apply to small business owners who are sole proprietors and to statutory employees. Tax amendments This publication has information on business income, expenses, and tax credits that may help you file your income tax return. Tax amendments Are you self-employed?   You are self-employed if you carry on a trade or business as a sole proprietor or an independent contractor. Tax amendments Sole proprietor. Tax amendments   A sole proprietor is someone who owns an unincorporated business by himself or herself. Tax amendments However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation. Tax amendments Trade or business. Tax amendments    A trade or business is generally an activity carried on to make a profit. Tax amendments The facts and circumstances of each case determine whether or not an activity is a trade or business. Tax amendments You do not need to actually make a profit to be in a trade or business as long as you have a profit motive. Tax amendments You do need to make ongoing efforts to further the interests of your business. Tax amendments   You do not have to carry on regular full-time business activities to be self-employed. Tax amendments Having a part-time business in addition to your regular job or business may be self-employment. Tax amendments Independent contractor. Tax amendments    People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors. Tax amendments However, whether they are independent contractors or employees depends on the facts in each case. Tax amendments The general rule is that an individual is an independent contractor if the payer has the right to control or to direct only the result of the work and not how it will be done. Tax amendments The earnings of a person who is working as an independent contractor are subject to self-employment tax. Tax amendments For more information on determining whether you are an employee or independent contractor, see Publication 15-A, Employer's Supplemental Tax Guide. Tax amendments Statutory employee. Tax amendments   A statutory employee has a checkmark in box 13 of his or her Form W-2, Wage and Tax Statement. Tax amendments Statutory employees use Schedule C or C-EZ to report their wages and expenses. Tax amendments Limited liability company (LLC). Tax amendments   A limited liability company (LLC) is an entity formed under state law by filing articles of organization. Tax amendments Generally, a single-member LLC is disregarded as an entity separate from its owner and reports its income and deductions on its owner's federal income tax return. Tax amendments An owner who is an individual may use Schedule C or C-EZ. Tax amendments Business owned and operated by spouses. Tax amendments   If you and your spouse jointly own and operate an unincorporated business and share in the profits and losses, you are partners in a partnership, whether or not you have a formal partnership agreement. Tax amendments Do not use Schedule C or C-EZ. Tax amendments Instead, file Form 1065, U. Tax amendments S. Tax amendments Return of Partnership Income. Tax amendments For more information, see Publication 541, Partnerships. Tax amendments    Exception—Community income. Tax amendments If you and your spouse wholly own an unincorporated business as community property under the community property laws of a state, foreign country, or U. Tax amendments S. Tax amendments possession, you can treat the business either as a sole proprietorship or a partnership. Tax amendments The only states with community property laws are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Tax amendments A change in your reporting position will be treated as a conversion of the entity. Tax amendments    Exception—Qualified joint venture. Tax amendments If you and your spouse each materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership for the tax year. Tax amendments Making this election will allow you to avoid the complexity of Form 1065 but still give each spouse credit for social security earnings on which retirement benefits are based. Tax amendments For an explanation of "material participation," see the Instructions for Schedule C, line G. Tax amendments   To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Tax amendments Each of you must file a separate Schedule C or C-EZ and a separate Schedule SE. Tax amendments For more information, see Qualified Joint Ventures in the Instructions for Schedule SE. Tax amendments This publication does not cover the topics listed in the following table. Tax amendments    IF you need information about: THEN you should see: Corporations Publication 542 Farming Publication 225 Fishermen (Capital Construction Fund)  Publication 595 Partnerships Publication 541 Passive activities Publication 925 Recordkeeping Publication 583 Rental Publication 527 S corporations Instructions for Form 1120S What you need to know. Tax amendments   Table A provides a list of questions you need to answer to help you meet your federal tax obligations. Tax amendments After each question is the location in this publication where you will find the related discussion. Tax amendments Table A. Tax amendments What You Need To Know About Federal Taxes (Note. Tax amendments The following is a list of questions you may need to answer so you can fill out your federal income tax return. Tax amendments Chapters are given to help you find the related discussion in this publication. Tax amendments ) What must I know   Where to find the answer   What kinds of federal taxes do I have to pay? How do I pay them?   See chapter 1. Tax amendments What forms must I file?   See chapter 1. Tax amendments What must I do if I have employees?   See Employment Taxes in chapter 1. Tax amendments Do I have to start my tax year in January, or can I start it in any other month?   See Accounting Periods in chapter 2. Tax amendments What method can I use to account for my income and expenses?   See Accounting Methods in chapter 2. Tax amendments What kinds of business income do I have to report on my tax return?   See chapter 5. Tax amendments What kinds of business expenses can I deduct on my tax return?   See Business Expenses in chapter 8. Tax amendments What kinds of expenses are not deductible as business expenses?   See Expenses You Cannot Deduct in chapter 8. Tax amendments What happens if I have a business loss? Can I deduct it?   See chapter 9. Tax amendments What must I do if I disposed of business property during the year?   See chapter 3. Tax amendments What are my rights as a taxpayer?   See chapter 11. Tax amendments Where do I go if I need help with federal tax matters?   See chapter 12. Tax amendments IRS mission. Tax amendments   Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. Tax amendments Comments and suggestions. Tax amendments   We welcome your comments about this publication and your suggestions for future editions. Tax amendments   You can write to us at the following address:  Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Tax amendments NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Tax amendments Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax amendments   You can send your comments from www. Tax amendments irs. Tax amendments gov/formspubs/. Tax amendments Click on “More Information” then on “Comment on Tax Forms and Publications. Tax amendments ”   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. Tax amendments Ordering forms and publications. Tax amendments   Visit  www. Tax amendments irs. Tax amendments 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. Tax amendments  Internal Revenue Service 1201 N. Tax amendments Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Tax amendments   If you have a tax question, check the information available on IRS. Tax amendments gov or call 1-800-829-1040. Tax amendments We cannot answer tax questions sent to either of the above addresses. Tax amendments Future Developments For the latest information about developments related to Publication 334, such as legislation enacted after it was published, go to www. Tax amendments irs. Tax amendments gov/pub334. Tax amendments What's New for 2013 The following are some of the tax changes for 2013. Tax amendments For information on other changes, go to IRS. Tax amendments gov. Tax amendments Tax rates. Tax amendments . Tax amendments  For tax years beginning in 2013, the social security part of the self-employment tax increases to 12. Tax amendments 4%. Tax amendments The Medicare part of the tax remains at 2. Tax amendments 9%. Tax amendments As a result, the self-employment tax is 15. Tax amendments 3%. Tax amendments Maximum net earnings. Tax amendments  The maximum net self-employment earnings subject to the social security part of the self-employment tax increases to $113,700 for 2013. Tax amendments There is no maximum limit on earnings subject to the Medicare part. Tax amendments Standard mileage rate. Tax amendments  For 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. Tax amendments 5 cents per mile. Tax amendments For more information, see Car and Truck Expenses in chapter 8. Tax amendments Simplified method for business use of home deduction. Tax amendments . Tax amendments  The IRS now provides a simplified method to determine your expenses for business use of your home. Tax amendments For more information, see Business Use of Your Home in chapter 8. Tax amendments What's New for 2014 The following are some of the tax changes for 2014. Tax amendments For information on other changes, go to IRS. Tax amendments gov. Tax amendments Standard mileage rate. Tax amendments  For 2014, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56 cents per mile. Tax amendments Self-employment tax. Tax amendments  The maximum net self-employment earnings subject to the social security part of the self-employment tax is $117,000 for 2014. Tax amendments Reminders Accounting methods. Tax amendments  Certain small business taxpayers may be eligible to adopt or change to the cash method of accounting and may not be required to account for inventories. Tax amendments For more information, see Inventories in chapter 2. Tax amendments Reportable transactions. Tax amendments  You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. Tax amendments You may have to pay a penalty if you are required to file Form 8886 but do not do so. Tax amendments You may also have to pay interest and penalties on any reportable transaction understatements. Tax amendments Reportable transactions include: Transactions the same as or substantially similar to tax avoidance transactions identified by the IRS, Transactions offered to you under conditions of confidentiality for which you paid an advisor a minimum fee, Transactions for which you have, or a related party has, contractual protection against disallowance of the tax benefits, Transactions that result in losses of at least $2 million in any single tax year ($50,000 if from certain foreign currency transactions) or $4 million in any combination of tax years, and Transactions the same or substantially similar to one of the types of transactions the IRS has identified as a transaction of interest. Tax amendments For more information, see the Instructions for Form 8886. Tax amendments Photographs of Missing Children The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Tax amendments Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax amendments 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. Tax amendments Prev  Up  Next   Home   More Online Publications