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Taxact 2011 Free

Taxact 2011 free 4. Taxact 2011 free   General Business Credits Table of Contents Introduction Useful Items - You may want to see: Business Credits How To Claim the Credit Introduction Your general business credit for the year consists of your carryforward of business credits from prior years plus the total of your current year business credits. Taxact 2011 free In addition, your general business credit for the current year may be increased later by the carryback of business credits from later years. Taxact 2011 free You subtract this credit directly from your tax. Taxact 2011 free Useful Items - You may want to see: Form (and Instructions) 3800 General Business Credit 6251 Alternative Minimum Tax—Individuals See chapter 12 for information about getting publications and forms. Taxact 2011 free Business Credits All of the following credits are part of the general business credit. Taxact 2011 free The form you use to figure each credit is shown in parentheses. Taxact 2011 free You will also have to complete Form 3800. Taxact 2011 free Alternative fuel vehicle refueling property credit (Form 8911). Taxact 2011 free   This credit applies to the cost of any qualified fuel vehicle refueling property you placed in service. Taxact 2011 free For more information, see Form 8911. Taxact 2011 free Alternative motor vehicle credit (Form 8910). Taxact 2011 free   For more information, see Form 8910. Taxact 2011 free Biodiesel and renewable diesel fuels credit (Form 8864). Taxact 2011 free   For more information, see Form 8864. Taxact 2011 free Biofuel producer credit (Form 6478). Taxact 2011 free    For more information, see Form 6478. Taxact 2011 free Carbon dioxide sequestration credit (Form 8933). Taxact 2011 free   This credit is for carbon dioxide which is captured at a qualified facility and disposed of in a secure geological storage or used in a qualified enhanced oil or natural gas recovery project. Taxact 2011 free For more information, see Form 8933. Taxact 2011 free Credit for employer social security and Medicare taxes paid on certain employee tips (Form 8846). Taxact 2011 free   This credit is generally equal to your (employer's) portion of social security and Medicare taxes paid on tips received by employees of your food and beverage establishment where tipping is customary. Taxact 2011 free The credit applies regardless of whether the food is consumed on or off your business premises. Taxact 2011 free For more information, see Form 8846. Taxact 2011 free Credit for employer differential wage payments (Form 8932). Taxact 2011 free   This credit provides certain small businesses with an incentive to continue to pay wages to an employee performing services on active duty in the uniformed services of the United States for a period of more than 30 days. Taxact 2011 free For more information, see Form 8932. Taxact 2011 free Credit for employer-provided childcare facilities and services (Form 8882). Taxact 2011 free   This credit applies to the qualified expenses you paid for employee childcare and qualified expenses you paid for childcare resource and referral services. Taxact 2011 free For more information, see Form 8882. Taxact 2011 free Credit for increasing research activities (Form 6765). Taxact 2011 free   This credit is designed to encourage businesses to increase the amounts they spend on research and experimental activities, including energy research. Taxact 2011 free For more information, see Form 6765. Taxact 2011 free Credit for small employer health insurance premiums (Form 8941). Taxact 2011 free   This credit applies to the cost of certain health insurance coverage you provide to certain employees. Taxact 2011 free For more information, see Form 8941. Taxact 2011 free Credit for small employer pension plan startup costs (Form 8881). Taxact 2011 free   This credit applies to pension plan startup costs of a new qualified defined benefit or defined contribution plan (including a 401(k) plan), SIMPLE plan, or simplified employee pension. Taxact 2011 free For more information, see Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). Taxact 2011 free Disabled access credit (Form 8826). Taxact 2011 free   This credit is a nonrefundable tax credit for an eligible small business that pays or incurs expenses to provide access to persons who have disabilities. Taxact 2011 free You must pay or incur the expenses to enable your business to comply with the Americans with Disabilities Act of 1990. Taxact 2011 free For more information, see Form 8826. Taxact 2011 free Distilled spirits credit (Form 8906). Taxact 2011 free   This credit is available to distillers and importers of distilled spirits and eligible wholesalers of distilled spirits. Taxact 2011 free For more information, see Form 8906. Taxact 2011 free Empowerment zone employment credit (Form 8844). Taxact 2011 free   You may qualify for this credit if you have employees and are engaged in a business in an empowerment zone for which the credit is available. Taxact 2011 free For more information, see Form 8844. Taxact 2011 free Energy efficient appliance credit (Form 8909). Taxact 2011 free   This credit is available for manufacturers of eligible appliances. Taxact 2011 free For more information, see Form 8909. Taxact 2011 free Energy efficient home credit (Form 8908). Taxact 2011 free   This credit is available for eligible contractors of certain homes sold for use as a residence. Taxact 2011 free For more information, see Form 8908. Taxact 2011 free Indian employment credit (Form 8845). Taxact 2011 free   This credit applies to qualified wages and health insurance costs you paid or incurred for qualified employees. Taxact 2011 free For more information, see Form 8845. Taxact 2011 free Investment credit (Form 3468). Taxact 2011 free   The investment credit is the total of the following credits. Taxact 2011 free Rehabilitation credit. Taxact 2011 free Energy credit. Taxact 2011 free Qualifying advanced coal project credit. Taxact 2011 free Qualifying gasification project credit. Taxact 2011 free Qualifying advanced energy project credit. Taxact 2011 free   For more information, see Form 3468. Taxact 2011 free Low sulfur diesel fuel production credit (Form 8896). Taxact 2011 free    For more information, see Form 8896. Taxact 2011 free Low-income housing credit (Form 8586). Taxact 2011 free   This credit generally applies to each new qualified low-income building placed in service after 1986. Taxact 2011 free For more information, see Form 8586. Taxact 2011 free Mine rescue team training credit (Form 8923). Taxact 2011 free   This credit applies to training program costs you pay or incur for certain mine rescue team employees. Taxact 2011 free For more information, see Form 8923. Taxact 2011 free New markets credit (Form 8874). Taxact 2011 free   This credit is for qualified equity investments made in qualified community development entities. Taxact 2011 free For more information, see Form 8874. Taxact 2011 free Nonconventional source fuel credit (Form 8907). Taxact 2011 free   This credit is for qualified coke and coke gas you produced and sold to an unrelated person during the tax year. Taxact 2011 free For more information, see Form 8907. Taxact 2011 free Orphan drug credit (Form 8820). Taxact 2011 free   This credit applies to qualified expenses incurred in testing certain drugs for rare diseases and conditions. Taxact 2011 free For more information, see Form 8820. Taxact 2011 free Qualified plug-in electric drive motor vehicle credit (Form 8936). Taxact 2011 free   This credit is for certain new qualified plug-in electric vehicles placed in service during the tax year. Taxact 2011 free For more information, see Form 8936. Taxact 2011 free Qualified railroad track maintenance credit (Form 8900). Taxact 2011 free   This credit applies with respect to qualified railroad track maintenance expenditures paid or incurred during the tax year. Taxact 2011 free For more information, see Form 8900. Taxact 2011 free Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Taxact 2011 free   This credit is for the sale of electricity, refined coal, or Indian coal produced in the United States or U. Taxact 2011 free S. Taxact 2011 free possessions from qualified energy resources at a qualified facility. Taxact 2011 free For more information, see Form 8835. Taxact 2011 free Work opportunity credit (Form 5884). Taxact 2011 free   This credit provides businesses with an incentive to hire individuals from targeted groups that have a particularly high unemployment rate or other special employment needs. Taxact 2011 free For more information, see Form 5884. Taxact 2011 free How To Claim the Credit To claim a general business credit, you will first have to get the forms you need to claim your current year business credits. Taxact 2011 free In addition to the credit form, you also need to file Form 3800. Taxact 2011 free Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Storms and Floods in Missouri

KS-MO-2011-34, Aug. 17, 2011

ST. LOUIS — Victims of flooding beginning on June 1, 2011, in parts of Missouri may qualify for tax relief from the Internal Revenue Service.

The President has declared Andrew, Atchison, Buchanan, Holt, Lafayette and Platte counties a federal disaster area. Individuals who reside or have a business in these localities may qualify for tax relief.

As a result, the IRS has postponed until Aug. 1, 2011, certain deadlines occurring from June 1 to Aug. 1 that affect taxpayers who live or have a business in the disaster area. This includes the June 15 deadline for making estimated tax payments.

In addition, the IRS is abating the failure-to-deposit penalties for employment and excise tax deposits due on or after June 1 and on or before June 16, 2011, as long as the deposits were made by June 16, 2011.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

The areas listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS has given affected taxpayers until Aug. 1, 2011, to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after June 1 and on or before Aug. 1, 2011.

The IRS also gives affected taxpayers until Aug. 1 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after June 1 and on or before Aug. 1.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after June 1 and on or before June 16, provided the taxpayer made these deposits by June 16.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.
Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation, "Missouri/Flooding," at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.

Related Information:

Recent IRS Disaster Relief Announcements
 

 

Page Last Reviewed or Updated: 20-Feb-2014

The Taxact 2011 Free

Taxact 2011 free Index A Assessment of tax, Assessment of tax. Taxact 2011 free Assistance (see Tax help) B Bankruptcy Code tax compliance, Bankruptcy Code Tax Compliance Requirements Returns due after filing, Tax Returns Due After the Bankruptcy Filing Returns due before chapter 13 filing, Tax Returns Due for Periods Ending Before the Bankruptcy Filing in Chapter 13 Cases Bankruptcy estate, Taxes and the Bankruptcy Estate Attribute carryovers, Carrybacks from the debtor's activities. Taxact 2011 free Carrybacks, Carrybacks from the debtor's activities. Taxact 2011 free Disclosure of return information, Disclosure of bankruptcy estate's return information to debtor. Taxact 2011 free Employer identification number, Employer identification number. Taxact 2011 free , Employer identification number. Taxact 2011 free Estimated tax, Estimated tax – Form 1041-ES. Taxact 2011 free Return filing requirements, Bankruptcy Estate Tax Return Filing Requirements and Payment of Tax Due Separate taxable entity, Separate taxable entity. Taxact 2011 free Transfer of assets, Transfer of assets between debtor and bankruptcy estate. Taxact 2011 free C Conversion or dismissal chapter 11 case, Conversion or dismissal of chapter 11 cases. Taxact 2011 free Corporations, Corporations Filing requirements, Corporations Tax-free reorganizations, Tax-Free Reorganizations D Debt cancellation, Debt Cancellation Bankruptcy exclusion, Bankruptcy case exclusion. Taxact 2011 free Corporations, Corporations Insolvency exclusion, Insolvency exclusion. Taxact 2011 free Partnerships, Partnerships S corporations, S Corporations Deductions and credits, Bankruptcy Estate Deductions and Credits Administrative expenses, Administrative expenses. Taxact 2011 free Discharge of tax, Discharge of Unpaid Tax Disclosure of return information, Disclosure of debtor's return information to trustee. Taxact 2011 free , Disclosure of return information to trustee. Taxact 2011 free Dismissal of case Amended return, Dismissal of bankruptcy case. Taxact 2011 free E Election to end tax year: Form 1040, Debtor's Election To End Tax Year – Form 1040 Annualizing taxable income, Annualizing taxable income. Taxact 2011 free Election by spouse, Election by debtor's spouse. Taxact 2011 free Filing requirements, Making the Election - Filing Requirements Short tax years, Short tax years. Taxact 2011 free Employment taxes, Employment taxes. Taxact 2011 free , Employment Taxes Examination of return, Examination of return. Taxact 2011 free F Free tax services, How To Get Tax Help H Help (see Tax help) I Individuals in Chapter 12 or 13, Individuals in Chapter 12 or 13 Individuals in Chapter 7 or 11, Individuals in Chapter 7 or 11 Gross income chapter 11 case, Income of the estate in individual chapter 11 cases. Taxact 2011 free Gross income chapter 7 case, Income of the estate in individual chapter 7 cases. Taxact 2011 free J Jurisdiction over tax matters, Court Jurisdiction Over Tax Matters Bankruptcy Court, Bankruptcy Court Tax Court, Tax Court M More information (see Tax help) O Ordering tax return transcripts, Ordering tax transcripts and copies of returns. Taxact 2011 free P Partnerships, filing requirements, Partnerships Payment of tax claim, Federal Tax Claims Eighth priority taxes, Unsecured Tax Claims Second, third, fourth priority taxes, Higher priority taxes. Taxact 2011 free Secured tax claims, Secured tax claims. Taxact 2011 free Penalties, Penalties. Taxact 2011 free Relief from penalties, Relief from certain penalties. Taxact 2011 free Publications (see Tax help) R Request for prompt tax determination, Prompt Determination Requests Request for refund, Requests for refund or credit S Statute of limitations collections, Statute of limitations for collection. Taxact 2011 free T Tax attributes, Reduction of Tax Attributes Basis reduction, Basis. Taxact 2011 free , Basis Reduction Carryovers, Attribute carryovers. Taxact 2011 free Order of reduction, Order of reduction. Taxact 2011 free Reduction of, Reduction of Tax Attributes Tax help, How To Get Tax Help Tax reporting chapter 11 cases, Tax Reporting – Chapter 11 Cases Employment tax returns, Tax Reporting – Chapter 11 Cases Information returns, Employment taxes and employer's obligation to file Form W-2 in individual chapter 11 cases. Taxact 2011 free Self-employment taxes, Self-employment taxes in individual chapter 11 cases. Taxact 2011 free Wage reporting, tax withholding, Employment taxes and employer's obligation to file Form W-2 in individual chapter 11 cases. Taxact 2011 free Tax return: Form 1041, Figuring tax due. Taxact 2011 free Figuring tax due, Filing Requirements Payment of tax due, Payment of Tax Due When to file, When to file. Taxact 2011 free Taxpayer Advocate, Taxpayer Advocate Service. Taxact 2011 free TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications