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Taxes Publication 535 - Introductory Material Table of Contents IntroductionOrdering forms and publications. Taxes Tax questions. Taxes Future Developments What's New for 2013 What's New for 2014 Reminders Introduction This publication discusses common business expenses and explains what is and is not deductible. Taxes The general rules for deducting business expenses are discussed in the opening chapter. Taxes The chapters that follow cover specific expenses and list other publications and forms you may need. Taxes Comments and suggestions. Taxes   We welcome your comments about this publication and your suggestions for future editions. Taxes   You can send your comments to: Internal Revenue Service Tax Forms and Publications SE:W:CAR:MP:TFP 1111 Constitution Ave. Taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxes   You can send us comments from www. Taxes irs. Taxes gov/formspubs/. Taxes Click on “More Information” and then on “Give us feedback. Taxes ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax publications. Taxes Ordering forms and publications. Taxes   Visit www. Taxes irs. Taxes gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Taxes Internal Revenue Service 1201 N. Taxes Mitsubishi Motorway Bloomington, IL 61705-6613 We cannot answer tax questions sent to either the “Comments and suggestions” or “Ordering forms and publications” address. Taxes Tax questions. Taxes   If you have a tax-related question, please go to Help With Tax Questions on IRS. Taxes gov. Taxes If you've looked around our site and still didn't find the answer to your general tax question, please call our toll-free tax assistance line at 1-800-829-1040 for individual tax questions or 1-800-829-4933 for business tax questions. Taxes Future Developments For the latest information about developments related to Publication 535, such as legislation enacted after it was published, go to www. Taxes irs. Taxes gov/pub535. Taxes What's New for 2013 The following items highlight some changes in the tax law for 2013. Taxes Optional safe harbor method to determine the business use of a home deduction. Taxes  Beginning in 2013, you can use the optional safe harbor method to determine the deduction for the business use of your home. Taxes For more information, see chapter 1. Taxes Standard mileage rate. Taxes  Beginning in 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. Taxes 5 cents per mile. Taxes For more information, see chapter 11. Taxes Additional Medicare Tax. Taxes  Beginning in 2013, a 0. Taxes 9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 if single, head of household, or qualifying widow(er) with dependent child. Taxes Medicare wages and self-employment income are combined to determine if your income exceeds the threshold. Taxes RRTA compensation should be separately compared to the threshold. Taxes For more information, see chapter 5 or visit www. Taxes irs. Taxes gov and enter the following words in the search box: Additional Medicare Tax. Taxes Retiree drug subsidy. Taxes  Beginning in 2013, sponsors of certain qualified retiree prescription drug plans must account for the subsidy received by reducing the amount of qualified retiree prescription drug plans expense by the subsidy received (taking into account the taxpayer's accounting method). Taxes For more information, visit www. Taxes irs. Taxes gov and enter the following words in the search box: Retiree drug subsidy. Taxes What's New for 2014 The following item highlights a change in the tax law for 2014. Taxes Standard mileage rate. Taxes  Beginning in 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. Taxes Film and television productions costs. Taxes  The election to expense film and television production costs does not apply to productions that begin in 2014. Taxes For more information, see chapter 7. Taxes Reminders The following reminders and other items may help you file your tax return. Taxes IRS e-file (Electronic Filing) You can file your tax returns electronically using an IRS e-file option. Taxes The benefits of IRS e-file include faster refunds, increased accuracy, and acknowledgment of IRS receipt of your return. Taxes You can use one of the following IRS e-file options. Taxes Use an authorized IRS e-file provider. Taxes Use a personal computer. Taxes Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site. Taxes For details on these fast filing methods, see your income tax package. Taxes Form 1099 MISC. Taxes  File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year in the course of your trade or business at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, and crop insurance proceeds. Taxes See the Instructions for Form 1099-MISC for more information and additional reporting requirements. Taxes Photographs of missing children. Taxes  The Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children. Taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxes You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) (24-hours a day, 7 days a week) if you recognize a child. Taxes Prev  Up  Next   Home   More Online Publications
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Taxes Publication 225 - Introductory Material Table of Contents IntroductionOrdering forms and publications. Taxes Tax questions. Taxes Future Developments What's New for 2013 What's New for 2014 Reminders Introduction You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant. Taxes A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. Taxes It also includes plantations, ranches, ranges, and orchards. Taxes This publication explains how the federal tax laws apply to farming. Taxes Use this publication as a guide to figure your taxes and complete your farm tax return. Taxes If you need more information on a subject, get the specific IRS tax publication covering that subject. Taxes We refer to many of these free publications throughout this publication. Taxes See chapter 16 for information on ordering these publications. Taxes The explanations and examples in this publication reflect the Internal Revenue Service's interpretation of tax laws enacted by Congress, Treasury regulations, and court decisions. Taxes However, the information given does not cover every situation and is not intended to replace the law or change its meaning. Taxes This publication covers subjects on which a court may have made a decision more favorable to taxpayers than the interpretation of the Service. Taxes Until these differing interpretations are resolved by higher court decisions, or in some other way, this publication will continue to present the interpretation of the Service. Taxes The IRS Mission. Taxes   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. Taxes Comments and suggestions. Taxes   We welcome your comments about this publication and your suggestions for future editions. Taxes   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxes   You can email us at taxforms@irs. Taxes gov. Taxes Please put “Publications Comment” on the subject line. Taxes You can also send us comments from www. Taxes irs. Taxes gov/formspubs/, select “Comment on Tax Forms and Publications” under “More Information. Taxes ”   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. Taxes Ordering forms and publications. Taxes   Visit www. Taxes irs. Taxes 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. Taxes Internal Revenue Service 1201 N. Taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Taxes   If you have a tax question, check the information available on IRS. Taxes gov or call 1-800-829-1040. Taxes We cannot answer tax questions sent to either of the above addresses. Taxes Comments on IRS enforcement actions. Taxes   The Small Business and Agricultural Regulatory Enforcement Ombudsman and 10 Regional Fairness Boards were established to receive comments from small business about federal agency enforcement actions. Taxes The Ombudsman will annually evaluate the enforcement activities of each agency and rate its responsiveness to small business. Taxes If you wish to comment on the enforcement actions of the IRS, you can: Call 1-888-734-3247, Fax your comments to 202-481-5719, Write to Office of the National Ombudsman U. Taxes S. Taxes Small Business Administration 409 3rd Street, S. Taxes W. Taxes  Washington, DC 20416 Send an email to ombudsman@sba. Taxes gov, or Download the appraisal form at  www. Taxes sba. Taxes gov/ombudsman. Taxes Treasury Inspector General for Tax Administration. Taxes   If you want to confidentially report misconduct, waste, fraud, or abuse by an IRS employee, you can call 1-800-366-4484 (1-800-877-8339 for TTY/TDD users). Taxes You can remain anonymous. Taxes Farm tax classes. Taxes   Many state Cooperative Extension Services conduct farm tax workshops in conjunction with the IRS. Taxes Contact your county extension office for more information. Taxes Rural tax education website. Taxes   The Rural Tax Education website is a source for information concerning agriculturally related income and deductions and self-employment tax. Taxes The website is available for farmers and ranchers, other agricultural producers, Extension educators, and any one interested in learning about the tax side of the agricultural community. Taxes Members of the National Farm Income Tax Extension Committee are contributors for the website and the website is hosted by Utah State University Cooperative Extension. Taxes You can visit the website at www. Taxes ruraltax. Taxes org. Taxes Future Developments The IRS has created a page on IRS. Taxes gov for information about Publication 225, at  www. Taxes irs. Taxes gov/pub225. Taxes Information about recent developments affecting Publication 225 will be posted on that page. Taxes What's New for 2013 The following items highlight a number of administrative and tax law changes for 2013. Taxes They are discussed in more detail throughout the publication. Taxes Standard mileage rate. Taxes  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. Taxes 5 cents. Taxes See chapter 4. Taxes Simplified method for business use of home deduction. Taxes  The IRS now provides a simplified method to determine your expenses for business use of your home. Taxes For more information, see Schedule C (Form 1040), Part II, and its instructions. Taxes See chapter 4. Taxes Increased section 179 expense deduction dollar limits. Taxes  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000. Taxes This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2 million. Taxes See chapter 7. Taxes Extension of special depreciation allowance for certain qualified property acquired after December 31, 2007. Taxes  You may be able to take a 50% special depreciation allowance for certain qualified property acquired after December 31, 2007, and placed in service before January 1, 2014. Taxes See chapter 7. Taxes Expiration of the 3-year recovery period for certain race horses. Taxes . Taxes  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. Taxes See chapter 7. Taxes Tax rates. Taxes  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. Taxes 4% to 12. Taxes 4%. Taxes As a result, the self-employment tax is increased from 13. Taxes 3% to 15. Taxes 3%. Taxes See chapter 12. Taxes Maximum net earnings. Taxes  The maximum net self-employment earnings subject to the social security part (12. Taxes 4%) of the self-employment tax increased to $113,700 for 2013. Taxes There is no maximum limit on earnings subject to the Medicare part (2. Taxes 9%). Taxes See chapter 12. Taxes Net investment income tax. Taxes  For tax years beginning in 2013, individuals, estates, and trusts may be subject to the net investment income tax (NIIT). Taxes If you are a trader in financial instruments and commodities and required to file Schedule C (Form 1040), your investment income (for purposes of the NIIT) may be reduced by your interest and other investment expenses to the extent those expenses are not used to reduce your self-employment income. Taxes For information about NIIT and the special rule for traders in financial instruments and commodities, see the Instructions for Form 8960. Taxes Social Security and Medicare Tax for 2013. Taxes  The employee tax rate for social security is 6. Taxes 2%. Taxes The employer tax rate for social security remains unchanged at 6. Taxes 2%. Taxes The social security wage base limit is $113,700. Taxes The Medicare tax rate is 1. Taxes 45% each for the employee and employer, unchanged from 2012. Taxes There is no wage base limit for Medicare tax. Taxes See chapter 13. Taxes Additional Medicare Tax. Taxes  For tax years beginning in 2013, a 0. Taxes 9% Additional Medicare Tax applies to your Medicare wages, Railroad Tax Act (RRTA) compensation, and self-employment income above a threshold amount. Taxes Use Form 8959, Additional Medicare Tax, to figure this tax. Taxes For more information, see the Instructions for Form 8959 and the Instructions for Schedule SE (Form 1040). Taxes In addition to withholding Medicare tax at 1. Taxes 45%, you must withhold a 0. Taxes 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Taxes You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Taxes Additional Medicare Tax is only imposed on the employee. Taxes There is no employer share of Additional Medicare Tax. Taxes All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Taxes For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. Taxes For more information on Additional Medicare Tax, visit IRS. Taxes gov and enter “Additional Medicare Tax” in the search box. Taxes See chapter 13. Taxes Leave-Based donation programs to aid victims of Hurricane Sandy. Taxes  Under these programs, employees may donate their vacation, sick, or personal leave in exchange for employer cash payments made before January 1, 2014, to qualified tax-exempt organizations providing relief for the victims of Hurricane Sandy. Taxes The donated leave will not be included in the income or wages of the employee. Taxes The employer may deduct the cash payments as business expenses or charitable contributions. Taxes See chapter 13. Taxes Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans extended. Taxes  The work opportunity tax credit is now available for eligible unemployed veterans who begin work before January 1, 2014. Taxes Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Taxes For more information, visit IRS. Taxes gov and enter “work opportunity credit” in the search box. Taxes See chapter 13. Taxes Estimated tax. Taxes  For tax years beginning in 2013, the Net Investment Income Tax (NIIT) may need to be included when calculating your estimated tax. Taxes Also, when figuring your estimated tax, you may need to include the 0. Taxes 9% Additional Medicare Tax applicable to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above the threshold amount based on your filing status. Taxes For more information, see Publication 505. Taxes What's New for 2014 Maximum net earnings. Taxes  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. Taxes See chapter 12. Taxes Social security and Medicare tax for 2014. Taxes  The employee and employer tax rates for social security and the maximum amount of wages subject to social security tax for 2014 will be discussed in Publication 51 (Circular A), Agricultural Employer's Tax Guide (For use in 2014). Taxes The Medicare tax rate for 2014 will also be discussed in Publication 51 (Circular A) (For use in 2014). Taxes There is no limit on the amount of wages subject to Medicare tax. Taxes See chapter 13. Taxes Reminders The following reminders and other items may help you file your tax return. Taxes   IRS e-file (Electronic Filing) You can file your tax returns electronically using an IRS e-file option. Taxes The benefits of IRS e-file include faster refunds, increased accuracy, and acknowledgment of IRS receipt of your return. Taxes You can use one of the following IRS e-file options. Taxes Use an authorized IRS e-file provider. Taxes Use a personal computer. Taxes Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site. Taxes For details on these fast filing methods, see your income tax package. Taxes Principal agricultural activity codes. Taxes  You must enter on line B of Schedule F (Form 1040) a code that identifies your principal agricultural activity. Taxes It is important to use the correct code because this information will identify market segments of the public for IRS Taxpayer Education programs. Taxes The U. Taxes S. Taxes Census Bureau also uses this information for its economic census. Taxes See the list of Principal Agricultural Activity Codes on page 2 of Schedule F (Form 1040). Taxes Publication on employer identification numbers (EIN). Taxes  Publication 1635, Understanding Your Employer Identification Number, provides general information on employer identification numbers. Taxes Topics include how to apply for an EIN and how to complete Form SS-4. Taxes Change of address. Taxes  If you change your home address, you should use Form 8822, Change of Addres, to notify the IRS. Taxes If you change your business address, you should use Form 8822-B, Change of Address or Responsible Party — Business, to notify the IRS. Taxes Be sure to include your suite, room, or other unit number. Taxes Reportable transactions. Taxes  You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. Taxes You may have to pay a penalty if you are required to file Form 8886 but do not do so. Taxes Reportable transactions include (1) transactions the same as or substantially similar to tax avoidance transactions identified by the IRS, (2) transactions offered to you under conditions of confidentiality and for which you paid an advisor a minimum fee, (3) transactions for which you have or a related party has a right to a full or partial refund of fees if all or part of the intended tax consequences from the transaction are not sustained, (4) transactions that result in losses of at least $2 million in any single year or $4 million in any combination of years, and (5) transactions with asset holding periods of 45 days or less and that result in a tax credit of more than $250,000. Taxes For more information, see the Instructions for Form 8886. Taxes Form W-4 for 2014. Taxes  You should make new Forms W-4 available to your employees and encourage them to check their income tax withholding for 2014. Taxes Those employees who owed a large amount of tax or received a large refund for 2013 may need to submit a new Form W-4. Taxes See Publication 919, How Do I Adjust My Tax Withholding. Taxes Form 1099-MISC. Taxes  Generally, file Form 1099-MISC if you pay at least $600 in rents, services, and other miscellaneous payments in your farming business to an individual (for example, an accountant, an attorney, or a veterinarian) who is not your employee. Taxes Limited Liability Company (LLC). Taxes  For purposes of this publication, a limited liability company (LLC) is a business entity organized in the United States under state law. Taxes Unlike a partnership, all of the members of an LLC have limited personal liability for its debts. Taxes An LLC may be classified for federal income tax purposes as a partnership, corporation, or an entity disregarded as separate from its owner by applying the rules in Regulations section 301. Taxes 7701-3. Taxes See Publication 3402 for more details. Taxes Photographs of missing children. Taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxes 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. Taxes Prev  Up  Next   Home   More Online Publications