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When Can You File Taxes

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When Can You File Taxes

When can you file taxes Publication 4492 - Introductory Material Table of Contents Introduction Useful Items - You may want to see: Introduction This publication explains the major provisions of the Katrina Emergency Tax Relief Act of 2005 and the Gulf Opportunity Zone Act of 2005. When can you file taxes Useful Items - You may want to see: Publication 526 Charitable Contributions 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 547 Casualties, Disasters, and Thefts 946 How To Depreciate Property Form (and Instructions) 4506Request for Copy of Tax Return 4506-TRequest for Transcript of Tax Return 4684Casualties and Thefts 5884Work Opportunity Credit 5884-ACredits for Employers Affected by Hurricane Katrina, Rita, or Wilma 8863Education Credits (Hope and Lifetime Learning Credits) 8914Exemption Amount for Taxpayers Housing Individuals Displaced by Hurricane Katrina 8915Qualified Hurricane Retirement Plan Distributions and Repayments Prev  Up  Next   Home   More Online Publications
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When can you file taxes 6. When can you file taxes   Insurance Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Deductible PremiumsSelf-Employed Health Insurance Deduction Nondeductible Premiums Capitalized Premiums When To Deduct Premiums What's New Retiree drug subsidy. When can you file 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). When can you file taxes For more information, see the retiree drug subsidy frequently asked questions on IRS. When can you file taxes gov. When can you file taxes Introduction You generally can deduct the ordinary and necessary cost of insurance as a business expense if it is for your trade, business, or profession. When can you file taxes However, you may have to capitalize certain insurance costs under the uniform capitalization rules. When can you file taxes For more information, see Capitalized Premiums , later. When can you file taxes Topics - This chapter discusses: Deductible premiums Nondeductible premiums Capitalized premiums When to deduct premiums Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 525 Taxable and Nontaxable Income 538 Accounting Periods and Methods 547 Casualties, Disasters, and Thefts Form (and Instructions) 1040 U. When can you file taxes S. When can you file taxes Individual Income Tax Return See chapter 12 for information about getting publications and forms. When can you file taxes Deductible Premiums You generally can deduct premiums you pay for the following kinds of insurance related to your trade or business. When can you file taxes Insurance that covers fire, storm, theft, accident, or similar losses. When can you file taxes Credit insurance that covers losses from business bad debts. When can you file taxes Group hospitalization and medical insurance for employees, including long-term care insurance. When can you file taxes If a partnership pays accident and health insurance premiums for its partners, it generally can deduct them as guaranteed payments to partners. When can you file taxes If an S corporation pays accident and health insurance premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages subject to federal income tax withholding. When can you file taxes See Publication 15-B. When can you file taxes Liability insurance. When can you file taxes Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients. When can you file taxes Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault. When can you file taxes If a partnership pays workers' compensation premiums for its partners, it generally can deduct them as guaranteed payments to partners. When can you file taxes If an S corporation pays workers' compensation premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages. When can you file taxes Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law. When can you file taxes Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness. When can you file taxes Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. When can you file taxes If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. When can you file taxes If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums. When can you file taxes Life insurance covering your officers and employees if you are not directly or indirectly a beneficiary under the contract. When can you file taxes Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause. When can you file taxes Self-Employed Health Insurance Deduction You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for yourself, your spouse, and your dependents. When can you file taxes The insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. When can you file taxes A child includes your son, daughter, stepchild, adopted child, or foster child. When can you file taxes A foster child is any child placed with you by an authorized placement agency or by judgment, decree, or other order of any court of competent jurisdiction. When can you file taxes One of the following statements must be true. When can you file taxes You were self-employed and had a net profit for the year reported on Schedule C (Form 1040), Profit or Loss From Business; Schedule C-EZ (Form 1040), Net Profit From Business; or Schedule F (Form 1040), Profit or Loss From Farming. When can you file taxes You were a partner with net earnings from self-employment for the year reported on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. When can you file taxes , box 14, code A. When can you file taxes You used one of the optional methods to figure your net earnings from self-employment on Schedule SE. When can you file taxes You received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. When can you file taxes Health insurance premiums paid or reimbursed by the S corporation are shown as wages on Form W-2, Wage and Tax Statement. When can you file taxes The insurance plan must be established, or considered to be established as discussed in the following bullets, under your business. When can you file taxes For self-employed individuals filing a Schedule C, C-EZ, or F, a policy can be either in the name of the business or in the name of the individual. When can you file taxes For partners, a policy can be either in the name of the partnership or in the name of the partner. When can you file taxes You can either pay the premiums yourself or your partnership can pay them and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. When can you file taxes However, if the policy is in your name and you pay the premiums yourself, the partnership must reimburse you and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. When can you file taxes Otherwise, the insurance plan will not be considered to be established under your business. When can you file taxes For more-than-2% shareholders, a policy can be either in the name of the S corporation or in the name of the shareholder. When can you file taxes You can either pay the premiums yourself or your S corporation can pay them and report the premium amounts on Form W-2 as wages to be included in your gross income. When can you file taxes However, if the policy is in your name and you pay the premiums yourself, the S corporation must reimburse you and report the premium amounts on Form W-2 as wages to be included in your gross income. When can you file taxes Otherwise, the insurance plan will not be considered to be established under your business. When can you file taxes Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction. When can you file taxes If you previously filed returns without using Medicare premiums to figure the deduction, you can file timely amended returns to refigure the deduction. When can you file taxes For more information, see Form 1040X, Amended U. When can you file taxes S. When can you file taxes Individual Income Tax Return. When can you file taxes Amounts paid for health insurance coverage from retirement plan distributions that were nontaxable because you are a retired public safety officer cannot be used to figure the deduction. When can you file taxes Take the deduction on Form 1040, line 29. When can you file taxes Qualified long-term care insurance. When can you file taxes   You can include premiums paid on a qualified long-term care insurance contract when figuring your deduction. When can you file taxes But, for each person covered, you can include only the smaller of the following amounts. When can you file taxes The amount paid for that person. When can you file taxes The amount shown below. When can you file taxes Use the person's age at the end of the tax year. When can you file taxes Age 40 or younger–$360 Age 41 to 50–$680 Age 51 to 60–$1,360 Age 61 to 70–$3,640 Age 71 or older–$4,550 Qualified long-term care insurance contract. When can you file taxes   A qualified long-term care insurance contract is an insurance contract that only provides coverage of qualified long-term care services. When can you file taxes The contract must meet all the following requirements. When can you file taxes It must be guaranteed renewable. When can you file taxes It must provide that refunds, other than refunds on the death of the insured or complete surrender or cancellation of the contract, and dividends under the contract may be used only to reduce future premiums or increase future benefits. When can you file taxes It must not provide for a cash surrender value or other money that can be paid, assigned, pledged, or borrowed. When can you file taxes It generally must not pay or reimburse expenses incurred for services or items that would be reimbursed under Medicare, except where Medicare is a secondary payer or the contract makes per diem or other periodic payments without regard to expenses. When can you file taxes Qualified long-term care services. When can you file taxes   Qualified long-term care services are: Necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative services, and Maintenance or personal care services. When can you file taxes The services must be required by a chronically ill individual and prescribed by a licensed health care practitioner. When can you file taxes Worksheet 6-A. When can you file taxes Self-Employed Health Insurance Deduction Worksheet Note. When can you file taxes Use a separate worksheet for each trade or business under which an insurance plan is established. When can you file taxes 1. When can you file taxes Enter the total amount paid in 2013 for health insurance coverage established under your business for 2013 for you, your spouse, and your dependents. When can you file taxes Your insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. When can you file taxes But do not include the following. When can you file taxes   Amounts for any month you were eligible to participate in a health plan subsidized by your or your spouse's employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. When can you file taxes Any amounts paid from retirement plan distributions that were nontaxable because you are a retired public safety officer. When can you file taxes Any amounts you included on Form 8885, line 4. When can you file taxes Any qualified health insurance premiums you paid to “U. When can you file taxes S. When can you file taxes Treasury-HCTC. When can you file taxes ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H. When can you file taxes Any payments for qualified long-term care insurance (see line 2) 1. When can you file taxes   2. When can you file taxes For coverage under a qualified long-term care insurance contract, enter for each person covered the smaller of the following amounts. When can you file taxes       a) Total payments made for that person during the year. When can you file taxes       b) The amount shown below. When can you file taxes Use the person's age at the end of the tax year. When can you file taxes         $360— if that person is age 40 or younger          $680— if age 41 to 50         $1,360— if age 51 to 60         $3,640— if age 61 to 70         $4,550— if age 71 or older         Do not include payments for any month you were eligible to participate in a long-term care insurance plan subsidized by your or your spouse’s employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. When can you file taxes If more than one person is covered, figure separately the amount to enter for each person. When can you file taxes Then enter the total of those amounts 2. When can you file taxes   3. When can you file taxes Add lines 1 and 2 3. When can you file taxes   4. When can you file taxes Enter your net profit* and any other earned income** from the trade or business under which the insurance plan is established. When can you file taxes Do not include Conservation Reserve Program payments exempt from self-employment tax. When can you file taxes If the business is an S corporation, skip to line 11 4. When can you file taxes   5. When can you file taxes Enter the total of all net profits* from: Schedule C (Form 1040), line 31; Schedule C-EZ (Form 1040), line 3; Schedule F (Form 1040), line 34; or Schedule K-1 (Form 1065), box 14, code A; plus any other income allocable to the profitable businesses. When can you file taxes Do not include Conservation Reserve Program payments exempt from self-employment tax. When can you file taxes See the Instructions for Schedule SE (Form 1040). When can you file taxes Do not include any net losses shown on these schedules. When can you file taxes 5. When can you file taxes   6. When can you file taxes Divide line 4 by line 5 6. When can you file taxes   7. When can you file taxes Multiply Form 1040, line 27, by the percentage on line 6 7. When can you file taxes   8. When can you file taxes Subtract line 7 from line 4 8. When can you file taxes   9. When can you file taxes Enter the amount, if any, from Form 1040, line 28, attributable to the same trade or business in which the insurance plan is established 9. When can you file taxes   10. When can you file taxes Subtract line 9 from line 8 10. When can you file taxes   11. When can you file taxes Enter your Medicare wages (Form W-2, box 5) from an S corporation in which you are a more-than-2% shareholder and in which the insurance plan is established 11. When can you file taxes   12. When can you file taxes Enter any amount from Form 2555, line 45, attributable to the amount entered on line 4 or 11 above, or any amount from Form 2555-EZ, line 18, attributable to the amount entered on line 11 above 12. When can you file taxes   13. When can you file taxes Subtract line 12 from line 10 or 11, whichever applies 13. When can you file taxes   14. When can you file taxes Enter the smaller of line 3 or line 13 here and on Form 1040, line 29. When can you file taxes Do not include this amount when figuring any medical expense deduction on Schedule A (Form 1040). When can you file taxes 14. When can you file taxes   * If you used either optional method to figure your net earnings from self-employment from any business, do not enter your net profit from the business. When can you file taxes Instead, enter the amount attributable to that business from Schedule SE (Form 1040), Section B, line 4b. When can you file taxes * *Earned income includes net earnings and gains from the sale, transfer, or licensing of property you created. When can you file taxes However, it does not include capital gain income. When can you file taxes Chronically ill individual. When can you file taxes   A chronically ill individual is a person who has been certified as one of the following. When can you file taxes An individual who has been unable, due to loss of functional capacity for at least 90 days, to perform at least two activities of daily living without substantial assistance from another individual. When can you file taxes Activities of daily living are eating, toileting, transferring (general mobility), bathing, dressing, and continence. When can you file taxes An individual who requires substantial supervision to be protected from threats to health and safety due to severe cognitive impairment. When can you file taxes The certification must have been made by a licensed health care practitioner within the previous 12 months. When can you file taxes Benefits received. When can you file taxes   For information on excluding benefits you receive from a long-term care contract from gross income, see Publication 525. When can you file taxes Other coverage. When can you file taxes   You cannot take the deduction for any month you were eligible to participate in any employer (including your spouse's) subsidized health plan at any time during that month, even if you did not actually participate. When can you file taxes In addition, if you were eligible for any month or part of a month to participate in any subsidized health plan maintained by the employer of either your dependent or your child who was under age 27 at the end of 2013, do not use amounts paid for coverage for that month to figure the deduction. When can you file taxes   These rules are applied separately to plans that provide long-term care insurance and plans that do not provide long-term care insurance. When can you file taxes However, any medical insurance payments not deductible on Form 1040, line 29, can be included as medical expenses on Schedule A (Form 1040), Itemized Deductions, if you itemize deductions. When can you file taxes Effect on itemized deductions. When can you file taxes   Subtract the health insurance deduction from your medical insurance when figuring medical expenses on Schedule A (Form 1040) if you itemize deductions. When can you file taxes Effect on self-employment tax. When can you file taxes   For tax years beginning before or after 2010, you cannot subtract the self-employed health insurance deduction when figuring net earnings for your self-employment tax from the business under which the insurance plan is established, or considered to be established as discussed earlier. When can you file taxes For more information, see Schedule SE (Form 1040). When can you file taxes How to figure the deduction. When can you file taxes   Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. When can you file taxes However, if any of the following apply, you must use Worksheet 6-A in this chapter. When can you file taxes You had more than one source of income subject to self-employment tax. When can you file taxes You file Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion. When can you file taxes You are using amounts paid for qualified long-term care insurance to figure the deduction. When can you file taxes If you are claiming the health coverage tax credit, complete Form 8885, Health Coverage Tax Credit, before you figure this deduction. When can you file taxes Health coverage tax credit. When can you file taxes   You may be able to take this credit only if you were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment trade adjustment assistance (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient. When can you file taxes Use Form 8885 to figure the amount, if any, of this credit. When can you file taxes   When figuring the amount to enter on line 1 of Worksheet 6-A, do not include the following. When can you file taxes Any amounts you included on Form 8885, line 4. When can you file taxes Any qualified health insurance premiums you paid to “U. When can you file taxes S. When can you file taxes Treasury-HCTC. When can you file taxes ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments. When can you file taxes More than one health plan and business. When can you file taxes   If you have more than one health plan during the year and each plan is established under a different business, you must use separate worksheets (Worksheet 6-A) to figure each plan's net earnings limit. When can you file taxes Include the premium you paid under each plan on line 1 or line 2 of that separate worksheet and your net profit (or wages) from that business on line 4 (or line 11). When can you file taxes For a plan that provides long-term care insurance, the total of the amounts entered for each person on line 2 of all worksheets cannot be more than the appropriate limit shown on line 2 for that person. When can you file taxes Nondeductible Premiums You cannot deduct premiums on the following kinds of insurance. When can you file taxes Self-insurance reserve funds. When can you file taxes You cannot deduct amounts credited to a reserve set up for self-insurance. When can you file taxes This applies even if you cannot get business insurance coverage for certain business risks. When can you file taxes However, your actual losses may be deductible. When can you file taxes See Publication 547. When can you file taxes Loss of earnings. When can you file taxes You cannot deduct premiums for a policy that pays for lost earnings due to sickness or disability. When can you file taxes However, see the discussion on overhead insurance, item (8), under Deductible Premiums , earlier. When can you file taxes Certain life insurance and annuities. When can you file taxes For contracts issued before June 9, 1997, you cannot deduct the premiums on a life insurance policy covering you, an employee, or any person with a financial interest in your business if you are directly or indirectly a beneficiary of the policy. When can you file taxes You are included among possible beneficiaries of the policy if the policy owner is obligated to repay a loan from you using the proceeds of the policy. When can you file taxes A person has a financial interest in your business if the person is an owner or part owner of the business or has lent money to the business. When can you file taxes For contracts issued after June 8, 1997, you generally cannot deduct the premiums on any life insurance policy, endowment contract, or annuity contract if you are directly or indirectly a beneficiary. When can you file taxes The disallowance applies without regard to whom the policy covers. When can you file taxes Partners. When can you file taxes If, as a partner in a partnership, you take out an insurance policy on your own life and name your partners as beneficiaries to induce them to retain their investments in the partnership, you are considered a beneficiary. When can you file taxes You cannot deduct the insurance premiums. When can you file taxes Insurance to secure a loan. When can you file taxes If you take out a policy on your life or on the life of another person with a financial interest in your business to get or protect a business loan, you cannot deduct the premiums as a business expense. When can you file taxes Nor can you deduct the premiums as interest on business loans or as an expense of financing loans. When can you file taxes In the event of death, the proceeds of the policy are generally not taxed as income even if they are used to liquidate the debt. When can you file taxes Capitalized Premiums Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. When can you file taxes Include these costs in the basis of property you produce or acquire for resale, rather than claiming them as a current deduction. When can you file taxes You recover the costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. When can you file taxes Indirect costs include premiums for insurance on your plant or facility, machinery, equipment, materials, property produced, or property acquired for resale. When can you file taxes Uniform capitalization rules. When can you file taxes   You may be subject to the uniform capitalization rules if you do any of the following, unless the property is produced for your use other than in a business or an activity carried on for profit. When can you file taxes Produce real property or tangible personal property. When can you file taxes For this purpose, tangible personal property includes a film, sound recording, video tape, book, or similar property. When can you file taxes Acquire property for resale. When can you file taxes However, these rules do not apply to the following property. When can you file taxes Personal property you acquire for resale if your average annual gross receipts are $10 million or less for the 3 prior tax years. When can you file taxes Property you produce if you meet either of the following conditions. When can you file taxes Your indirect costs of producing the property are $200,000 or less. When can you file taxes You use the cash method of accounting and do not account for inventories. When can you file taxes More information. When can you file taxes   For more information on these rules, see Uniform Capitalization Rules in Publication 538 and the regulations under Internal Revenue Code section 263A. When can you file taxes When To Deduct Premiums You can usually deduct insurance premiums in the tax year to which they apply. When can you file taxes Cash method. When can you file taxes   If you use the cash method of accounting, you generally deduct insurance premiums in the tax year you actually paid them, even if you incurred them in an earlier year. When can you file taxes However, see Prepayment , later. When can you file taxes Accrual method. When can you file taxes   If you use an accrual method of accounting, you cannot deduct insurance premiums before the tax year in which you incur a liability for them. When can you file taxes In addition, you cannot deduct insurance premiums before the tax year in which you actually pay them (unless the exception for recurring items applies). When can you file taxes For more information about the accrual method of accounting, see chapter 1. When can you file taxes For information about the exception for recurring items, see Publication 538. When can you file taxes Prepayment. When can you file taxes   You cannot deduct expenses in advance, even if you pay them in advance. When can you file taxes This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. When can you file taxes   Expenses such as insurance are generally allocable to a period of time. When can you file taxes You can deduct insurance expenses for the year to which they are allocable. When can you file taxes Example. When can you file taxes In 2013, you signed a 3-year insurance contract. When can you file taxes Even though you paid the premiums for 2013, 2014, and 2015 when you signed the contract, you can only deduct the premium for 2013 on your 2013 tax return. When can you file taxes You can deduct in 2014 and 2015 the premium allocable to those years. When can you file taxes Dividends received. When can you file taxes   If you receive dividends from business insurance and you deducted the premiums in prior years, at least part of the dividends generally are income. When can you file taxes For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1 under How Much Can I Deduct. When can you file taxes Prev  Up  Next   Home   More Online Publications