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Where Mail 1040x

Where mail 1040x Publication 534 - Introductory Material Table of Contents Important Change for 1995 Introduction How To Use This Publication Important Change for 1995 Major changes to Publications 534 and 946. Where mail 1040x  This publication, as well as Publication 946,How To Depreciate Property, has been changed. Where mail 1040x Publication 534 has been shortened. Where mail 1040x It no longer contains general information on MACRS and the section 179 deduction. Where mail 1040x It contains a discussion of the accelerated cost recovery system (ACRS), the ACRS Percentage Tables, a discussion of other methods of depreciation, and a limited discussion of listed property. Where mail 1040x We expanded Publication 946 by adding material taken from Publication 534. Where mail 1040x We added more detail to the discussions of the section 179 deduction, the modified accelerated cost recovery system (MACRS), and listed property. Where mail 1040x We replaced the partialMACRS Percentage Tables with the complete ones from Publication 534. Where mail 1040x We also added the Table of Class Lives and Recovery Periods from Publication 534. Where mail 1040x We made these changes to eliminate most of the duplication that existed in the two publications. Where mail 1040x This will save money and make it easier for you to decide which publication you need. Where mail 1040x Use this publication to figure depreciation on property you placed in service before 1987; use Publication 946 to figure depreciation on property you placed in service after 1986. Where mail 1040x Introduction The law allows you to recover your cost in business or income-producing property through yearly tax deductions. Where mail 1040x You do this by depreciating your property, that is, by deducting some of your cost on your tax return each year. Where mail 1040x You can depreciate both tangible property, such as a car, building, or machinery, and certain intangible property, such as a copyright or a patent. Where mail 1040x The amount you can deduct depends on: How much the property cost, When you began using it, How long it will take to recover your cost, and Which of several depreciation methods you use. Where mail 1040x Depreciation defined. Where mail 1040x   Depreciation is a loss in the value of property over the time the property is being used. Where mail 1040x Events that can cause property to depreciate include wear and tear, age, deterioration, and obsolescence. Where mail 1040x You can get back your cost of certain property, such as equipment you use in your business or property used for the production of income by taking deductions for depreciation. Where mail 1040x Black's Law Dictionary Amortization. Where mail 1040x   Amortization is similar to depreciation. Where mail 1040x Using amortization, you can recover your cost or basis in certain property proportionately over a specific number of years or months. Where mail 1040x Examples of costs you can amortize are the costs of starting a business, reforestation, and pollution control facilities. Where mail 1040x You can find information on amortization inchapter 12 of Publication 535, Business Expenses. Where mail 1040x Alternative minimum tax. Where mail 1040x   If you use accelerated depreciation for real property, or personal property that is leased to others, you may be liable for the alternative minimum tax. Where mail 1040x Accelerated depreciation is any method, that allows recovery at a faster rate in the earlier years than the straight line method. Where mail 1040x For more information, you may wish to see the following: Form 6251, Alternative Minimum Tax-Individuals, and Publication 542, Tax Information on Corporations. Where mail 1040x Ordering publications and forms. Where mail 1040x   To order free publications and forms, 1-800-TAX-FORM (1-800-829-3676). Where mail 1040x You can also write to the IRS Forms Distribution Center nearest you. Where mail 1040x Check your income tax package for the address. Where mail 1040x   If you have access to a personal computer and a modem, you can also get many forms and publications electronically. Where mail 1040x See How To Get Forms and Publications in your income tax package for details. Where mail 1040x Telephone help. Where mail 1040x   You can call the IRS with your tax question Monday through Friday during regular business hours. Where mail 1040x Check your telephone book for the local number or you can call1-800-829-1040. Where mail 1040x Telephone help for hearing-impaired persons. Where mail 1040x   If you have access to TDD equipment, you can call 1-800-829-4059 with your tax question or to order forms and publications. Where mail 1040x See your tax package for the hours of operation. Where mail 1040x How To Use This Publication This publication describes the kinds of property that can be depreciated and the methods used to figure depreciation on property placed in service before 1987. Where mail 1040x It is divided into three chapters and contains an appendix. Where mail 1040x Chapter 1 explains the rules for depreciating property under the Accelerated Cost Recovery System (ACRS). Where mail 1040x Chapter 2 explains the rules for depreciating property first used before 1981. Where mail 1040x Chapter 3 explains the rules for listed property. Where mail 1040x Also this chapter defines listed property. Where mail 1040x The appendix contains the ACRS Percentage Tables. Where mail 1040x Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Washington Office of the Attorney General

Website: Washington Office of the Attorney General

Address: Washington Office of the Attorney General
Consumer Protection Division
PO Box 40100
1125 Washington St., SE
Olympia, WA 98504-0100

Phone Number: 206-464-6684

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

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Regional Consumer Protection Offices

Tacoma Office of the Attorney General

Website: Tacoma Office of the Attorney General

Address: Tacoma Office of the Attorney General
Consumer Protection Division
1250 Pacific Ave., Suite 105
Tacoma, WA 98402

Phone Number: 253-593-5243

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

Vancouver Office of the Attorney General

Website: Vancouver Office of the Attorney General

Address: Vancouver Office of the Attorney General
Consumer Protection Division
1220 Main St., Suite 510
Vancouver, WA 98660

Phone Number: 360-759-2100

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

Bellingham Office of the Attorney General

Website: Bellingham Office of the Attorney General

Address: Bellingham Office of the Attorney General
Consumer Protection Division
103 E. Holly St., Suite 310
Bellingham, WA 98225

Phone Number: 360-676-2037

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

Seattle Office of the Attorney General

Website: Seattle Office of the Attorney General

Address: Seattle Office of the Attorney General
Consumer Protection Division
800 5th Ave., Suite 2000
Seattle, WA 98104

Phone Number: 206-464-7744

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

Spokane Office of the Attorney General

Website: Spokane Office of the Attorney General

Address: Spokane Office of the Attorney General
Consumer Protection Division (Eastern Washington)
1116 W. Riverside Ave.
Spokane, WA 99201-1194

Phone Number: 509-456-3123

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

Kennewick Office of the Attorney General

Website: Kennewick Office of the Attorney General

Address: Kennewick Office of the Attorney General
Consumer Protection Division
8127 W. Klamath Ct.
Kennewick, WA 99336-2607

Phone Number: 509-734-7285

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
Division of Banks
PO Box 41200
Olympia, WA 98504-1200

Phone Number: 360-902-8704

Toll-free: 1-877-746-4334
1-888-976-4422 (in Spanish) 1-888-976-4422 (in Spanish)

TTY: 360-664-8126

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Office of the Insurance Commissioner

Website: Office of the Insurance Commissioner

Address: Office of the Insurance Commissioner
Consumer Protection
PO Box 40256
Olympia, WA 98504-0256

Phone Number: 360-725-7080

Toll-free: 1-800-562-6900 (WA)

TTY: 360-586-0241

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
Division of Securities
PO Box 9033
Olympia, WA 98507-9033

Phone Number: 360-902-8760

Toll-free: 1-877-746-4334

TTY: 360-664-8126

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Utilities and Transportation Commission

Website: Utilities and Transportation Commission

Address: Utilities and Transportation Commission
Consumer Protection
PO Box 47250
Olympia, WA 98504

Phone Number: 360-664-1160

Toll-free: 1-888-333-9882

TTY: 1-800-416-5289

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The Where Mail 1040x

Where mail 1040x 7. Where mail 1040x   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Where mail 1040x Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. Where mail 1040x You must determine gross profit before you can deduct any business expenses. Where mail 1040x These expenses are discussed in chapter 8. Where mail 1040x If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. Where mail 1040x Businesses that sell products. Where mail 1040x   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Where mail 1040x Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). Where mail 1040x Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. Where mail 1040x   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). Where mail 1040x The result is the gross profit from your business. Where mail 1040x Businesses that sell services. Where mail 1040x   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. Where mail 1040x Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). Where mail 1040x Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. Where mail 1040x Illustration. Where mail 1040x   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Where mail 1040x Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. Where mail 1040x Gross receipts. Where mail 1040x   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Where mail 1040x You may find it helpful to use cash registers to keep track of receipts. Where mail 1040x You should also use a proper invoicing system and keep a separate bank account for your business. Where mail 1040x Sales tax collected. Where mail 1040x   Check to make sure your records show the correct sales tax collected. Where mail 1040x   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. Where mail 1040x   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. Where mail 1040x Inventory at beginning of year. Where mail 1040x   Compare this figure with last year's ending inventory. Where mail 1040x The two amounts should usually be the same. Where mail 1040x Purchases. Where mail 1040x   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. Where mail 1040x ) be sure to remove them from the cost of goods sold. Where mail 1040x For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. Where mail 1040x Inventory at end of year. Where mail 1040x   Check to make sure your procedures for taking inventory are adequate. Where mail 1040x These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. Where mail 1040x   Use inventory forms and adding machine tapes as the only evidence for your inventory. Where mail 1040x Inventory forms are available at office supply stores. Where mail 1040x These forms have columns for recording the description, quantity, unit price, and value of each inventory item. Where mail 1040x Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. Where mail 1040x These forms will help satisfy you that the total inventory is accurate. Where mail 1040x They will also provide you with a permanent record to support its validity. Where mail 1040x   Inventories are discussed in chapter 2. Where mail 1040x Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. Where mail 1040x First, divide gross profit by net receipts. Where mail 1040x The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. Where mail 1040x Next, compare this percentage to your markup policy. Where mail 1040x Little or no difference between these two percentages shows that your gross profit figure is accurate. Where mail 1040x A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Where mail 1040x You should determine the reason for the difference. Where mail 1040x Example. Where mail 1040x   Joe Able operates a retail business. Where mail 1040x On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Where mail 1040x The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Where mail 1040x His cost of goods sold is $200,000. Where mail 1040x This results in a gross profit of $100,000 ($300,000 − $200,000). Where mail 1040x To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Where mail 1040x The resulting 331/3% confirms his markup percentage of 331/3%. Where mail 1040x Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. Where mail 1040x The result is gross business income. Where mail 1040x If you use Schedule C-EZ, include the income on line 1 of the schedule. Where mail 1040x Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. Where mail 1040x Prev  Up  Next   Home   More Online Publications