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Www. Www.1040ez.com 1040ez. Www.1040ez.com com Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. Www.1040ez.com They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. Www.1040ez.com CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. Www.1040ez.com Opening a CCF account. Www.1040ez.com   If you are a U. Www.1040ez.com S. Www.1040ez.com citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. Www.1040ez.com However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. Www.1040ez.com This agreement will establish the following. Www.1040ez.com Agreement vessels. Www.1040ez.com Eligible vessels named in the agreement that will be the basis for the deferral of income tax. Www.1040ez.com Planned use of withdrawals. Www.1040ez.com Use of CCF funds to acquire, build, or rebuild a vessel. Www.1040ez.com CCF depository. Www.1040ez.com Where your CCF funds will be held. Www.1040ez.com    You can request an application kit or get additional information from NMFS at the following address. Www.1040ez.com NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. Www.1040ez.com nmfs. Www.1040ez.com noaa. Www.1040ez.com gov/mb/financial_services/ccf. Www.1040ez.com htm. Www.1040ez.com    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. Www.1040ez.com 204). Www.1040ez.com Their fax number is (301) 713-1939. Www.1040ez.com Eligible vessels. Www.1040ez.com   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. Www.1040ez.com For each type, certain requirements must be met. Www.1040ez.com Vessel weighing 5 tons or more. Www.1040ez.com   To be considered eligible, the vessel must meet all the following requirements. Www.1040ez.com Be built or rebuilt in the United States. Www.1040ez.com Be documented under the laws of the United States. Www.1040ez.com Be used commercially in the fisheries of the United States. Www.1040ez.com Be operated in the foreign or domestic commerce of the United States. Www.1040ez.com Vessel weighing less than 5 tons. Www.1040ez.com   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. Www.1040ez.com Be built or rebuilt in the United States. Www.1040ez.com Be owned by a U. Www.1040ez.com S. Www.1040ez.com citizen. Www.1040ez.com Have a home port in the United States. Www.1040ez.com Be used commercially in the fisheries of the United States. Www.1040ez.com Deferring tax on CCF deposits and earnings. Www.1040ez.com   You can use a CCF account to defer income tax by taking the following actions. Www.1040ez.com Making deposits to your CCF account from taxable income. Www.1040ez.com Excluding from income deposits assigned to certain accounts (discussed later). Www.1040ez.com Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. Www.1040ez.com Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. Www.1040ez.com    Reporting requirements. Www.1040ez.com Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. Www.1040ez.com This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. Www.1040ez.com For more information, contact the NMFS at the address or phone number given earlier. Www.1040ez.com Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. Www.1040ez.com Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. Www.1040ez.com Capital account. Www.1040ez.com   The capital account consists primarily of amounts attributable to the following items. Www.1040ez.com Allowable depreciation deductions for agreement vessels. Www.1040ez.com Any nontaxable return of capital from either (a) or (b), below. Www.1040ez.com The sale or other disposition of agreement vessels. Www.1040ez.com Insurance or indemnity proceeds attributable to agreement vessels. Www.1040ez.com Any tax-exempt interest earned on state or local bonds in your CCF account. Www.1040ez.com Capital gain account. Www.1040ez.com   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. Www.1040ez.com Any capital gain from either of the following sources. Www.1040ez.com The sale or other disposition of agreement vessels held for more than 6 months. Www.1040ez.com Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. Www.1040ez.com Any capital gain from assets held in your CCF account for more than 6 months. Www.1040ez.com Ordinary income account. Www.1040ez.com   The ordinary income account consists of amounts attributable to the following items. Www.1040ez.com Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. Www.1040ez.com Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. Www.1040ez.com The sale or other disposition of agreement vessels held for 6 months or less. Www.1040ez.com Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. Www.1040ez.com Any capital gain from assets held in your CCF account for 6 months or less. Www.1040ez.com Any ordinary income (such as depreciation recapture) from either of the following sources. Www.1040ez.com The sale or other disposition of agreement vessels. Www.1040ez.com Insurance or indemnity proceeds attributable to agreement vessels. Www.1040ez.com Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. Www.1040ez.com Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. Www.1040ez.com Capital gains. Www.1040ez.com   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. Www.1040ez.com This treatment applies to either of the following transactions. Www.1040ez.com The sale or other disposition of an agreement vessel. Www.1040ez.com The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Www.1040ez.com Depreciation recapture. Www.1040ez.com   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. Www.1040ez.com This treatment applies to either of the following transactions. Www.1040ez.com The sale or other disposition of an agreement vessel. Www.1040ez.com The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Www.1040ez.com Earnings from operations. Www.1040ez.com   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. Www.1040ez.com You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). Www.1040ez.com Next to line 43, write “CCF” and the amount of the deposits. Www.1040ez.com Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). Www.1040ez.com If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. Www.1040ez.com When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. Www.1040ez.com Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. Www.1040ez.com Self-employment tax. Www.1040ez.com   You must use your net profit or loss from your fishing business to figure your self-employment tax. Www.1040ez.com Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. Www.1040ez.com    Partnerships and S corporations. Www.1040ez.com The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). Www.1040ez.com   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). Www.1040ez.com Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. Www.1040ez.com However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. Www.1040ez.com Capital gains. Www.1040ez.com   Do not report any capital gains from the sale of capital assets held in your CCF account. Www.1040ez.com This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. Www.1040ez.com However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. Www.1040ez.com ” Interest and dividends. Www.1040ez.com   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Www.1040ez.com However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. Www.1040ez.com ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. Www.1040ez.com ” Then, subtract the same amounts from the list and identify them as “CCF deposits. Www.1040ez.com ” Tax-exempt interest. Www.1040ez.com   Do not report tax-exempt interest from state or local bonds you held in your CCF account. Www.1040ez.com You are not required to report this interest on Form 1040, line 8b. Www.1040ez.com Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. Www.1040ez.com Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. Www.1040ez.com Acquiring, building, or rebuilding qualified vessels (defined next). Www.1040ez.com Making principal payments on the mortgage of a qualified vessel. Www.1040ez.com NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. Www.1040ez.com NMFS will approve amounts withdrawn to purchase trawl nets. Www.1040ez.com Qualified vessel. Www.1040ez.com   This is any vessel that meets all of the following requirements. Www.1040ez.com The vessel was built or rebuilt in the United States. Www.1040ez.com The vessel is documented under the laws of the United States. Www.1040ez.com The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. Www.1040ez.com How to determine the source of qualified withdrawals. Www.1040ez.com   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. Www.1040ez.com The capital account. Www.1040ez.com The capital gain account. Www.1040ez.com The ordinary income account. Www.1040ez.com Excluding qualified withdrawals from tax. Www.1040ez.com   Do not report on your income tax return any qualified withdrawals from your CCF account. Www.1040ez.com Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. Www.1040ez.com Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. Www.1040ez.com Qualified withdrawals are defined under Qualified Withdrawals, earlier. Www.1040ez.com Examples. Www.1040ez.com   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. Www.1040ez.com Amounts remaining in a CCF account upon termination of your agreement with NMFS. Www.1040ez.com Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. Www.1040ez.com Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. Www.1040ez.com You will generally be given 3 years to revise your plans to cover this excess balance. Www.1040ez.com Amounts you leave in your account for more than 25 years. Www.1040ez.com There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. Www.1040ez.com How to determine the source of nonqualified withdrawals. Www.1040ez.com    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. Www.1040ez.com The ordinary income account. Www.1040ez.com The capital gain account. Www.1040ez.com The capital account. Www.1040ez.com Paying tax on nonqualified withdrawals. Www.1040ez.com   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. Www.1040ez.com However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. Www.1040ez.com    Partnerships and S corporations. Www.1040ez.com Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). Www.1040ez.com Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. Www.1040ez.com Interest. Www.1040ez.com   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. Www.1040ez.com The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. Www.1040ez.com The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. Www.1040ez.com The interest rate on the nonqualified withdrawal is simple interest. Www.1040ez.com The rate is subject to change annually and is published in the Federal Register. Www.1040ez.com    You also can call NMFS at (301) 713-2393 (ext. Www.1040ez.com 204) to get the current interest rate. Www.1040ez.com Interest deduction. Www.1040ez.com   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. Www.1040ez.com Reporting the additional tax and interest. Www.1040ez.com   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. Www.1040ez.com Include the tax and interest on Form 1040, line 63 (for 2005). Www.1040ez.com To the left of line 63, write in the amount of tax and interest and “CCF. Www.1040ez.com ” Tax benefit rule. Www.1040ez.com   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. Www.1040ez.com The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. Www.1040ez.com That part is allowed as a net operating loss deduction. Www.1040ez.com More Information This section briefly discussed the CCF program. Www.1040ez.com For more detailed information, see the following legislative authorities. Www.1040ez.com Section 607 of the Merchant Marine Act of 1936, as amended (46 U. Www.1040ez.com S. Www.1040ez.com C. Www.1040ez.com 1177). Www.1040ez.com Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. Www.1040ez.com F. Www.1040ez.com R. Www.1040ez.com , Part 259). Www.1040ez.com Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. Www.1040ez.com F. Www.1040ez.com R. Www.1040ez.com , Part 3). Www.1040ez.com Section 7518 of the Internal Revenue Code (IRC 7518). Www.1040ez.com The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. Www.1040ez.com Also, see their web page at www. Www.1040ez.com nmfs. Www.1040ez.com noaa. Www.1040ez.com gov/mb/financial_services/ccf. Www.1040ez.com htm. Www.1040ez.com How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Www.1040ez.com By selecting the method that is best for you, you will have quick and easy access to tax help. Www.1040ez.com Contacting your Taxpayer Advocate. Www.1040ez.com   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Www.1040ez.com   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Www.1040ez.com While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Www.1040ez.com   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. Www.1040ez.com irs. Www.1040ez.com gov/advocate. Www.1040ez.com   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). Www.1040ez.com Free tax services. Www.1040ez.com   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Www.1040ez.com It contains a list of free tax publications and an index of tax topics. Www.1040ez.com It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Www.1040ez.com Internet. Www.1040ez.com You can access the IRS website 24 hours a day, 7 days a week, at www. Www.1040ez.com irs. Www.1040ez.com gov to: E-file your return. Www.1040ez.com Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Www.1040ez.com Check the status of your refund. Www.1040ez.com Click on Where's My Refund. Www.1040ez.com Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Www.1040ez.com Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Www.1040ez.com Download forms, instructions, and publications. Www.1040ez.com Order IRS products online. Www.1040ez.com Research your tax questions online. Www.1040ez.com Search publications online by topic or keyword. Www.1040ez.com View Internal Revenue Bulletins (IRBs) published in the last few years. Www.1040ez.com Figure your withholding allowances using our Form W-4 calculator. Www.1040ez.com Sign up to receive local and national tax news by email. Www.1040ez.com Get information on starting and operating a small business. Www.1040ez.com Phone. Www.1040ez.com Many services are available by phone. Www.1040ez.com Ordering forms, instructions, and publications. Www.1040ez.com Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. Www.1040ez.com You should receive your order within 10 days. Www.1040ez.com Asking tax questions. Www.1040ez.com Call the IRS with your tax questions at 1-800-829-1040. Www.1040ez.com Solving problems. Www.1040ez.com You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Www.1040ez.com An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Www.1040ez.com Call your local Taxpayer Assistance Center for an appointment. Www.1040ez.com To find the number, go to www. Www.1040ez.com irs. Www.1040ez.com gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Www.1040ez.com TTY/TDD equipment. Www.1040ez.com If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Www.1040ez.com TeleTax topics. Www.1040ez.com Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. Www.1040ez.com Refund information. Www.1040ez.com If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. Www.1040ez.com Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Www.1040ez.com Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Www.1040ez.com Evaluating the quality of our telephone services. Www.1040ez.com To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Www.1040ez.com One method is for a second IRS representative to sometimes listen in on or record telephone calls. Www.1040ez.com Another is to ask some callers to complete a short survey at the end of the call. Www.1040ez.com Walk-in. Www.1040ez.com Many products and services are available on a walk-in basis. Www.1040ez.com Products. Www.1040ez.com You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Www.1040ez.com Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. Www.1040ez.com Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Www.1040ez.com Services. Www.1040ez.com You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Www.1040ez.com An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Www.1040ez.com If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Www.1040ez.com No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Www.1040ez.com A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Www.1040ez.com To find the number, go to www. Www.1040ez.com irs. Www.1040ez.com gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Www.1040ez.com Mail. Www.1040ez.com You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. Www.1040ez.com National Distribution Center P. Www.1040ez.com O. Www.1040ez.com Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. Www.1040ez.com You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. Www.1040ez.com The first release ships in late December and the final release ships in late February. Www.1040ez.com Current-year forms, instructions, and publications. Www.1040ez.com Prior-year forms, instructions, and publications. Www.1040ez.com Tax Map: an electronic research tool and finding aid. Www.1040ez.com Tax law frequently asked questions (FAQs). Www.1040ez.com Tax Topics from the IRS telephone response system. Www.1040ez.com Fill-in, print, and save features for most tax forms. Www.1040ez.com Internal Revenue Bulletins. Www.1040ez.com Toll-free and email technical support. Www.1040ez.com Buy the CD-ROM from National Technical Information Service (NTIS) at www. Www.1040ez.com irs. Www.1040ez.com gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). Www.1040ez.com CD-ROM for small businesses. Www.1040ez.com Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. Www.1040ez.com This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. Www.1040ez.com All the business tax forms, instructions, and publications needed to successfully manage a business. Www.1040ez.com Tax law changes. Www.1040ez.com IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. Www.1040ez.com Web links to various government agencies, business associations, and IRS organizations. Www.1040ez.com “Rate the Product” survey—your opportunity to suggest changes for future editions. Www.1040ez.com An updated version of this CD is available each year in early April. Www.1040ez.com You can get a free copy by calling 1-800-829-3676 or by visiting www. Www.1040ez.com irs. Www.1040ez.com gov/smallbiz. Www.1040ez.com Prev  Up  Next   Home   More Online Publications
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U.S. Fleet Forces Command

U.S. Fleet Forces Command organizes, mans, trains, maintains, and equips Navy forces, and develops fleet readiness.

Contact the Agency or Department

Website: U.S. Fleet Forces Command

Address: Fleet Public Affairs (N00P)
1562 Mitscher Ave., Suite 250

Norfolk, VA 23551-2487

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Www. Www.1040ez.com 1040ez. Www.1040ez.com com Publication 926 - Introductory Material Table of Contents Future Developments What's New Reminder IntroductionTax questions. Www.1040ez.com Future Developments For the latest information about developments related to Publication 926, such as legislation enacted after it was published, go to www. Www.1040ez.com irs. Www.1040ez.com gov/pub926. Www.1040ez.com What's New Social security and Medicare tax for 2014. Www.1040ez.com  The social security tax rate is 6. Www.1040ez.com 2% each for the employee and employer, unchanged from 2013. Www.1040ez.com The social security wage base limit is $117,000. Www.1040ez.com The Medicare tax rate is 1. Www.1040ez.com 45% each for the employee and employer, unchanged from 2013. Www.1040ez.com There is no wage base limit for Medicare tax. Www.1040ez.com Social security and Medicare taxes apply to the wages of household employees you pay $1,900 or more in cash or an equivalent form of compensation. Www.1040ez.com Qualified parking exclusion and commuter transportation benefit. Www.1040ez.com  For 2014, the monthly exclusion for qualified parking is $250 and the monthly exclusion for commuter highway vehicle transportation and transit passes is $130. Www.1040ez.com Reminder Additional Medicare Tax withholding. Www.1040ez.com  In addition to withholding Medicare tax at 1. Www.1040ez.com 45%, you must withhold a 0. Www.1040ez.com 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Www.1040ez.com 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. Www.1040ez.com Additional Medicare Tax is only imposed on the employee. Www.1040ez.com There is no employer share of Additional Medicare Tax. Www.1040ez.com 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. Www.1040ez.com For more information on Additional Medicare Tax, visit IRS. Www.1040ez.com gov and enter “Additional Medicare Tax” in the search box. Www.1040ez.com Credit reduction states. Www.1040ez.com  A state that has not repaid money it borrowed from the federal government to pay unemployment benefits is a “credit reduction state. Www.1040ez.com ” The Department of Labor (DOL) determines these states. Www.1040ez.com If you paid any wages that are subject to the unemployment compensation laws in any credit reduction state, your federal unemployment (FUTA) tax credit is reduced. Www.1040ez.com See the Instructions for Schedule H (Form 1040) for more information. Www.1040ez.com Outsourcing payroll duties. Www.1040ez.com  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. Www.1040ez.com The employer remains responsible if the third party fails to perform any required action. Www.1040ez.com If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. Www.1040ez.com gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. Www.1040ez.com Photographs of missing children. Www.1040ez.com  The IRS is a proud partner with the National Center for Missing and Exploited Children. Www.1040ez.com Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Www.1040ez.com 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. Www.1040ez.com Introduction The information in this publication applies to you only if you have a household employee. Www.1040ez.com If you have a household employee in 2014, you may need to pay state and federal employment taxes for 2014. Www.1040ez.com You generally must add your federal employment taxes to the income tax that you will report on your 2014 federal income tax return. Www.1040ez.com This publication will help you decide whether you have a household employee and, if you do, whether you need to pay federal employment taxes (social security tax, Medicare tax, FUTA, and federal income tax withholding). Www.1040ez.com It explains how to figure, pay, and report these taxes for your household employee. Www.1040ez.com It also explains what records you need to keep. Www.1040ez.com This publication also tells you where to find out whether you need to pay state unemployment tax for your household employee. Www.1040ez.com Comments and suggestions. Www.1040ez.com   We welcome your comments about this publication and your suggestions for future editions. Www.1040ez.com   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Www.1040ez.com NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Www.1040ez.com Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Www.1040ez.com   You can also send us comments from www. Www.1040ez.com irs. Www.1040ez.com gov/formspubs. Www.1040ez.com Click on More Information and then click on Comment on Tax Forms and Publications. Www.1040ez.com   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. Www.1040ez.com Tax questions. Www.1040ez.com   If you have a tax question, check the information available on IRS. Www.1040ez.com gov or call 1-800-829-1040 or 1-800-829-4933 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability at 1-800-829-4059) Monday–Friday from 7:00 a. Www.1040ez.com m. Www.1040ez.com –7:00 p. Www.1040ez.com m. Www.1040ez.com local time (Alaska and Hawaii follow Pacific time). Www.1040ez.com We cannot answer tax questions sent to the above address. Www.1040ez.com Prev  Up  Next   Home   More Online Publications