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1040a Tax Form

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1040a Tax Form

1040a tax form Publication 15-T - Additional Material Table of Contents This image is too large to be displayed in the current screen. 1040a tax form Please click the link to view the image. 1040a tax form Form W-4 (2009) This image is too large to be displayed in the current screen. 1040a tax form Please click the link to view the image. 1040a tax form Deductions and Adjustments Worksheet Notice to Employees Please click here for the text description of the image. 1040a tax form Multi-Media/Back Page Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Tropical Storm Debby in Florida

Updated 7/19/2012 to include Citrus, Gilchrist, Lafayette, Polk, Sarasota counties.
Updated 7/13/2012 to include Hillsborough, Manatee and Taylor counties.

FL-2012-07, Jul. 5, 2012

PLANTATION — Victims of tropical storm Debby that began on June 23, 2012 in parts of Florida may qualify for tax relief from the Internal Revenue Service.

The President has declared Baker, Bradford, Citrus, Clay, Columbia, Duval, Franklin, Gilchrist, Hernando, Highlands, Hillsborough, Lafayette, Manatee, Nassau, Pasco, Pinellas, Polk, Sarasota, Suwannee, Taylor, Union, and Wakulla counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after June 23, and on or before Aug. 22, have been postponed to Aug. 22, 2012.

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after June 23, and on or before July 9, as long as the deposits are made by July 9, 2012.

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

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

Covered Disaster Area

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

Affected Taxpayers

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

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until Aug. 22 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after June 23 and on or before Aug. 22.

The IRS also gives affected taxpayers until Aug. 22 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after June 23 and on or before Aug. 22.

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

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after June 23 and on or before July 9 provided the taxpayer makes these deposits by July 9.

Casualty Losses

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

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year's return should put the Disaster Designation "Florida/Tropical Storm Debby" at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

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

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

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

Related Information

Disaster Assistance and Emergency Relief for Individuals and Businesses
Recent IRS Disaster Relief Announcements

Page Last Reviewed or Updated: 25-Jun-2013

The 1040a Tax Form

1040a tax form 7. 1040a tax form   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. 1040a tax form 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. 1040a tax form You must determine gross profit before you can deduct any business expenses. 1040a tax form These expenses are discussed in chapter 8. 1040a tax form 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. 1040a tax form Businesses that sell products. 1040a tax form   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. 1040a tax form Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). 1040a tax form Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. 1040a tax form   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). 1040a tax form The result is the gross profit from your business. 1040a tax form Businesses that sell services. 1040a tax form   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. 1040a tax form Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). 1040a tax form Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. 1040a tax form Illustration. 1040a tax form   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. 1040a tax form 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. 1040a tax form Gross receipts. 1040a tax form   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. 1040a tax form You may find it helpful to use cash registers to keep track of receipts. 1040a tax form You should also use a proper invoicing system and keep a separate bank account for your business. 1040a tax form Sales tax collected. 1040a tax form   Check to make sure your records show the correct sales tax collected. 1040a tax form   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. 1040a tax form   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. 1040a tax form Inventory at beginning of year. 1040a tax form   Compare this figure with last year's ending inventory. 1040a tax form The two amounts should usually be the same. 1040a tax form Purchases. 1040a tax form   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. 1040a tax form ) be sure to remove them from the cost of goods sold. 1040a tax form For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. 1040a tax form Inventory at end of year. 1040a tax form   Check to make sure your procedures for taking inventory are adequate. 1040a tax form These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. 1040a tax form   Use inventory forms and adding machine tapes as the only evidence for your inventory. 1040a tax form Inventory forms are available at office supply stores. 1040a tax form These forms have columns for recording the description, quantity, unit price, and value of each inventory item. 1040a tax form Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. 1040a tax form These forms will help satisfy you that the total inventory is accurate. 1040a tax form They will also provide you with a permanent record to support its validity. 1040a tax form   Inventories are discussed in chapter 2. 1040a tax form Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. 1040a tax form First, divide gross profit by net receipts. 1040a tax form The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. 1040a tax form Next, compare this percentage to your markup policy. 1040a tax form Little or no difference between these two percentages shows that your gross profit figure is accurate. 1040a tax form A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. 1040a tax form You should determine the reason for the difference. 1040a tax form Example. 1040a tax form   Joe Able operates a retail business. 1040a tax form On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. 1040a tax form The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. 1040a tax form His cost of goods sold is $200,000. 1040a tax form This results in a gross profit of $100,000 ($300,000 − $200,000). 1040a tax form To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). 1040a tax form The resulting 331/3% confirms his markup percentage of 331/3%. 1040a tax form 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. 1040a tax form The result is gross business income. 1040a tax form If you use Schedule C-EZ, include the income on line 1 of the schedule. 1040a tax form 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. 1040a tax form Prev  Up  Next   Home   More Online Publications