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1040ez Booklet

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1040ez Booklet

1040ez booklet Index A Activities not for profit, Hobby Expenses Adjustments to gross income Armed forces reservists' travel expenses, Armed Forces reservists traveling more than 100 miles from home. 1040ez booklet Performing artists, Performing Artists State or local government officials paid on fee basis, Officials Paid on a Fee Basis Unlawful discrimination claims, Unlawful discrimination claims. 1040ez booklet Administrative fees IRA trustees, Trustee's Administrative Fees for IRA Adoption expenses, Adoption Expenses Amortizable bond premium, Amortizable Premium on Taxable Bonds, More information. 1040ez booklet Appraisal fees, Appraisal Fees Armed forces Military uniforms, Military uniforms. 1040ez booklet Reservists, travel expenses, Armed Forces reservists traveling more than 100 miles from home. 1040ez booklet Assistance (see Tax help) B Bad debts, Business Bad Debt Bank accounts Check-writing fees, Check-Writing Fees on Personal Account Losses on deposits, Loss on Deposits Bonds Amortizable premium, Amortizable Premium on Taxable Bonds Breach of contract Damages, Damages for Breach of Employment Contract Bribes, List of Nondeductible Expenses Burial expenses, List of Nondeductible Expenses Business expenses (see Employee business expenses) Business gifts, Gift expenses. 1040ez booklet C Campaign contributions, Lobbying and political activities. 1040ez booklet , Political Contributions Campaign expenses, Campaign Expenses Capital expenditures, Capital Expenses Casualty losses, Casualty and Theft Losses, Casualty and Theft Losses of Income-Producing Property Cell phones, Depreciation on Computers Chambers of Commerce dues, Lobbying and political activities. 1040ez booklet Check-writing fees, Check-Writing Fees on Personal Account Claim of right repayments, Repayments Under Claim of Right Clerical help, deductibility of, Clerical Help and Office Rent Clothes Protective, Protective clothing. 1040ez booklet Work, Work Clothes and Uniforms Club dues, Club Dues Commissions, Commissions Commuting expenses, Commuting Expenses Computers Depreciation, Depreciation on Computers, Depreciation on Home Computer, Excess Deductions of an Estate Convenience fees, Credit or Debit Card Convenience Fees Criminal prosecutions Travel expenses for federal staff, Federal crime investigation and prosecution. 1040ez booklet D Damages Breach of employment contract, Damages for Breach of Employment Contract Deposits Losses on, Loss on Deposits Depreciation Computers, Depreciation on Computers, Depreciation on Home Computer, Excess Deductions of an Estate Disabilities, persons with Work-related expenses, Impairment-Related Work Expenses Dividends Fees to collect, Fees To Collect Interest and Dividends Service charges on reinvestment plans, Service Charges on Dividend Reinvestment Plans Dues, Dues to Chambers of Commerce and Professional Societies (see also Expenses) (see also Fees) Chambers of Commerce, Dues to Chambers of Commerce and Professional Societies Club, Club Dues Lobbying, Dues used for lobbying. 1040ez booklet Professional societies, Dues to Chambers of Commerce and Professional Societies Union, Union Dues and Expenses E Education, Educator Expenses, Education Expenses During Unemployment Education expenses, Work-Related Education, More information. 1040ez booklet Employee business expenses Form 2106 and Form 2106-EZ, Form 2106 and Form 2106-EZ. 1040ez booklet Performing artists, Performing Artists Unreimbursed, Unreimbursed Employee Expenses Employment Agency fees, Employment and outplacement agency fees. 1040ez booklet Breach of contract, Damages for Breach of Employment Contract Entertainers and musicians (see Performing artists) Entertainment expenses, Meals and entertainment. 1040ez booklet Estates Federal estate tax, Federal Estate Tax on Income in Respect of a Decedent Expenses, Dues to Chambers of Commerce and Professional Societies, Education Expenses During Unemployment (see also Dues) (see also Fees) Adoption, Adoption Expenses Campaign, Campaign Expenses Capital, Capital Expenses Commuting, Commuting Expenses Education Work-related, Work-Related Education Educator, Educator Expenses Qualified, Qualified expenses. 1040ez booklet Educator Expenses, Eligible educator. 1040ez booklet Employee business (see Employee business expenses) Entertainment, Meals and entertainment. 1040ez booklet Funeral and burial, List of Nondeductible Expenses Gifts, Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging, Gift expenses. 1040ez booklet Health spa, Health Spa Expenses Hobby, Hobby Expenses Home office, Home Office Impairment-related, Impairment-Related Work Expenses Investment, Investment Fees and Expenses, Investment-Related Seminars Job search, Job Search Expenses Legal (see Legal expenses) Local lodging, Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging Meals, Meals and entertainment. 1040ez booklet , Lunches With Co-workers Meals and entertainment, Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging Nondeductible, Nondeductible Expenses Over limit, educator, Educator expenses over limit. 1040ez booklet Personal, Nondeductible Expenses Production of income, Other Expenses Professional promotion, Professional Reputation Tax-exempt income, Tax-Exempt Income Expenses Travel and transportation, Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging Travel as education, Travel as education. 1040ez booklet F Federal estate tax, Federal Estate Tax on Income in Respect of a Decedent Fees, Dues to Chambers of Commerce and Professional Societies (see also Dues) (see also Expenses) Appraisal, Appraisal Fees Check-writing, Check-Writing Fees on Personal Account Employment and outplacement agency, Employment and outplacement agency fees. 1040ez booklet Investment, Fees To Collect Interest and Dividends, Investment Fees and Expenses IRA trustee, Trustee's Administrative Fees for IRA Legal (see Legal expenses) License, Licenses and Regulatory Fees Professional accreditation, Professional Accreditation Fees Fines, Fines or Penalties Form 2106 Employee business expenses, Form 2106 and Form 2106-EZ. 1040ez booklet Form 2106-EZ Employee business expenses, Form 2106 and Form 2106-EZ. 1040ez booklet Form 4562 Depreciation and amortization, Reporting your depreciation deduction. 1040ez booklet , Depreciation. 1040ez booklet , Computer used in a home office. 1040ez booklet Free tax services, Free help with your tax return. 1040ez booklet Funeral expenses, List of Nondeductible Expenses G Gambling winnings and losses, Gambling Losses Up to the Amount of Gambling Winnings Government employees Federal criminal investigation and prosecution travel expenses, Federal crime investigation and prosecution. 1040ez booklet State or local government officials paid on fee basis, Officials Paid on a Fee Basis H Health spa, Health Spa Expenses Help (see Tax help) Hobbies, Hobby Expenses Home Security system, Home Security System Telephone service, Residential Telephone Service Home office Computers, Computer used in a home office. 1040ez booklet Expenses, Home Office Principal place of business, Principal place of business. 1040ez booklet Travel and transportation expenses, Home office. 1040ez booklet I Impairment-related work expenses, Impairment-Related Work Expenses Income aid payment, Repayment of Income Aid Payment Income in respect of decedent Estate tax, Federal Estate Tax on Income in Respect of a Decedent Individual retirement arrangements (IRAs) Trustees' fees, Trustee's Administrative Fees for IRA Insurance Business liability, Business Liability Insurance Life insurance, Life Insurance Premiums Malpractice, Unreimbursed Employee Expenses Personal disability, List of Nondeductible Expenses Interest income Fees to collect, Fees To Collect Interest and Dividends Investments Annuity, unrecovered investment in, Unrecovered Investment in Annuity Deposits, losses on, Loss on Deposits Fees and expenses, Investment Fees and Expenses Seminars, Investment-Related Seminars Itemized deductions Deductions not subject to 2% limit, Deductions Not Subject to the 2% Limit Deductions subject to 2% limit, Introduction, Deductions Subject to the 2% Limit How to report, How To Report J Job search, Job Search Expenses, Travel and transportation expenses. 1040ez booklet K Kickbacks, List of Nondeductible Expenses L Legal expenses Job-related, Legal Fees Personal, Personal Legal Expenses Political campaigns, Legal fees. 1040ez booklet Production of income, Legal Expenses Unlawful discrimination claims, Legal Expenses Licenses Fees, Licenses and Regulatory Fees Life insurance, Life Insurance Premiums Lobbying, Lobbying and political activities. 1040ez booklet , Lobbying Expenses, Exceptions. 1040ez booklet Local transportation, Local transportation expenses. 1040ez booklet Losses Casualties and thefts, Casualty and Theft Losses, Casualty and Theft Losses of Income-Producing Property Deposits, Loss on Deposits Gambling, Gambling Losses Up to the Amount of Gambling Winnings IRA, Loss on IRA Mislaid cash or property, Lost or Mislaid Cash or Property Partnership, Loss From Other Activities From Schedule K-1 (Form 1065-B), Box 2 Roth IRA, Loss on IRA M Mail carriers, rural, Rural Mail Carriers' Vehicle Expenses Malpractice insurance, Unreimbursed Employee Expenses Meal and lodging expenses, Meals and entertainment. 1040ez booklet Lunches with coworkers, Lunches With Co-workers Working late, Meals While Working Late Medical examinations, Unreimbursed Employee Expenses Mileage rate, What's New Missing children, photographs of, Reminders Mutual funds Indirect deductions, Indirect Deductions of Pass-Through Entities N Nondeductible expenses, Nondeductible Expenses, Wristwatches Not-for-profit activities, Hobby Expenses O Occupational taxes, Occupational Taxes Office Home (see Home office) Rent, Clerical Help and Office Rent Outplacement agency fees, Employment and outplacement agency fees. 1040ez booklet P Partnerships Indirect deductions, Indirect Deductions of Pass-Through Entities Pass-through entities, Indirect Deductions of Pass-Through Entities Passport expense, Unreimbursed Employee Expenses Penalties, Fines or Penalties Performing artists, Performing Artists Work clothes, Work Clothes and Uniforms Personal expenses, Nondeductible Expenses, Wristwatches Political contributions, Lobbying and political activities. 1040ez booklet , Political Contributions Campaign expenses, Campaign Expenses Ponzi-type investment schemes, Losses From Ponzi-type Investment Schemes Postal workers, Rural Mail Carriers' Vehicle Expenses Production of income expenses, Other Expenses, Loss on IRA Professional accreditation fees, Professional Accreditation Fees Professional journals, Unreimbursed Employee Expenses Professional reputation and marketing, Professional Reputation Professional societies dues, Lobbying and political activities. 1040ez booklet Prosecution travel expenses, Federal crime investigation and prosecution. 1040ez booklet Protective clothing, Protective clothing. 1040ez booklet Publications (see Tax help) R Recordkeeping requirements Computer used for home and business, Depreciation on Computers Deductions, to verify, Introduction Gambling winnings and losses, Gambling Losses Up to the Amount of Gambling Winnings Home office, Home Office Relief fund contributions, Relief Fund Contributions Rent Office, Clerical Help and Office Rent Safe deposit box, Safe Deposit Box Rent Repayments Claim of right, Repayments Under Claim of Right Income, Repayments of Income Income aid payments, Unreimbursed Employee Expenses Social Security benefits, Repayments of Social Security Benefits Reporting requirements Armed Forces reservists, Armed Forces reservists. 1040ez booklet Computer used in a home office, Computer used in a home office. 1040ez booklet Depreciation, Depreciation. 1040ez booklet Form 2106 and Form 2106-EZ, Form 2106 and Form 2106-EZ. 1040ez booklet Impairment-related work expenses, Impairment-related work expenses. 1040ez booklet Itemized deductions, How To Report Tax preparation fees, Tax preparation fees. 1040ez booklet Research expenses, Research Expenses of a College Professor Résumé, Résumé. 1040ez booklet Rural mail carriers, Rural Mail Carriers' Vehicle Expenses S S corporations Indirect deductions, Indirect Deductions of Pass-Through Entities Safe deposit box, Safe Deposit Box Rent Security systems, home, Home Security System Seminars, investment-related, Investment-Related Seminars Service charges on dividend reinvestment plans, Service Charges on Dividend Reinvestment Plans Social Security repayments, Repayments of Social Security Benefits State or local governments Officials paid on fee basis, Officials Paid on a Fee Basis Stockholders' meeting expenses, Stockholders' Meetings T Tax help, How To Get Tax Help Tax-exempt income expenses, Tax-Exempt Income Expenses Taxes Estate tax, Federal Estate Tax on Income in Respect of a Decedent Occupational, Occupational Taxes Telephones Cell phone, Depreciation on Computers Residential service, Residential Telephone Service Theft losses, Casualty and Theft Losses, Casualty and Theft Losses of Income-Producing Property Tools, Tools Used in Your Work Travel and transportation expenses, Local lodging. 1040ez booklet , Additional information. 1040ez booklet Another individual, paid by taxpayer, Travel Expenses for Another Individual Armed forces reservists, Armed Forces reservists traveling more than 100 miles from home. 1040ez booklet Commuting, Commuting Expenses Criminal investigations and prosecutions, Federal crime investigation and prosecution. 1040ez booklet Education, Travel as education. 1040ez booklet Indefinite work assignments, Indefinite work assignment. 1040ez booklet Job search, Travel and transportation expenses. 1040ez booklet Local transportation, Local transportation expenses. 1040ez booklet Research, Research Expenses of a College Professor Temporary work assignments, Temporary work assignment. 1040ez booklet Trustees IRA administrative fees, Trustee's Administrative Fees for IRA TTY/TDD information, How To Get Tax Help U Unemployment and education expenses, Education Expenses During Unemployment Unemployment benefit fund contributions, Voluntary Unemployment Benefit Fund Contributions Uniforms, military, Military uniforms. 1040ez booklet Union dues, Union Dues and Expenses Unreimbursed employee expenses, Unreimbursed Employee Expenses, Military uniforms. 1040ez booklet W Wagering winnings and losses, Gambling Losses Up to the Amount of Gambling Winnings Work Clothes and uniforms, Work Clothes and Uniforms Impairment-related expenses, Impairment-Related Work Expenses Supplies, Unreimbursed Employee Expenses Tools, Unreimbursed Employee Expenses, Tools Used in Your Work Travel and transportation expenses, Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging Wristwatches, List of Nondeductible Expenses, Wristwatches Prev  Up     Home   More Online Publications
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The 1040ez Booklet

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