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1040ez Free File Online

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1040ez Free File Online

1040ez free file online 7. 1040ez free file online   Excess Contributions Table of Contents How Do I Know If I Have Excess Contributions? What Happens If I Have Excess Contributions?Excess Annual Addition Excess Elective Deferral If your actual contributions are greater than your MAC, you have an excess contribution. 1040ez free file online Excess contributions can result in income tax, additional taxes, and penalties. 1040ez free file online The effect of excess contributions depends on the type of excess contribution. 1040ez free file online This chapter discusses excess contributions to your 403(b) account. 1040ez free file online How Do I Know If I Have Excess Contributions? At the end of the year or the beginning of the next year, you should refigure your MAC based on your actual compensation and actual contributions made to your account. 1040ez free file online If the actual contributions to your account are greater than your MAC, you have excess contributions. 1040ez free file online If, at any time during the year, your employment status or your compensation changes, you should refigure your MAC using a revised estimate of compensation to prevent excess contributions. 1040ez free file online What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. 1040ez free file online The effect of an excess 403(b) contribution will depend on the type of excess contribution. 1040ez free file online Types of excess contributions. 1040ez free file online   If, after checking your actual contributions, you determine that you have an excess, the first thing is to identify the type of excess that you have. 1040ez free file online Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. 1040ez free file online Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. 1040ez free file online To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). 1040ez free file online In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. 1040ez free file online Excise Tax If your 403(b) account invests in mutual funds, and you exceed your limit on annual additions, you may be subject to a 6% excise tax on the excess contribution. 1040ez free file online The excise tax does not apply to funds in an annuity account or to excess deferrals. 1040ez free file online You must pay the excise tax each year in which there are excess contributions in your account. 1040ez free file online Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. 1040ez free file online See chapter 8 for a discussion on permissible distributions. 1040ez free file online You cannot deduct the excise tax. 1040ez free file online Reporting requirement. 1040ez free file online   You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. 1040ez free file online Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. 1040ez free file online To determine your limit on elective deferrals, see chapter 4. 1040ez free file online Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. 1040ez free file online If so, it may require that in order to get a distribution of excess deferrals, you either notify the plan of the amount of excess deferrals or designate a distribution as an excess deferral. 1040ez free file online The plan may require that the notification or designation be in writing and may require that you certify or otherwise establish that the designated amount is an excess deferral. 1040ez free file online A plan is not required to permit distribution of excess deferrals. 1040ez free file online Correction of excess deferrals during year. 1040ez free file online   If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. 1040ez free file online The plan and either you or your employer designate the distribution as an excess deferral to the extent you have excess deferrals for the year. 1040ez free file online The correcting distribution is made after the date on which the excess deferral was made. 1040ez free file online Correction of excess deferrals after the year. 1040ez free file online   If you have excess deferrals for a year, you may receive a correcting distribution of the excess deferral no later than April 15 of the following year. 1040ez free file online The plan can distribute the excess deferral (and any income allocable to the excess) no later than April 15 of the year following the year the excess deferral was made. 1040ez free file online Tax treatment of excess deferrals not attributable to Roth contributions. 1040ez free file online   If the excess deferral is distributed by April 15, it is included in your income in the year contributed and the earnings on the excess deferral will be taxed in the year distributed. 1040ez free file online Tax treatment of excess deferrals attributable to Roth contributions. 1040ez free file online   For these rules, see Regulations section 1. 1040ez free file online 402(g)-1(e). 1040ez free file online Prev  Up  Next   Home   More Online Publications
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Tax Code, Regulations and Official Guidance

Internal Revenue Code |   Treasury (Tax) Regulations    |    Other Official Guidance

Internal Revenue Code

Federal tax law begins with the Internal Revenue Code (IRC), enacted by Congress in Title 26 of the United States Code (26 U.S.C.).

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Note: The IRC materials retrieved via the above functions are provided as a public service by The Legal Information Institute of Cornell University Law School, not the IRS.

CAUTION.  The version of the IRC underlying the retrieval functions presented above is generated from the official version of the U.S. Code made available to the public by Congress.  However, this version is only current through the 1st Session of the 112th Congress convened in 2011.  Before relying on an IRC section retrieved from this or any other publicly accessible version of the U.S. Code, please check the U.S. Code Classification Tables  published by the U.S. House of Representatives to verify that there have been no amendments since that session of Congress.

Finally, the IRC is complex and its sections must be read in the context of the entire Code and the court decisions that interpret it.  At a minimum, please do not be misled by the false interpretations of the IRC promoted by the purveyors of anti-tax law evasion schemes.

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Treasury (Tax) Regulations

Treasury regulations (26 C.F.R.)--commonly referred to as Federal tax regulations-- pick up where the Internal Revenue Code (IRC) leaves off by providing the official interpretation of the IRC by the U.S. Department of the Treasury.

Table of contents Retrieve most current version by Treas. Reg. § Execute full text search of the most current edition of 26 C.F.R.
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Note: Regulatory materials retrieved via the above functions are from the most current edition of 26 C.F.R. published by the Government Printing Office (GPO).  To view or search other editions of 26 C.F.R., see the table of available CFR titles provided by GPO Access.

The IRS publishes a list of the official documents explaining any changes to the Treasury regulations retrieved from the above resources, or to announce the issuance of any proposed or temporary ones:

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Other Official Tax Guidance

In addition to participating in the promulgation of Treasury (Tax) Regulations, the IRS publishes a regular series of other forms of official tax guidance, including revenue rulings, revenue procedures, notices, and announcements. See Understanding IRS Guidance - A Brief Primer  for more information about official IRS guidance versus non-precedential rulings or advice.

The authoritative instrument for the distribution of all forms of official IRS tax guidance is the Internal Revenue Bulletin (IRB), a weekly collection of these and other items of general interest to the tax professional community.

Complete IRB publication in a printer friendly PDF format
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   Browse the master list of Internal Revenue Bulletins published in the PDF format;

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Note: The IRB materials retrieved from the above resources are provided by IRS Media and Publications.

The IRS frequently releases individual items in advance of their publication in the IRB.  See the Advance Notice for Tax Professionals page for more information about the "early drop" of these items.  And if you'd like to receive automated email notifications about these items, please feel free to subscribe to our IRS GuideWire service.

Finally, see the Applicable Federal Rates (AFR) page for a series of revenue rulings providing certain prescribed rates for federal income tax purposes.  These AFR revenue rulings are always released before they are officially published in the IRB.

PLEASE NOTERulings and procedures reported in the IRB do not have the force and effect of Treasury tax regulations, but they may be used as precedents. In contrast, any documents not published in the IRB cannot be relied on, used, or cited as precedents in the disposition of other cases.

In applying rulings and procedures published in the IRB, the effect of subsequent legislation, regulations, court decisions, rulings, and procedures must be considered.  In addition, all parties are cautioned against reaching the same conclusions in other cases unless the facts and circumstances are substantially the same.

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The 1040ez Free File Online

1040ez free file online 5. 1040ez free file online   Recordkeeping Table of Contents How To Prove ExpensesWhat Are Adequate Records? What If I Have Incomplete Records? Separating and Combining Expenses How Long To Keep Records and Receipts Examples of Records If you deduct travel, entertainment, gift, or transportation expenses, you must be able to prove (substantiate) certain elements of expense. 1040ez free file online This chapter discusses the records you need to keep to prove these expenses. 1040ez free file online If you keep timely and accurate records, you will have support to show the IRS if your tax return is ever examined. 1040ez free file online You will also have proof of expenses that your employer may require if you are reimbursed under an accountable plan. 1040ez free file online These plans are discussed in chapter 6 under Reimbursements . 1040ez free file online How To Prove Expenses Table 5-1 is a summary of records you need to prove each expense discussed in this publication. 1040ez free file online You must be able to prove the elements listed across the top portion of the chart. 1040ez free file online You prove them by having the information and receipts (where needed) for the expenses listed in the first column. 1040ez free file online You cannot deduct amounts that you approximate or estimate. 1040ez free file online You should keep adequate records to prove your expenses or have sufficient evidence that will support your own statement. 1040ez free file online You must generally prepare a written record for it to be considered adequate. 1040ez free file online This is because written evidence is more reliable than oral evidence alone. 1040ez free file online However, if you prepare a record on a computer, it is considered an adequate record. 1040ez free file online What Are Adequate Records? You should keep the proof you need in an account book, diary, log, statement of expense, trip sheets, or similar record. 1040ez free file online You should also keep documentary evidence that, together with your record, will support each element of an expense. 1040ez free file online Documentary evidence. 1040ez free file online   You generally must have documentary evidence, such as receipts, canceled checks, or bills, to support your expenses. 1040ez free file online Exception. 1040ez free file online   Documentary evidence is not needed if any of the following conditions apply. 1040ez free file online You have meals or lodging expenses while traveling away from home for which you account to your employer under an accountable plan, and you use a per diem allowance method that includes meals and/or lodging. 1040ez free file online ( Accountable plans and per diem allowances are discussed in chapter 6. 1040ez free file online ) Your expense, other than lodging, is less than $75. 1040ez free file online You have a transportation expense for which a receipt is not readily available. 1040ez free file online Adequate evidence. 1040ez free file online   Documentary evidence ordinarily will be considered adequate if it shows the amount, date, place, and essential character of the expense. 1040ez free file online   For example, a hotel receipt is enough to support expenses for business travel if it has all of the following information. 1040ez free file online The name and location of the hotel. 1040ez free file online The dates you stayed there. 1040ez free file online Separate amounts for charges such as lodging, meals, and telephone calls. 1040ez free file online   A restaurant receipt is enough to prove an expense for a business meal if it has all of the following information. 1040ez free file online The name and location of the restaurant. 1040ez free file online The number of people served. 1040ez free file online The date and amount of the expense. 1040ez free file online If a charge is made for items other than food and beverages, the receipt must show that this is the case. 1040ez free file online Canceled check. 1040ez free file online   A canceled check, together with a bill from the payee, ordinarily establishes the cost. 1040ez free file online However, a canceled check by itself does not prove a business expense without other evidence to show that it was for a business purpose. 1040ez free file online Duplicate information. 1040ez free file online   You do not have to record information in your account book or other record that duplicates information shown on a receipt as long as your records and receipts complement each other in an orderly manner. 1040ez free file online   You do not have to record amounts your employer pays directly for any ticket or other travel item. 1040ez free file online However, if you charge these items to your employer, through a credit card or otherwise, you must keep a record of the amounts you spend. 1040ez free file online Timely-kept records. 1040ez free file online   You should record the elements of an expense or of a business use at or near the time of the expense or use and support it with sufficient documentary evidence. 1040ez free file online A timely-kept record has more value than a statement prepared later when generally there is a lack of accurate recall. 1040ez free file online   You do not need to write down the elements of every expense on the day of the expense. 1040ez free file online If you maintain a log on a weekly basis that accounts for use during the week, the log is considered a timely-kept record. 1040ez free file online   If you give your employer, client, or customer an expense account statement, it can also be considered a timely-kept record. 1040ez free file online This is true if you copy it from your account book, diary, log, statement of expense, trip sheets, or similar record. 1040ez free file online Proving business purpose. 1040ez free file online   You must generally provide a written statement of the business purpose of an expense. 1040ez free file online However, the degree of proof varies according to the circumstances in each case. 1040ez free file online If the business purpose of an expense is clear from the surrounding circumstances, then you do not need to give a written explanation. 1040ez free file online Example. 1040ez free file online If you are a sales representative who calls on customers on an established sales route, you do not have to give a written explanation of the business purpose for traveling that route. 1040ez free file online You can satisfy the requirements by recording the length of the delivery route once, the date of each trip at or near the time of the trips, and the total miles you drove the car during the tax year. 1040ez free file online You could also establish the date of each trip with a receipt, record of delivery, or other documentary evidence. 1040ez free file online Confidential information. 1040ez free file online   You do not need to put confidential information relating to an element of a deductible expense (such as the place, business purpose, or business relationship) in your account book, diary, or other record. 1040ez free file online However, you do have to record the information elsewhere at or near the time of the expense and have it available to fully prove that element of the expense. 1040ez free file online What If I Have Incomplete Records? If you do not have complete records to prove an element of an expense, then you must prove the element with: Your own written or oral statement containing specific information about the element, and Other supporting evidence that is sufficient to establish the element. 1040ez free file online If the element is the description of a gift, or the cost, time, place, or date of an expense, the supporting evidence must be either direct evidence or documentary evidence. 1040ez free file online Direct evidence can be written statements or the oral testimony of your guests or other witnesses setting forth detailed information about the element. 1040ez free file online Documentary evidence can be receipts, paid bills, or similar evidence. 1040ez free file online If the element is either the business relationship of your guests or the business purpose of the amount spent, the supporting evidence can be circumstantial rather than direct. 1040ez free file online For example, the nature of your work, such as making deliveries, provides circumstantial evidence of the use of your car for business purposes. 1040ez free file online Invoices of deliveries establish when you used the car for business. 1040ez free file online Table 5-1. 1040ez free file online How To Prove Certain Business Expenses IF you have expenses for . 1040ez free file online . 1040ez free file online THEN you must keep records that show details of the following elements . 1040ez free file online . 1040ez free file online . 1040ez free file online   Amount Time Place or  Description Business Purpose Business Relationship Travel Cost of each separate expense for travel, lodging, and meals. 1040ez free file online Incidental expenses may be totaled in reasonable categories such as taxis, fees and tips, etc. 1040ez free file online Dates you left and returned for each trip and number of days spent on business. 1040ez free file online Destination or area of your travel (name of city, town, or other designation). 1040ez free file online Purpose: Business purpose for the expense or the business benefit gained or expected to be gained. 1040ez free file online    Relationship: N/A Entertainment Cost of each separate expense. 1040ez free file online Incidental expenses such as taxis, telephones, etc. 1040ez free file online , may be totaled on a daily basis. 1040ez free file online Date of entertainment. 1040ez free file online (Also see Business Purpose. 1040ez free file online ) Name and address or location of place of entertainment. 1040ez free file online Type of entertainment if not otherwise apparent. 1040ez free file online (Also see Business Purpose. 1040ez free file online ) Purpose: Business purpose for the expense or the business benefit gained or expected to be gained. 1040ez free file online  For entertainment, the nature of the business discussion or activity. 1040ez free file online If the entertainment was directly before or after a business discussion: the date, place, nature, and duration of the business discussion, and the identities of the persons who took part in both the business discussion and the entertainment activity. 1040ez free file online    Relationship: Occupations or other information (such as names, titles, or other designations) about the recipients that shows their business relationship to you. 1040ez free file online  For entertainment, you must also prove that you or your employee was present if the entertainment was a business meal. 1040ez free file online Gifts Cost of the gift. 1040ez free file online Date of the gift. 1040ez free file online Description of the gift. 1040ez free file online   Transportation Cost of each separate expense. 1040ez free file online For car expenses, the cost of the car and any improvements, the date you started using it for business, the mileage for each business use, and the total miles for the year. 1040ez free file online Date of the expense. 1040ez free file online For car expenses, the date of the use of the car. 1040ez free file online Your business destination. 1040ez free file online Purpose: Business purpose for the expense. 1040ez free file online    Relationship: N/A Sampling. 1040ez free file online   You can keep an adequate record for parts of a tax year and use that record to prove the amount of business or investment use for the entire year. 1040ez free file online You must demonstrate by other evidence that the periods for which an adequate record is kept are representative of the use throughout the tax year. 1040ez free file online Example. 1040ez free file online You use your car to visit the offices of clients, meet with suppliers and other subcontractors, and pick up and deliver items to clients. 1040ez free file online There is no other business use of the car, but you and your family use the car for personal purposes. 1040ez free file online You keep adequate records during the first week of each month that show that 75% of the use of the car is for business. 1040ez free file online Invoices and bills show that your business use continues at the same rate during the later weeks of each month. 1040ez free file online Your weekly records are representative of the use of the car each month and are sufficient evidence to support the percentage of business use for the year. 1040ez free file online Exceptional circumstances. 1040ez free file online   You can satisfy the substantiation requirements with other evidence if, because of the nature of the situation in which an expense is made, you cannot get a receipt. 1040ez free file online This applies if all the following are true. 1040ez free file online You were unable to obtain evidence for an element of the expense or use that completely satisfies the requirements explained earlier under What Are Adequate Records . 1040ez free file online You are unable to obtain evidence for an element that completely satisfies the two rules listed earlier under What If I Have Incomplete Records . 1040ez free file online You have presented other evidence for the element that is the best proof possible under the circumstances. 1040ez free file online Destroyed records. 1040ez free file online   If you cannot produce a receipt because of reasons beyond your control, you can prove a deduction by reconstructing your records or expenses. 1040ez free file online Reasons beyond your control include fire, flood, and other casualties. 1040ez free file online    Table 5-2. 1040ez free file online Daily Business Mileage and Expense Log Name:       Odometer Readings Expenses Date Destination  (City, Town, or Area) Business Purpose Start Stop Miles  this trip Type  (Gas, oil, tolls, etc. 1040ez free file online ) Amount                                                                                                                   Weekly  Total             Total Year-to-Date             Separating and Combining Expenses This section explains when expenses must be kept separate and when expenses can be combined. 1040ez free file online Separating expenses. 1040ez free file online   Each separate payment is generally considered a separate expense. 1040ez free file online For example, if you entertain a customer or client at dinner and then go to the theater, the dinner expense and the cost of the theater tickets are two separate expenses. 1040ez free file online You must record them separately in your records. 1040ez free file online Season or series tickets. 1040ez free file online   If you buy season or series tickets for business use, you must treat each ticket in the series as a separate item. 1040ez free file online To determine the cost of individual tickets, divide the total cost (but not more than face value) by the number of games or performances in the series. 1040ez free file online You must keep records to show whether you use each ticket as a gift or entertainment. 1040ez free file online Also, you must be able to prove the cost of nonluxury box seat tickets if you rent a skybox or other private luxury box for more than one event. 1040ez free file online See Entertainment tickets in chapter 2. 1040ez free file online Combining items. 1040ez free file online   You can make one daily entry in your record for reasonable categories of expenses. 1040ez free file online Examples are taxi fares, telephone calls, or other incidental travel costs. 1040ez free file online Meals should be in a separate category. 1040ez free file online You can include tips for meal-related services with the costs of the meals. 1040ez free file online   Expenses of a similar nature occurring during the course of a single event are considered a single expense. 1040ez free file online For example, if during entertainment at a cocktail lounge, you pay separately for each serving of refreshments, the total expense for the refreshments is treated as a single expense. 1040ez free file online Car expenses. 1040ez free file online   You can account for several uses of your car that can be considered part of a single use, such as a round trip or uninterrupted business use, with a single record. 1040ez free file online Minimal personal use, such as a stop for lunch on the way between two business stops, is not an interruption of business use. 1040ez free file online Example. 1040ez free file online You make deliveries at several different locations on a route that begins and ends at your employer's business premises and that includes a stop at the business premises between two deliveries. 1040ez free file online You can account for these using a single record of miles driven. 1040ez free file online Gift expenses. 1040ez free file online   You do not always have to record the name of each recipient of a gift. 1040ez free file online A general listing will be enough if it is evident that you are not trying to avoid the $25 annual limit on the amount you can deduct for gifts to any one person. 1040ez free file online For example, if you buy a large number of tickets to local high school basketball games and give one or two tickets to each of many customers, it is usually enough to record a general description of the recipients. 1040ez free file online Allocating total cost. 1040ez free file online   If you can prove the total cost of travel or entertainment but you cannot prove how much it cost for each person who participated in the event, you may have to allocate the total cost among you and your guests on a pro rata basis. 1040ez free file online To do so, you must establish the number of persons who participated in the event. 1040ez free file online   An allocation would be needed, for example, if you did not have a business relationship with all of your guests. 1040ez free file online See Allocating between business and nonbusiness in chapter 2. 1040ez free file online If your return is examined. 1040ez free file online    If your return is examined, you may have to provide additional information to the IRS. 1040ez free file online This information could be needed to clarify or to establish the accuracy or reliability of information contained in your records, statements, testimony, or documentary evidence before a deduction is allowed. 1040ez free file online    THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Table 5-3. 1040ez free file online Weekly Traveling Expense and Entertainment Record From: To: Name: Expenses Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total 1. 1040ez free file online Travel Expenses: Airlines                                 Excess Baggage                                 Bus – Train                                 Cab and Limousine                                 Tips                                 Porter                                 2. 1040ez free file online Meals and Lodging:  Breakfast                                 Lunch                                 Dinner                                 Hotel and Motel  (Detail in Schedule B)                                 3. 1040ez free file online Entertainment  (Detail in Schedule C)                                 4. 1040ez free file online Other Expenses:  Postage                                 Telephone & Telegraph                                 Stationery & Printing                                 Stenographer                                 Sample Room                                 Advertising                                 Assistant(s)                                 Trade Shows                                 5. 1040ez free file online Car Expenses: (List all car expenses - the division between business and personal expenses may be made at the end of the year. 1040ez free file online ) (Detail mileage in Schedule A. 1040ez free file online ) Gas, oil, lube, wash                                 Repairs, parts                                 Tires, supplies                                 Parking fees, tolls                                 6. 1040ez free file online Other (Identify)                                 Total                                 Note: Attach receipted bills for (1) ALL lodging and (2) any other expenses of $75. 1040ez free file online 00 or more. 1040ez free file online Schedule A – Car Mileage: End                 Start                 Total                 Business Mileage                 Schedule B – Lodging Hotel or Motel Name                 City                 Schedule C – Entertainment Date Item Place Amount Business Purpose Business Relationship                                             WEEKLY REIMBURSEMENTS:     Travel and transportation expenses     Other reimbursements     TOTAL   How Long To Keep Records and Receipts You must keep records as long as they may be needed for the administration of any provision of the Internal Revenue Code. 1040ez free file online Generally, this means you must keep records that support your deduction (or an item of income) for 3 years from the date you file the income tax return on which the deduction is claimed. 1040ez free file online A return filed early is considered filed on the due date. 1040ez free file online For a more complete explanation of how long to keep records, see Publication 583, Starting a Business and Keeping Records. 1040ez free file online You must keep records of the business use of your car for each year of the recovery period. 1040ez free file online See More-than-50%-use test in chapter 4 under Depreciation Deduction. 1040ez free file online Reimbursed for expenses. 1040ez free file online   Employees who give their records and documentation to their employers and are reimbursed for their expenses generally do not have to keep copies of this information. 1040ez free file online However, you may have to prove your expenses if any of the following conditions apply. 1040ez free file online You claim deductions for expenses that are more than reimbursements. 1040ez free file online Your expenses are reimbursed under a nonaccountable plan. 1040ez free file online Your employer does not use adequate accounting procedures to verify expense accounts. 1040ez free file online You are related to your employer as defined under Per Diem and Car Allowances , in chapter 6. 1040ez free file online Reimbursements , adequate accounting , and nonaccountable plans are discussed in chapter 6. 1040ez free file online Examples of Records Table 5-2 and Table 5-3 are examples of worksheets which can be used for tracking business expenses. 1040ez free file online Prev  Up  Next   Home   More Online Publications