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2008 Amended Tax Return Instructions

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2008 Amended Tax Return Instructions

2008 amended tax return instructions 6. 2008 amended tax return instructions   How To Figure Cost of Goods Sold Table of Contents Introduction Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42Line 35 Inventory at Beginning of Year Line 36 Purchases Less Cost of Items Withdrawn for Personal Use Line 37 Cost of Labor Line 38 Materials and Supplies Line 39 Other Costs Line 40 Add Lines 35 through 39 Line 41 Inventory at End of Year Line 42 Cost of Goods Sold Introduction If you make or buy goods to sell, you can deduct the cost of goods sold from your gross receipts on Schedule C. 2008 amended tax return instructions However, to determine these costs, you must value your inventory at the beginning and end of each tax year. 2008 amended tax return instructions This chapter applies to you if you are a manufacturer, wholesaler, or retailer or if you are engaged in any business that makes, buys, or sells goods to produce income. 2008 amended tax return instructions This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. 2008 amended tax return instructions However, if you work in a personal service business and also sell or charge for the materials and supplies normally used in your business, this chapter applies to you. 2008 amended tax return instructions If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. 2008 amended tax return instructions For more information, see chapter 2. 2008 amended tax return instructions Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42 Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. 2008 amended tax return instructions These lines are reproduced below and are explained in the discussion that follows. 2008 amended tax return instructions 35 Inventory at beginning of year. 2008 amended tax return instructions If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. 2008 amended tax return instructions Do not include any amounts paid to yourself   38 Materials and supplies   39 Other costs   40 Add lines 35 through 39   41 Inventory at end of year   42 Cost of goods sold. 2008 amended tax return instructions Subtract line 41 from line 40. 2008 amended tax return instructions  Enter the result here and on line 4   Line 35 Inventory at Beginning of Year If you are a merchant, beginning inventory is the cost of merchandise on hand at the beginning of the year that you will sell to customers. 2008 amended tax return instructions If you are a manufacturer or producer, it includes the total cost of raw materials, work in process, finished goods, and materials and supplies used in manufacturing the goods (see Inventories in chapter 2). 2008 amended tax return instructions Opening inventory usually will be identical to the closing inventory of the year before. 2008 amended tax return instructions You must explain any difference in a schedule attached to your return. 2008 amended tax return instructions Donation of inventory. 2008 amended tax return instructions   If you contribute inventory (property that you sell in the course of your business), the amount you can claim as a contribution deduction is the smaller of its fair market value on the day you contributed it or its basis. 2008 amended tax return instructions The basis of donated inventory is any cost incurred for the inventory in an earlier year that you would otherwise include in your opening inventory for the year of the contribution. 2008 amended tax return instructions You must remove the amount of your contribution deduction from your opening inventory. 2008 amended tax return instructions It is not part of the cost of goods sold. 2008 amended tax return instructions   If the cost of donated inventory is not included in your opening inventory, the inventory's basis is zero and you cannot claim a charitable contribution deduction. 2008 amended tax return instructions Treat the inventory's cost as you would ordinarily treat it under your method of accounting. 2008 amended tax return instructions For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. 2008 amended tax return instructions   A special rule may apply to certain donations of food inventory. 2008 amended tax return instructions See Publication 526, Charitable Contributions. 2008 amended tax return instructions Example 1. 2008 amended tax return instructions You are a calendar year taxpayer who uses an accrual method of accounting. 2008 amended tax return instructions In 2013, you contributed property from inventory to a church. 2008 amended tax return instructions It had a fair market value of $600. 2008 amended tax return instructions The closing inventory at the end of 2012 properly included $400 of costs due to the acquisition of the property, and in 2012, you properly deducted $50 of administrative and other expenses attributable to the property as business expenses. 2008 amended tax return instructions The charitable contribution allowed for 2013 is $400 ($600 − $200). 2008 amended tax return instructions The $200 is the amount that would be ordinary income if you had sold the contributed inventory at fair market value on the date of the gift. 2008 amended tax return instructions The cost of goods sold you use in determining gross income for 2013 must not include the $400. 2008 amended tax return instructions You remove that amount from opening inventory for 2013. 2008 amended tax return instructions Example 2. 2008 amended tax return instructions If, in Example 1, you acquired the contributed property in 2013 at a cost of $400, you would include the $400 cost of the property in figuring the cost of goods sold for 2013 and deduct the $50 of administrative and other expenses attributable to the property for that year. 2008 amended tax return instructions You would not be allowed any charitable contribution deduction for the contributed property. 2008 amended tax return instructions Line 36 Purchases Less Cost of Items Withdrawn for Personal Use If you are a merchant, use the cost of all merchandise you bought for sale. 2008 amended tax return instructions If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. 2008 amended tax return instructions Trade discounts. 2008 amended tax return instructions   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. 2008 amended tax return instructions You must use the prices you pay (not the stated prices) in figuring your cost of purchases. 2008 amended tax return instructions Do not show the discount amount separately as an item in gross income. 2008 amended tax return instructions   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. 2008 amended tax return instructions Cash discounts. 2008 amended tax return instructions   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. 2008 amended tax return instructions There are two methods of accounting for cash discounts. 2008 amended tax return instructions You can either credit them to a separate discount account or deduct them from total purchases for the year. 2008 amended tax return instructions Whichever method you use, you must be consistent. 2008 amended tax return instructions If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. 2008 amended tax return instructions For more information, see Change in Accounting Method in chapter 2. 2008 amended tax return instructions   If you credit cash discounts to a separate account, you must include this credit balance in your business income at the end of the tax year. 2008 amended tax return instructions If you use this method, do not reduce your cost of goods sold by the cash discounts. 2008 amended tax return instructions Purchase returns and allowances. 2008 amended tax return instructions   You must deduct all returns and allowances from your total purchases during the year. 2008 amended tax return instructions Merchandise withdrawn from sale. 2008 amended tax return instructions   If you withdraw merchandise for your personal or family use, you must exclude this cost from the total amount of merchandise you bought for sale. 2008 amended tax return instructions Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. 2008 amended tax return instructions You must also charge the amount to your drawing account. 2008 amended tax return instructions   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. 2008 amended tax return instructions As stated above, you also use it to record withdrawals of merchandise for personal or family use. 2008 amended tax return instructions This account is also known as a “withdrawals account” or “personal account. 2008 amended tax return instructions ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. 2008 amended tax return instructions Small merchandisers (wholesalers, retailers, etc. 2008 amended tax return instructions ) usually do not have labor costs that can properly be charged to cost of goods sold. 2008 amended tax return instructions In a manufacturing business, labor costs properly allocable to the cost of goods sold include both the direct and indirect labor used in fabricating the raw material into a finished, saleable product. 2008 amended tax return instructions Direct labor. 2008 amended tax return instructions   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. 2008 amended tax return instructions They also include a part of the wages you pay to employees who work directly on the product part time if you can determine that part of their wages. 2008 amended tax return instructions Indirect labor. 2008 amended tax return instructions   Indirect labor costs are the wages you pay to employees who perform a general factory function that does not have any immediate or direct connection with making the saleable product, but that is a necessary part of the manufacturing process. 2008 amended tax return instructions Other labor. 2008 amended tax return instructions   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. 2008 amended tax return instructions Generally, the only kinds of labor costs properly chargeable to your cost of goods sold are the direct or indirect labor costs and certain other costs treated as overhead expenses properly charged to the manufacturing process, as discussed later under Line 39 Other Costs. 2008 amended tax return instructions Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. 2008 amended tax return instructions Those that are not used in the manufacturing process are treated as deferred charges. 2008 amended tax return instructions You deduct them as a business expense when you use them. 2008 amended tax return instructions Business expenses are discussed in chapter 8. 2008 amended tax return instructions Line 39 Other Costs Examples of other costs incurred in a manufacturing or mining process that you charge to your cost of goods sold are as follows. 2008 amended tax return instructions Containers. 2008 amended tax return instructions   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. 2008 amended tax return instructions If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. 2008 amended tax return instructions Freight-in. 2008 amended tax return instructions   Freight-in, express-in, and cartage-in on raw materials, supplies you use in production, and merchandise you purchase for sale are all part of cost of goods sold. 2008 amended tax return instructions Overhead expenses. 2008 amended tax return instructions   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. 2008 amended tax return instructions The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. 2008 amended tax return instructions Line 40 Add Lines 35 through 39 The total of lines 35 through 39 equals the cost of the goods available for sale during the year. 2008 amended tax return instructions Line 41 Inventory at End of Year Subtract the value of your closing inventory (including, as appropriate, the allocable parts of the cost of raw materials and supplies, direct labor, and overhead expenses) from line 40. 2008 amended tax return instructions Inventory at the end of the year is also known as closing or ending inventory. 2008 amended tax return instructions Your ending inventory will usually become the beginning inventory of your next tax year. 2008 amended tax return instructions Line 42 Cost of Goods Sold When you subtract your closing inventory (inventory at the end of the year) from the cost of goods available for sale, the remainder is your cost of goods sold during the tax year. 2008 amended tax return instructions Prev  Up  Next   Home   More Online Publications
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The 2008 Amended Tax Return Instructions

2008 amended tax return instructions Publication 1542 - Introductory Material Table of Contents What's New IntroductionOrdering forms and publications. 2008 amended tax return instructions Tax questions. 2008 amended tax return instructions What's New Future developments. 2008 amended tax return instructions  The IRS has created a page on IRS. 2008 amended tax return instructions gov for information about Publication 1542, at www. 2008 amended tax return instructions irs. 2008 amended tax return instructions gov/pub1542. 2008 amended tax return instructions Information about any future developments affecting Publication 1542 (such as legislation enacted after we release it) will be posted on that page. 2008 amended tax return instructions Introduction This publication is for employers who pay a per diem allowance to employees for business travel away from home within the continental United States (CONUS) (the 48 contiguous states), on or after October 1, 2010, and before January 1, 2011. 2008 amended tax return instructions It gives the maximum per diem rate you can use without treating part of the per diem allowance as wages for tax purposes. 2008 amended tax return instructions For a detailed discussion on the tax treatment of a per diem allowance, see chapter 11 of Publication 535, Business Expenses, or Revenue Procedure 2011-47, 2011-42 I. 2008 amended tax return instructions R. 2008 amended tax return instructions B. 2008 amended tax return instructions 520, which can be found on the Internet at www. 2008 amended tax return instructions irs. 2008 amended tax return instructions gov/irb/2011-42_IRB/ar12. 2008 amended tax return instructions html. 2008 amended tax return instructions Per diem rates on the Internet. 2008 amended tax return instructions   You will find links to per diem rates at www. 2008 amended tax return instructions gsa. 2008 amended tax return instructions gov/perdiem, including links to: CONUS per diem rates; Per diem rates for areas outside the continental United States (OCONUS), such as Alaska, Hawaii, Puerto Rico, and U. 2008 amended tax return instructions S. 2008 amended tax return instructions possessions; and Foreign per diem rates. 2008 amended tax return instructions Publication 1542 revisions. 2008 amended tax return instructions   Publication 1542 is available only on the Internet at IRS. 2008 amended tax return instructions gov. 2008 amended tax return instructions Print copies can no longer be ordered. 2008 amended tax return instructions   During the year, as changes to the federal per diem rates (updates) are announced by the General Services Administration (GSA), we will incorporate the changes into Publication 1542. 2008 amended tax return instructions An article on IRS. 2008 amended tax return instructions gov will alert you to which locations have updated rates. 2008 amended tax return instructions To reach these articles, go to www. 2008 amended tax return instructions irs. 2008 amended tax return instructions gov/formspubs and click on “Changes to Current Tax Products,” under Important Changes. 2008 amended tax return instructions You will find the new rates in Table 4. 2008 amended tax return instructions   We will also incorporate mid-year changes to the high-low rates into Publication 1542. 2008 amended tax return instructions You will be alerted to these changes by a similar article on IRS. 2008 amended tax return instructions gov and can find the changes in Table 2 of the revised publication. 2008 amended tax return instructions   The annual changes, both federal per diem and high-low rates, will be incorporated into the publication as soon as possible after being announced by GSA and the IRS. 2008 amended tax return instructions The annual issue of the publication should be available each year in mid- to late-October. 2008 amended tax return instructions Comments and suggestions. 2008 amended tax return instructions   We welcome your comments about this publication and your suggestions for future editions. 2008 amended tax return instructions   You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. 2008 amended tax return instructions NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2008 amended tax return instructions Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2008 amended tax return instructions   You can email us at taxforms@irs. 2008 amended tax return instructions gov. 2008 amended tax return instructions Please put “Publications Comment” on the subject line. 2008 amended tax return instructions You can also send us comments from www. 2008 amended tax return instructions irs. 2008 amended tax return instructions gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. 2008 amended tax return instructions ”   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. 2008 amended tax return instructions Ordering forms and publications. 2008 amended tax return instructions   Visit www. 2008 amended tax return instructions irs. 2008 amended tax return instructions gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. 2008 amended tax return instructions Internal Revenue Service 1201 N. 2008 amended tax return instructions Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2008 amended tax return instructions   If you have a tax question, check the information available on IRS. 2008 amended tax return instructions gov or call 1-800-829-1040. 2008 amended tax return instructions We cannot answer tax questions sent to either of the above addresses. 2008 amended tax return instructions Prev  Up  Next   Home   More Online Publications