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2010 Income Tax

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2010 Income Tax

2010 income tax Index Symbols 10% owners, Ten-percent owners. 2010 income tax 501(c) organizations, Foreign Governments and Certain Other Foreign Organizations 80/20 company, Dividends paid by a domestic corporation (an existing 80/20 company). 2010 income tax A Acceptance agent, Unexpected payment. 2010 income tax Accounts, offshore, Offshore accounts. 2010 income tax Alien Illegal, Illegal aliens. 2010 income tax Nonresident, Nonresident alien. 2010 income tax Resident, Resident alien. 2010 income tax Alimony, Pensions, Annuities, and Alimony (Income Code 14), Alimony payments. 2010 income tax Allocation information, Failure to provide allocation information. 2010 income tax American Samoa, U. 2010 income tax S. 2010 income tax Virgin Islands and American Samoa corporations. 2010 income tax Amount to withhold, Determination of amount to withhold. 2010 income tax Annuities, Pensions, Annuities, and Alimony (Income Code 14), Pensions and annuities. 2010 income tax Artists and athletes Earnings of, Artists and Athletes (Income Codes 42 and 43) Special events and promotions, Artists and Athletes (Income Codes 42 and 43) Assistance (see Tax help) Awards, Other Grants, Prizes, and Awards B Backup withholding, Withholding and Reporting Obligations, Primary NRA and Form 1099 responsibility assumed. 2010 income tax Banks, interest received by, Banks. 2010 income tax Beneficial owner, Beneficial Owners Bonds sold between interest dates, Sales of bonds between interest dates. 2010 income tax Branch profits tax, Corporation subject to branch profits tax. 2010 income tax C Canada, Exception 3. 2010 income tax , Deposit interest paid to nonresident alien individuals in 2012. 2010 income tax , Deposit interest paid to certain nonresident alien individuals in 2013. 2010 income tax Capital gains, Capital gains (Income Code 9). 2010 income tax Central withholding agreements, Income Code 43. 2010 income tax Consent dividends, Consent dividends. 2010 income tax , Consent dividends. 2010 income tax Contingent interest, Contingent interest. 2010 income tax Controlled foreign corporations, interest paid to, Controlled foreign corporations. 2010 income tax Controlling foreign corporations, Interest paid to controlling foreign corporations (Income Code 3). 2010 income tax Covenant not to compete, Covenant not to compete. 2010 income tax Crew members, Crew members. 2010 income tax D Dependent personal services, Pay for dependent personal services (Income Code 17). 2010 income tax Allowance for personal exemptions, Withholding exemptions. 2010 income tax Defined, Pay for dependent personal services (Income Code 17). 2010 income tax Exempt from withholding, Graduated rates. 2010 income tax Depositing taxes How to, Depositing Withheld Taxes When to, When Deposits Are Required Deposits, Interest on deposits (Income Code 29). 2010 income tax Disregarded entities, Disregarded entities. 2010 income tax Dividends Direct dividend rate, Dividends qualifying for direct dividend rate (Income Code 7). 2010 income tax Domestic corporation, Dividends paid by a domestic corporation (an existing 80/20 company). 2010 income tax Foreign corporations, Dividends paid by foreign corporations (Income Code 8). 2010 income tax In general, Dividends Documentary evidence, Documentary evidence. 2010 income tax , Documentary Evidence, Documentary evidence. 2010 income tax Documentation From foreign beneficial owners and U. 2010 income tax S. 2010 income tax payees, Documentation From foreign intermediaries and foreign flow-through entities, Foreign Intermediaries and Foreign Flow-Through Entities Presumptions in the absence of, Presumption Rules Qualified intermediaries, Documentation. 2010 income tax E Effectively connected income, Effectively Connected Income Defined, Effectively Connected Income Foreign partners, Partnership Withholding on Effectively Connected Income EFTPS, Electronic deposit requirement. 2010 income tax Electronic deposit rules, Electronic deposit requirement. 2010 income tax Employees, Employees. 2010 income tax , Employee. 2010 income tax Employer, Employer. 2010 income tax F Federal unemployment tax, Federal unemployment tax (FUTA). 2010 income tax Fellowship grants, Scholarships and Fellowship Grants (Income Code 15) Fellowship income, Scholarships, fellowships, and grants. 2010 income tax Financial institutions, Branches of financial institutions. 2010 income tax FIRPTA withholding, U. 2010 income tax S. 2010 income tax real property interest. 2010 income tax , U. 2010 income tax S. 2010 income tax Real Property Interest Fiscally transparent entity, Fiscally transparent entity. 2010 income tax Fixed or determinable annual or periodic income, Fixed or Determinable Annual or Periodical Income (FDAP) Flow-through entities, Flow-Through Entities, Nonqualified Intermediaries Foreign, Foreign partner. 2010 income tax 501(c) organizations, Foreign Governments and Certain Other Foreign Organizations Bank, U. 2010 income tax S. 2010 income tax branches of foreign banks and foreign insurance companies. 2010 income tax , Income paid to U. 2010 income tax S. 2010 income tax branch of foreign bank or insurance company. 2010 income tax Charitable organizations, Other foreign organizations, associations, and charitable institutions. 2010 income tax Corporations, Foreign corporations. 2010 income tax Governments, Foreign Governments and Certain Other Foreign Organizations Insurance company, U. 2010 income tax S. 2010 income tax branches of foreign banks and foreign insurance companies. 2010 income tax , Income paid to U. 2010 income tax S. 2010 income tax branch of foreign bank or insurance company. 2010 income tax Intermediary, Foreign Intermediaries Organizations and associations, Other foreign organizations, associations, and charitable institutions. 2010 income tax Partner, Who Must Withhold Partnerships, nonwithholding, Foreign partnerships. 2010 income tax Person, Foreign Persons Private foundation, Foreign private foundations. 2010 income tax , Foreign Governments and Certain Other Foreign Organizations Status, Establishment of foreign status. 2010 income tax Trusts, Foreign simple and grantor trust. 2010 income tax Form 1042, Withholding and Reporting Obligations, Form 1042 filing. 2010 income tax , Responsibilities of WT. 2010 income tax , Form 1042. 2010 income tax 1042-S, Withholding and Reporting Obligations, Form 1042-S reporting. 2010 income tax , Form 1042-S reporting. 2010 income tax , Form 1042 filing. 2010 income tax , Form 1042-S. 2010 income tax 1099, Withholding and Reporting Obligations, Primary NRA and Form 1099 responsibility assumed. 2010 income tax 1099-S, Form 1099-S, Proceeds From Real Estate Transactions. 2010 income tax 4419, Electronic reporting. 2010 income tax 7004, Extension to file Form 1042. 2010 income tax 8233, Form 8233, Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual. 2010 income tax 8288, Reporting and Paying the Tax, Form 8288, U. 2010 income tax S. 2010 income tax Withholding Tax Return for Dispositions by Foreign Persons of U. 2010 income tax S. 2010 income tax Real Property Interests. 2010 income tax 8288-A, Reporting and Paying the Tax, Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U. 2010 income tax S. 2010 income tax Real Property Interests. 2010 income tax 8288-B, Categories (1), (2), and (3). 2010 income tax 8804, Form 8804, Annual Return for Partnership Withholding Tax (Section 1446). 2010 income tax 8805, Form 8805, Foreign Partner's Information Statement of Section 1446 Withholding Tax. 2010 income tax 8813, Form 8813, Partnership Withholding Tax Payment Voucher (Section 1446). 2010 income tax 8833, Claiming treaty benefits. 2010 income tax 940, Federal unemployment tax (FUTA). 2010 income tax 941, Reporting requirements for wages and withheld taxes paid to nonresident aliens. 2010 income tax 972, Consent dividends. 2010 income tax SS-4, U. 2010 income tax S. 2010 income tax Taxpayer Identification Numbers SS-5, U. 2010 income tax S. 2010 income tax Taxpayer Identification Numbers W-2, Reporting requirements for wages and withheld taxes paid to nonresident aliens. 2010 income tax , Form W-2. 2010 income tax W-4, Alternate withholding procedure. 2010 income tax , Form W-4, Employee's Withholding Allowance Certificate. 2010 income tax , Withholding exemptions. 2010 income tax , Special instructions for Form W-4. 2010 income tax W-7, U. 2010 income tax S. 2010 income tax Taxpayer Identification Numbers W-8BEN, Beneficial Owners W-8ECI, Documentary evidence. 2010 income tax W-8EXP, Form W-8ECI, Certificate of Foreign Person's Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States. 2010 income tax W-8IMY, Foreign Intermediaries and Foreign Flow-Through Entities W-9, U. 2010 income tax S. 2010 income tax Taxpayer Identification Numbers Free tax services, How To Get Tax Help FUTA, Federal unemployment tax (FUTA). 2010 income tax G Gambling winnings, Gambling winnings (Income Code 28). 2010 income tax Graduated rates, Graduated rates. 2010 income tax Graduated withholding, Wages Paid to Employees— Graduated Withholding Grant income, Scholarships, fellowships, and grants. 2010 income tax Grants, Scholarships and Fellowship Grants (Income Code 15), Other Grants, Prizes, and Awards Green card test, Resident alien. 2010 income tax Guam, Guam or Northern Mariana Islands corporations. 2010 income tax H Help (see Tax help) I Identification number, taxpayer, U. 2010 income tax S. 2010 income tax Taxpayer Identification Numbers, Identification numbers. 2010 income tax Illegal aliens, Illegal aliens. 2010 income tax Important reminders, Reminders Income Fixed or determinable annual or periodical, Fixed or Determinable Annual or Periodical Income (FDAP) Interest, Interest Notional principal contract, Notional principal contract income. 2010 income tax Other than effectively connected, Income Not Effectively Connected Personal service, Personal service income. 2010 income tax Source of, Source of Income Transportation, Transportation income. 2010 income tax Income code 01, Interest paid by U. 2010 income tax S. 2010 income tax obligors—general (Income Code 1). 2010 income tax 02, Interest on real property mortgages (Income Code 2). 2010 income tax 03, Interest paid to controlling foreign corporations (Income Code 3). 2010 income tax 04, Interest paid by foreign corporations (Income Code 4). 2010 income tax 06, Dividends paid by U. 2010 income tax S. 2010 income tax corporations — general (Income Code 6). 2010 income tax 07, Dividends qualifying for direct dividend rate (Income Code 7). 2010 income tax 08, Dividends paid by foreign corporations (Income Code 8). 2010 income tax 09, Capital gains (Income Code 9). 2010 income tax 10, Industrial royalties (Income Code 10). 2010 income tax 11, Motion picture or television copyright royalties (Income Code 11). 2010 income tax 12, Other royalties (for example, copyright, recording, publishing) (Income Code 12). 2010 income tax 13, Real Property Income and Natural Resources Royalties (Income Code 13) 14, Pensions, Annuities, and Alimony (Income Code 14) 15, Scholarships and Fellowship Grants (Income Code 15) 16, Pay for independent personal services (Income Code 16). 2010 income tax 17, Pay for dependent personal services (Income Code 17). 2010 income tax 18, Pay for teaching (Income Code 18). 2010 income tax 19, Pay during studying and training (Income Code 19). 2010 income tax 20, Artists and Athletes (Income Codes 42 and 43) 24, Reporting and Paying the Tax 25, Reporting and Paying the Tax 26, Reporting and Paying the Tax 27, Publicly Traded Partnerships 28, Gambling winnings (Income Code 28). 2010 income tax 29, Interest on deposits (Income Code 29). 2010 income tax 30, Original issue discount (Income Code 30). 2010 income tax 50, Other income (Income Code 50). 2010 income tax Independent personal services Defined, Pay for independent personal services (Income Code 16). 2010 income tax Exempt from withholding, Pay for independent personal services (Income Code 16). 2010 income tax , 30% rate. 2010 income tax India, Students and business apprentices from India. 2010 income tax Indirect account holders, Indirect Account Holders Installment payment, Installment payments. 2010 income tax , Installment payments. 2010 income tax Insurance proceeds, Insurance proceeds. 2010 income tax Interest Contingent, Contingent interest. 2010 income tax Controlling foreign corporations, Interest paid to controlling foreign corporations (Income Code 3). 2010 income tax Deposits, Interest on deposits (Income Code 29). 2010 income tax Foreign business arrangements, Interest from foreign business arrangements. 2010 income tax Foreign corporations, Interest paid by foreign corporations (Income Code 4). 2010 income tax Income, Interest Portfolio, Portfolio interest. 2010 income tax , Interest that does not qualify as portfolio interest. 2010 income tax Real property mortgages, Interest on real property mortgages (Income Code 2). 2010 income tax Intermediary Foreign, Foreign Intermediaries Nonqualified, Nonqualified intermediary. 2010 income tax Qualified, Qualified intermediary. 2010 income tax , Qualified Intermediaries International organizations, Foreign Governments and Certain Other Foreign Organizations ITIN, U. 2010 income tax S. 2010 income tax Taxpayer Identification Numbers K Knowledge, standards of, Standards of Knowledge L Liability of withholding agent, Liability for tax. 2010 income tax M Magnetic media reporting, Electronic reporting. 2010 income tax Marketable securities, Marketable securities. 2010 income tax Mexico, Exception 3. 2010 income tax Missing children, Reminders More information (see Tax help) Mortgages, Interest on real property mortgages (Income Code 2). 2010 income tax N Non-registered obligations, Obligations not in registered form. 2010 income tax Nonqualified intermediary, Nonqualified intermediary. 2010 income tax , Nonqualified Intermediaries Nonresident alien Defined, Nonresident alien. 2010 income tax Married to U. 2010 income tax S. 2010 income tax citizen or resident, Married to U. 2010 income tax S. 2010 income tax citizen or resident alien. 2010 income tax Nonwage pay, Pay that is not wages. 2010 income tax Northern Mariana Islands, Guam or Northern Mariana Islands corporations. 2010 income tax Notional principal contract income, Notional principal contract income. 2010 income tax NRA withholding In general, Withholding of Tax Income subject to, Income Subject to NRA Withholding Persons subject to, Persons Subject to NRA Withholding O Obligations Registered, Obligations in registered form. 2010 income tax Obligations: Not in registered form, Obligations not in registered form. 2010 income tax Offshore accounts, Offshore accounts. 2010 income tax Original issue discount, Original issue discount (Income Code 30). 2010 income tax Overwithholding, adjustment for, Adjustment for Overwithholding P Partner, Foreign partner. 2010 income tax Partner, foreign, Who Must Withhold Partnerships Effectively connected income of foreign partners, Partnership Withholding on Effectively Connected Income Foreign, Foreign partnerships. 2010 income tax Publicly traded, Publicly Traded Partnerships Smaller, Smaller partnerships and trusts. 2010 income tax , Smaller partnerships and trusts. 2010 income tax , Smaller partnerships and trusts. 2010 income tax Withholding foreign, Withholding foreign partnership and foreign trust. 2010 income tax , Withholding Foreign Partnerships Pay for personal services Artists and athletes, Artists and Athletes (Income Codes 42 and 43) Dependent personal services, Pay for dependent personal services (Income Code 17). 2010 income tax Employees, Wages Paid to Employees— Graduated Withholding Exempt from withholding, Pay for Personal Services Performed Independent personal services, Pay for independent personal services (Income Code 16). 2010 income tax Salaries and wages, Wages Paid to Employees— Graduated Withholding Scholarship or fellowship recipient, Pay for services rendered. 2010 income tax Studying, Pay during studying and training (Income Code 19). 2010 income tax Teaching, Pay for teaching (Income Code 18). 2010 income tax Training, Pay during studying and training (Income Code 19). 2010 income tax Payee, Identifying the Payee Penalties Deposit, Penalty for failure to make deposits on time. 2010 income tax Form 1042, Penalties Form 8804, Penalties. 2010 income tax Form 8805, Penalties. 2010 income tax Magnetic media, Failure to file electronically. 2010 income tax Trust fund recovery, Trust fund recovery penalty. 2010 income tax Pensions, Pension payments. 2010 income tax , Pensions, Annuities, and Alimony (Income Code 14), Pensions and annuities. 2010 income tax Per diem, Per diem paid by the U. 2010 income tax S. 2010 income tax Government. 2010 income tax Personal service income, Personal service income. 2010 income tax Pooled withholding information, Pooled withholding information. 2010 income tax Portfolio interest, Portfolio interest. 2010 income tax , Interest that does not qualify as portfolio interest. 2010 income tax Presumption Corporation, Presumption Rules Individual, Presumption Rules Partnership, Presumption Rules Rules, Presumption Rules Trust, Presumption Rules Private foundation, foreign, Foreign private foundations. 2010 income tax Prizes, Other Grants, Prizes, and Awards Publications (see Tax help) Puerto Rico, Resident of a U. 2010 income tax S. 2010 income tax possession. 2010 income tax , Exception 4. 2010 income tax Q QI withholding agreement, QI withholding agreement. 2010 income tax Qualified intermediary, Qualified intermediary. 2010 income tax , Qualified Intermediaries Qualified investment entity (QIE) Distributions paid by, Qualified investment entities. 2010 income tax Dividends paid by, Dividends paid by U. 2010 income tax S. 2010 income tax corporations — general (Income Code 6). 2010 income tax R Racing purses, Racing purses. 2010 income tax Real property interest Disposition of, U. 2010 income tax S. 2010 income tax Real Property Interest Withholding certificates, Withholding Certificates Reason to know, Reason To Know Refund procedures Qualified intermediaries, Collective refund procedures. 2010 income tax Registered obligations, Obligations in registered form. 2010 income tax Researchers, Tax treaties. 2010 income tax Resident alien defined, Resident alien. 2010 income tax Returns required, Returns Required Royalties, Royalties, Real Property Income and Natural Resources Royalties (Income Code 13) Ryukyu Islands, Income from U. 2010 income tax S. 2010 income tax Savings Bonds of residents of the Ryukyu Islands or the Trust Territory of the Pacific Islands. 2010 income tax S Salaries, Wages Paid to Employees— Graduated Withholding Saving clause, Nonresident alien who becomes a resident alien. 2010 income tax Scholarship, Scholarships, fellowships, and grants. 2010 income tax , Scholarships and Fellowship Grants (Income Code 15) Securities, Marketable securities. 2010 income tax , Income from securities. 2010 income tax Services performed outside the U. 2010 income tax S. 2010 income tax , Services performed outside the United States. 2010 income tax Short-term obligation, Short-term obligations. 2010 income tax Social security, Social security and Medicare tax. 2010 income tax Source of income, Source of Income Standards of knowledge, Standards of Knowledge Substantial presence test, Resident alien. 2010 income tax T Tax Reporting and paying, Reporting and Paying the Tax Tax help, How To Get Tax Help Tax treaties Claiming benefits, Claiming treaty benefits. 2010 income tax Dependent personal services, Tax treaties. 2010 income tax Entertainers and athletes, Tax treaties. 2010 income tax Gains, Tax treaties. 2010 income tax Gambling winnings, Tax treaties. 2010 income tax Independent personal services, Tax treaties. 2010 income tax Student, Tax treaties. 2010 income tax Students and trainees, Tax treaties. 2010 income tax Tables, Tax Treaty Tables Teaching, Tax treaties. 2010 income tax Tax-exempt entities, Foreign Governments and Certain Other Foreign Organizations Taxpayer Advocate, Taxpayer Advocate Service. 2010 income tax Taxpayer identification number (TIN), U. 2010 income tax S. 2010 income tax Taxpayer Identification Numbers, Identification numbers. 2010 income tax Exceptions, Exceptions to TIN requirement. 2010 income tax Teachers, Pay for teaching (Income Code 18). 2010 income tax Ten-percent owners, Ten-percent owners. 2010 income tax Territorial limits, Territorial limits. 2010 income tax Totalization agreements, Social security and Medicare tax. 2010 income tax Transportation income, Transportation income. 2010 income tax Travel expenses, Travel expenses. 2010 income tax Trust Territory of the Pacific Islands, Income from U. 2010 income tax S. 2010 income tax Savings Bonds of residents of the Ryukyu Islands or the Trust Territory of the Pacific Islands. 2010 income tax Trusts Foreign, Foreign simple and grantor trust. 2010 income tax Smaller, Smaller partnerships and trusts. 2010 income tax Withholding foreign, Withholding foreign partnership and foreign trust. 2010 income tax , Withholding Foreign Trusts TTY/TDD information, How To Get Tax Help U U. 2010 income tax S. 2010 income tax agent of foreign person, U. 2010 income tax S. 2010 income tax agent of foreign person. 2010 income tax U. 2010 income tax S. 2010 income tax branch Foreign bank, U. 2010 income tax S. 2010 income tax branches of foreign banks and foreign insurance companies. 2010 income tax , Income paid to U. 2010 income tax S. 2010 income tax branch of foreign bank or insurance company. 2010 income tax Foreign insurance company, U. 2010 income tax S. 2010 income tax branches of foreign banks and foreign insurance companies. 2010 income tax , Income paid to U. 2010 income tax S. 2010 income tax branch of foreign bank or insurance company. 2010 income tax Foreign person, U. 2010 income tax S. 2010 income tax branches of foreign persons. 2010 income tax U. 2010 income tax S. 2010 income tax national, 30% rate. 2010 income tax U. 2010 income tax S. 2010 income tax real property interest, U. 2010 income tax S. 2010 income tax real property interest. 2010 income tax U. 2010 income tax S. 2010 income tax savings bonds, Income from U. 2010 income tax S. 2010 income tax Savings Bonds of residents of the Ryukyu Islands or the Trust Territory of the Pacific Islands. 2010 income tax U. 2010 income tax S. 2010 income tax territorial limits, Territorial limits. 2010 income tax U. 2010 income tax S. 2010 income tax Virgin Islands, U. 2010 income tax S. 2010 income tax Virgin Islands and American Samoa corporations. 2010 income tax Unexpected payment, Unexpected payment. 2010 income tax W Wages Paid to employees, Wages Paid to Employees— Graduated Withholding Pay that is not, Pay that is not wages. 2010 income tax When to withhold, When to withhold. 2010 income tax Withhold, amount to, Determination of amount to withhold. 2010 income tax Withhold, when to, When to withhold. 2010 income tax Withholding Agreements, QI withholding agreement. 2010 income tax , WP and WT withholding agreements. 2010 income tax , Withholding agreements. 2010 income tax , Income Code 43. 2010 income tax Alternative procedure, Alternative procedure. 2010 income tax Certificate, Withholding Certificates, Withholding certificate. 2010 income tax Rate pool, Pooled withholding information. 2010 income tax Real property, U. 2010 income tax S. 2010 income tax Real Property Interest Withholding agent Defined, Withholding Agent Liability, Liability for tax. 2010 income tax Returns required, Returns Required Tax deposit requirements, Depositing Withheld Taxes Withholding exemptions and reductions Dependent personal services, Graduated rates. 2010 income tax Exemption, Withholding exemption. 2010 income tax Final payment exemption, Final payment exemption. 2010 income tax Foreign governments, Foreign Governments and Certain Other Foreign Organizations International organizations, Foreign Governments and Certain Other Foreign Organizations Real property interest, Withholding Certificates Researchers, Tax treaties. 2010 income tax Scholarships and fellowship grants, Alternate withholding procedure. 2010 income tax Students, Tax treaties. 2010 income tax Withholding agreements, Withholding agreements. 2010 income tax , Income Code 43. 2010 income tax Prev  Up     Home   More Online Publications
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The 2010 Income Tax

2010 income tax 1. 2010 income tax   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. 2010 income tax This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. 2010 income tax Tax records are not the only type of records you need to keep for your farming business. 2010 income tax You should also keep records that measure your farm's financial performance. 2010 income tax This publication only discusses tax records. 2010 income tax The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. 2010 income tax For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. 2010 income tax ffsc. 2010 income tax org. 2010 income tax For more information, contact Countryside Marketing, Inc. 2010 income tax in the following manner. 2010 income tax Call 262-253-6902. 2010 income tax Send a fax to 262-253-6903. 2010 income tax Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. 2010 income tax , #287 Menomonee Falls, WI 53051. 2010 income tax Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. 2010 income tax Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. 2010 income tax Recordkeeping will help you do the following. 2010 income tax Monitor the progress of your farming business. 2010 income tax   You need records to monitor the progress of your farming business. 2010 income tax Records can show whether your business is improving, which items are selling, or what changes you need to make. 2010 income tax Records can help you make better decisions that may increase the likelihood of business success. 2010 income tax Prepare your financial statements. 2010 income tax   You need records to prepare accurate financial statements. 2010 income tax These include income (profit and loss) statements and balance sheets. 2010 income tax These statements can help you in dealing with your bank or creditors and help you to manage your farm business. 2010 income tax Identify source of receipts. 2010 income tax   You will receive money or property from many sources. 2010 income tax Your records can identify the source of your receipts. 2010 income tax You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. 2010 income tax Keep track of deductible expenses. 2010 income tax   You may forget expenses when you prepare your tax return unless you record them when they occur. 2010 income tax Prepare your tax returns. 2010 income tax   You need records to prepare your tax return. 2010 income tax For example, your records must support the income, expenses, and credits you report. 2010 income tax Generally, these are the same records you use to monitor your farming business and prepare your financial statements. 2010 income tax Support items reported on tax returns. 2010 income tax   You must keep your business records available at all times for inspection by the IRS. 2010 income tax If the IRS examines any of your tax returns, you may be asked to explain the items reported. 2010 income tax A complete set of records will speed up the examination. 2010 income tax Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. 2010 income tax You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. 2010 income tax You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. 2010 income tax See  chapter 2. 2010 income tax If you are in more than one business, you should keep a complete and separate set of records for each business. 2010 income tax A corporation should keep minutes of board of directors' meetings. 2010 income tax Your recordkeeping system should include a summary of your business transactions. 2010 income tax This summary is ordinarily made in accounting journals and ledgers. 2010 income tax For example, they must show your gross income, as well as your deductions and credits. 2010 income tax In addition, you must keep supporting documents. 2010 income tax Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. 2010 income tax These documents contain the information you need to record in your journals and ledgers. 2010 income tax It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. 2010 income tax Keep them in an orderly fashion and in a safe place. 2010 income tax For instance, organize them by year and type of income or expense. 2010 income tax Electronic records. 2010 income tax   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. 2010 income tax When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. 2010 income tax An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. 2010 income tax The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. 2010 income tax All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. 2010 income tax Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. 2010 income tax The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. 2010 income tax You still have the responsibility of retaining any other books and records that are required to be retained. 2010 income tax The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. 2010 income tax This test is not considered an examination and the results must be shared with you. 2010 income tax If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. 2010 income tax If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. 2010 income tax For details on electronic storage system requirements, see Rev. 2010 income tax Proc. 2010 income tax 97-22. 2010 income tax You can find Rev. 2010 income tax Proc. 2010 income tax 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. 2010 income tax irs. 2010 income tax gov/pub/irs-irbs/irb97-13. 2010 income tax pdf. 2010 income tax Travel, transportation, entertainment, and gift expenses. 2010 income tax   Specific recordkeeping rules apply to these expenses. 2010 income tax For more information, see Publication 463. 2010 income tax Employment taxes. 2010 income tax   There are specific employment tax records you must keep. 2010 income tax For a list, see Publication 51 (Circular A). 2010 income tax Excise taxes. 2010 income tax   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. 2010 income tax Assets. 2010 income tax   Assets are the property, such as machinery and equipment, you own and use in your business. 2010 income tax You must keep records to verify certain information about your business assets. 2010 income tax You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. 2010 income tax Your records should show all the following. 2010 income tax When and how you acquired the asset. 2010 income tax Purchase price. 2010 income tax Cost of any improvements. 2010 income tax Section 179 deduction taken. 2010 income tax Deductions taken for depreciation. 2010 income tax Deductions taken for casualty losses, such as losses resulting from fires or storms. 2010 income tax How you used the asset. 2010 income tax When and how you disposed of the asset. 2010 income tax Selling price. 2010 income tax Expenses of sale. 2010 income tax   The following are examples of records that may show this information. 2010 income tax Purchase and sales invoices. 2010 income tax Real estate closing statements. 2010 income tax Canceled checks. 2010 income tax Bank statements. 2010 income tax Financial account statements as proof of payment. 2010 income tax   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. 2010 income tax These include account statements prepared for the financial institution by a third party. 2010 income tax These account statements must be legible. 2010 income tax The following table lists acceptable account statements. 2010 income tax IF payment is by. 2010 income tax . 2010 income tax . 2010 income tax THEN the statement must show the. 2010 income tax . 2010 income tax . 2010 income tax Check Check number. 2010 income tax Amount. 2010 income tax Payee's name. 2010 income tax Date the check amount was posted to the account by the financial institution. 2010 income tax Electronic funds  transfer Amount transferred. 2010 income tax Payee's name. 2010 income tax Date the transfer was posted to the account by the financial institution. 2010 income tax Credit card Amount charged. 2010 income tax Payee's name. 2010 income tax Transaction date. 2010 income tax    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. 2010 income tax You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. 2010 income tax Tax returns. 2010 income tax   Keep copies of your filed tax returns. 2010 income tax They help in preparing future tax returns and making computations if you file an amended return. 2010 income tax Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. 2010 income tax How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. 2010 income tax Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. 2010 income tax A period of limitations is the period of time after which no legal action can be brought. 2010 income tax Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. 2010 income tax However, certain records must be kept for a longer period of time, as discussed below. 2010 income tax Employment taxes. 2010 income tax   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. 2010 income tax Assets. 2010 income tax   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. 2010 income tax You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. 2010 income tax   You may need to keep records relating to the basis of property longer than the period of limitation. 2010 income tax Keep those records as long as they are important in figuring the basis of the original or replacement property. 2010 income tax Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. 2010 income tax For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. 2010 income tax For more information on basis, see chapter 6. 2010 income tax Records for nontax purposes. 2010 income tax   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. 2010 income tax For example, your insurance company or creditors may require you to keep them longer than the IRS does. 2010 income tax Prev  Up  Next   Home   More Online Publications