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2010 Taxact2010 taxact 1. 2010 taxact 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 taxact 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 taxact Tax records are not the only type of records you need to keep for your farming business. 2010 taxact You should also keep records that measure your farm's financial performance. 2010 taxact This publication only discusses tax records. 2010 taxact 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 taxact For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. 2010 taxact ffsc. 2010 taxact org. 2010 taxact For more information, contact Countryside Marketing, Inc. 2010 taxact in the following manner. 2010 taxact Call 262-253-6902. 2010 taxact Send a fax to 262-253-6903. 2010 taxact Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. 2010 taxact , #287 Menomonee Falls, WI 53051. 2010 taxact 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 taxact Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. 2010 taxact Recordkeeping will help you do the following. 2010 taxact Monitor the progress of your farming business. 2010 taxact You need records to monitor the progress of your farming business. 2010 taxact Records can show whether your business is improving, which items are selling, or what changes you need to make. 2010 taxact Records can help you make better decisions that may increase the likelihood of business success. 2010 taxact Prepare your financial statements. 2010 taxact You need records to prepare accurate financial statements. 2010 taxact These include income (profit and loss) statements and balance sheets. 2010 taxact These statements can help you in dealing with your bank or creditors and help you to manage your farm business. 2010 taxact Identify source of receipts. 2010 taxact You will receive money or property from many sources. 2010 taxact Your records can identify the source of your receipts. 2010 taxact You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. 2010 taxact Keep track of deductible expenses. 2010 taxact You may forget expenses when you prepare your tax return unless you record them when they occur. 2010 taxact Prepare your tax returns. 2010 taxact You need records to prepare your tax return. 2010 taxact For example, your records must support the income, expenses, and credits you report. 2010 taxact Generally, these are the same records you use to monitor your farming business and prepare your financial statements. 2010 taxact Support items reported on tax returns. 2010 taxact You must keep your business records available at all times for inspection by the IRS. 2010 taxact If the IRS examines any of your tax returns, you may be asked to explain the items reported. 2010 taxact A complete set of records will speed up the examination. 2010 taxact Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. 2010 taxact You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. 2010 taxact You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. 2010 taxact See chapter 2. 2010 taxact If you are in more than one business, you should keep a complete and separate set of records for each business. 2010 taxact A corporation should keep minutes of board of directors' meetings. 2010 taxact Your recordkeeping system should include a summary of your business transactions. 2010 taxact This summary is ordinarily made in accounting journals and ledgers. 2010 taxact For example, they must show your gross income, as well as your deductions and credits. 2010 taxact In addition, you must keep supporting documents. 2010 taxact Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. 2010 taxact These documents contain the information you need to record in your journals and ledgers. 2010 taxact It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. 2010 taxact Keep them in an orderly fashion and in a safe place. 2010 taxact For instance, organize them by year and type of income or expense. 2010 taxact Electronic records. 2010 taxact All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. 2010 taxact 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 taxact 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 taxact The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. 2010 taxact All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. 2010 taxact 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 taxact 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 taxact You still have the responsibility of retaining any other books and records that are required to be retained. 2010 taxact The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. 2010 taxact This test is not considered an examination and the results must be shared with you. 2010 taxact If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. 2010 taxact 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 taxact For details on electronic storage system requirements, see Rev. 2010 taxact Proc. 2010 taxact 97-22. 2010 taxact You can find Rev. 2010 taxact Proc. 2010 taxact 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at www. 2010 taxact irs. 2010 taxact gov/pub/irs-irbs/irb97-13. 2010 taxact pdf. 2010 taxact Travel, transportation, entertainment, and gift expenses. 2010 taxact Specific recordkeeping rules apply to these expenses. 2010 taxact For more information, see Publication 463. 2010 taxact Employment taxes. 2010 taxact There are specific employment tax records you must keep. 2010 taxact For a list, see Publication 51 (Circular A). 2010 taxact Excise taxes. 2010 taxact 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 taxact Assets. 2010 taxact Assets are the property, such as machinery and equipment, you own and use in your business. 2010 taxact You must keep records to verify certain information about your business assets. 2010 taxact You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. 2010 taxact Your records should show all the following. 2010 taxact When and how you acquired the asset. 2010 taxact Purchase price. 2010 taxact Cost of any improvements. 2010 taxact Section 179 deduction taken. 2010 taxact Deductions taken for depreciation. 2010 taxact Deductions taken for casualty losses, such as losses resulting from fires or storms. 2010 taxact How you used the asset. 2010 taxact When and how you disposed of the asset. 2010 taxact Selling price. 2010 taxact Expenses of sale. 2010 taxact The following are examples of records that may show this information. 2010 taxact Purchase and sales invoices. 2010 taxact Real estate closing statements. 2010 taxact Canceled checks. 2010 taxact Bank statements. 2010 taxact Financial account statements as proof of payment. 2010 taxact 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 taxact These include account statements prepared for the financial institution by a third party. 2010 taxact These account statements must be legible. 2010 taxact The following table lists acceptable account statements. 2010 taxact IF payment is by. 2010 taxact . 2010 taxact . 2010 taxact THEN the statement must show the. 2010 taxact . 2010 taxact . 2010 taxact Check Check number. 2010 taxact Amount. 2010 taxact Payee's name. 2010 taxact Date the check amount was posted to the account by the financial institution. 2010 taxact Electronic funds transfer Amount transferred. 2010 taxact Payee's name. 2010 taxact Date the transfer was posted to the account by the financial institution. 2010 taxact Credit card Amount charged. 2010 taxact Payee's name. 2010 taxact Transaction date. 2010 taxact Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. 2010 taxact You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. 2010 taxact Tax returns. 2010 taxact Keep copies of your filed tax returns. 2010 taxact They help in preparing future tax returns and making computations if you file an amended return. 2010 taxact Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. 2010 taxact 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 taxact 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 taxact A period of limitations is the period of time after which no legal action can be brought. 2010 taxact 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 taxact However, certain records must be kept for a longer period of time, as discussed below. 2010 taxact Employment taxes. 2010 taxact 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 taxact Assets. 2010 taxact 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 taxact 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 taxact You may need to keep records relating to the basis of property longer than the period of limitation. 2010 taxact Keep those records as long as they are important in figuring the basis of the original or replacement property. 2010 taxact 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 taxact 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 taxact For more information on basis, see chapter 6. 2010 taxact Records for nontax purposes. 2010 taxact 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 taxact For example, your insurance company or creditors may require you to keep them longer than the IRS does. 2010 taxact Prev Up Next Home More Online Publications
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