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Amend Federal Tax Return Free

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Amend Federal Tax Return Free

Amend federal tax return free Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. Amend federal tax return free Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Amend federal tax return free However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Amend federal tax return free The new provisions are in the Supplement to Publication 463, which is reprinted below. Amend federal tax return free Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. Amend federal tax return free After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Amend federal tax return free Certain provisions of this new law may reduce your taxes for 2001. Amend federal tax return free The new law contains the following provisions. Amend federal tax return free A new depreciation deduction, the special depreciation allowance. Amend federal tax return free An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Amend federal tax return free If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Amend federal tax return free See Amended Return, later. Amend federal tax return free Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. Amend federal tax return free However, there is a limit on the depreciation deduction you can take for your car each year. Amend federal tax return free See Depreciation Limit later. Amend federal tax return free Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Amend federal tax return free This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Amend federal tax return free You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). Amend federal tax return free See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Amend federal tax return free You can claim the special depreciation allowance only for the year the qualified property is placed in service. Amend federal tax return free Qualified property. Amend federal tax return free   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. Amend federal tax return free You bought it new. Amend federal tax return free You bought it after September 10, 2001. Amend federal tax return free (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. Amend federal tax return free ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Amend federal tax return free Example. Amend federal tax return free Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Amend federal tax return free Bob's car is qualified property. Amend federal tax return free Bob chooses not to take a section 179 deduction for the car. Amend federal tax return free He does claim the new special depreciation allowance. Amend federal tax return free Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Amend federal tax return free 75). Amend federal tax return free He then figures the special depreciation allowance of $4,500 ($15,000 × . Amend federal tax return free 30). Amend federal tax return free The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . Amend federal tax return free 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Amend federal tax return free However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Amend federal tax return free 75), as discussed next. Amend federal tax return free Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. Amend federal tax return free The limit is increased to $23,080 if the car is an electric car. Amend federal tax return free The section 179 deduction is treated as depreciation for purposes of this limit. Amend federal tax return free If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. Amend federal tax return free For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). Amend federal tax return free Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. Amend federal tax return free S. Amend federal tax return free Individual Income Tax Return, by April 15, 2003. Amend federal tax return free At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Amend federal tax return free ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Amend federal tax return free If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Amend federal tax return free Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Amend federal tax return free For details, see Revenue Procedure 2002–33. Amend federal tax return free (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Amend federal tax return free ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. Amend federal tax return free Example. Amend federal tax return free The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . Amend federal tax return free 75 x . Amend federal tax return free 20) depreciation deduction for his new car using MACRS. Amend federal tax return free Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Amend federal tax return free Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. Amend federal tax return free Bob's new filled-in Form 2106 is shown later. Amend federal tax return free Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. Amend federal tax return free As a general rule, you must make this election by the due date (including extensions) of your return. Amend federal tax return free You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. Amend federal tax return free To get this extension, you must have filed your original return by the due date (including extensions). Amend federal tax return free At the top of the statement, print “Filed pursuant to section 301. Amend federal tax return free 9100–2. Amend federal tax return free ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. Amend federal tax return free Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. Amend federal tax return free Deemed election for return filed before June 1, 2002. Amend federal tax return free   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. Amend federal tax return free You filed your 2001 return before June 1, 2002. Amend federal tax return free You claimed depreciation on your return but did not claim the special depreciation allowance. Amend federal tax return free You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. Amend federal tax return free Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications
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Understanding Your 1099-K

The 1099-K is an IRS information return for reporting certain payment transactions to improve voluntary tax compliance. You should get a 1099-K by the end of January 2014 if, in 2013 you received payments from:

  • payment card transactions (e.g., debit or credit cards)
  • in settlement of third party payment networks (i.e., online sellers) above the minimum reporting thresholds
    -gross payments that exceed $20,000, AND
    -more than 200 such transactions.

Report 1099-K Income
Report the gross receipts or sales from all business operations in any amounts shown on Form(s) 1099-K.

If you get a Form 1099-K for amounts that belong to another person, or are a co-owner who may need to file a Form 1099-K or other information returns for other owners, check the General Instructions for Certain Information Returns.

If you are an independent contractor, the trade or business should continue to report payments made to you on Form 1099-MISC as they have done in the past. No Form 1099-K should be issued.

Make sure the merchant card or third-party clearing house has your correct Taxpayer Identification Number (TIN) by checking the TIN on Form 1099-K against the TIN you reported on Form W-9.

More Info
If you have questions about the amount reported, contact the filer (see the upper left corner of Form 1099-K). If you have questions about the merchant or third party transaction network, find the contact in the lower left corner of Form 1099-K.

 

 

Page Last Reviewed or Updated: 20-Mar-2014

The Amend Federal Tax Return Free

Amend federal tax return free Index A Assistance (see Tax help) F Free tax services, How To Get Tax Help H Help (see Tax help) P Publications (see Tax help) T Tax help, How To Get Tax Help TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications