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Can I Amend My Tax Return Online

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Can I Amend My Tax Return Online

Can i amend my tax return online 2. Can i amend my tax return online   Accounting Periods and Methods Table of Contents Introduction Useful Items - You may want to see: Accounting Periods Accounting MethodsCash Method Accrual Method Combination Method Inventories Uniform Capitalization Rules Special Methods Change in Accounting Method Introduction You must figure your taxable income and file an income tax return for an annual accounting period called a tax year. Can i amend my tax return online Also, you must consistently use an accounting method that clearly shows your income and expenses for the tax year. Can i amend my tax return online Useful Items - You may want to see: Publication 538 Accounting Periods and Methods See chapter 12 for information about getting publications and forms. Can i amend my tax return online Accounting Periods When preparing a statement of income and expenses (generally your income tax return), you must use your books and records for a specific interval of time called an accounting period. Can i amend my tax return online The annual accounting period for your income tax return is called a tax year. Can i amend my tax return online You can use one of the following tax years. Can i amend my tax return online A calendar tax year. Can i amend my tax return online A fiscal tax year. Can i amend my tax return online Unless you have a required tax year, you adopt a tax year by filing your first income tax return using that tax year. Can i amend my tax return online A required tax year is a tax year required under the Internal Revenue Code or the Income Tax Regulations. Can i amend my tax return online Calendar tax year. Can i amend my tax return online   A calendar tax year is 12 consecutive months beginning January 1 and ending December 31. Can i amend my tax return online   You must adopt the calendar tax year if any of the following apply. Can i amend my tax return online You do not keep books. Can i amend my tax return online You have no annual accounting period. Can i amend my tax return online Your present tax year does not qualify as a fiscal year. Can i amend my tax return online Your use of the calendar tax year is required under the Internal Revenue Code or the Income Tax Regulations. Can i amend my tax return online   If you filed your first income tax return using the calendar tax year and you later begin business as a sole proprietor, you must continue to use the calendar tax year unless you get IRS approval to change it or are otherwise allowed to change it without IRS approval. Can i amend my tax return online For more information, see Change in tax year, later. Can i amend my tax return online   If you adopt the calendar tax year, you must maintain your books and records and report your income and expenses for the period from January 1 through December 31 of each year. Can i amend my tax return online Fiscal tax year. Can i amend my tax return online   A fiscal tax year is 12 consecutive months ending on the last day of any month except December. Can i amend my tax return online A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month. Can i amend my tax return online   If you adopt a fiscal tax year, you must maintain your books and records and report your income and expenses using the same tax year. Can i amend my tax return online   For more information on a fiscal tax year, including a 52-53-week tax year, see Publication 538. Can i amend my tax return online Change in tax year. Can i amend my tax return online   Generally, you must file Form 1128, Application To Adopt, Change, or Retain a Tax Year, to request IRS approval to change your tax year. Can i amend my tax return online See the Instructions for Form 1128 for exceptions. Can i amend my tax return online If you qualify for an automatic approval request, a user fee is not required. Can i amend my tax return online If you do not qualify for automatic approval, a ruling must be requested. Can i amend my tax return online See the instructions for Form 1128 for information about user fees if you are requesting a ruling. Can i amend my tax return online Accounting Methods An accounting method is a set of rules used to determine when and how income and expenses are reported. Can i amend my tax return online Your accounting method includes not only the overall method of accounting you use, but also the accounting treatment you use for any material item. Can i amend my tax return online You choose an accounting method for your business when you file your first income tax return that includes a Schedule C for the business. Can i amend my tax return online After that, if you want to change your accounting method, you must generally get IRS approval. Can i amend my tax return online See Change in Accounting Method, later. Can i amend my tax return online Kinds of methods. Can i amend my tax return online   Generally, you can use any of the following accounting methods. Can i amend my tax return online Cash method. Can i amend my tax return online An accrual method. Can i amend my tax return online Special methods of accounting for certain items of income and expenses. Can i amend my tax return online Combination method using elements of two or more of the above. Can i amend my tax return online You must use the same accounting method to figure your taxable income and to keep your books. Can i amend my tax return online Also, you must use an accounting method that clearly shows your income. Can i amend my tax return online Business and personal items. Can i amend my tax return online   You can account for business and personal items under different accounting methods. Can i amend my tax return online For example, you can figure your business income under an accrual method, even if you use the cash method to figure personal items. Can i amend my tax return online Two or more businesses. Can i amend my tax return online   If you have two or more separate and distinct businesses, you can use a different accounting method for each if the method clearly reflects the income of each business. Can i amend my tax return online They are separate and distinct only if you maintain complete and separate books and records for each business. Can i amend my tax return online Cash Method Most individuals and many sole proprietors with no inventory use the cash method because they find it easier to keep cash method records. Can i amend my tax return online However, if an inventory is necessary to account for your income, you must generally use an accrual method of accounting for sales and purchases. Can i amend my tax return online For more information, see Inventories, later. Can i amend my tax return online Income Under the cash method, include in your gross income all items of income you actually or constructively receive during your tax year. Can i amend my tax return online If you receive property or services, you must include their fair market value in income. Can i amend my tax return online Example. Can i amend my tax return online On December 30, 2012, Mrs. Can i amend my tax return online Sycamore sent you a check for interior decorating services you provided to her. Can i amend my tax return online You received the check on January 2, 2013. Can i amend my tax return online You must include the amount of the check in income for 2013. Can i amend my tax return online Constructive receipt. Can i amend my tax return online   You have constructive receipt of income when an amount is credited to your account or made available to you without restriction. Can i amend my tax return online You do not need to have possession of it. Can i amend my tax return online If you authorize someone to be your agent and receive income for you, you are treated as having received it when your agent received it. Can i amend my tax return online Example. Can i amend my tax return online Interest is credited to your bank account in December 2013. Can i amend my tax return online You do not withdraw it or enter it into your passbook until 2014. Can i amend my tax return online You must include it in your gross income for 2013. Can i amend my tax return online Delaying receipt of income. Can i amend my tax return online   You cannot hold checks or postpone taking possession of similar property from one tax year to another to avoid paying tax on the income. Can i amend my tax return online You must report the income in the year the property is received or made available to you without restriction. Can i amend my tax return online Example. Can i amend my tax return online Frances Jones, a service contractor, was entitled to receive a $10,000 payment on a contract in December 2013. Can i amend my tax return online She was told in December that her payment was available. Can i amend my tax return online At her request, she was not paid until January 2014. Can i amend my tax return online She must include this payment in her 2013 income because it was constructively received in 2013. Can i amend my tax return online Checks. Can i amend my tax return online   Receipt of a valid check by the end of the tax year is constructive receipt of income in that year, even if you cannot cash or deposit the check until the following year. Can i amend my tax return online Example. Can i amend my tax return online Dr. Can i amend my tax return online Redd received a check for $500 on December 31, 2013, from a patient. Can i amend my tax return online She could not deposit the check in her business account until January 2, 2014. Can i amend my tax return online She must include this fee in her income for 2013. Can i amend my tax return online Debts paid by another person or canceled. Can i amend my tax return online   If your debts are paid by another person or are canceled by your creditors, you may have to report part or all of this debt relief as income. Can i amend my tax return online If you receive income in this way, you constructively receive the income when the debt is canceled or paid. Can i amend my tax return online For more information, see Canceled Debt under Kinds of Income in chapter 5. Can i amend my tax return online Repayment of income. Can i amend my tax return online   If you include an amount in income and in a later year you have to repay all or part of it, you can usually deduct the repayment in the year in which you make it. Can i amend my tax return online If the amount you repay is over $3,000, a special rule applies. Can i amend my tax return online For details about the special rule, see Repayments in chapter 11 of Publication 535, Business Expenses. Can i amend my tax return online Expenses Under the cash method, you generally deduct expenses in the tax year in which you actually pay them. Can i amend my tax return online This includes business expenses for which you contest liability. Can i amend my tax return online However, you may not be able to deduct an expense paid in advance or you may be required to capitalize certain costs, as explained later under Uniform Capitalization Rules. Can i amend my tax return online Expenses paid in advance. Can i amend my tax return online   You can deduct an expense you pay in advance only in the year to which it applies. Can i amend my tax return online Example. Can i amend my tax return online You are a calendar year taxpayer and you pay $1,000 in 2013 for a business insurance policy effective for one year, beginning July 1. Can i amend my tax return online You can deduct $500 in 2013 and $500 in 2014. Can i amend my tax return online Accrual Method Under an accrual method of accounting, you generally report income in the year earned and deduct or capitalize expenses in the year incurred. Can i amend my tax return online The purpose of an accrual method of accounting is to match income and expenses in the correct year. Can i amend my tax return online Income—General Rule Under an accrual method, you generally include an amount in your gross income for the tax year in which all events that fix your right to receive the income have occurred and you can determine the amount with reasonable accuracy. Can i amend my tax return online Example. Can i amend my tax return online You are a calendar year accrual method taxpayer. Can i amend my tax return online You sold a computer on December 28, 2013. Can i amend my tax return online You billed the customer in the first week of January 2014, but you did not receive payment until February 2014. Can i amend my tax return online You must include the amount received for the computer in your 2013 income. Can i amend my tax return online Income—Special Rules The following are special rules that apply to advance payments, estimating income, and changing a payment schedule for services. Can i amend my tax return online Estimated income. Can i amend my tax return online   If you include a reasonably estimated amount in gross income, and later determine the exact amount is different, take the difference into account in the tax year in which you make the determination. Can i amend my tax return online Change in payment schedule for services. Can i amend my tax return online   If you perform services for a basic rate specified in a contract, you must accrue the income at the basic rate, even if you agree to receive payments at a lower rate until you complete the services and then receive the difference. Can i amend my tax return online Advance payments for services. Can i amend my tax return online   Generally, you report an advance payment for services to be performed in a later tax year as income in the year you receive the payment. Can i amend my tax return online However, if you receive an advance payment for services you agree to perform by the end of the next tax year, you can elect to postpone including the advance payment in income until the next tax year. Can i amend my tax return online However, you cannot postpone including any payment beyond that tax year. Can i amend my tax return online   For more information, see Advance Payment for Services under Accrual Method in Publication 538. Can i amend my tax return online That publication also explains special rules for reporting the following types of income. Can i amend my tax return online Advance payments for service agreements. Can i amend my tax return online Prepaid rent. Can i amend my tax return online Advance payments for sales. Can i amend my tax return online   Special rules apply to including income from advance payments on agreements for future sales or other dispositions of goods you hold primarily for sale to your customers in the ordinary course of your business. Can i amend my tax return online If the advance payments are for contracts involving both the sale and service of goods, it may be necessary to treat them as two agreements. Can i amend my tax return online An agreement includes a gift certificate that can be redeemed for goods. Can i amend my tax return online Treat amounts that are due and payable as amounts you received. Can i amend my tax return online   You generally include an advance payment in income for the tax year in which you receive it. Can i amend my tax return online However, you can use an alternative method. Can i amend my tax return online For information about the alternative method, see Publication 538. Can i amend my tax return online Expenses Under an accrual method of accounting, you generally deduct or capitalize a business expense when both the following apply. Can i amend my tax return online The all-events test has been met. Can i amend my tax return online The test has been met when: All events have occurred that fix the fact of liability, and The liability can be determined with reasonable accuracy. Can i amend my tax return online Economic performance has occurred. Can i amend my tax return online Economic performance. Can i amend my tax return online   You generally cannot deduct or capitalize a business expense until economic performance occurs. Can i amend my tax return online If your expense is for property or services provided to you, or for your use of property, economic performance occurs as the property or services are provided or as the property is used. Can i amend my tax return online If your expense is for property or services you provide to others, economic performance occurs as you provide the property or services. Can i amend my tax return online An exception allows certain recurring items to be treated as incurred during a tax year even though economic performance has not occurred. Can i amend my tax return online For more information on economic performance, see Economic Performance under Accrual Method in Publication 538. Can i amend my tax return online Example. Can i amend my tax return online You are a calendar year taxpayer and use an accrual method of accounting. Can i amend my tax return online You buy office supplies in December 2013. Can i amend my tax return online You receive the supplies and the bill in December, but you pay the bill in January 2014. Can i amend my tax return online You can deduct the expense in 2013 because all events that fix the fact of liability have occurred, the amount of the liability could be reasonably determined, and economic performance occurred in that year. Can i amend my tax return online Your office supplies may qualify as a recurring expense. Can i amend my tax return online In that case, you can deduct them in 2013 even if the supplies are not delivered until 2014 (when economic performance occurs). Can i amend my tax return online Keeping inventories. Can i amend my tax return online   When the production, purchase, or sale of merchandise is an income-producing factor in your business, you must generally take inventories into account at the beginning and the end of your tax year. Can i amend my tax return online If you must account for an inventory, you must generally use an accrual method of accounting for your purchases and sales. Can i amend my tax return online For more information, see Inventories , later. Can i amend my tax return online Special rule for related persons. Can i amend my tax return online   You cannot deduct business expenses and interest owed to a related person who uses the cash method of accounting until you make the payment and the corresponding amount is includible in the related person's gross income. Can i amend my tax return online Determine the relationship, for this rule, as of the end of the tax year for which the expense or interest would otherwise be deductible. Can i amend my tax return online If a deduction is not allowed under this rule, the rule will continue to apply even if your relationship with the person ends before the expense or interest is includible in the gross income of that person. Can i amend my tax return online   Related persons include members of your immediate family, including only brothers and sisters (either whole or half), your spouse, ancestors, and lineal descendants. Can i amend my tax return online For a list of other related persons, see section 267 of the Internal Revenue Code. Can i amend my tax return online Combination Method You can generally use any combination of cash, accrual, and special methods of accounting if the combination clearly shows your income and expenses and you use it consistently. Can i amend my tax return online However, the following restrictions apply. Can i amend my tax return online If an inventory is necessary to account for your income, you must generally use an accrual method for purchases and sales. Can i amend my tax return online (See, however, Inventories, later. Can i amend my tax return online ) You can use the cash method for all other items of income and expenses. Can i amend my tax return online If you use the cash method for figuring your income, you must use the cash method for reporting your expenses. Can i amend my tax return online If you use an accrual method for reporting your expenses, you must use an accrual method for figuring your income. Can i amend my tax return online If you use a combination method that includes the cash method, treat that combination method as the cash method. Can i amend my tax return online Inventories Generally, if you produce, purchase, or sell merchandise in your business, you must keep an inventory and use the accrual method for purchases and sales of merchandise. Can i amend my tax return online However, the following taxpayers can use the cash method of accounting even if they produce, purchase, or sell merchandise. Can i amend my tax return online These taxpayers can also account for inventoriable items as materials and supplies that are not incidental (discussed later). Can i amend my tax return online A qualifying taxpayer under Revenue Procedure 2001-10 in Internal Revenue Bulletin 2001-2. Can i amend my tax return online A qualifying small business taxpayer under Revenue Procedure 2002-28 in Internal Revenue Bulletin 2002-18. Can i amend my tax return online Qualifying taxpayer. Can i amend my tax return online   You are a qualifying taxpayer if: Your average annual gross receipts for each prior tax year ending on or after December 17, 1998, is $1 million or less. Can i amend my tax return online (Your average annual gross receipts for a tax year is figured by adding the gross receipts for that tax year and the 2 preceding tax years and dividing by 3. Can i amend my tax return online ) Your business is not a tax shelter, as defined under section 448(d)(3) of the Internal Revenue Code. Can i amend my tax return online Qualifying small business taxpayer. Can i amend my tax return online   You are a qualifying small business taxpayer if: Your average annual gross receipts for each prior tax year ending on or after December 31, 2000, is more than $1 million but not more than $10 million. Can i amend my tax return online (Your average annual gross receipts for a tax year is figured by adding the gross receipts for that tax year and the 2 preceding tax years and dividing the total by 3. Can i amend my tax return online ) You are not prohibited from using the cash method under section 448 of the Internal Revenue Code. Can i amend my tax return online Your principal business activity is an eligible business (described in Publication 538 and Revenue Procedure 2002-28). Can i amend my tax return online Business not owned or not in existence for 3 years. Can i amend my tax return online   If you did not own your business for all of the 3-tax-year period used in figuring your average annual gross receipts, include the period of any predecessor. Can i amend my tax return online If your business has not been in existence for the 3-tax-year period, base your average on the period it has existed including any short tax years, annualizing the short tax year's gross receipts. Can i amend my tax return online Materials and supplies that are not incidental. Can i amend my tax return online   If you account for inventoriable items as materials and supplies that are not incidental, you will deduct the cost of the items you would otherwise include in inventory in the year you sell the items, or the year you pay for them, whichever is later. Can i amend my tax return online If you are a producer, you can use any reasonable method to estimate the raw material in your work in process and finished goods on hand at the end of the year to determine the raw material used to produce finished goods that were sold during the year. Can i amend my tax return online Changing accounting method. Can i amend my tax return online   If you are a qualifying taxpayer or qualifying small business taxpayer and want to change to the cash method or to account for inventoriable items as non-incidental materials and supplies, you must file Form 3115, Application for Change in Accounting Method. Can i amend my tax return online See Change in Accounting Method, later. Can i amend my tax return online More information. Can i amend my tax return online    For more information about the qualifying taxpayer exception, see Revenue Procedure 2001-10 in Internal Revenue Bulletin 2001-2. Can i amend my tax return online For more information about the qualifying small business taxpayer exception, see Revenue Procedure 2002-28 in Internal Revenue Bulletin 2002-18. Can i amend my tax return online Items included in inventory. Can i amend my tax return online   If you are required to account for inventories, include the following items when accounting for your inventory. Can i amend my tax return online Merchandise or stock in trade. Can i amend my tax return online Raw materials. Can i amend my tax return online Work in process. Can i amend my tax return online Finished products. Can i amend my tax return online Supplies that physically become a part of the item intended for sale. Can i amend my tax return online Valuing inventory. Can i amend my tax return online   You must value your inventory at the beginning and end of each tax year to determine your cost of goods sold (Schedule C, line 42). Can i amend my tax return online To determine the value of your inventory, you need a method for identifying the items in your inventory and a method for valuing these items. Can i amend my tax return online   Inventory valuation rules cannot be the same for all kinds of businesses. Can i amend my tax return online The method you use to value your inventory must conform to generally accepted accounting principles for similar businesses and must clearly reflect income. Can i amend my tax return online Your inventory practices must be consistent from year to year. Can i amend my tax return online More information. Can i amend my tax return online   For more information about inventories, see Publication 538. Can i amend my tax return online Uniform Capitalization Rules Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for production or resale activities. Can i amend my tax return online Include these costs in the basis of property you produce or acquire for resale, rather than claiming them as a current deduction. Can i amend my tax return online You recover the costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. Can i amend my tax return online Activities subject to the uniform capitalization rules. Can i amend my tax return online   You may be subject to the uniform capitalization rules if you do any of the following, unless the property is produced for your use other than in a business or an activity carried on for profit. Can i amend my tax return online Produce real or tangible personal property. Can i amend my tax return online For this purpose, tangible personal property includes a film, sound recording, video tape, book, or similar property. Can i amend my tax return online Acquire property for resale. Can i amend my tax return online Exceptions. Can i amend my tax return online   These rules do not apply to the following property. Can i amend my tax return online Personal property you acquire for resale if your average annual gross receipts are $10 million or less. Can i amend my tax return online Property you produce if you meet either of the following conditions. Can i amend my tax return online Your indirect costs of producing the property are $200,000 or less. Can i amend my tax return online You use the cash method of accounting and do not account for inventories. Can i amend my tax return online For more information, see Inventories, earlier. Can i amend my tax return online Special Methods There are special methods of accounting for certain items of income or expense. Can i amend my tax return online These include the following. Can i amend my tax return online Amortization, discussed in chapter 8 of Publication 535, Business Expenses. Can i amend my tax return online Bad debts, discussed in chapter 10 of Publication 535. Can i amend my tax return online Depletion, discussed in chapter 9 of Publication 535. Can i amend my tax return online Depreciation, discussed in Publication 946, How To Depreciate Property. Can i amend my tax return online Installment sales, discussed in Publication 537, Installment Sales. Can i amend my tax return online Change in Accounting Method Once you have set up your accounting method, you must generally get IRS approval before you can change to another method. Can i amend my tax return online A change in your accounting method includes a change in: Your overall method, such as from cash to an accrual method, and Your treatment of any material item. Can i amend my tax return online To get approval, you must file Form 3115, Application for Change in Accounting Method. Can i amend my tax return online You can get IRS approval to change an accounting method under either the automatic change procedures or the advance consent request procedures. Can i amend my tax return online You may have to pay a user fee. Can i amend my tax return online For more information, see the form instructions. Can i amend my tax return online Automatic change procedures. Can i amend my tax return online   Certain taxpayers can presume to have IRS approval to change their method of accounting. Can i amend my tax return online The approval is granted for the tax year for which the taxpayer requests a change (year of change), if the taxpayer complies with the provisions of the automatic change procedures. Can i amend my tax return online No user fee is required for an application filed under an automatic change procedure generally covered in Revenue Procedure 2002-9. Can i amend my tax return online   Generally, you must use Form 3115 to request an automatic change. Can i amend my tax return online For more information, see the Instructions for Form 3115. Can i amend my tax return online Prev  Up  Next   Home   More Online Publications
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