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Federal Tax Form 2010

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Federal Tax Form 2010

Federal tax form 2010 7. Federal tax form 2010   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Federal tax form 2010 Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. Federal tax form 2010 You must determine gross profit before you can deduct any business expenses. Federal tax form 2010 These expenses are discussed in chapter 8. Federal tax form 2010 If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. Federal tax form 2010 Businesses that sell products. Federal tax form 2010   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Federal tax form 2010 Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). Federal tax form 2010 Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. Federal tax form 2010   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). Federal tax form 2010 The result is the gross profit from your business. Federal tax form 2010 Businesses that sell services. Federal tax form 2010   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. Federal tax form 2010 Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). Federal tax form 2010 Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. Federal tax form 2010 Illustration. Federal tax form 2010   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Federal tax form 2010 Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. Federal tax form 2010 Gross receipts. Federal tax form 2010   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Federal tax form 2010 You may find it helpful to use cash registers to keep track of receipts. Federal tax form 2010 You should also use a proper invoicing system and keep a separate bank account for your business. Federal tax form 2010 Sales tax collected. Federal tax form 2010   Check to make sure your records show the correct sales tax collected. Federal tax form 2010   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. Federal tax form 2010   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. Federal tax form 2010 Inventory at beginning of year. Federal tax form 2010   Compare this figure with last year's ending inventory. Federal tax form 2010 The two amounts should usually be the same. Federal tax form 2010 Purchases. Federal tax form 2010   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. Federal tax form 2010 ) be sure to remove them from the cost of goods sold. Federal tax form 2010 For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. Federal tax form 2010 Inventory at end of year. Federal tax form 2010   Check to make sure your procedures for taking inventory are adequate. Federal tax form 2010 These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. Federal tax form 2010   Use inventory forms and adding machine tapes as the only evidence for your inventory. Federal tax form 2010 Inventory forms are available at office supply stores. Federal tax form 2010 These forms have columns for recording the description, quantity, unit price, and value of each inventory item. Federal tax form 2010 Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. Federal tax form 2010 These forms will help satisfy you that the total inventory is accurate. Federal tax form 2010 They will also provide you with a permanent record to support its validity. Federal tax form 2010   Inventories are discussed in chapter 2. Federal tax form 2010 Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. Federal tax form 2010 First, divide gross profit by net receipts. Federal tax form 2010 The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. Federal tax form 2010 Next, compare this percentage to your markup policy. Federal tax form 2010 Little or no difference between these two percentages shows that your gross profit figure is accurate. Federal tax form 2010 A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Federal tax form 2010 You should determine the reason for the difference. Federal tax form 2010 Example. Federal tax form 2010   Joe Able operates a retail business. Federal tax form 2010 On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Federal tax form 2010 The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Federal tax form 2010 His cost of goods sold is $200,000. Federal tax form 2010 This results in a gross profit of $100,000 ($300,000 − $200,000). Federal tax form 2010 To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Federal tax form 2010 The resulting 331/3% confirms his markup percentage of 331/3%. Federal tax form 2010 Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. Federal tax form 2010 The result is gross business income. Federal tax form 2010 If you use Schedule C-EZ, include the income on line 1 of the schedule. Federal tax form 2010 Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. Federal tax form 2010 Prev  Up  Next   Home   More Online Publications
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The Federal Tax Form 2010

Federal tax form 2010 Publication 501 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Federal tax form 2010 Tax questions. Federal tax form 2010 Useful Items - You may want to see: What's New Who must file. Federal tax form 2010   In some cases, the amount of income you can receive before you must file a tax return has increased. Federal tax form 2010 Table 1 shows the filing requirements for most taxpayers. Federal tax form 2010 Exemption amount. Federal tax form 2010  The amount you can deduct for each exemption has increased. Federal tax form 2010 It was $3,800 for 2012. Federal tax form 2010 It is $3,900 for 2013. Federal tax form 2010 Exemption phaseout. Federal tax form 2010  You lose at least part of the benefit of your exemptions if your adjusted gross income is above a certain amount. Federal tax form 2010 For 2013, the phaseout begins at $150,000 for married individuals filing separate returns; $250,000 for single individuals; $275,000 for heads of household; and $300,000 for married individuals filing joint returns or qualifying widow(er)s. Federal tax form 2010 See Phaseout of Exemptions , later. Federal tax form 2010 Standard deduction increased. Federal tax form 2010   The standard deduction for some taxpayers who do not itemize their deductions on Schedule A of Form 1040 is higher for 2013 than it was for 2012. Federal tax form 2010 The amount depends on your filing status. Federal tax form 2010 You can use the 2013 Standard Deduction Tables near the end of this publication to figure your standard deduction. Federal tax form 2010 Same-sex marriages. Federal tax form 2010 . Federal tax form 2010  If you have a same-sex spouse whom you legally married in a state (or foreign country) that recognizes same-sex marriage, you and your spouse generally must use the married filing jointly or married filing separately filing status on your 2013 return, even if you and your spouse now live in a state (or foreign country) that does not recognize same-sex marriage. Federal tax form 2010 See Same-sex marriage under Marital Status, later. Federal tax form 2010 If you meet certain requirements, you may be able to file amended returns to change your filing status for some earlier years. Federal tax form 2010 For details on filing amended returns, see Joint Return After Separate Returns . Federal tax form 2010 Reminders Future developments. Federal tax form 2010  Information about any future developments affecting Publication 501 (such as legislation enacted after we release it) will be posted at www. Federal tax form 2010 irs. Federal tax form 2010 gov/pub501. Federal tax form 2010 Taxpayer identification number for aliens. Federal tax form 2010   If you are a nonresident or resident alien and you do not have and are not eligible to get a social security number (SSN), you must apply for an individual taxpayer identification number (ITIN). Federal tax form 2010 Your spouse also may need an ITIN if he or she does not have and is not eligible to get an SSN. Federal tax form 2010 See Form W-7, Application for IRS Individual Taxpayer Identification Number. Federal tax form 2010 Also, see Social Security Numbers for Dependents , later. Federal tax form 2010 Photographs of missing children. Federal tax form 2010   The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Federal tax form 2010 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Federal tax form 2010 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Federal tax form 2010 Introduction This publication discusses some tax rules that affect every person who may have to file a federal income tax return. Federal tax form 2010 It answers some basic questions: who must file; who should file; what filing status to use; how many exemptions to claim; and the amount of the standard deduction. Federal tax form 2010 Who Must File explains who must file an income tax return. Federal tax form 2010 If you have little or no gross income, reading this section will help you decide if you have to file a return. Federal tax form 2010 Who Should File helps you decide if you should file a return, even if you are not required to do so. Federal tax form 2010 Filing Status helps you determine which filing status to use. Federal tax form 2010 Filing status is important in determining whether you must file a return and whether you may claim certain deductions and credits. Federal tax form 2010 It also helps determine your standard deduction and tax rate. Federal tax form 2010 Exemptions, which reduce your taxable income, are discussed in Exemptions . Federal tax form 2010 Exemptions for Dependents explains the difference between a qualifying child and a qualifying relative. Federal tax form 2010 Other topics include the social security number requirement for dependents, the rules for multiple support agreements, and the rules for divorced or separated parents. Federal tax form 2010 Phaseout of Exemptions explains how to determine whether you must reduce the dollar amount of exemptions you claim and, if so, the amount of the reduction. Federal tax form 2010 Standard Deduction gives the rules and dollar amounts for the standard deduction — a benefit for taxpayers who do not itemize their deductions. Federal tax form 2010 This section also discusses the standard deduction for taxpayers who are blind or age 65 or older, as well as special rules that limit the standard deduction available to dependents. Federal tax form 2010 In addition, this section helps you decide whether you would be better off taking the standard deduction or itemizing your deductions. Federal tax form 2010 How To Get Tax Help explains how to get tax help from the IRS. Federal tax form 2010 This publication is for U. Federal tax form 2010 S. Federal tax form 2010 citizens and resident aliens only. Federal tax form 2010 If you are a resident alien for the entire year, you must follow the same tax rules that apply to U. Federal tax form 2010 S. Federal tax form 2010 citizens. Federal tax form 2010 The rules to determine if you are a resident or nonresident alien are discussed in chapter 1 of Publication 519, U. Federal tax form 2010 S. Federal tax form 2010 Tax Guide for Aliens. Federal tax form 2010 Nonresident aliens. Federal tax form 2010    If you were a nonresident alien at any time during the year, the rules and tax forms that apply to you may be different from those that apply to U. Federal tax form 2010 S. Federal tax form 2010 citizens. Federal tax form 2010 See Publication 519. Federal tax form 2010 Comments and suggestions. Federal tax form 2010    We welcome your comments about this publication and your suggestions for future editions. Federal tax form 2010   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Federal tax form 2010 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Federal tax form 2010 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Federal tax form 2010   You can send your comments from www. Federal tax form 2010 irs. Federal tax form 2010 gov/formspubs. Federal tax form 2010 Click on “More Information” and then on “Comment on Tax Forms and Publications. Federal tax form 2010 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Federal tax form 2010 Ordering forms and publications. Federal tax form 2010    Visit www. Federal tax form 2010 irs. Federal tax form 2010 gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Federal tax form 2010 Internal Revenue Service 1201 N. Federal tax form 2010 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Federal tax form 2010    If you have a tax question, check the information available on IRS. Federal tax form 2010 gov or call 1-800-829-1040. Federal tax form 2010 We cannot answer tax questions sent to either of the above addresses. Federal tax form 2010 Useful Items - You may want to see: Publication 559 Survivors, Executors, and Administrators 929 Tax Rules for Children and Dependents Form (and Instructions) 1040X Amended U. Federal tax form 2010 S. Federal tax form 2010 Individual Income Tax Return 2848 Power of Attorney and Declaration of Representative 8332 Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent 8814 Parents' Election To Report Child's Interest and Dividends Prev  Up  Next   Home   More Online Publications