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File 2010 Tax Return Turbotax

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The File 2010 Tax Return Turbotax

File 2010 tax return turbotax 5. File 2010 tax return turbotax   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. File 2010 tax return turbotax Making the election. File 2010 tax return turbotax Form 3115. File 2010 tax return turbotax Income TaxesAccrual of contested income taxes. File 2010 tax return turbotax Employment Taxes Other TaxesAdditional Medicare Tax. File 2010 tax return turbotax What's New Additional Medicare Tax. File 2010 tax return turbotax  Beginning in 2013, you must withhold a 0. File 2010 tax return turbotax 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. File 2010 tax return turbotax Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. File 2010 tax return turbotax See Employment Taxes , and Self-employment tax , later. File 2010 tax return turbotax Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. File 2010 tax return turbotax You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. File 2010 tax return turbotax Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. File 2010 tax return turbotax When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. File 2010 tax return turbotax This applies whether you use the cash method or an accrual method of accounting. File 2010 tax return turbotax Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. File 2010 tax return turbotax You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . File 2010 tax return turbotax Limit on accrual of taxes. File 2010 tax return turbotax   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. File 2010 tax return turbotax However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. File 2010 tax return turbotax Example. File 2010 tax return turbotax Your state imposes a tax on personal property used in a trade or business conducted in the state. File 2010 tax return turbotax This tax is assessed and becomes a lien as of July 1 (accrual date). File 2010 tax return turbotax In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. File 2010 tax return turbotax Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. File 2010 tax return turbotax You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. File 2010 tax return turbotax Uniform capitalization rules. File 2010 tax return turbotax   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. File 2010 tax return turbotax They also apply to certain taxpayers who acquire property for resale. File 2010 tax return turbotax Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. File 2010 tax return turbotax For more information, see chapter 1. File 2010 tax return turbotax Carrying charges. File 2010 tax return turbotax   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. File 2010 tax return turbotax You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. File 2010 tax return turbotax For more information, see chapter 7. File 2010 tax return turbotax Refunds of taxes. File 2010 tax return turbotax   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. File 2010 tax return turbotax For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. File 2010 tax return turbotax    You must include in income any interest you receive on tax refunds. File 2010 tax return turbotax Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. File 2010 tax return turbotax The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. File 2010 tax return turbotax Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. File 2010 tax return turbotax See Taxes for local benefits , later. File 2010 tax return turbotax If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. File 2010 tax return turbotax However, you can elect to ratably accrue the taxes during the year. File 2010 tax return turbotax See Electing to ratably accrue , later. File 2010 tax return turbotax Taxes for local benefits. File 2010 tax return turbotax   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. File 2010 tax return turbotax These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. File 2010 tax return turbotax You should increase the basis of your property by the amount of the assessment. File 2010 tax return turbotax   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. File 2010 tax return turbotax If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. File 2010 tax return turbotax Example. File 2010 tax return turbotax To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. File 2010 tax return turbotax The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. File 2010 tax return turbotax The city is paying the principal and interest with the annual payments made by the property owners. File 2010 tax return turbotax The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. File 2010 tax return turbotax The part of the payments used to pay the interest charges on the bonds is deductible as taxes. File 2010 tax return turbotax Charges for services. File 2010 tax return turbotax   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. File 2010 tax return turbotax Purchase or sale of real estate. File 2010 tax return turbotax   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. File 2010 tax return turbotax   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. File 2010 tax return turbotax Treat the seller as paying the taxes up to but not including the date of sale. File 2010 tax return turbotax Treat the buyer as paying the taxes beginning with the date of sale. File 2010 tax return turbotax You can usually find this information on the settlement statement you received at closing. File 2010 tax return turbotax   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. File 2010 tax return turbotax Example. File 2010 tax return turbotax Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. File 2010 tax return turbotax He has not elected to ratably accrue property taxes. File 2010 tax return turbotax November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. File 2010 tax return turbotax He sold the property on June 30, 2013. File 2010 tax return turbotax Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. File 2010 tax return turbotax He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. File 2010 tax return turbotax Electing to ratably accrue. File 2010 tax return turbotax   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. File 2010 tax return turbotax Example. File 2010 tax return turbotax Juan Sanchez is a calendar year taxpayer who uses an accrual method. File 2010 tax return turbotax His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. File 2010 tax return turbotax July 1 is the assessment and lien date. File 2010 tax return turbotax If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. File 2010 tax return turbotax Separate elections. File 2010 tax return turbotax   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. File 2010 tax return turbotax Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. File 2010 tax return turbotax See Form 3115 , later. File 2010 tax return turbotax Making the election. File 2010 tax return turbotax   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. File 2010 tax return turbotax The statement should show all the following items. File 2010 tax return turbotax The trades or businesses to which the election applies and the accounting method or methods used. File 2010 tax return turbotax The period to which the taxes relate. File 2010 tax return turbotax The computation of the real estate tax deduction for that first year. File 2010 tax return turbotax   Generally, you must file your return by the due date (including extensions). File 2010 tax return turbotax However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). File 2010 tax return turbotax Attach the statement to the amended return and write “Filed pursuant to section 301. File 2010 tax return turbotax 9100-2” on the statement. File 2010 tax return turbotax File the amended return at the same address where you filed the original return. File 2010 tax return turbotax Form 3115. File 2010 tax return turbotax    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. File 2010 tax return turbotax For more information, including applicable time frames for filing, see the Instructions for Form 3115. File 2010 tax return turbotax Note. File 2010 tax return turbotax If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. File 2010 tax return turbotax R. File 2010 tax return turbotax B. File 2010 tax return turbotax 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. File 2010 tax return turbotax R. File 2010 tax return turbotax B. File 2010 tax return turbotax 689, and Revenue Procedure 2012-20, 2012-14 I. File 2010 tax return turbotax R. File 2010 tax return turbotax B. File 2010 tax return turbotax 700, or any successor. File 2010 tax return turbotax Revenue Procedure 2011-14 is available at  www. File 2010 tax return turbotax irs. File 2010 tax return turbotax gov/irb/2011-04IRB/ar08. File 2010 tax return turbotax html. File 2010 tax return turbotax Income Taxes This section discusses federal, state, local, and foreign income taxes. File 2010 tax return turbotax Federal income taxes. File 2010 tax return turbotax   You cannot deduct federal income taxes. File 2010 tax return turbotax State and local income taxes. File 2010 tax return turbotax   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. File 2010 tax return turbotax An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). File 2010 tax return turbotax   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. File 2010 tax return turbotax Accrual of contested income taxes. File 2010 tax return turbotax   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. File 2010 tax return turbotax   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. File 2010 tax return turbotax You cannot deduct them in the year in which the liability is finally determined. File 2010 tax return turbotax    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. File 2010 tax return turbotax Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. File 2010 tax return turbotax   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. File 2010 tax return turbotax You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. File 2010 tax return turbotax For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. File 2010 tax return turbotax Foreign income taxes. File 2010 tax return turbotax   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. File 2010 tax return turbotax S. File 2010 tax return turbotax possession. File 2010 tax return turbotax However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. File 2010 tax return turbotax S. File 2010 tax return turbotax tax under the foreign earned income exclusion or the foreign housing exclusion. File 2010 tax return turbotax For information on these exclusions, see Publication 54, Tax Guide for U. File 2010 tax return turbotax S. File 2010 tax return turbotax Citizens and Resident Aliens Abroad. File 2010 tax return turbotax For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. File 2010 tax return turbotax Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. File 2010 tax return turbotax Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. File 2010 tax return turbotax You may also need to pay certain employment taxes from your own funds. File 2010 tax return turbotax These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. File 2010 tax return turbotax Note. File 2010 tax return turbotax Additional Medicare Tax is only imposed on the employee. File 2010 tax return turbotax There is no employer share of Additional Medicare Tax. File 2010 tax return turbotax Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. File 2010 tax return turbotax You can deduct the employment taxes you must pay from your own funds as taxes. File 2010 tax return turbotax Example. File 2010 tax return turbotax You pay your employee $18,000 a year. File 2010 tax return turbotax However, after you withhold various taxes, your employee receives $14,500. File 2010 tax return turbotax You also pay an additional $1,500 in employment taxes. File 2010 tax return turbotax You should deduct the full $18,000 as wages. File 2010 tax return turbotax You can deduct the $1,500 you pay from your own funds as taxes. File 2010 tax return turbotax For more information on employment taxes, see Publication 15 (Circular E). File 2010 tax return turbotax Unemployment fund taxes. File 2010 tax return turbotax   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. File 2010 tax return turbotax Deduct these payments as taxes. File 2010 tax return turbotax Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. File 2010 tax return turbotax Excise taxes. File 2010 tax return turbotax   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. File 2010 tax return turbotax However, see Fuel taxes , later. File 2010 tax return turbotax   For more information on excise taxes, see Publication 510. File 2010 tax return turbotax Franchise taxes. File 2010 tax return turbotax   You can deduct corporate franchise taxes as a business expense. File 2010 tax return turbotax Fuel taxes. File 2010 tax return turbotax   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. File 2010 tax return turbotax Do not deduct these taxes as a separate item. File 2010 tax return turbotax   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. File 2010 tax return turbotax For more information, see Publication 510. File 2010 tax return turbotax Occupational taxes. File 2010 tax return turbotax   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. File 2010 tax return turbotax Personal property tax. File 2010 tax return turbotax   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. File 2010 tax return turbotax Sales tax. File 2010 tax return turbotax   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. File 2010 tax return turbotax If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. File 2010 tax return turbotax If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. File 2010 tax return turbotax If the property is depreciable, add the sales tax to the basis for depreciation. File 2010 tax return turbotax For more information on basis, see Publication 551. File 2010 tax return turbotax    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. File 2010 tax return turbotax Also, do not include these taxes in gross receipts or sales. File 2010 tax return turbotax Self-employment tax. File 2010 tax return turbotax   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. File 2010 tax return turbotax This deduction only affects your income tax. File 2010 tax return turbotax It does not affect your net earnings from self-employment or your self-employment tax. File 2010 tax return turbotax   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). File 2010 tax return turbotax   For more information on self-employment tax, see Publication 334. File 2010 tax return turbotax Additional Medicare Tax. File 2010 tax return turbotax   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. File 2010 tax return turbotax See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. File 2010 tax return turbotax Prev  Up  Next   Home   More Online Publications