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File 2010 Taxes Late

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File 2010 Taxes Late

File 2010 taxes late 12. File 2010 taxes late   Self-Employment Tax Table of Contents What's New for 2013 What's New for 2014 Introduction Topics - This chapter discusses: Useful Items - You may want to see: Why Pay Self-Employment Tax? How To Pay Self-Employment TaxReplacing a lost social security card. File 2010 taxes late Name change. File 2010 taxes late Penalty for underpayment of estimated tax. File 2010 taxes late Who Must Pay Self-Employment Tax?Limited partner. File 2010 taxes late Community property. File 2010 taxes late Figuring Self-Employment EarningsLandlord Participation in Farming Methods for Figuring Net EarningsRegular Method Farm Optional Method Nonfarm Optional Method Using Both Optional Methods Reporting Self-Employment Tax What's New for 2013 Tax rates. File 2010 taxes late  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. File 2010 taxes late 4% to 12. File 2010 taxes late 4%. File 2010 taxes late The Medicare part of the tax remains at 2. File 2010 taxes late 9%. File 2010 taxes late As a result, the self-employment tax is increased from 13. File 2010 taxes late 3% to 15. File 2010 taxes late 3%. File 2010 taxes late Additional Medicare Tax. File 2010 taxes late . File 2010 taxes late  For tax years beginning in 2013, a 0. File 2010 taxes late 9% Additional Medicare Tax applies to your Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above a threshold amount. File 2010 taxes late Use Form 8959, Additional Medicare Tax, to figure this tax. File 2010 taxes late For more information, see the Instructions for Form 8959. File 2010 taxes late Maximum net earnings. File 2010 taxes late  The maximum net self-employment earnings subject to the social security part (12. File 2010 taxes late 4%) of the self-employment tax increased to $113,700 for 2013. File 2010 taxes late There is no maximum limit on earnings subject to the Medicare part (2. File 2010 taxes late 9%). File 2010 taxes late What's New for 2014 Maximum net earnings. File 2010 taxes late  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. File 2010 taxes late Introduction Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. File 2010 taxes late It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. File 2010 taxes late You usually have to pay SE tax if you are self-employed. File 2010 taxes late You are usually self-employed if you operate your own farm on land you either own or rent. File 2010 taxes late You have to figure SE tax on Schedule SE (Form 1040). File 2010 taxes late Farmers who have employees may have to pay the employer's share of social security and Medicare taxes, as well. File 2010 taxes late See chapter 13 for information on employment taxes. File 2010 taxes late Self-employment tax rate. File 2010 taxes late   For tax years beginning in 2013, the self-employment tax rate is 15. File 2010 taxes late 3%. File 2010 taxes late The rate consists of two parts: 12. File 2010 taxes late 4% for social security (old-age, survivors, and disability insurance) and 2. File 2010 taxes late 9% for Medicare (hospital insurance). File 2010 taxes late Topics - This chapter discusses: Why pay self-employment tax How to pay self-employment tax Who must pay self-employment tax Figuring self-employment earnings Landlord participation in farming Methods for figuring net earnings Reporting self-employment tax Useful Items - You may want to see: Publication 541 Partnerships Form (and Instructions) 1040 U. File 2010 taxes late S. File 2010 taxes late Individual Income Tax Return Sch F (Form 1040) Profit or Loss From Farming Sch SE (Form 1040) Self-Employment Tax 1065 U. File 2010 taxes late S. File 2010 taxes late Return of Partnership Income Sch K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. File 2010 taxes late See chapter 16 for information about getting publications and forms. File 2010 taxes late Why Pay Self-Employment Tax? Social security benefits are available to self-employed persons just as they are to wage earners. File 2010 taxes late Your payments of SE tax contribute to your coverage under the social security system. File 2010 taxes late Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. File 2010 taxes late How to become insured under social security. File 2010 taxes late   You must be insured under the social security system before you begin receiving social security benefits. File 2010 taxes late You are insured if you have the required number of credits (also called quarters of coverage). File 2010 taxes late Earning credits in 2013. File 2010 taxes late   You can earn a maximum of four credits per year. File 2010 taxes late For 2013, you earn one credit for each $1,160 of combined wages and self-employment earnings subject to social security tax. File 2010 taxes late You need $4,640 ($1,160 × 4) of combined wages and self-employment earnings subject to social security tax to earn four credits in 2013. File 2010 taxes late It does not matter whether the income is earned in 1 quarter or is spread over 2 or more quarters. File 2010 taxes late For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office or visit the SSA website at www. File 2010 taxes late socialsecurity. File 2010 taxes late gov. File 2010 taxes late Making false statements to get or to increase social security benefits may subject you to penalties. File 2010 taxes late The Social Security Administration (SSA) time limit for posting self-employment earnings. File 2010 taxes late   Generally, the SSA will give you credit only for self-employment earnings reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. File 2010 taxes late    If you file your tax return or report a change in your self-employment earnings after the SSA time limit for posting self-employment earnings, the SSA may change its records, but only to remove or reduce the amount. File 2010 taxes late The SSA will not change its records to increase your self-employment earnings after the SSA time limit listed above. File 2010 taxes late How To Pay Self-Employment Tax To pay SE tax, you must have a social security number (SSN) or an individual taxpayer identification number (ITIN). File 2010 taxes late This section explains how to: Obtain an SSN or ITIN, and Pay your SE tax using estimated tax. File 2010 taxes late An ITIN does not entitle you to social security benefits. File 2010 taxes late Obtaining an ITIN does not change your immigration or employment status under U. File 2010 taxes late S. File 2010 taxes late law. File 2010 taxes late Obtaining a social security number. File 2010 taxes late   If you have never had an SSN, apply for one using Form SS-5, Application for a Social Security Card. File 2010 taxes late The application is also available in Spanish. File 2010 taxes late You can get this form at any Social Security office or by calling 1-800-772-1213. File 2010 taxes late    You can also download Form SS-5 from the Social Security Administration website at  www. File 2010 taxes late socialsecurity. File 2010 taxes late gov. File 2010 taxes late   If you have a social security number from the time you were an employee, you must use that number. File 2010 taxes late Do not apply for a new one. File 2010 taxes late Replacing a lost social security card. File 2010 taxes late   If you have a number but lost your card, file Form SS-5. File 2010 taxes late You will get a new card showing your original number, not a new number. File 2010 taxes late Name change. File 2010 taxes late   If your name has changed since you received your social security card, complete Form SS-5 to report a name change. File 2010 taxes late Obtaining an individual taxpayer identification number. File 2010 taxes late   The IRS will issue you an ITIN, for tax use only, if you are a nonresident or resident alien and you do not have, and are not eligible to get, an SSN. File 2010 taxes late To apply for an ITIN, file Form W-7, Application for IRS Individual Taxpayer Identification Number. File 2010 taxes late You can get this form by calling 1-800-829-3676. File 2010 taxes late For more information on ITINs, see Publication 1915, Understanding Your IRS Individual Taxpayer Identification Number. File 2010 taxes late Form W-7 and Publication 1915 are also available in Spanish. File 2010 taxes late    You can also download Form W-7 from the IRS website at IRS. File 2010 taxes late gov. File 2010 taxes late Paying estimated tax. File 2010 taxes late   Estimated tax is the method used to pay tax (including SE tax) on income not subject to withholding. File 2010 taxes late You generally have to make estimated tax payments if you expect to owe tax, including SE tax, of $1,000 or more when you file your return. File 2010 taxes late Use Form 1040-ES, Estimated Tax for Individuals, to figure and pay the tax. File 2010 taxes late   However, if at least two-thirds of your gross income for 2013 or 2014 was from farming and you file your 2014 Form 1040 and pay all the tax due by March 2, 2015, you do not have to pay any estimated tax. File 2010 taxes late For more information about estimated tax for farmers, see chapter 15. File 2010 taxes late Penalty for underpayment of estimated tax. File 2010 taxes late   You may have to pay a penalty if you do not pay enough estimated tax by its due date. File 2010 taxes late Who Must Pay Self-Employment Tax? You must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. File 2010 taxes late The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. File 2010 taxes late Aliens. File 2010 taxes late   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. File 2010 taxes late S. File 2010 taxes late citizens. File 2010 taxes late Nonresident aliens are not subject to self-employment tax. File 2010 taxes late However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. File 2010 taxes late S. File 2010 taxes late residents for self-employment tax purposes. File 2010 taxes late For more information on aliens, see Publication 519, U. File 2010 taxes late S. File 2010 taxes late Tax Guide for Aliens. File 2010 taxes late Are you self-employed?   You are self-employed if you carry on a trade or business (such as running a farm) as a sole proprietor, an independent contractor, a member of a partnership, or are otherwise in business for yourself. File 2010 taxes late A trade or business is generally an activity carried on for a livelihood or in good faith to make a profit. File 2010 taxes late Share farmer. File 2010 taxes late   You are a self-employed farmer under an income-sharing arrangement if both the following apply. File 2010 taxes late You produce a crop or raise livestock on land belonging to another person. File 2010 taxes late Your share of the crop or livestock, or the proceeds from their sale, depends on the amount produced. File 2010 taxes late Your net farm profit or loss from the income-sharing arrangement is reported on Schedule F (Form 1040) and included in your self-employment earnings. File 2010 taxes late   If you produce a crop or livestock on land belonging to another person and are to receive a specified rate of pay, a fixed sum of money, or a fixed quantity of the crop or livestock, and not a share of the crop or livestock or their proceeds, you may be either self-employed or an employee of the landowner. File 2010 taxes late This will depend on whether the landowner has the right to direct or control your performance of services. File 2010 taxes late Example. File 2010 taxes late A share farmer produces a crop on land owned by another person on a 50-50 crop-share basis. File 2010 taxes late Under the terms of their agreement, the share farmer furnishes the labor and half the cost of seed and fertilizer. File 2010 taxes late The landowner furnishes the machinery and equipment used to produce and harvest the crop, and half the cost of seed and fertilizer. File 2010 taxes late The share farmer is provided a house in which to live. File 2010 taxes late The landowner and the share farmer decide on a cropping plan. File 2010 taxes late The share farmer is a self-employed farmer for purposes of the agreement to produce the crops, and the share farmer's part of the profit or loss from the crops is reported on Schedule F (Form 1040) and included in self-employment earnings. File 2010 taxes late The tax treatment of the landowner is discussed later under Landlord Participation in Farming. File 2010 taxes late Contract farming. File 2010 taxes late   Under typical contract farming arrangements, the grower receives a fixed payment per unit of crops or finished livestock delivered to the processor or packing company. File 2010 taxes late Since the grower typically furnishes labor and bears some production risk, the payments are reported on Schedule F and are therefore subject to self-employment tax. File 2010 taxes late 4-H Club or FFA project. File 2010 taxes late   If an individual participates in a 4-H Club or Future Farmers of America (FFA) project, any net income received from sales or prizes related to the project may be subject to income tax. File 2010 taxes late Report the net income as “Other income” on line 21 of Form 1040. File 2010 taxes late If necessary, attach a statement showing the gross income and expenses. File 2010 taxes late The net income may not be subject to SE tax if the project is primarily for educational purposes and not for profit, and is completed by the individual under the rules and economic restrictions of the sponsoring 4-H or FFA organization. File 2010 taxes late Such a project is generally not considered a trade or business. File 2010 taxes late Partners in a partnership. File 2010 taxes late   Generally, you are self-employed if you are a member of a partnership that carries on a trade or business. File 2010 taxes late Limited partner. File 2010 taxes late   If you are a limited partner, your partnership income is generally not subject to SE tax. File 2010 taxes late However, guaranteed payments you receive for services you perform for the partnership are subject to SE tax and should be reported to you in box 14 of your Schedule K-1 (Form 1065). File 2010 taxes late Business Owned and Operated by Spouses. File 2010 taxes late   If you and your spouse jointly own and operate a farm as an unincorporated business and share in the profits and losses, you are partners in a partnership whether or not you have a formal partnership agreement. File 2010 taxes late You must file Form 1065, instead of Schedule F, unless you make a joint election to be treated as a qualified joint venture. File 2010 taxes late Making this election will allow you to avoid the complexity of Form 1065 but still give each spouse credit for social security earnings on which retirement benefits are based. File 2010 taxes late Qualified joint venture. File 2010 taxes late   If you and your spouse each materially participate as the only members of a jointly owned and operated farm, and you file a joint tax return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership for the tax year. File 2010 taxes late For an explanation of “material participation,” see the instructions for Schedule C, line G, and the instructions for Schedule F, line E. File 2010 taxes late   To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. File 2010 taxes late Each of you must file a separate Schedule F and a separate Schedule SE. File 2010 taxes late For more information, see Qualified Joint Venture in the Instructions for Schedule SE (Form 1040). File 2010 taxes late Spouse employee. File 2010 taxes late   If your spouse is your employee, not your partner, you must withhold and pay social security and Medicare taxes for him or her. File 2010 taxes late For more information about employment taxes, see chapter 13. File 2010 taxes late Community property. File 2010 taxes late   If you are a partner and your distributive share of any income or loss from a trade or business carried on by the partnership is community property, treat your share as your self-employment earnings. File 2010 taxes late Do not treat any of your share as self-employment earnings of your spouse. File 2010 taxes late Figuring Self-Employment Earnings Farmer. File 2010 taxes late   If you are self-employed as a farmer, use Schedule F (Form 1040) to figure your self-employment earnings. File 2010 taxes late Partnership income or loss. File 2010 taxes late   If you are a member of a partnership that carries on a trade or business, the partnership should report your self-employment earnings in box 14, code A, of your Schedule K-1 (Form 1065). File 2010 taxes late Box 14 of Schedule K-1 may also provide amounts for gross farming or fishing income (code B) and gross nonfarm income (code C). File 2010 taxes late Use these amounts if you use the farm or nonfarm optional method to figure net earnings from self-employment (see Methods for Figuring Net Earnings , later). File 2010 taxes late   If you are a general partner, you may need to reduce these reported earnings by amounts you claim as a section 179 deduction, unreimbursed partnership expenses, or depletion on oil and gas properties. File 2010 taxes late   If the amount reported is a loss, include only the deductible amount when you figure your total self-employment earnings. File 2010 taxes late   For more information, see the Partner's Instructions for Schedule K-1 (Form 1065). File 2010 taxes late   For general information on partnerships, see Publication 541. File 2010 taxes late More than one business. File 2010 taxes late   If you have self-employment earnings from more than one trade, business, or profession, you generally must combine the net profit or loss from each to determine your total self-employment earnings. File 2010 taxes late A loss from one business reduces your profit from another business. File 2010 taxes late However, do not combine earnings from farm and nonfarm businesses if you are using one of the optional methods (discussed later) to figure net earnings. File 2010 taxes late Community property. File 2010 taxes late   If any of the income from a farm or business, other than a partnership, is community property under state law, it is included in the self-employment earnings of the spouse carrying on the trade or business. File 2010 taxes late Lost income payments. File 2010 taxes late   Lost income payments received from insurance or other sources for reducing or stopping farming activities are included in self-employment earnings. File 2010 taxes late These include USDA payments to compensate for lost income resulting from reductions in tobacco quotas and allotments. File 2010 taxes late Even if you are not farming when you receive the payment, it is included in self-employment earnings if it relates to your farm business (even though it is temporarily inactive). File 2010 taxes late A connection exists if it is clear the payment would not have been made but for your conduct of your farm business. File 2010 taxes late Gain or loss. File 2010 taxes late   A gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers is not included in self-employment earnings. File 2010 taxes late It does not matter whether the disposition is a sale, exchange, or involuntary conversion. File 2010 taxes late For example, gains or losses from the disposition of the following types of property are not included in self-employment earnings. File 2010 taxes late Investment property. File 2010 taxes late Depreciable property or other fixed assets used in your trade or business. File 2010 taxes late Livestock held for draft, breeding, sport, or dairy purposes, and not held primarily for sale, regardless of how long the livestock was held, or whether it was raised or purchased. File 2010 taxes late Unharvested standing crops sold with land held more than 1 year. File 2010 taxes late Timber, coal, or iron ore held for more than 1 year if an economic interest was retained, such as a right to receive coal royalties. File 2010 taxes late   A gain or loss from the cutting of timber is not included in self-employment earnings if the cutting is treated as a sale or exchange. File 2010 taxes late For more information on electing to treat the cutting of timber as a sale or exchange, see Timber in chapter 8. File 2010 taxes late Wages and salaries. File 2010 taxes late   Wages and salaries received for services performed as an employee and covered by social security or railroad retirement are not included in self-employment earnings. File 2010 taxes late   Wages paid in kind to you for agricultural labor, such as commodity wages, are not included in self-employment earnings. File 2010 taxes late Retired partner. File 2010 taxes late   Retirement income received by a partner from his or her partnership under a written plan is not included in self-employment earnings if all the following apply. File 2010 taxes late The retired partner performs no services for the partnership during the year. File 2010 taxes late The retired partner is owed only the retirement payments. File 2010 taxes late The retired partner's share (if any) of the partnership capital was fully paid to the retired partner. File 2010 taxes late The payments to the retired partner are lifelong periodic payments. File 2010 taxes late Conservation Reserve Program (CRP) payments. File 2010 taxes late   Under the Conservation Reserve Program (CRP), if you own or operate highly erodible or other specified cropland, you may enter into a longterm contract with the USDA, agreeing to convert to a less intensive use of that cropland. File 2010 taxes late You must include the annual rental payments and any onetime incentive payment you receive under the program on Schedule F, lines 4a and 4b. File 2010 taxes late Cost share payments you receive may qualify for the costsharing exclusion. File 2010 taxes late See Cost-Sharing Exclusion (Improvements), above. File 2010 taxes late CRP payments are reported to you on Form 1099G. File 2010 taxes late Individuals who are receiving Social Security retirement or disability benefits may exclude CRP payments when calculating self-employment tax. File 2010 taxes late See the instructions for Schedule SE (Form 1040). File 2010 taxes late Self-employed health insurance deduction. File 2010 taxes late   You cannot deduct the self-employed health insurance deduction you report on Form 1040, line 29, from self-employment earnings on Schedule SE (Form 1040). File 2010 taxes late Landlord Participation in Farming As a general rule, income and deductions from rentals and from personal property leased with real estate are not included in determining self-employment earnings. File 2010 taxes late However, income and deductions from farm rentals, including government commodity program payments received by a landowner who rents land, are included if the rental arrangement provides that the landowner will, and does, materially participate in the production or management of production of the farm products on the land. File 2010 taxes late Crop shares. File 2010 taxes late   Rent paid in the form of crop shares is included in self-employment earnings for the year you sell, exchange, give away, or use the crop shares if you meet one of the four material participation tests (discussed next) at the time the crop shares are produced. File 2010 taxes late Feeding such crop shares to livestock is considered using them. File 2010 taxes late Your gross income for figuring your self-employment earnings includes the fair market value of the crop shares when they are used as feed. File 2010 taxes late Material participation for landlords. File 2010 taxes late   You materially participate if you have an arrangement with your tenant for your participation and you meet one or more of the following tests. File 2010 taxes late You do at least three of the following. File 2010 taxes late Pay, using cash or credit, at least half the direct costs of producing the crop or livestock. File 2010 taxes late Furnish at least half the tools, equipment, and livestock used in the production activities. File 2010 taxes late Advise or consult with your tenant. File 2010 taxes late Inspect the production activities periodically. File 2010 taxes late You regularly and frequently make, or take an important part in making, management decisions substantially contributing to or affecting the success of the enterprise. File 2010 taxes late You work 100 hours or more spread over a period of 5 weeks or more in activities connected with agricultural production. File 2010 taxes late You do things that, considered in their totality, show you are materially and significantly involved in the production of the farm commodities. File 2010 taxes late These tests may be used as general guides for determining whether you are a material participant. File 2010 taxes late Example. File 2010 taxes late Drew Houston agrees to produce a crop on J. File 2010 taxes late Clarke's cotton farm, with each receiving half the proceeds. File 2010 taxes late Clarke advises Houston when to plant, spray, and pick the cotton. File 2010 taxes late During the growing season, Clarke inspects the crop every few days to determine whether Houston is properly taking care of the crop. File 2010 taxes late Houston furnishes all labor needed to grow and harvest the crop. File 2010 taxes late The management decisions made by Clarke in connection with the care of the cotton crop and his regular inspection of the crop establish that he participates to a material degree in the cotton production operations. File 2010 taxes late The income Clarke receives from his cotton farm is included in his self-employment earnings. File 2010 taxes late Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. File 2010 taxes late The regular method. File 2010 taxes late The farm optional method. File 2010 taxes late The nonfarm optional method. File 2010 taxes late You must use the regular method unless you are eligible to use one or both of the optional methods. File 2010 taxes late See Figure 12-1 , shown later. File 2010 taxes late Figure 12-1. File 2010 taxes late Can I Use the Optional Methods? Please click here for the text description of the image. File 2010 taxes late Figure 12–1. File 2010 taxes late Can I Use the Optional Methods? Why use an optional method?   You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. File 2010 taxes late You want to receive credit for social security benefit coverage. File 2010 taxes late You incurred child or dependent care expenses for which you could claim a credit. File 2010 taxes late (An optional method may increase your earned income, which could increase your credit. File 2010 taxes late ) You are entitled to the earned income credit. File 2010 taxes late (An optional method may increase your earned income, which could increase your credit. File 2010 taxes late ) You are entitled to the additional child tax credit. File 2010 taxes late (An optional method may increase your earned income, which could increase your credit. File 2010 taxes late ) Effects of using an optional method. File 2010 taxes late   Using an optional method could increase your SE tax. File 2010 taxes late Paying more SE tax may result in you getting higher social security disability or retirement benefits. File 2010 taxes late   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller SE tax or no SE tax using the regular method. File 2010 taxes late   The optional methods may be used only to figure your SE tax. File 2010 taxes late To figure your income tax, include your actual self-employment earnings in gross income, regardless of which method you use to determine SE tax. File 2010 taxes late Regular Method Multiply your total self-employment earnings by 92. File 2010 taxes late 35% (. File 2010 taxes late 9235) to get your net earnings under the regular method. File 2010 taxes late See Short Schedule SE, line 4, or Long Schedule SE, line 4a. File 2010 taxes late Net earnings figured using the regular method are also called “actual net earnings. File 2010 taxes late ” Farm Optional Method Use the farm optional method only for self-employment earnings from a farming business. File 2010 taxes late You can use this method if you meet either of the following tests. File 2010 taxes late Your gross farm income is $6,960 or less. File 2010 taxes late Your net farm profits are less than $5,024. File 2010 taxes late Gross farm income. File 2010 taxes late   Your gross farm income is the total of the amounts from: Schedule F (Form 1040), line 9, and Schedule K-1 (Form 1065), box 14, code B (from farm partnerships). File 2010 taxes late Net farm profits. File 2010 taxes late   Net farm profits generally are the total of the amounts from: Schedule F (Form 1040), line 34, and Schedule K-1 (Form 1065), box 14, code A (from farm partnerships). File 2010 taxes late However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. File 2010 taxes late For more information, see Partnership income or loss , earlier. File 2010 taxes late Figuring farm net earnings. File 2010 taxes late   If you meet either of the two tests explained above, use Table 12-1. File 2010 taxes late Figuring Farm Net Earnings , to figure your net earnings from self-employment under the farm optional method. File 2010 taxes late Table 12-1. File 2010 taxes late Figuring Farm Net Earnings IF your gross farm income  is. File 2010 taxes late . File 2010 taxes late . File 2010 taxes late THEN your net earnings are equal to. File 2010 taxes late . File 2010 taxes late . File 2010 taxes late $6,960 or less Two-thirds of your gross farm income. File 2010 taxes late More than $6,960 $4,640 Optional method can reduce or eliminate SE tax. File 2010 taxes late   If your gross farm income is $6,960 or less and your farm net earnings figured under the farm optional method are less than your actual net earnings, you can use the farm optional method to reduce or eliminate your SE tax. File 2010 taxes late Your actual net earnings are your net earnings figured using the regular method, explained earlier. File 2010 taxes late Example. File 2010 taxes late Your gross farm income is $540 and your net farm profit is $460. File 2010 taxes late Consequently, your net earnings figured under the farm optional method are $360 (2/3 of $540) and your actual net earnings are $425 (92. File 2010 taxes late 35% of $460). File 2010 taxes late You owe no SE tax if you use the optional method because your net earnings under the farm optional method are less than $400. File 2010 taxes late Nonfarm Optional Method This is an optional method available for determining net earnings from nonfarm self-employment, much like the farm optional method. File 2010 taxes late If you are also engaged in a nonfarm business, you may be able to use this method to figure your nonfarm net earnings. File 2010 taxes late You can use this method even if you do not use the farm optional method for determining your farm net earnings and even if you have a net loss from your nonfarm business. File 2010 taxes late For more information about the nonfarm optional method, see Publication 334. File 2010 taxes late You cannot combine farm and nonfarm self-employment earnings to figure your net earnings under either of the optional methods. File 2010 taxes late Using Both Optional Methods If you use both optional methods, you must add the net earnings figured under each method to arrive at your total net earnings from self-employment. File 2010 taxes late You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. File 2010 taxes late If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. File 2010 taxes late Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. File 2010 taxes late Then, enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. File 2010 taxes late Most taxpayers can use Section A–Short Schedule SE to figure their SE tax. File 2010 taxes late However, certain taxpayers must use Section B–Long Schedule SE. File 2010 taxes late Use the chart on page 1 of Schedule SE to find out which one to use. File 2010 taxes late If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. File 2010 taxes late Deduction for employer-equivalent portion of self-employment tax. File 2010 taxes late   You can deduct the employer-equivalent portion of your SE tax in figuring your adjusted gross income. File 2010 taxes late This deduction only affects your income tax. File 2010 taxes late It does not affect either your net earnings from self-employment or your SE tax. File 2010 taxes late   To deduct the tax, enter on Form 1040, line 27, the amount shown on Section A, Line 6, or Section B, line 13, Deduction for employer-equivalent portion of self-employment tax, of the Schedule SE. File 2010 taxes late Joint return. 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Tax Relief for Victims of Severe Storms, Straight-line Winds and Flooding in Illinois

Updated 7/03/2013 to include Putnam and Warren counties.

Updated 5/31/2013 to include Brown, Calhoun, Clark,  Douglas, Henry, Pike, Whiteside, and Winnebago counties.

Updated 5/23/2013 to include Bureau, Crawford, Henderson, Knox, Livingston, Marshall, Mason, McDonough, Peoria, Rock Island, Schuyler, Stark, Tazewell and Woodford counties.

IL/KS/MO 2013-28, May. 14, 2013

CHICAGO — Victims of severe storms, straight-line winds, and flooding that began on April 16, 2013 in parts of Illinois may qualify for tax relief from the Internal Revenue Service.

The President has declared Brown, Bureau, Calhoun, Clark, Cook, Crawford, DeKalb, Douglas, DuPage, Fulton, Grundy, Henderson, Henry, Kane, Kendall, Knox, Lake, LaSalle, Livingston, Marshall, Mason, McDonough, McHenry, Peoria, Pike, Putnam, Rock Island, Schuyler, Stark, Tazewell,  Warren, Whiteside, Will, Winnebago and Woodford  counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after April 16, and on or before July 1, have been postponed to July 1, 2013. This includes the June 17 deadline for second quarter estimated tax payments.

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after April 16, and on or before May 1, as long as the deposits are made by May 1, 2013.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until July 1 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after April 16 and on or before July 1.

The IRS also gives affected taxpayers until July 1 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after April 16 and on or before July 1.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after April 16 and on or before May 1provided the taxpayer makes these deposits by May 1.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Illinois/Severe Storms, Straight-line Winds, and Flooding” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

 

Related Information

Disaster Assistance and Emergency Relief for Individuals and Businesses

Recent IRS Disaster Relief Announcements

 

Page Last Reviewed or Updated: 03-Jul-2013

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