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File A 2011 Tax Return

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File A 2011 Tax Return

File a 2011 tax return Internal Revenue Bulletin:  2011-12  March 21, 2011  Rev. File a 2011 tax return Proc. File a 2011 tax return 2011-21 Table of Contents SECTION 1. File a 2011 tax return PURPOSE SECTION 2. File a 2011 tax return BACKGROUND SECTION 3. File a 2011 tax return SCOPE SECTION 4. File a 2011 tax return APPLICATION SECTION 5. File a 2011 tax return EFFECTIVE DATE SECTION 6. File a 2011 tax return EFFECT ON OTHER DOCUMENTS SECTION 7. File a 2011 tax return DRAFTING INFORMATION SECTION 1. File a 2011 tax return PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2011, including separate tables of limitations on depreciation deductions for trucks and vans; (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2011, including a separate table of inclusion amounts for lessees of trucks and vans; and (3) revised tables of depreciation limitations and lessee inclusion amounts for passenger automobiles that were first placed in service or first leased by the taxpayer, respectively, during 2010 and to which the 50 percent additional first year depreciation deduction under § 168(k)(1)(A) of the Internal Revenue Code or the 100 percent additional first year depreciation deduction under § 168(k)(5) applies. File a 2011 tax return The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7). File a 2011 tax return SECTION 2. File a 2011 tax return BACKGROUND . File a 2011 tax return 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. File a 2011 tax return For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. File a 2011 tax return The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. File a 2011 tax return This change reflects the higher rate of price inflation for trucks and vans since 1988. File a 2011 tax return . File a 2011 tax return 02 Section 2022(a) of the Small Business Jobs Act of 2010, Pub. File a 2011 tax return L. File a 2011 tax return No. File a 2011 tax return 111-240, 124 Stat. File a 2011 tax return 2504 (September 27, 2010), extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property (as defined in § 168(k)(2)) acquired by the taxpayer after December 31, 2007, and before January 1, 2011, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2011. File a 2011 tax return Section 401(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. File a 2011 tax return L. File a 2011 tax return No. File a 2011 tax return 111-312, 124 Stat. File a 2011 tax return 3296 (Dec. File a 2011 tax return 17, 2010) (the “Act”) further extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2013, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2013. File a 2011 tax return Section 401(b) of the Act further amended § 168(k) by adding § 168(k)(5). File a 2011 tax return It allows a 100 percent additional first year depreciation deduction for qualified property acquired by a taxpayer after September 8, 2010, and before January 1, 2012, if the taxpayer places the property in service generally before January 1, 2012. File a 2011 tax return Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. File a 2011 tax return . File a 2011 tax return 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). File a 2011 tax return Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. File a 2011 tax return Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2010, that is round 2 extension property (as defined in § 168(k)(4)(I)(iv). File a 2011 tax return Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. File a 2011 tax return This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2011 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. File a 2011 tax return . File a 2011 tax return 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. File a 2011 tax return The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. File a 2011 tax return Under § 1. File a 2011 tax return 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. File a 2011 tax return One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. File a 2011 tax return Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. File a 2011 tax return SECTION 3. File a 2011 tax return SCOPE . File a 2011 tax return 01 The limitations on depreciation deductions in section 4. File a 2011 tax return 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2011, and continue to apply for each taxable year that the passenger automobile remains in service. File a 2011 tax return . File a 2011 tax return 02 The tables in section 4. File a 2011 tax return 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2011. File a 2011 tax return Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. File a 2011 tax return See Rev. File a 2011 tax return Proc. File a 2011 tax return 2006-18, 2006-1 C. File a 2011 tax return B. File a 2011 tax return 645, for passenger automobiles first leased during calendar year 2006; Rev. File a 2011 tax return Proc. File a 2011 tax return 2007-30, 2007-1 C. File a 2011 tax return B. File a 2011 tax return 1104, for passenger automobiles first leased during calendar year 2007; Rev. File a 2011 tax return Proc. File a 2011 tax return 2008-22, 2008-1 C. File a 2011 tax return B. File a 2011 tax return 658, for passenger automobiles first leased during calendar year 2008; Rev. File a 2011 tax return Proc. File a 2011 tax return 2009-24, 2009-1 C. File a 2011 tax return B. File a 2011 tax return 885, for passenger automobiles first leased during calendar year 2009; and Rev. File a 2011 tax return Proc. File a 2011 tax return 2010-18, 2010-1 C. File a 2011 tax return B. File a 2011 tax return 427, as amplified and modified by section 4. File a 2011 tax return 03 of this revenue procedure, for passenger automobiles first leased during calendar year 2010. File a 2011 tax return SECTION 4. File a 2011 tax return APPLICATION . File a 2011 tax return 01 Limitations on Depreciation Deductions for Certain Automobiles. File a 2011 tax return (1) Amount of the inflation adjustment. File a 2011 tax return (a) Passenger automobiles (other than trucks or vans). File a 2011 tax return Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. File a 2011 tax return Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. File a 2011 tax return The new car component of the CPI was 115. File a 2011 tax return 2 for October 1987 and 137. File a 2011 tax return 880 for October 2010. File a 2011 tax return The October 2010 index exceeded the October 1987 index by 22. File a 2011 tax return 680. File a 2011 tax return Therefore, the automobile price inflation adjustment for 2011 for passenger automobiles (other than trucks and vans) is 19. File a 2011 tax return 69 percent (22. File a 2011 tax return 680/115. File a 2011 tax return 2 x 100%). File a 2011 tax return The dollar limitations in § 280F(a) are multiplied by a factor of 0. File a 2011 tax return 1969, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2011. File a 2011 tax return This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2011. File a 2011 tax return (b) Trucks and vans. File a 2011 tax return To determine the dollar limitations for trucks and vans first placed in service during calendar year 2011, the Service uses the new truck component of the CPI instead of the new car component. File a 2011 tax return The new truck component of the CPI was 112. File a 2011 tax return 4 for October 1987 and 142. File a 2011 tax return 556 for October 2010. File a 2011 tax return The October 2010 index exceeded the October 1987 index by 30. File a 2011 tax return 156. File a 2011 tax return Therefore, the automobile price inflation adjustment for 2011 for trucks and vans is 26. File a 2011 tax return 83 percent (30. File a 2011 tax return 156/112. File a 2011 tax return 4 x 100%). File a 2011 tax return The dollar limitations in § 280F(a) are multiplied by a factor of 0. File a 2011 tax return 2683, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. File a 2011 tax return This adjustment applies to all trucks and vans that are first placed in service in calendar year 2011. File a 2011 tax return (2) Amount of the limitation. File a 2011 tax return Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2011. File a 2011 tax return Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2011 for which the § 168(k) additional first year depreciation deduction applies. File a 2011 tax return Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2011 for which the § 168(k) additional first year depreciation deduction does not apply. File a 2011 tax return The Service intends to issue additional guidance addressing the interaction between the 100 percent additional first year depreciation deduction and § 280F(a) for the taxable years subsequent to the first taxable year. File a 2011 tax return REV. File a 2011 tax return PROC. File a 2011 tax return 2011-21 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. File a 2011 tax return PROC. File a 2011 tax return 2011-21 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,260 2nd Tax Year $5,200 3rd Tax Year $3,150 Each Succeeding Year $1,875 REV. File a 2011 tax return PROC. File a 2011 tax return 2011-21 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. File a 2011 tax return PROC. File a 2011 tax return 2011-21 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,260 2nd Tax Year $5,200 3rd Tax Year $3,150 Each Succeeding Year $1,875 . File a 2011 tax return 02 Inclusions in Income of Lessees of Passenger Automobiles. File a 2011 tax return A taxpayer must follow the procedures in § 1. File a 2011 tax return 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2011. File a 2011 tax return In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. File a 2011 tax return REV. File a 2011 tax return PROC. File a 2011 tax return 2011-21 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2011 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $18,500 $19,000 3 8 11 13 16 19,000 19,500 4 9 13 15 18 19,500 20,000 4 10 15 17 20 20,000 20,500 5 11 16 19 23 20,500 21,000 5 12 18 21 25 21,000 21,500 6 13 19 24 26 21,500 22,000 6 14 21 26 29 22,000 23,000 7 16 23 29 32 23,000 24,000 8 18 27 32 37 24,000 25,000 9 20 30 36 42 25,000 26,000 10 23 33 40 46 26,000 27,000 11 25 36 44 51 27,000 28,000 12 27 40 48 55 28,000 29,000 13 29 43 52 60 29,000 30,000 14 31 47 55 65 30,000 31,000 15 34 49 60 69 31,000 32,000 16 36 53 63 73 32,000 33,000 17 38 56 68 77 33,000 34,000 18 40 60 71 82 34,000 35,000 19 42 63 75 87 35,000 36,000 20 45 66 79 91 36,000 37,000 21 47 69 83 96 37,000 38,000 22 49 73 87 100 38,000 39,000 23 51 76 91 105 39,000 40,000 24 53 80 94 110 40,000 41,000 25 56 82 99 114 41,000 42,000 26 58 86 102 119 42,000 43,000 27 60 89 107 123 43,000 44,000 28 62 93 110 128 44,000 45,000 29 64 96 114 133 45,000 46,000 30 67 98 119 137 46,000 47,000 31 69 102 122 141 47,000 48,000 32 71 105 127 145 48,000 49,000 33 73 109 130 150 49,000 50,000 34 76 111 134 155 50,000 51,000 35 78 115 138 159 51,000 52,000 36 80 118 142 164 52,000 53,000 37 82 122 146 168 53,000 54,000 38 84 125 150 173 54,000 55,000 39 87 128 153 178 55,000 56,000 40 89 131 158 182 56,000 57,000 41 91 135 161 187 57,000 58,000 42 93 138 166 191 58,000 59,000 43 95 142 169 196 59,000 60,000 44 98 144 174 200 60,000 62,000 46 101 149 179 207 62,000 64,000 48 105 156 187 216 64,000 66,000 50 109 163 195 225 66,000 68,000 52 114 169 203 234 68,000 70,000 54 118 176 211 243 70,000 72,000 56 123 182 218 253 72,000 74,000 58 127 189 226 262 74,000 76,000 60 132 195 234 270 76,000 78,000 62 136 202 242 279 78,000 80,000 64 140 209 250 288 80,000 85,000 67 148 220 264 304 85,000 90,000 72 159 237 283 327 90,000 95,000 77 170 253 303 350 95,000 100,000 82 181 269 323 372 100,000 110,000 90 198 293 352 406 110,000 120,000 100 220 326 391 452 120,000 130,000 110 242 359 430 497 130,000 140,000 120 264 392 469 543 140,000 150,000 130 286 424 509 588 150,000 160,000 140 308 457 548 633 160,000 170,000 150 330 490 587 679 170,000 180,000 160 352 523 626 724 180,000 190,000 170 374 555 666 769 190,000 200,000 180 396 588 705 815 200,000 210,000 190 418 621 744 860 210,000 220,000 200 440 654 784 904 220,000 230,000 210 462 687 823 950 230,000 240,000 220 484 719 863 995 240,000 And up 230 506 752 902 1,040 REV. File a 2011 tax return PROC. File a 2011 tax return 2011-21 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2011 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 3 7 9 12 13 19,500 20,000 3 8 11 14 15 20,000 20,500 4 9 13 15 18 20,500 21,000 4 10 15 17 20 21,000 21,500 5 11 16 20 22 21,500 22,000 5 12 18 22 24 22,000 23,000 6 14 20 24 29 23,000 24,000 7 16 24 28 32 24,000 25,000 8 18 27 32 37 25,000 26,000 9 20 31 36 41 26,000 27,000 10 23 33 40 46 27,000 28,000 11 25 37 43 51 28,000 29,000 12 27 40 48 55 29,000 30,000 13 29 43 52 60 30,000 31,000 14 31 47 56 64 31,000 32,000 15 34 49 60 69 32,000 33,000 16 36 53 63 74 33,000 34,000 17 38 56 68 78 34,000 35,000 18 40 60 71 83 35,000 36,000 19 43 62 76 87 36,000 37,000 20 45 66 79 92 37,000 38,000 21 47 69 83 97 38,000 39,000 22 49 73 87 101 39,000 40,000 23 51 76 91 105 40,000 41,000 24 54 79 95 109 41,000 42,000 25 56 82 99 114 42,000 43,000 26 58 86 103 118 43,000 44,000 27 60 89 107 123 44,000 45,000 28 62 93 110 128 45,000 46,000 29 65 95 115 132 46,000 47,000 30 67 99 118 137 47,000 48,000 31 69 102 123 141 48,000 49,000 32 71 106 126 146 49,000 50,000 33 73 109 130 151 50,000 51,000 34 76 112 134 155 51,000 52,000 35 78 115 138 160 52,000 53,000 36 80 118 143 164 53,000 54,000 37 82 122 146 169 54,000 55,000 38 84 125 150 173 55,000 56,000 39 87 128 154 177 56,000 57,000 40 89 131 158 182 57,000 58,000 41 91 135 162 186 58,000 59,000 42 93 138 166 191 59,000 60,000 43 95 142 169 196 60,000 62,000 45 99 146 175 203 62,000 64,000 47 103 153 183 212 64,000 66,000 49 107 160 191 221 66,000 68,000 51 112 166 199 229 68,000 70,000 53 116 173 206 239 70,000 72,000 55 121 179 214 248 72,000 74,000 57 125 186 222 257 74,000 76,000 59 129 192 231 266 76,000 78,000 61 134 198 239 275 78,000 80,000 63 138 205 246 285 80,000 85,000 66 146 217 260 300 85,000 90,000 71 157 233 280 322 90,000 95,000 76 168 250 299 345 95,000 100,000 81 179 266 319 368 100,000 110,000 89 196 290 348 402 110,000 120,000 99 218 323 387 447 120,000 130,000 109 240 355 427 493 130,000 140,000 119 262 388 466 538 140,000 150,000 129 284 421 505 583 150,000 160,000 139 306 454 544 629 160,000 170,000 149 328 487 583 674 170,000 180,000 159 350 519 623 719 180,000 190,000 169 372 552 662 765 190,000 200,000 179 394 585 701 810 200,000 210,000 189 416 618 740 856 210,000 220,000 199 438 651 779 901 220,000 230,000 209 460 683 819 946 230,000 240,000 219 482 716 858 992 240,000 And up 229 504 749 897 1,037 . File a 2011 tax return 03 Revised Amounts for Passenger Automobiles Placed in Service During 2010. File a 2011 tax return (1) Calculation of the Revised Amount. File a 2011 tax return The revised depreciation limits provided in this section 4. File a 2011 tax return 03 were calculated by increasing the existing limitations on the first year allowance in Rev. File a 2011 tax return Proc. File a 2011 tax return 2010-18 by $8,000 as provided in § 168(k)(2)(F)(i). File a 2011 tax return (2) Amount of the Revised Limitation. File a 2011 tax return For passenger automobiles (that are not trucks or vans) placed in service by the taxpayer in calendar year 2010 for which the § 168(k) additional first year depreciation deduction applies, Table 7 of this revenue procedure contains the revised dollar amount of the depreciation limitations for each taxable year. File a 2011 tax return For trucks or vans placed in service by the taxpayer in calendar year 2010 for which the § 168(k) additional first year depreciation deduction applies, Table 8 of this revenue procedure contains the revised dollar amount of the depreciation limitations for each taxable year. File a 2011 tax return If the § 168(k) additional first year depreciation deduction does not apply to a passenger automobile placed in service by the taxpayer in calendar year 2010, the depreciation limitations for each taxable year in Tables 1 and 2 of Rev. File a 2011 tax return Proc. File a 2011 tax return 2010-18 apply. File a 2011 tax return REV. File a 2011 tax return PROC. File a 2011 tax return 2011-21 TABLE 7 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2010 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. File a 2011 tax return PROC. File a 2011 tax return 2011-21 TABLE 8 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2010 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 (3) Modification to lease inclusion amounts for 2010. File a 2011 tax return The lease inclusion amounts in Tables 3 and 4 of Rev. File a 2011 tax return Proc. File a 2011 tax return 2010-18 are modified by striking the first four lines of the inclusion amounts in each table. File a 2011 tax return Consequently, Table 3 of Rev. File a 2011 tax return Proc. File a 2011 tax return 2010-18 applies to passenger automobiles (other than trucks and vans) that are first leased by the taxpayer in calendar year 2010 with a fair market value over $18,500, and Table 4 of Rev. File a 2011 tax return Proc. File a 2011 tax return 2010-18 applies to trucks and vans that are first leased by the taxpayer in calendar year 2010 with a fair market value over $19,000. File a 2011 tax return SECTION 5. File a 2011 tax return EFFECTIVE DATE This revenue procedure, with the exception of section 4. File a 2011 tax return 03, applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2011. File a 2011 tax return Section 4. File a 2011 tax return 03 of this revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2010. File a 2011 tax return SECTION 6. File a 2011 tax return EFFECT ON OTHER DOCUMENTS Rev. File a 2011 tax return Proc. File a 2011 tax return 2010-18 is amplified and modified. File a 2011 tax return SECTION 7. File a 2011 tax return DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. File a 2011 tax return Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). File a 2011 tax return For further information regarding this revenue procedure, contact Mr. File a 2011 tax return Harvey at (202) 622-4930 (not a toll-free call). File a 2011 tax return Prev  Up  Next   Home   More Internal Revenue Bulletins
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The File A 2011 Tax Return

File a 2011 tax return 6. File a 2011 tax return   How To Figure Cost of Goods Sold Table of Contents Introduction Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42Line 35 Inventory at Beginning of Year Line 36 Purchases Less Cost of Items Withdrawn for Personal Use Line 37 Cost of Labor Line 38 Materials and Supplies Line 39 Other Costs Line 40 Add Lines 35 through 39 Line 41 Inventory at End of Year Line 42 Cost of Goods Sold Introduction If you make or buy goods to sell, you can deduct the cost of goods sold from your gross receipts on Schedule C. File a 2011 tax return However, to determine these costs, you must value your inventory at the beginning and end of each tax year. File a 2011 tax return This chapter applies to you if you are a manufacturer, wholesaler, or retailer or if you are engaged in any business that makes, buys, or sells goods to produce income. File a 2011 tax return This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. File a 2011 tax return However, if you work in a personal service business and also sell or charge for the materials and supplies normally used in your business, this chapter applies to you. File a 2011 tax return If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. File a 2011 tax return For more information, see chapter 2. File a 2011 tax return Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42 Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. File a 2011 tax return These lines are reproduced below and are explained in the discussion that follows. File a 2011 tax return 35 Inventory at beginning of year. File a 2011 tax return If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. File a 2011 tax return Do not include any amounts paid to yourself   38 Materials and supplies   39 Other costs   40 Add lines 35 through 39   41 Inventory at end of year   42 Cost of goods sold. File a 2011 tax return Subtract line 41 from line 40. File a 2011 tax return  Enter the result here and on line 4   Line 35 Inventory at Beginning of Year If you are a merchant, beginning inventory is the cost of merchandise on hand at the beginning of the year that you will sell to customers. File a 2011 tax return If you are a manufacturer or producer, it includes the total cost of raw materials, work in process, finished goods, and materials and supplies used in manufacturing the goods (see Inventories in chapter 2). File a 2011 tax return Opening inventory usually will be identical to the closing inventory of the year before. File a 2011 tax return You must explain any difference in a schedule attached to your return. File a 2011 tax return Donation of inventory. File a 2011 tax return   If you contribute inventory (property that you sell in the course of your business), the amount you can claim as a contribution deduction is the smaller of its fair market value on the day you contributed it or its basis. File a 2011 tax return The basis of donated inventory is any cost incurred for the inventory in an earlier year that you would otherwise include in your opening inventory for the year of the contribution. File a 2011 tax return You must remove the amount of your contribution deduction from your opening inventory. File a 2011 tax return It is not part of the cost of goods sold. File a 2011 tax return   If the cost of donated inventory is not included in your opening inventory, the inventory's basis is zero and you cannot claim a charitable contribution deduction. File a 2011 tax return Treat the inventory's cost as you would ordinarily treat it under your method of accounting. File a 2011 tax return For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. File a 2011 tax return   A special rule may apply to certain donations of food inventory. File a 2011 tax return See Publication 526, Charitable Contributions. File a 2011 tax return Example 1. File a 2011 tax return You are a calendar year taxpayer who uses an accrual method of accounting. File a 2011 tax return In 2013, you contributed property from inventory to a church. File a 2011 tax return It had a fair market value of $600. File a 2011 tax return The closing inventory at the end of 2012 properly included $400 of costs due to the acquisition of the property, and in 2012, you properly deducted $50 of administrative and other expenses attributable to the property as business expenses. File a 2011 tax return The charitable contribution allowed for 2013 is $400 ($600 − $200). File a 2011 tax return The $200 is the amount that would be ordinary income if you had sold the contributed inventory at fair market value on the date of the gift. File a 2011 tax return The cost of goods sold you use in determining gross income for 2013 must not include the $400. File a 2011 tax return You remove that amount from opening inventory for 2013. File a 2011 tax return Example 2. File a 2011 tax return If, in Example 1, you acquired the contributed property in 2013 at a cost of $400, you would include the $400 cost of the property in figuring the cost of goods sold for 2013 and deduct the $50 of administrative and other expenses attributable to the property for that year. File a 2011 tax return You would not be allowed any charitable contribution deduction for the contributed property. File a 2011 tax return Line 36 Purchases Less Cost of Items Withdrawn for Personal Use If you are a merchant, use the cost of all merchandise you bought for sale. File a 2011 tax return If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. File a 2011 tax return Trade discounts. File a 2011 tax return   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. File a 2011 tax return You must use the prices you pay (not the stated prices) in figuring your cost of purchases. File a 2011 tax return Do not show the discount amount separately as an item in gross income. File a 2011 tax return   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. File a 2011 tax return Cash discounts. File a 2011 tax return   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. File a 2011 tax return There are two methods of accounting for cash discounts. File a 2011 tax return You can either credit them to a separate discount account or deduct them from total purchases for the year. File a 2011 tax return Whichever method you use, you must be consistent. File a 2011 tax return If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. File a 2011 tax return For more information, see Change in Accounting Method in chapter 2. File a 2011 tax return   If you credit cash discounts to a separate account, you must include this credit balance in your business income at the end of the tax year. File a 2011 tax return If you use this method, do not reduce your cost of goods sold by the cash discounts. File a 2011 tax return Purchase returns and allowances. File a 2011 tax return   You must deduct all returns and allowances from your total purchases during the year. File a 2011 tax return Merchandise withdrawn from sale. File a 2011 tax return   If you withdraw merchandise for your personal or family use, you must exclude this cost from the total amount of merchandise you bought for sale. File a 2011 tax return Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. File a 2011 tax return You must also charge the amount to your drawing account. File a 2011 tax return   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. File a 2011 tax return As stated above, you also use it to record withdrawals of merchandise for personal or family use. File a 2011 tax return This account is also known as a “withdrawals account” or “personal account. File a 2011 tax return ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. File a 2011 tax return Small merchandisers (wholesalers, retailers, etc. File a 2011 tax return ) usually do not have labor costs that can properly be charged to cost of goods sold. File a 2011 tax return In a manufacturing business, labor costs properly allocable to the cost of goods sold include both the direct and indirect labor used in fabricating the raw material into a finished, saleable product. File a 2011 tax return Direct labor. File a 2011 tax return   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. File a 2011 tax return They also include a part of the wages you pay to employees who work directly on the product part time if you can determine that part of their wages. File a 2011 tax return Indirect labor. File a 2011 tax return   Indirect labor costs are the wages you pay to employees who perform a general factory function that does not have any immediate or direct connection with making the saleable product, but that is a necessary part of the manufacturing process. File a 2011 tax return Other labor. File a 2011 tax return   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. File a 2011 tax return Generally, the only kinds of labor costs properly chargeable to your cost of goods sold are the direct or indirect labor costs and certain other costs treated as overhead expenses properly charged to the manufacturing process, as discussed later under Line 39 Other Costs. File a 2011 tax return Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. File a 2011 tax return Those that are not used in the manufacturing process are treated as deferred charges. File a 2011 tax return You deduct them as a business expense when you use them. File a 2011 tax return Business expenses are discussed in chapter 8. File a 2011 tax return Line 39 Other Costs Examples of other costs incurred in a manufacturing or mining process that you charge to your cost of goods sold are as follows. File a 2011 tax return Containers. File a 2011 tax return   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. File a 2011 tax return If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. File a 2011 tax return Freight-in. File a 2011 tax return   Freight-in, express-in, and cartage-in on raw materials, supplies you use in production, and merchandise you purchase for sale are all part of cost of goods sold. File a 2011 tax return Overhead expenses. File a 2011 tax return   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. File a 2011 tax return The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. File a 2011 tax return Line 40 Add Lines 35 through 39 The total of lines 35 through 39 equals the cost of the goods available for sale during the year. File a 2011 tax return Line 41 Inventory at End of Year Subtract the value of your closing inventory (including, as appropriate, the allocable parts of the cost of raw materials and supplies, direct labor, and overhead expenses) from line 40. File a 2011 tax return Inventory at the end of the year is also known as closing or ending inventory. File a 2011 tax return Your ending inventory will usually become the beginning inventory of your next tax year. File a 2011 tax return Line 42 Cost of Goods Sold When you subtract your closing inventory (inventory at the end of the year) from the cost of goods available for sale, the remainder is your cost of goods sold during the tax year. File a 2011 tax return Prev  Up  Next   Home   More Online Publications