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Free ez tax form Publication 972 - Main Content Table of Contents Child Tax CreditQualifying Child Limits on the Credit Claiming the Credit Earned Income Additional Child Tax Credit How To Get Tax HelpLow Income Taxpayer Clinics Child Tax Credit This credit is for people who have a qualifying child as defined later. Free ez tax form It is in addition to the credit for child and dependent care expenses (on Form 1040, line 48; Form 1040A, line 29; or Form 1040NR, line 46) and the earned income credit (on Form 1040, line 64a; or Form 1040A, line 38a). Free ez tax form The maximum amount you can claim for the credit is $1,000 for each qualifying child. Free ez tax form Qualifying Child A qualifying child for purposes of the child tax credit is a child who: Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a descendant of any of them (for example, your grandchild, niece, or nephew), Was under age 17 at the end of 2013, Did not provide over half of his or her own support for 2013, Lived with you for more than half of 2013 (see Exceptions to time lived with you , later), Is claimed as a dependent on your return, Does not file a joint return for the year (or files it only as a claim for refund), and Was a U. Free ez tax form S. Free ez tax form citizen, a U. Free ez tax form S. Free ez tax form national, or a U. Free ez tax form S. Free ez tax form resident alien. Free ez tax form For more information, see Publication 519, U. Free ez tax form S. Free ez tax form Tax Guide for Aliens. Free ez tax form If the child was adopted, see Adopted child , later. Free ez tax form For each qualifying child, you must either check the box on Form 1040 or Form 1040A, line 6c, column (4); or Form 1040NR, line 7c, column (4). Free ez tax form Example. Free ez tax form Your 10-year-old nephew lives in Mexico and qualifies as your dependent. Free ez tax form Because he is not a U. Free ez tax form S. Free ez tax form citizen, U. Free ez tax form S. Free ez tax form national, or U. Free ez tax form S. Free ez tax form resident alien, he is not a qualifying child for the child tax credit. Free ez tax form Filers who have certain child dependents with an IRS Individual Taxpayer Identification Number (ITIN). Free ez tax form   If you are claiming a child tax credit or additional child tax credit for a child identified on your tax return with an ITIN, you must complete Part I of Schedule 8812 (Form 1040A or 1040). Free ez tax form   Although a child may be your dependent, you may only claim a child tax credit or additional child tax credit for a dependent who is a citizen, national, or resident of the United States. Free ez tax form To be treated as a resident of the United States, a child generally will need to meet the requirements of the substantial presence test. Free ez tax form For more information about the substantial presence test, see Publication 519, U. Free ez tax form S. Free ez tax form Tax Guide for Aliens. Free ez tax form Adopted child. Free ez tax form   An adopted child is always treated as your own child. Free ez tax form An adopted child includes a child lawfully placed with you for legal adoption. Free ez tax form   If you are a U. Free ez tax form S. Free ez tax form citizen or U. Free ez tax form S. Free ez tax form national and your adopted child lived with you all year as a member of your household in 2013, that child meets condition (7) above to be a qualifying child for the child tax credit. Free ez tax form Exceptions to time lived with you. Free ez tax form    A child is considered to have lived with you for more than half of 2013 if the child was born or died in 2013 and your home was this child's home for more than half the time he or she was alive. Free ez tax form Temporary absences by you or the child for special circumstances, such as school, vacation, business, medical care, military service, or detention in a juvenile facility, count as time the child lived with you. Free ez tax form   There are also exceptions for kidnapped children and children of divorced or separated parents. Free ez tax form For details, see the instructions for line 6c in either the Form 1040 or Form 1040A instructions. Free ez tax form Qualifying child of more than one person. Free ez tax form   A special rule applies if your qualifying child is the qualifying child of more than one person. Free ez tax form For details, see the instructions for line 6c in either the Form 1040 or Form 1040A instructions. Free ez tax form Limits on the Credit You must reduce your child tax credit if either (1) or (2) applies. Free ez tax form The amount on Form 1040, line 46; Form 1040A, line 28; or Form 1040NR, line 44, is less than the credit. Free ez tax form If this amount is zero, you cannot take this credit because there is no tax to reduce. Free ez tax form But you may be able to take the additional child tax credit. Free ez tax form See Additional Child Tax Credit, later. Free ez tax form Your modified adjusted gross income (AGI) is more than the amount shown below for your filing status. Free ez tax form Married filing jointly – $110,000. Free ez tax form Single, head of household, or qualifying widow(er) – $75,000. Free ez tax form Married filing separately – $55,000. Free ez tax form Modified AGI. Free ez tax form   For purposes of the child tax credit, your modified AGI is your AGI plus the following amounts that may apply to you. Free ez tax form Any amount excluded from income because of the exclusion of income from Puerto Rico. Free ez tax form On the dotted line next to Form 1040, line 38, enter the amount excluded and identify it as “EPRI. Free ez tax form ” Also attach a copy of any Form(s) 499R-2/W-2PR to your return. Free ez tax form Any amount on line 45 or line 50 of Form 2555, Foreign Earned Income. Free ez tax form Any amount on line 18 of Form 2555-EZ, Foreign Earned Income Exclusion. Free ez tax form Any amount on line 15 of Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa. Free ez tax form   If you do not have any of the above, your modified AGI is the same as your AGI. Free ez tax form AGI. Free ez tax form   Your AGI is the amount on Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37. Free ez tax form Claiming the Credit To claim the child tax credit, you must file Form 1040, Form 1040A, or Form 1040NR. Free ez tax form You cannot claim the child tax credit on Form 1040EZ or Form 1040NR-EZ. Free ez tax form You must provide the name and identification number (usually a social security number) on your tax return for each qualifying child. Free ez tax form Earned Income You will need to figure your earned income using one of the worksheets that appear later in this publication if you are completing the Line 11 Worksheet , later, or Schedule 8812. Free ez tax form Form 1040 or Form 1040NR filers, use the 1040 and 1040NR Filers — Earned Income Worksheet , later, to figure your earned income. Free ez tax form Form 1040A filers, use the 1040A Filers —- Earned Income Worksheet , later. Free ez tax form For this purpose, earned income includes only: Taxable earned income, and Nontaxable combat pay. Free ez tax form Additional Child Tax Credit This credit is for certain individuals who get less than the full amount of the child tax credit. Free ez tax form The additional child tax credit may give you a refund even if you do not owe any tax. Free ez tax form How to claim the additional child tax credit. Free ez tax form   To claim the additional child tax credit, follow the steps below. Free ez tax form Make sure you figured the amount, if any, of your child tax credit. Free ez tax form If you answered “Yes” on line 9 or line 10 of the Child Tax Credit Worksheet in the Form 1040, Form 1040A, or Form 1040NR instructions (or on line 13 of the Child Tax Credit Worksheet in this publication), use Parts II through IV of Schedule 8812 to see if you can take the additional child tax credit. Free ez tax form If you have an additional child tax credit on line 13 of Schedule 8812, carry it to Form 1040, line 65; Form 1040A, line 39; or Form 1040NR, line 63. Free ez tax form Child Tax Credit Worksheet This image is too large to be displayed in the current screen. Free ez tax form Please click the link to view the image. Free ez tax form Child tax worksheet - page 1. Free ez tax form Child Tax Credit Worksheet—Continued This image is too large to be displayed in the current screen. Free ez tax form Please click the link to view the image. Free ez tax form Child tax worksheet - page 2. Free ez tax form Line 11 Worksheet This image is too large to be displayed in the current screen. Free ez tax form Please click the link to view the image. Free ez tax form Line 11 worksheet - page 1. Free ez tax form Line 11 Worksheet—Continued This image is too large to be displayed in the current screen. Free ez tax form Please click the link to view the image. Free ez tax form Line 11 worksheet - page 2. Free ez tax form 1040 and 1040NR Filers — Earned Income Worksheet (for line 2 of the Line 11 Worksheet or line 4a of Schedule 8812, Child Tax Credit) Before you begin:    ✓Use this worksheet only if you were sent here from the Line 11 Worksheet earlier in this publication or line  4a of Schedule 8812, Child Tax Credit. Free ez tax form  ✓Disregard community property laws when figuring the amounts to enter on this worksheet. Free ez tax form  ✓If married filing jointly, include your spouse's amounts with yours when completing this worksheet. Free ez tax form     1. Free ez tax form a. Free ez tax form Enter the amount from Form 1040, line 7, or Form 1040NR, line 8 1a. Free ez tax form     b. Free ez tax form Enter the amount of any nontaxable combat pay received. Free ez tax form Also enter this amount on Schedule 8812, line 4b. Free ez tax form This amount should be shown in Form(s) W-2, box 12, with code Q. Free ez tax form 1b. Free ez tax form       Next, if you are filing Schedule C, C-EZ, F, or SE, or you received a Schedule K-1 (Form 1065 or Form 1065-B), go to line 2a. Free ez tax form Otherwise, skip lines 2a through 2e and go to line 3. Free ez tax form     2. Free ez tax form a. Free ez tax form Enter any statutory employee income reported on line 1 of Schedule C or C-EZ 2a. Free ez tax form     b. Free ez tax form Enter any net profit or (loss) from Schedule C, line 31; Schedule C-EZ, line 3; Schedule K-1 (Form 1065), box 14, code A (other than farming); and Schedule K-1 (Form 1065-B), box 9, code J1. Free ez tax form * Reduce any Schedule K-1 amounts as described in the instructions for completing Schedule SE in the Partner's Instructions for Schedule K-1. Free ez tax form Do not include on this line any statutory employee income or any other amounts exempt from self-employment tax. Free ez tax form Options and commodities dealers must add any gain or subtract any loss (in the normal course of dealing in or trading section 1256 contracts) from section 1256 contracts or related property 2b. Free ez tax form     c. Free ez tax form Enter any net farm profit or (loss) from Schedule F, line 34, and from farm partnerships, Schedule K-1 (Form 1065), box 14, code A. Free ez tax form * Reduce any Schedule K-1 amounts as described in the instructions for completing Schedule SE in the Partner's Instructions for Schedule K-1. Free ez tax form Do not include on this line any amounts exempt from self-employment tax 2c. Free ez tax form         d. Free ez tax form If you used the farm optional method to figure net earnings from self-employment, enter the amount from Schedule SE, Section B, line 15. Free ez tax form Otherwise, skip this line and enter on line 2e the amount from line 2c 2d. Free ez tax form         e. Free ez tax form If line 2c is a profit, enter the smaller of line 2c or line 2d. Free ez tax form If line 2c is a (loss), enter the (loss) from line 2c. Free ez tax form 2e. Free ez tax form   3. Free ez tax form Combine lines 1a, 1b, 2a, 2b, and 2e. Free ez tax form If zero or less, stop. Free ez tax form Do not complete the rest of this worksheet. Free ez tax form Instead, enter -0- on line 2 of the Line 11 Worksheet or line 4a of Schedule 8812, whichever applies 3. Free ez tax form   4. Free ez tax form Enter any amount included on line 1a that is:               a. Free ez tax form A scholarship or fellowship grant not reported on Form W-2 4a. Free ez tax form         b. Free ez tax form For work done while an inmate in a penal institution (enter “PRI” and this amount on the dotted line next to line 7 of Form 1040 or line 8 of Form 1040NR) 4b. Free ez tax form         c. Free ez tax form A pension or annuity from a nonqualified deferred compensation plan or a nongovernmental section 457 plan (enter “DFC” and this amount on the dotted line next to line 7 of Form 1040 or line 8 of Form 1040NR). Free ez tax form This amount may be shown in box 11 of your Form W-2. Free ez tax form If you received such an amount but box 11 is blank, contact your employer for the amount received as a pension or annuity. Free ez tax form 4c. Free ez tax form       5. Free ez tax form a. Free ez tax form Enter any amount included on line 3 that is also included on Form 2555, line 43, or Form 2555-EZ, line 18. Free ez tax form Do not include any amount that is also included on line 4a, 4b, or 4c above 5a. Free ez tax form             b. Free ez tax form Enter the portion, if any, of the amount from Form 2555, line 44 that you also included on Schedule E in partnership net income or (loss) or deducted on Form 1040, line 27, or Form 1040NR, line 27; Schedule C; Schedule C-EZ; or Schedule F. Free ez tax form 5b. Free ez tax form             c. Free ez tax form Subtract line 5b from line 5a 5c. Free ez tax form       6. Free ez tax form Enter the amount from Form 1040, line 27, or Form 1040NR, line 27 6. Free ez tax form       7. Free ez tax form Add lines 4a through 4c, 5c, and 6 7. Free ez tax form   8. Free ez tax form Subtract line 7 from line 3 8. Free ez tax form       If you were sent here from the Line 11 Worksheet, enter this amount on line 2 of that worksheet. Free ez tax form If you were sent here from Schedule 8812, enter this amount on line 4a of that form. Free ez tax form     *If you have any Schedule K-1 amounts and you are not required to file Schedule SE, complete the appropriate line(s) of Schedule SE, Section A. Free ez tax form Put your name and social security number on Schedule SE and attach it to your return. Free ez tax form                     1040A Filers — Earned Income Worksheet (for line 2 of the Line 11 Worksheet) Before you begin:   ✓Use this worksheet only if you were sent here from the Line 11 Worksheet earlier in this publication. Free ez tax form  ✓Disregard community property laws when figuring the amounts to enter on this worksheet. Free ez tax form               1. Free ez tax form a. Free ez tax form Enter the amount from Form 1040A, line 7 1a. Free ez tax form         b. Free ez tax form Enter the amount of any nontaxable combat pay received. Free ez tax form Also enter this amount on Schedule 8812, line 4b. Free ez tax form This amount should be shown in Form(s) W-2, box 12, with code Q. Free ez tax form 1b. Free ez tax form         c. Free ez tax form Add lines 1a and 1b. Free ez tax form     1c. Free ez tax form   2. Free ez tax form Enter any amount included on line 1a that is:           a. Free ez tax form A scholarship or fellowship grant not reported on Form W-2 2a. Free ez tax form         b. Free ez tax form For work done while an inmate in a penal institution (enter “PRI” and this amount next to line 7 of Form 1040A) 2b. Free ez tax form         c. Free ez tax form A pension or annuity from a nonqualified deferred compensation plan or a nongovernmental section 457 plan (enter “DFC” and this amount next to line 7 of Form 1040A). Free ez tax form This amount may be shown in box 11 of your Form W-2. Free ez tax form If you received such an amount but box 11 is blank, contact your employer for the amount received as a pension or annuity 2c. Free ez tax form       3. Free ez tax form Add lines 2a through 2c 3. Free ez tax form   4. Free ez tax form Subtract line 3 from line 1c. Free ez tax form Enter the result here and on line 2 of the Line 11 Worksheet 4. Free ez tax form                 Additional Medicare Tax and RRTA Tax Worksheet (for line 6 of the Line 11 Worksheet) If your employer withheld or you paid Additional Medicare Tax or Tier 1 RRTA taxes, use this worksheet to figure the amount to enter on line 6 of the Line 11 Worksheet. Free ez tax form Social security tax, Medicare tax, and Additional Medicare Tax on wages. Free ez tax form 1. Free ez tax form Enter the social security tax withheld (Form(s) W-2, box 4) 1. Free ez tax form   2. Free ez tax form Enter the Medicare tax withheld (Form(s) W-2, box 6). Free ez tax form Box 6 includes any Additional Medicare Tax 2. Free ez tax form   3. Free ez tax form Enter the Additional Medicare Tax, if any, on wages (Form 8959, line 7) 3. Free ez tax form   4. Free ez tax form Add lines 1, 2, and 3 4. Free ez tax form   5. Free ez tax form Enter the Additional Medicare Tax withheld (Form 8959, line 22) 5. Free ez tax form   6. Free ez tax form Subtract line 5 from line 4 6. Free ez tax form   Additional Medicare Tax on Self-Employment Income. Free ez tax form 7. Free ez tax form Enter one-half of the Additional Medicare Tax, if any, on self-employment income (one-half of Form 8959, line 13) 7. Free ez tax form   Tier 1 RRTA taxes as an employee of a railroad (enter amounts on lines 8, 9, 10, and 11) or employee representative (enter amounts on lines 12, 13, 14, and 15). Free ez tax form Do not include amounts in Form W-2, box 14, that are identified as Additional Medicare Tax or Tier 2 tax. Free ez tax form Do not include amounts shown on Form CT-2 on line 3 for Additional Medicare Tax or line 4 for Tier 2 tax. Free ez tax form 8. Free ez tax form Enter the Tier 1 tax (Form(s) W-2, box 14) 8. Free ez tax form   9. Free ez tax form Enter the Medicare tax (Form(s) W-2, box 14) 9. Free ez tax form   10. Free ez tax form Enter the Additional Medicare Tax, if any, on RRTA compensation as an employee (Form 8959, line 17). Free ez tax form Do not use the same amount from Form 8959, line 17, for both this line and line 14 10. Free ez tax form   11. Free ez tax form Add lines 8, 9, and 10 11. Free ez tax form   12. Free ez tax form Enter one-half of Tier 1 tax (one-half of Form(s) CT-2, line 1, for all 4 quarters of 2013) 12. Free ez tax form   13. Free ez tax form Enter one-half of Tier 1 Medicare tax (one-half of Form(s) CT-2, line 2, for all 4 quarters of 2013) 13. Free ez tax form   14. Free ez tax form Enter one-half of the Additional Medicare Tax, if any, on RRTA compensation as an employee representative (one-half of Form 8959, line 17). Free ez tax form Do not use the same amount from Form 8959, line 17, for both this line and line 10 14. Free ez tax form   15. Free ez tax form Add lines 12, 13, and 14 15. Free ez tax form   Line 6 amount 16. Free ez tax form Add lines 6, 7, 11, and 15. Free ez tax form Enter here and on line 6 of the Line 11 Worksheet. Free ez tax form 16. Free ez tax form   Paperwork Reduction Act Notice. Free ez tax form   We ask for the information on the worksheets in this publication to carry out the Internal Revenue laws of the United States. Free ez tax form You are required to give us the information if requested. Free ez tax form We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax. Free ez tax form   You are not required to provide the information requested on a form (or worksheet in this publication) that is subject to the Paperwork Reduction Act unless the form (or publication) displays a valid OMB control number. Free ez tax form Books or records relating to a form, its instructions, or this publication must be retained as long as their contents may become material in the administration of any Internal Revenue law. Free ez tax form Generally, tax returns and return information are confidential, as required by section 6103. Free ez tax form   The average time and expenses required to complete these worksheets will vary depending on individual circumstances. Free ez tax form For the estimated averages, see the instructions for your income tax return. Free ez tax form   If you have suggestions for making these worksheets simpler, we would be happy to hear from you. Free ez tax form See Comments and suggestions , earlier. Free ez tax form How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Free ez tax form Free help with your tax return. Free ez tax form   You can get free help preparing your return nationwide from IRS-certified volunteers. Free ez tax form The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Free ez tax form The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free ez tax form Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Free ez tax form In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Free ez tax form To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Free ez tax form gov, download the IRS2Go app, or call 1-800-906-9887. Free ez tax form   As part of the TCE program, AARP offers the Tax-Aide counseling program. Free ez tax form To find the nearest AARP Tax-Aide site, visit AARP's website at www. Free ez tax form aarp. Free ez tax form org/money/taxaide or call 1-888-227-7669. Free ez tax form For more information on these programs, go to IRS. Free ez tax form gov and enter “VITA” in the search box. Free ez tax form Internet. Free ez tax form    IRS. Free ez tax form gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Free ez tax form Download the free IRS2Go app from the iTunes app store or from Google Play. Free ez tax form Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Free ez tax form Check the status of your 2013 refund with the Where's My Refund? application on IRS. Free ez tax form gov or download the IRS2Go app and select the Refund Status option. Free ez tax form The IRS issues more than 9 out of 10 refunds in less than 21 days. Free ez tax form Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Free ez tax form You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free ez tax form The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free ez tax form Use the Interactive Tax Assistant (ITA) to research your tax questions. Free ez tax form No need to wait on the phone or stand in line. Free ez tax form The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Free ez tax form When you reach the response screen, you can print the entire interview and the final response for your records. Free ez tax form New subject areas are added on a regular basis. Free ez tax form  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Free ez tax form gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Free ez tax form You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Free ez tax form The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Free ez tax form When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Free ez tax form Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Free ez tax form You can also ask the IRS to mail a return or an account transcript to you. Free ez tax form Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Free ez tax form gov or by calling 1-800-908-9946. Free ez tax form Tax return and tax account transcripts are generally available for the current year and the past three years. Free ez tax form Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Free ez tax form Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Free ez tax form If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Free ez tax form Check the status of your amended return using Where's My Amended Return? Go to IRS. Free ez tax form gov and enter Where's My Amended Return? in the search box. Free ez tax form You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free ez tax form It can take up to 3 weeks from the date you mailed it to show up in our system. Free ez tax form Make a payment using one of several safe and convenient electronic payment options available on IRS. Free ez tax form gov. Free ez tax form Select the Payment tab on the front page of IRS. Free ez tax form gov for more information. Free ez tax form Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Free ez tax form Figure your income tax withholding with the IRS Withholding Calculator on IRS. Free ez tax form gov. Free ez tax form Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Free ez tax form Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Free ez tax form gov. Free ez tax form Request an Electronic Filing PIN by going to IRS. Free ez tax form gov and entering Electronic Filing PIN in the search box. Free ez tax form Download forms, instructions and publications, including accessible versions for people with disabilities. Free ez tax form Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Free ez tax form gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Free ez tax form An employee can answer questions about your tax account or help you set up a payment plan. Free ez tax form Before you visit, check the Office Locator on IRS. Free ez tax form gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Free ez tax form If you have a special need, such as a disability, you can request an appointment. Free ez tax form Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Free ez tax form Apply for an Employer Identification Number (EIN). Free ez tax form Go to IRS. Free ez tax form gov and enter Apply for an EIN in the search box. Free ez tax form Read the Internal Revenue Code, regulations, or other official guidance. Free ez tax form Read Internal Revenue Bulletins. Free ez tax form Sign up to receive local and national tax news and more by email. Free ez tax form Just click on “subscriptions” above the search box on IRS. Free ez tax form gov and choose from a variety of options. Free ez tax form    Phone. Free ez tax form You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Free ez tax form Download the free IRS2Go app from the iTunes app store or from Google Play. Free ez tax form Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Free ez tax form gov, or download the IRS2Go app. Free ez tax form Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Free ez tax form The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free ez tax form Most VITA and TCE sites offer free electronic filing. Free ez tax form Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Free ez tax form Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Free ez tax form Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Free ez tax form If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Free ez tax form The IRS issues more than 9 out of 10 refunds in less than 21 days. Free ez tax form Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free ez tax form Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Free ez tax form The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free ez tax form Note, the above information is for our automated hotline. Free ez tax form Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Free ez tax form Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Free ez tax form You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free ez tax form It can take up to 3 weeks from the date you mailed it to show up in our system. Free ez tax form Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Free ez tax form You should receive your order within 10 business days. Free ez tax form Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Free ez tax form If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Free ez tax form Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Free ez tax form The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Free ez tax form These individuals can also contact the IRS through relay services such as the Federal Relay Service. Free ez tax form    Walk-in. Free ez tax form You can find a selection of forms, publications and services — in-person. Free ez tax form Products. Free ez tax form You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Free ez tax form Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Free ez tax form Services. Free ez tax form You can walk in to your local TAC for face-to-face tax help. Free ez tax form An employee can answer questions about your tax account or help you set up a payment plan. Free ez tax form Before visiting, use the Office Locator tool on IRS. Free ez tax form gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Free ez tax form    Mail. Free ez tax form You can send your order for forms, instructions, and publications to the address below. Free ez tax form You should receive a response within 10 business days after your request is received. Free ez tax form Internal Revenue Service 1201 N. Free ez tax form Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Free ez tax form The Taxpayer Advocate Service (TAS) is your voice at the IRS. Free ez tax form Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Free ez tax form   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Free ez tax form We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Free ez tax form You face (or your business is facing) an immediate threat of adverse action. Free ez tax form You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Free ez tax form   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Free ez tax form Here's why we can help: TAS is an independent organization within the IRS. Free ez tax form Our advocates know how to work with the IRS. Free ez tax form Our services are free and tailored to meet your needs. Free ez tax form We have offices in every state, the District of Columbia, and Puerto Rico. Free ez tax form   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Free ez tax form   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Free ez tax form If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Free ez tax form Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Free ez tax form Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Free ez tax form Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Free ez tax form Prev  Up  Next   Home   More Online Publications
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Developer Resources

Software developers and researchers can use these data feeds and APIs to help people find useful government information.

This page can be found at usa.gov/developer


Send Us Your Feedback

If you are using these resources and have feedback or want to tell us about your product, please e-mail us. We'd also like to know if you have suggestions for new APIs.


APIs

American Job Center Resources APIs
American Job Center partners with O'Net to provide a variety of APIs that are useful for jobseekers.
Style: RESTful APIs
Read the Documentation.

BusinessUSA Resource Access API
BusinessUSA connects businesses to government services and information. The API provides access to resource abstracts including programs, services, data, events, and more.
Style: RESTful API
Return Format: XML, CSV
Read the Documentation.

Citizen Topics API
This API lists the topics that we use to organize content on USA.gov. You can access it via the /tags call to the Social Media Registry.
Style: RESTful API
Return Format: HTML5, JSON, XML
Read the Documentation.

DigitalGov Search API (formerly USASearch)
Provides DigitalGov Search customers with results. This API is only available for use on official government websites. Sign in is required.
Style: RESTful API (requires DigitalGov Search account)
Return Format: JSON, JSONP, XML
Read the Documentation.

Federal Agency Directory API
This API contains directory information about federal agencies, such as contact methods, in English and Spanish.
Style: RESTful API
Return Format: JSON, JSONP, XML
Read the Documentation. Explore the Interactive Documentation.

Go.USA.gov API
Go.USA.gov is a URL shortener for government employees. The API can shorten, preview, and show clicks on short URLs.
Style: RESTful API
Return Format: JSON, JSONP, XML, plain text
Read the Documentation.

Government Jobs API
This API returns job openings across the federal government and includes all current openings posted on USAJobs.gov that are open to the public and located in the United States. It also includes some state and local government jobs.
Style: RESTful API
Return Format: JSON
Read the Documentation.

MyUSA APIs
Project MyUSA re-imagines how citizens interact with government. Use the MyUSA API to build apps that integrate with MyUSA.
Style: RESTful APIs (requires authentication and registration)
Read the Documentation.

Product Recall Data API
This API returns food recalls from FoodSafety.gov, car recalls from the National Highway Traffic Safety Administration, and product safety recalls from the Consumer Product Safety Commission.
Style: RESTful API
Return Format: JSON
Read the Documentation.

Social Media Registry API
The Social Media Registry is an official source of information about federal government social media accounts.
Style: RESTful API
Return Format: HTML5, JSON, XML
Read the Documentation.

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Data Feeds

1.USA.gov Data
1.USA.gov URLs are created whenever anyone shortens a .gov or .mil URL using bitly.
Style: Raw pub/sub feed
Return Format: JSON
Read the Documentation.

Frequently Asked Questions XML
The contents of our frequently asked questions are available in English and Spanish.
Style: XML data file
Read the Documentation.

List of Non-.gov URLs in Our Search
We search across all federal, state, local, tribal, and territorial government websites. Most government websites end in .gov or .mil, but many do not. This is a list of all government URLs that do not end in .gov or .mil.
Style: TXT file
Read the Documentation.

RSS Directory
Find feeds from across government.
Style: RSS

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The Free Ez Tax Form

Free ez tax form Publication 542 - Main Content Table of Contents Businesses Taxed as CorporationsPersonal services. Free ez tax form Employee-owners. Free ez tax form Other rules. Free ez tax form Other rules. Free ez tax form Property Exchanged for StockNonqualified preferred stock. Free ez tax form Liabilities. Free ez tax form Election to reduce basis. Free ez tax form Capital Contributions Filing and Paying Income TaxesIncome Tax Return Penalties Estimated Tax U. Free ez tax form S. Free ez tax form Real Property Interest Accounting MethodsSection 481(a) adjustment. Free ez tax form Accounting Periods Recordkeeping Income, Deductions, and Special ProvisionsCosts of Going Into Business Related Persons Income From Qualifying Shipping Activities Election to Expense Qualified Refinery Property Deduction to Comply With EPA Sulfur Regulations Energy-Efficient Commercial Building Property Deduction Corporate Preference Items Dividends-Received Deduction Extraordinary Dividends Below-Market Loans Charitable Contributions Capital Losses Net Operating Losses At-Risk Limits Passive Activity Limits Figuring TaxTax Rate Schedule Alternative Minimum Tax (AMT) Credits Recapture Taxes Accumulated Earnings Tax Distributions to ShareholdersMoney or Property Distributions Distributions of Stock or Stock Rights Constructive Distributions Reporting Dividends and Other Distributions How To Get Tax Help Businesses Taxed as Corporations The rules you must use to determine whether a business is taxed as a corporation changed for businesses formed after 1996. Free ez tax form Business formed before 1997. Free ez tax form   A business formed before 1997 and taxed as a corporation under the old rules will generally continue to be taxed as a corporation. Free ez tax form Business formed after 1996. Free ez tax form   The following businesses formed after 1996 are taxed as corporations. Free ez tax form A business formed under a federal or state law that refers to it as a corporation, body corporate, or body politic. Free ez tax form A business formed under a state law that refers to it as a joint-stock company or joint-stock association. Free ez tax form An insurance company. Free ez tax form Certain banks. Free ez tax form A business wholly owned by a state or local government. Free ez tax form A business specifically required to be taxed as a corporation by the Internal Revenue Code (for example, certain publicly traded partnerships). Free ez tax form Certain foreign businesses. Free ez tax form Any other business that elects to be taxed as a corporation. Free ez tax form For example, a limited liability company (LLC) can elect to be treated as an association taxable as a corporation by filing Form 8832, Entity Classification Election. Free ez tax form For more information about LLCs, see Publication 3402, Taxation of Limited Liability Companies. Free ez tax form S corporations. Free ez tax form   Some corporations may meet the qualifications for electing to be S corporations. Free ez tax form For information on S corporations, see the instructions for Form 1120S, U. Free ez tax form S. Free ez tax form Income Tax Return for an S Corporation. Free ez tax form Personal service corporations. Free ez tax form   A corporation is a personal service corporation if it meets all of the following requirements. Free ez tax form Its principal activity during the “testing period” is performing personal services (defined later). Free ez tax form Generally, the testing period for any tax year is the prior tax year. Free ez tax form If the corporation has just been formed, the testing period begins on the first day of its tax year and ends on the earlier of: The last day of its tax year, or The last day of the calendar year in which its tax year begins. Free ez tax form Its employee-owners substantially perform the services in (1), above. Free ez tax form This requirement is met if more than 20% of the corporation's compensation cost for its activities of performing personal services during the testing period is for personal services performed by employee-owners. Free ez tax form Its employee-owners own more than 10% of the fair market value of its outstanding stock on the last day of the testing period. Free ez tax form Personal services. Free ez tax form   Personal services include any activity performed in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts. Free ez tax form Employee-owners. Free ez tax form   A person is an employee-owner of a personal service corporation if both of the following apply. Free ez tax form He or she is an employee of the corporation or performs personal services for, or on behalf of, the corporation (even if he or she is an independent contractor for other purposes) on any day of the testing period. Free ez tax form He or she owns any stock in the corporation at any time during the testing period. Free ez tax form Other rules. Free ez tax form   For other rules that apply to personal service corporations see Accounting Periods, later. Free ez tax form Closely held corporations. Free ez tax form   A corporation is closely held if all of the following apply. Free ez tax form It is not a personal service corporation. Free ez tax form At any time during the last half of the tax year, more than 50% of the value of its outstanding stock is, directly or indirectly, owned by or for five or fewer individuals. Free ez tax form “Individual” includes certain trusts and private foundations. Free ez tax form Other rules. Free ez tax form   For the at-risk rules that apply to closely held corporations, seeAt-Risk Limits, later. Free ez tax form Property Exchanged for Stock If you transfer property (or money and property) to a corporation in exchange for stock in that corporation (other than nonqualified preferred stock, described later), and immediately afterward you are in control of the corporation, the exchange is usually not taxable. Free ez tax form This rule applies both to individuals and to groups who transfer property to a corporation. Free ez tax form It also applies whether the corporation is being formed or is already operating. Free ez tax form It does not apply in the following situations. Free ez tax form The corporation is an investment company. Free ez tax form You transfer the property in a bankruptcy or similar proceeding in exchange for stock used to pay creditors. Free ez tax form The stock is received in exchange for the corporation's debt (other than a security) or for interest on the corporation's debt (including a security) that accrued while you held the debt. Free ez tax form Both the corporation and any person involved in a nontaxable exchange of property for stock must attach to their income tax returns a complete statement of all facts pertinent to the exchange. Free ez tax form For more information, see section 1. Free ez tax form 351-3 of the Regulations. Free ez tax form Control of a corporation. Free ez tax form   To be in control of a corporation, you or your group of transferors must own, immediately after the exchange, at least 80% of the total combined voting power of all classes of stock entitled to vote and at least 80% of the outstanding shares of each class of nonvoting stock. Free ez tax form Example 1. Free ez tax form You and Bill Jones buy property for $100,000. Free ez tax form You both organize a corporation when the property has a fair market value of $300,000. Free ez tax form You transfer the property to the corporation for all its authorized capital stock, which has a par value of $300,000. Free ez tax form No gain is recognized by you, Bill, or the corporation. Free ez tax form Example 2. Free ez tax form You and Bill transfer the property with a basis of $100,000 to a corporation in exchange for stock with a fair market value of $300,000. Free ez tax form This represents only 75% of each class of stock of the corporation. Free ez tax form The other 25% was already issued to someone else. Free ez tax form You and Bill recognize a taxable gain of $200,000 on the transaction. Free ez tax form Services rendered. Free ez tax form   The term property does not include services rendered or to be rendered to the issuing corporation. Free ez tax form The value of stock received for services is income to the recipient. Free ez tax form Example. Free ez tax form You transfer property worth $35,000 and render services valued at $3,000 to a corporation in exchange for stock valued at $38,000. Free ez tax form Right after the exchange, you own 85% of the outstanding stock. Free ez tax form No gain is recognized on the exchange of property. Free ez tax form However, you recognize ordinary income of $3,000 as payment for services you rendered to the corporation. Free ez tax form Property of relatively small value. Free ez tax form   The term property does not include property of a relatively small value when it is compared to the value of stock and securities already owned or to be received for services by the transferor if the main purpose of the transfer is to qualify for the nonrecognition of gain or loss by other transferors. Free ez tax form   Property transferred will not be considered to be of relatively small value if its fair market value is at least 10% of the fair market value of the stock and securities already owned or to be received for services by the transferor. Free ez tax form Stock received in disproportion to property transferred. Free ez tax form   If a group of transferors exchange property for corporate stock, each transferor does not have to receive stock in proportion to his or her interest in the property transferred. Free ez tax form If a disproportionate transfer takes place, it will be treated for tax purposes in accordance with its true nature. Free ez tax form It may be treated as if the stock were first received in proportion and then some of it used to make gifts, pay compensation for services, or satisfy the transferor's obligations. Free ez tax form Money or other property received. Free ez tax form   If, in an otherwise nontaxable exchange of property for corporate stock, you also receive money or property other than stock, you may have to recognize gain. Free ez tax form You must recognize gain only up to the amount of money plus the fair market value of the other property you receive. Free ez tax form The rules for figuring the recognized gain in this situation generally follow those for a partially nontaxable exchange discussed in Publication 544 under Like-Kind Exchanges. Free ez tax form If the property you give up includes depreciable property, the recognized gain may have to be reported as ordinary income from depreciation. Free ez tax form See chapter 3 of Publication 544. Free ez tax form No loss is recognized. Free ez tax form Nonqualified preferred stock. Free ez tax form   Nonqualified preferred stock is treated as property other than stock. Free ez tax form Generally, it is preferred stock with any of the following features. Free ez tax form The holder has the right to require the issuer or a related person to redeem or buy the stock. Free ez tax form The issuer or a related person is required to redeem or buy the stock. Free ez tax form The issuer or a related person has the right to redeem or buy the stock and, on the issue date, it is more likely than not that the right will be exercised. Free ez tax form The dividend rate on the stock varies with reference to interest rates, commodity prices, or similar indices. Free ez tax form For a detailed definition of nonqualified preferred stock, see section 351(g)(2) of the Internal Revenue Code. Free ez tax form Liabilities. Free ez tax form   If the corporation assumes your liabilities, the exchange generally is not treated as if you received money or other property. Free ez tax form There are two exceptions to this treatment. Free ez tax form If the liabilities the corporation assumes are more than your adjusted basis in the property you transfer, gain is recognized up to the difference. Free ez tax form However, if the liabilities assumed give rise to a deduction when paid, such as a trade account payable or interest, no gain is recognized. Free ez tax form If there is no good business reason for the corporation to assume your liabilities, or if your main purpose in the exchange is to avoid federal income tax, the assumption is treated as if you received money in the amount of the liabilities. Free ez tax form For more information on the assumption of liabilities, see section 357(d) of the Internal Revenue Code. Free ez tax form Example. Free ez tax form You transfer property to a corporation for stock. Free ez tax form Immediately after the transfer, you control the corporation. Free ez tax form You also receive $10,000 in the exchange. Free ez tax form Your adjusted basis in the transferred property is $20,000. Free ez tax form The stock you receive has a fair market value (FMV) of $16,000. Free ez tax form The corporation also assumes a $5,000 mortgage on the property for which you are personally liable. Free ez tax form Gain is realized as follows. Free ez tax form FMV of stock received $16,000 Cash received 10,000 Liability assumed by corporation 5,000 Total received $31,000 Minus: Adjusted basis of property transferred 20,000 Realized gain $11,000   The liability assumed is not treated as money or other property. Free ez tax form The recognized gain is limited to $10,000, the cash received. Free ez tax form Loss on exchange. Free ez tax form   If you have a loss from an exchange and own, directly or indirectly, more than 50% of the corporation's stock, you cannot deduct the loss. Free ez tax form For more information, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. Free ez tax form Basis of stock or other property received. Free ez tax form   The basis of the stock you receive is generally the adjusted basis of the property you transfer. Free ez tax form Increase this amount by any amount treated as a dividend, plus any gain recognized on the exchange. Free ez tax form Decrease this amount by any cash you received, the fair market value of any other property you received, and any loss recognized on the exchange. Free ez tax form Also decrease this amount by the amount of any liability the corporation or another party to the exchange assumed from you, unless payment of the liability gives rise to a deduction when paid. Free ez tax form    Further decreases may be required when the corporation or another party to the exchange assumes from you a liability that gives rise to a deduction when paid, if the basis of the stock would otherwise be higher than its fair market value on the date of the exchange. Free ez tax form This rule does not apply if the entity assuming the liability acquired either substantially all of the assets or the trade or business with which the liability is associated. Free ez tax form The basis of any other property you receive is its fair market value on the date of the trade. Free ez tax form Basis of property transferred. Free ez tax form   A corporation that receives property from you in exchange for its stock generally has the same basis you had in the property, increased by any gain you recognized on the exchange. Free ez tax form However, the increase for the gain recognized may be limited. Free ez tax form For more information, see section 362 of the Internal Revenue Code. Free ez tax form Election to reduce basis. Free ez tax form   In a section 351 transaction, if the adjusted basis of the property transferred exceeds the property's fair market value, the transferor and transferee may make an irrevocable election to treat the basis of the stock received by the transferor as having a basis equal to the fair market value of the property transferred. Free ez tax form The transferor and transferee make this election by attaching a statement to their tax returns filed by the due date (including extensions) for the tax year in which the transaction occurred. Free ez tax form However, if the transferor makes the election by including the certification provided in Notice 2005-70, 2005-41, I. Free ez tax form R. Free ez tax form B. Free ez tax form 694, on or with its tax return filed by the due date (including extensions), then no election need be made by the transferee. Free ez tax form    For more information on making this election, see section 362(e)(2)(C) of the Internal Revenue Code, and Notice 2005-70. Free ez tax form Capital Contributions This section explains the tax treatment of contributions from shareholders and nonshareholders. Free ez tax form Paid-in capital. Free ez tax form   Contributions to the capital of a corporation, whether or not by shareholders, are paid-in capital. Free ez tax form These contributions are not taxable to the corporation. Free ez tax form Basis. Free ez tax form   The corporation's basis of property contributed to capital by a shareholder is the same as the basis the shareholder had in the property, increased by any gain the shareholder recognized on the exchange. Free ez tax form However, the increase for the gain recognized may be limited. Free ez tax form For more information, see Basis of property transferred, above, and section 362 of the Internal Revenue Code. Free ez tax form   The basis of property contributed to capital by a person other than a shareholder is zero. Free ez tax form   If a corporation receives a cash contribution from a person other than a shareholder, the corporation must reduce the basis of any property acquired with the contribution during the 12-month period beginning on the day it received the contribution by the amount of the contribution. Free ez tax form If the amount contributed is more than the cost of the property acquired, then reduce, but not below zero, the basis of the other properties held by the corporation on the last day of the 12-month period in the following order. Free ez tax form Depreciable property. Free ez tax form Amortizable property. Free ez tax form Property subject to cost depletion but not to percentage depletion. Free ez tax form All other remaining properties. Free ez tax form   Reduce the basis of property in each category to zero before going on to the next category. Free ez tax form   There may be more than one piece of property in each category. Free ez tax form Base the reduction of the basis of each property on the following ratio:   Basis of each piece of property   Bases of all properties (within that category) If the corporation wishes to make this adjustment in some other way, it must get IRS approval. Free ez tax form The corporation files a request for approval with its income tax return for the tax year in which it receives the contribution. Free ez tax form Filing and Paying Income Taxes The federal income tax is a pay-as-you-go tax. Free ez tax form A corporation generally must make estimated tax payments as it earns or receives income during its tax year. Free ez tax form After the end of the year, the corporation must file an income tax return. Free ez tax form This section will help you determine when and how to pay and file corporate income taxes. Free ez tax form For certain corporations affected by Presidentially declared disasters such as hurricanes, the due dates for filing returns, paying taxes, and performing other time-sensitive acts may be extended. Free ez tax form The IRS may also forgive the interest and penalties on any underpaid tax for the length of any extension. Free ez tax form For more information, visit www. Free ez tax form irs. Free ez tax form gov/newsroom/article/0,,id=108362. Free ez tax form 00. Free ez tax form Income Tax Return This section will help you determine when and how to report a corporation's income tax. Free ez tax form Who must file. Free ez tax form   Unless exempt under section 501 of the Internal Revenue Code, all domestic corporations in existence for any part of a tax year (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Free ez tax form Which form to file. Free ez tax form   A corporation generally must file Form 1120, U. Free ez tax form S. Free ez tax form Corporation Income Tax Return, to report its income, gains, losses, deductions, credits, and to figure its income tax liability. Free ez tax form Certain organizations and entities must file special returns. Free ez tax form For more information, see Special Returns for Certain Organizations, in the Instructions for Form 1120. Free ez tax form Electronic filing. Free ez tax form   Corporations can generally electronically file (e-file) Form 1120 and certain related forms, schedules, and attachments. Free ez tax form Certain corporations with total assets of $10 million or more, that file at least 250 returns a year must e-file Form 1120. Free ez tax form However, in certain instances, these corporations can request a waiver. Free ez tax form For more information regarding electronic filing, visit www. Free ez tax form irs. Free ez tax form gov/efile. Free ez tax form When to file. Free ez tax form   Generally, a corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. Free ez tax form A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. Free ez tax form A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved. Free ez tax form Example 1. Free ez tax form A corporation's tax year ends December 31. Free ez tax form It must file its income tax return by March 15th. Free ez tax form Example 2. Free ez tax form A corporation's tax year ends June 30. Free ez tax form It must file its income tax return by September 15th. Free ez tax form   If the due date falls on a Saturday, Sunday, or legal holiday, the due date is extended to the next business day. Free ez tax form Extension of time to file. Free ez tax form   File Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information and Other Returns, to request an extension of time to file a corporation income tax return. Free ez tax form The IRS will grant the extension if you complete the form properly, file it, and pay any tax due by the original due date for the return. Free ez tax form   Form 7004 does not extend the time for paying the tax due on the return. Free ez tax form Interest, and possibly penalties, will be charged on any part of the final tax due not shown as a balance due on Form 7004. Free ez tax form The interest is figured from the original due date of the return to the date of payment. Free ez tax form   For more information, see the instructions for Form 7004. Free ez tax form How to pay your taxes. Free ez tax form   A corporation must pay its tax due in full no later than the 15th day of the 3rd month after the end of its tax year. Free ez tax form Electronic Federal Tax Payment System (EFTPS). Free ez tax form   Corporations generally must use EFTPS to make deposits of all tax liabilities (including social security, Medicare, withheld income, excise, and corporate income taxes). Free ez tax form For more information on EFTPS and enrollment, visit www. Free ez tax form eftps. Free ez tax form gov or call 1-800-555-4477. Free ez tax form Also see Publication 966, The Secure Way to Pay Your Federal Taxes. Free ez tax form Note. Free ez tax form Forms 8109 and 8109-B, Federal Tax Deposit Coupon, can no longer be used to make federal tax deposits. Free ez tax form Penalties Generally, if the corporation receives a notice about interest and penalties after it files its return, send the IRS an explanation and we will determine if the corporation meets reasonable-cause criteria. Free ez tax form Do not attach an explanation when the corporation's return is filed. Free ez tax form See the instructions for your income tax return. Free ez tax form Late filing of return. Free ez tax form    A corporation that does not file its tax return by the due date, including extensions, may be penalized 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. Free ez tax form If the corporation is charged a penalty for late payment of tax (discussed next) for the same period of time, the penalty for late filing is reduced by the amount of the penalty for late payment. Free ez tax form The minimum penalty for a return that is over 60 days late is the smaller of the tax due or $100. Free ez tax form The penalty will not be imposed if the corporation can show the failure to file on time was due to a reasonable cause. Free ez tax form Late payment of tax. Free ez tax form    A corporation that does not pay the tax when due may be penalized ½ of 1% of the unpaid tax for each month or part of a month the tax is not paid, up to a maximum of 25% of the unpaid tax. Free ez tax form The penalty will not be imposed if the corporation can show that the failure to pay on time was due to a reasonable cause. Free ez tax form Trust fund recovery penalty. Free ez tax form   If income, social security, and Medicare taxes that a corporation must withhold from employee wages are not withheld or are not deposited or paid to the United States Treasury, the trust fund recovery penalty may apply. Free ez tax form The penalty is the full amount of the unpaid trust fund tax. Free ez tax form This penalty may apply to you if these unpaid taxes cannot be immediately collected from the business. Free ez tax form   The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying these taxes, and who acted willfully in not doing so. Free ez tax form   A responsible person can be an officer or employee of a corporation, an accountant, or a volunteer director/trustee. Free ez tax form A responsible person also may include one who signs checks for the corporation or otherwise has authority to cause the spending of business funds. Free ez tax form   Willfully means voluntarily, consciously, and intentionally. Free ez tax form A responsible person acts willfully if the person knows the required actions are not taking place. Free ez tax form   For more information on withholding and paying these taxes, see Publication 15 (Circular E), Employer's Tax Guide, and Publication 51, (Circular A), Agricultural Employer's Tax Guide. Free ez tax form Other penalties. Free ez tax form   Other penalties can be imposed for negligence, substantial understatement of tax, reportable transaction understatements, and fraud. Free ez tax form See sections 6662, 6662A, and 6663 of the Internal Revenue Code. Free ez tax form Estimated Tax Generally, a corporation must make installment payments if it expects its estimated tax for the year to be $500 or more. Free ez tax form If the corporation does not pay the installments when they are due, it could be subject to an underpayment penalty. Free ez tax form This section will explain how to avoid this penalty. Free ez tax form When to pay estimated tax. Free ez tax form   Installment payments are due by the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year. Free ez tax form Example 1. Free ez tax form Your corporation's tax year ends December 31. Free ez tax form Installment payments are due on April 15, June 15, September 15, and December 15. Free ez tax form Example 2. Free ez tax form Your corporation's tax year ends June 30. Free ez tax form Installment payments are due on October 15, December 15, March 15, and June 15. Free ez tax form   If any due date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next business day. Free ez tax form How to figure each required installment. Free ez tax form   Use Form 1120-W, Estimated Tax for Corporations, as a worksheet to figure each required installment of estimated tax. Free ez tax form You will generally use one of the following two methods to figure each required installment. Free ez tax form You should use the method that yields the smallest installment payments. Free ez tax form Note. Free ez tax form In these discussions, “return” generally refers to the corporation's original return. Free ez tax form However, an amended return is considered the original return if it is filed by the due date (including extensions) of the original return. Free ez tax form Method 1. Free ez tax form   Each required installment is 25% of the income tax the corporation will show on its return for the current year. Free ez tax form Method 2. Free ez tax form   Each required installment is 25% of the income tax shown on the corporation's return for the previous year. Free ez tax form   To use Method 2: The corporation must have filed a return for the previous year, The return must have been for a full 12 months, and The return must have shown a positive tax liability (not zero). Free ez tax form Also, if the corporation is a large corporation, it can use Method 2 to figure the first installment only. Free ez tax form   See the Instructions for Form 1120-W, for the definition of a large corporation and other special rules for large corporations. Free ez tax form Other methods. Free ez tax form   If a corporation's income is expected to vary during the year because, for example, its business is seasonal, it may be able to lower the amount of one or more required installments by using one or both of the following methods. Free ez tax form The annualized income installment method. Free ez tax form The adjusted seasonal installment method. Free ez tax form Use Schedule A of Form 1120-W to determine if using one or both of these methods will lower the amount of any required installments. Free ez tax form Refiguring required installments. Free ez tax form   If after the corporation figures and deposits its estimated tax it finds that its tax liability for the year will be more or less than originally estimated, it may have to refigure its required installments to see if an underpayment penalty may apply. Free ez tax form An immediate catchup payment should be made to reduce any penalty resulting from the underpayment of any earlier installments. Free ez tax form Underpayment penalty. Free ez tax form   If the corporation does not pay a required installment of estimated tax by its due date, it may be subject to a penalty. Free ez tax form The penalty is figured separately for each installment due date. Free ez tax form The corporation may owe a penalty for an earlier due date, even if it paid enough tax later to make up the underpayment. Free ez tax form This is true even if the corporation is due a refund when its return is filed. Free ez tax form Form 2220. Free ez tax form   Use Form 2220, Underpayment of Estimated Tax by Corporations, to determine if a corporation is subject to the penalty for underpayment of estimated tax and to figure the amount of the penalty. Free ez tax form   If the corporation is charged a penalty, the amount of the penalty depends on the following three factors. Free ez tax form The amount of the underpayment. Free ez tax form The period during which the underpayment was due and unpaid. Free ez tax form The interest rate for underpayments published quarterly by the IRS in the Internal Revenue Bulletin. Free ez tax form   A corporation generally does not have to file Form 2220 with its income tax return because the IRS will figure any penalty and bill the corporation. Free ez tax form However, even if the corporation does not owe a penalty, complete and attach the form to the corporation's tax return if any of the following apply. Free ez tax form The annualized income installment method was used to figure any required installment. Free ez tax form The adjusted seasonal installment method was used to figure any required installment. Free ez tax form The corporation is a large corporation figuring its first required installment based on the prior year's tax. Free ez tax form How to pay estimated tax. Free ez tax form   A corporation is generally required to use EFTPS to pay its taxes. Free ez tax form See Electronic Federal Tax Payment System (EFTPS), earlier. Free ez tax form Also see the Instructions for Form 1120-W. Free ez tax form Quick refund of overpayments. Free ez tax form   A corporation that has overpaid its estimated tax for the tax year may be able to apply for a quick refund. Free ez tax form Use Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax, to apply for a quick refund of an overpayment of estimated tax. Free ez tax form A corporation can apply for a quick refund if the overpayment is: At least 10% of its expected tax liability, and At least $500. Free ez tax form Use Form 4466 to figure the corporation's expected tax liability and the overpayment of estimated tax. Free ez tax form File Form 4466 before the 16th day of the 3rd month after the end of the tax year, but before the corporation files its income tax return. Free ez tax form Do not file Form 4466 before the end of the corporation's tax year. Free ez tax form An extension of time to file the corporation's income tax return will not extend the time for filing Form 4466. Free ez tax form The IRS will act on the form within 45 days from the date you file it. Free ez tax form U. Free ez tax form S. Free ez tax form Real Property Interest If a domestic corporation acquires a U. Free ez tax form S. Free ez tax form real property interest from a foreign person or firm, the corporation may have to withhold tax on the amount it pays for the property. Free ez tax form The amount paid includes cash, the fair market value of other property, and any assumed liability. Free ez tax form If a domestic corporation distributes a U. Free ez tax form S. Free ez tax form real property interest to a foreign person or firm, it may have to withhold tax on the fair market value of the property. Free ez tax form A corporation that fails to withhold may be liable for the tax, and any penalties and interest that apply. Free ez tax form For more information, see section 1445 of the Internal Revenue Code; Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities; Form 8288, U. Free ez tax form S. Free ez tax form Withholding Tax Return for Dispositions by Foreign Persons of U. Free ez tax form S. Free ez tax form Real Property Interests; and Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U. Free ez tax form S. Free ez tax form Real Property Interests. Free ez tax form Accounting Methods An accounting method is a set of rules used to determine when and how income and expenses are reported. Free ez tax form Taxable income should be determined using the method of accounting regularly used in keeping the corporation's books and records. Free ez tax form In all cases, the method used must clearly show taxable income. Free ez tax form Generally, permissible methods include: Cash, Accrual, or Any other method authorized by the Internal Revenue Code. Free ez tax form Accrual method. Free ez tax form   Generally, a corporation (other than a qualified personal service corporation) must use the accrual method of accounting if its average annual gross receipts exceed $5 million. Free ez tax form A corporation engaged in farming operations also must use the accrual method. Free ez tax form   If inventories are required, the accrual method generally must be used for sales and purchases of merchandise. Free ez tax form However, qualifying taxpayers and eligible businesses of qualifying small business taxpayers are excepted from using the accrual method for eligible trades or businesses and may account for inventoriable items as materials and supplies that are not incidental. Free ez tax form   Under the accrual method, an amount is includable in income when: All the events have occurred that fix the right to receive the income, which is the earliest of the date: The required performance takes place, Payment is due, or Payment is received; and The amount can be determined with reasonable accuracy. Free ez tax form   Generally, an accrual basis taxpayer can deduct accrued expenses in the tax year when: All events that determine the liability have occurred, The amount of the liability can be figured with reasonable accuracy, and Economic performance takes place with respect to the expense. Free ez tax form   There are exceptions to the economic performance rule for certain items, including recurring expenses. Free ez tax form See section 461(h) of the Internal Revenue Code and the related regulations for the rules for determining when economic performance takes place. Free ez tax form Nonaccrual experience method. Free ez tax form   Accrual method corporations are not required to maintain accruals for certain amounts from the performance of services that, on the basis of their experience, will not be collected, if: The services are in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting; or The corporation's average annual gross receipts for the 3 prior tax years does not exceed $5 million. Free ez tax form   This provision does not apply if interest is required to be paid on the amount or if there is any penalty for failure to pay the amount timely. Free ez tax form Percentage of completion method. Free ez tax form   Long-term contracts (except for certain real property construction contracts) must generally be accounted for using the percentage of completion method described in section 460 of the Internal Revenue Code. Free ez tax form Mark-to-market accounting method. Free ez tax form   Generally, dealers in securities must use the mark-to-market accounting method described in section 475 of the Internal Revenue Code. Free ez tax form Under this method any security held by a dealer as inventory must be included in inventory at its FMV. Free ez tax form Any security not held as inventory at the close of the tax year is treated as sold at its FMV on the last business day of the tax year. Free ez tax form Any gain or loss must be taken into account in determining gross income. Free ez tax form The gain or loss taken into account is treated as ordinary gain or loss. Free ez tax form   Dealers in commodities and traders in securities and commodities can elect to use the mark-to-market accounting method. Free ez tax form Change in accounting method. Free ez tax form   A corporation can change its method of accounting used to report taxable income (for income as a whole or for the treatment of any material item). Free ez tax form The corporation must file Form 3115, Application for Change in Accounting Method. Free ez tax form For more information, see Form 3115 and Publication 538. Free ez tax form Section 481(a) adjustment. Free ez tax form   The corporation may have to make an adjustment under section 481(a) of the Internal Revenue Code to prevent amounts of income or expense from being duplicated or omitted. Free ez tax form The section 481(a) adjustment period is generally 1 year for a net negative adjustment and 4 years for a net positive adjustment. Free ez tax form However, a corporation can elect to use a 1-year adjustment period if the net section 481(a) adjustment for the change is less than $25,000. Free ez tax form The corporation must complete the appropriate lines of Form 3115 to make the election. Free ez tax form See the Instructions for Form 3115. Free ez tax form Accounting Periods A corporation must figure its taxable income on the basis of a tax year. Free ez tax form A tax year is the annual accounting period a corporation uses to keep its records and report its income and expenses. Free ez tax form Generally, corporations can use either a calendar year or a fiscal year as its tax year. Free ez tax form Unless special rules apply, a corporation generally adopts a tax year by filing its first federal income tax return using that tax year. Free ez tax form For more information, see Publication 538. Free ez tax form Personal service corporation. Free ez tax form   A personal service corporation must use a calendar year as its tax year unless: It elects to use a 52–53 week tax year that ends with reference to the calendar year; It can establish a business purpose for a different tax year and obtains approval of the IRS. Free ez tax form See Form 1128, Application To Adopt, Change, or Retain a Tax Year, and Publication 538; or It elects under section 444 of the Internal Revenue Code to have a tax year other than a calendar year. Free ez tax form Use Form 8716, Election to Have a Tax Year Other Than a Required Tax Year, to make the election. Free ez tax form   If a personal service corporation makes a section 444 election, its deduction for certain amounts paid to employee-owners may be limited. Free ez tax form See Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC), to figure the maximum deduction. Free ez tax form Change of tax year. Free ez tax form   Generally, a corporation must get the consent of the IRS before changing its tax year by filing Form 1128. Free ez tax form However, under certain conditions, a corporation can change its tax year without getting the consent. Free ez tax form For more information, see Form 1128 and Publication 538. Free ez tax form Recordkeeping A corporation should keep its records for as long as they may be needed for the administration of any provision of the Internal Revenue Code. Free ez tax form Usually records that support items of income, deductions, or credits on the return must be kept for 3 years from the date the return is due or filed, whichever is later. Free ez tax form Keep records that verify the corporation's basis in property for as long as they are needed to figure the basis of the original or replacement property. Free ez tax form The corporation should keep copies of all filed returns. Free ez tax form They help in preparing future and amended returns and in the calculation of earnings and profits. Free ez tax form Income, Deductions, and Special Provisions Rules on income and deductions that apply to individuals also apply, for the most part, to corporations. Free ez tax form However, the following special provisions apply only to corporations. Free ez tax form Costs of Going Into Business When you go into business, treat all costs you incur to get your business started as capital expenses. Free ez tax form However, a corporation can elect to deduct a limited amount of start-up or organizational costs. Free ez tax form Any costs not deducted can be amortized. Free ez tax form Start-up costs are costs for creating an active trade or business or investigating the creation or acquisition of an active trade or business. Free ez tax form Organizational costs are the direct costs of creating the corporation. Free ez tax form For more information on deducting or amortizing start-up and organizational costs, see the instructions for your income tax return. Free ez tax form Also see, Publication 535, chapter 7, Costs You Can Deduct or Capitalize, and chapter 8, Amortization. Free ez tax form Related Persons A corporation that uses an accrual method of accounting cannot deduct business expenses and interest owed to a related person who uses the cash method of accounting until the corporation makes the payment and the corresponding amount is includible in the related person's gross income. Free ez tax form Determine the relationship, for this rule, as of the end of the tax year for which the expense or interest would otherwise be deductible. Free ez tax form If a deduction is denied, the rule will continue to apply even if the corporation's relationship with the person ends before the expense or interest is includible in the gross income of that person. Free ez tax form These rules also deny the deduction of losses on the sale or exchange of property between related persons. Free ez tax form Related persons. Free ez tax form   For purposes of this rule, the following persons are related to a corporation. Free ez tax form Another corporation, that is a member of the same controlled group (as defined in section 267(f) of the Internal Revenue Code). Free ez tax form An individual who owns, directly or indirectly, more than 50% of the value of the outstanding stock of the corporation. Free ez tax form A trust fiduciary, when the trust or the grantor of the trust owns, directly or indirectly, more than 50% in value of the outstanding stock of the corporation. Free ez tax form An S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Free ez tax form A partnership, if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital or profits interest in the partnership. Free ez tax form Any employee-owner, if the corporation is a personal service corporation (see Personal service corporation, earlier), regardless of the amount of stock owned by the employee-owner. Free ez tax form Ownership of stock. Free ez tax form   To determine whether an individual directly or indirectly owns any of the outstanding stock of a corporation, the following apply. Free ez tax form Stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust, is treated as being owned proportionately by or for its shareholders, partners, or beneficiaries. Free ez tax form An individual is treated as owning the stock owned, directly or indirectly, by or for the individual's family. Free ez tax form Family includes only brothers and sisters (including half brothers and half sisters), a spouse, ancestors, and lineal descendants. Free ez tax form Any individual owning (other than by applying (2), above) stock in a corporation, is treated as also owning the stock owned directly or indirectly by that individual's partner. Free ez tax form To apply (1), (2), or (3), above, stock constructively owned by a person under (1) is treated as actually owned by that person. Free ez tax form But stock constructively owned by an individual under (2) or (3) is not treated as actually owned by the individual for applying either (2) or (3) to make another person the constructive owner of that stock. Free ez tax form Reallocation of income and deductions. Free ez tax form   Where it is necessary to clearly show income or prevent tax evasion, the IRS can reallocate gross income, deductions, credits, or allowances between two or more organizations, trades, or businesses owned or controlled directly, or indirectly, by the same interests. Free ez tax form Complete liquidations. Free ez tax form   The disallowance of losses from the sale or exchange of property between related persons does not apply to liquidating distributions. Free ez tax form More information. Free ez tax form   For more information about the related person rules, see Publication 544. Free ez tax form Income From Qualifying Shipping Activities A corporation may make an election to be taxed on its notional shipping income at the highest corporate tax rate. Free ez tax form If a corporation makes this election it may exclude income from qualifying shipping activities from gross income. Free ez tax form Also if the election is made, the corporation generally may not claim any loss, deduction, or credit with respect to qualifying shipping activities. Free ez tax form A corporation making this election may also elect to defer gain on the disposition of a qualifying vessel. Free ez tax form A corporation uses Form 8902, Alternative Tax on Qualifying Shipping Activities, to make the election and figure the alternative tax. Free ez tax form For more information regarding the election, see Form 8902. Free ez tax form Election to Expense Qualified Refinery Property A corporation can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct 50% of the cost of qualified refinery property (defined in section 179C(c) of the Internal Revenue Code), placed in service before January 1, 2014. Free ez tax form The deduction is allowed for the year in which the property is placed in service. Free ez tax form A subchapter T cooperative can make an irrevocable election on its return by the due date (including extensions) to allocate this deduction to its owners based on their ownership interest. Free ez tax form For more information, see section 179C of the Internal Revenue Code and the related Regulations. Free ez tax form Deduction to Comply With EPA Sulfur Regulations A small business refiner can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct up to 75% of qualified costs paid or incurred to comply with the Highway Diesel Fuel Sulfur Control Requirements of the Environmental Protection Agency (EPA). Free ez tax form A subchapter T cooperative can make an irrevocable election on its return filed by the due date (including extensions) to allocate the deduction to its owners based on their ownership interest. Free ez tax form For more information, see sections 45H and 179B of the Internal Revenue Code and the related Regulations. Free ez tax form Energy-Efficient Commercial Building Property Deduction A corporation can claim a deduction for costs associated with energy-efficient commercial building property, placed in service before January 1, 2014. Free ez tax form In order to qualify for the deduction: The costs must be associated with depreciable or amortizable property in a Standard 90. Free ez tax form 1-2001 domestic building; The property must be either a part of the interior lighting system, the heating, cooling, ventilation and hot water system, or the building envelope (defined in section 179D(c)(1)(C) of the Internal Revenue Code); and The property must be installed as part of a plan to reduce the total annual energy and power costs of the building by 50% or more. Free ez tax form The deduction is limited to $1. Free ez tax form 80 per square foot of the building less the total amount of deductions taken for this property in prior tax years. Free ez tax form Other rules and limitations apply. Free ez tax form The corporation must reduce the basis of any property by any deduction taken. Free ez tax form The deduction is subject to recapture if the corporation fails to fully implement an energy savings plan. Free ez tax form For more information, see section 179D of the Internal Revenue Code. Free ez tax form Also see Notice 2006-52, 2006-26 I. Free ez tax form R. Free ez tax form B. Free ez tax form 1175, clarified and amplified by Notice 2008-40, 2008-14 I. Free ez tax form R. Free ez tax form B. Free ez tax form 725, and any successor. Free ez tax form Corporate Preference Items A corporation must make special adjustments to certain items before it takes them into account in determining its taxable income. Free ez tax form These items are known as corporate preference items and they include the following. Free ez tax form Gain on the disposition of section 1250 property. Free ez tax form For more information, see section 1250 Property under Depreciation Recapture in chapter 3 of Publication 544. Free ez tax form Percentage depletion for iron ore and coal (including lignite). Free ez tax form For more information, see Mines and Geothermal Deposits under Mineral Property in chapter 9 of Publication 535. Free ez tax form Amortization of pollution control facilities. Free ez tax form For more information, see Pollution Control Facilities in chapter 8 of Publication 535 and section 291(a)(5) of the Internal Revenue Code. Free ez tax form Mineral exploration and development costs. Free ez tax form For more information, see Exploration Costs and Development Costs in chapter 7 of Publication 535. Free ez tax form For more information on corporate preference items, see section 291 of the Internal Revenue Code. Free ez tax form Dividends-Received Deduction A corporation can deduct a percentage of certain dividends received during its tax year. Free ez tax form This section discusses the general rules that apply. Free ez tax form The deduction is figured on Form 1120, Schedule C, or the applicable schedule of your income tax return. Free ez tax form For more information, see the Instructions for Form 1120, or the instructions for your applicable income tax return. Free ez tax form Dividends from domestic corporations. Free ez tax form   A corporation can deduct, within certain limits, 70% of the dividends received if the corporation receiving the dividend owns less than 20% of the corporation distributing the dividend. Free ez tax form If the corporation owns 20% or more of the distributing corporation's stock, it can, subject to certain limits, deduct 80% of the dividends received. Free ez tax form Ownership. Free ez tax form   Determine ownership, for these rules, by the amount of voting power and value of the paying corporation's stock (other than certain preferred stock) the receiving corporation owns. Free ez tax form Small business investment companies. Free ez tax form   Small business investment companies can deduct 100% of the dividends received from taxable domestic corporations. Free ez tax form Dividends from regulated investment companies. Free ez tax form   Regulated investment company dividends received are subject to certain limits. Free ez tax form Capital gain dividends received from a regulated investment company do not qualify for the deduction. Free ez tax form For more information, see section 854 of the Internal Revenue Code. Free ez tax form No deduction allowed for certain dividends. Free ez tax form   Corporations cannot take a deduction for dividends received from the following entities. Free ez tax form A real estate investment trust (REIT). Free ez tax form A corporation exempt from tax under section 501 or 521 of the Internal Revenue Code either for the tax year of the distribution or the preceding tax year. Free ez tax form A corporation whose stock was held less than 46 days during the 91-day period beginning 45 days before the stock became ex-dividend with respect to the dividend. Free ez tax form Ex-dividend means the holder has no rights to the dividend. Free ez tax form A corporation whose preferred stock was held less than 91 days during the 181-day period beginning 90 days before the stock became ex-dividend with respect to the dividend if the dividends received are for a period or periods totaling more than 366 days. Free ez tax form Any corporation, if your corporation is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Free ez tax form Dividends on deposits. Free ez tax form   Dividends on deposits or withdrawable accounts in domestic building and loan associations, mutual savings banks, cooperative banks, and similar organizations are interest, not dividends. Free ez tax form They do not qualify for this deduction. Free ez tax form Limit on deduction for dividends. Free ez tax form   The total deduction for dividends received or accrued is generally limited (in the following order) to: 80% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from 20%-owned corporations, then 70% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from less-than-20%-owned corporations (reducing taxable income by the total dividends received from 20%-owned corporations). Free ez tax form Figuring the limit. Free ez tax form   In figuring the limit, determine taxable income without the following items. Free ez tax form The net operating loss deduction. Free ez tax form The domestic production activities deduction. Free ez tax form The deduction for dividends received. Free ez tax form Any adjustment due to the nontaxable part of an extraordinary dividend (see Extraordinary Dividends, below). Free ez tax form Any capital loss carryback to the tax year. Free ez tax form Effect of net operating loss. Free ez tax form   If a corporation has a net operating loss (NOL) for a tax year, the limit of 80% (or 70%) of taxable income does not apply. Free ez tax form To determine whether a corporation has an NOL, figure the dividends-received deduction without the 80% (or 70%) of taxable income limit. Free ez tax form Example 1. Free ez tax form A corporation loses $25,000 from operations. Free ez tax form It receives $100,000 in dividends from a 20%-owned corporation. Free ez tax form Its taxable income is $75,000 ($100,000 – $25,000) before the deduction for dividends received. Free ez tax form If it claims the full dividends-received deduction of $80,000 ($100,000 × 80%) and combines it with an operations loss of $25,000, it will have an NOL of ($5,000). Free ez tax form Therefore, the 80% of taxable income limit does not apply. Free ez tax form The corporation can deduct the full $80,000. Free ez tax form Example 2. Free ez tax form Assume the same facts as in Example 1, except that the corporation only loses $15,000 from operations. Free ez tax form Its taxable income is $85,000 before the deduction for dividends received. Free ez tax form After claiming the dividends-received deduction of $80,000 ($100,000 × 80%), its taxable income is $5,000. Free ez tax form Because the corporation will not have an NOL after applying a full dividends-received deduction, its allowable dividends-received deduction is limited to 80% of its taxable income, or $68,000 ($85,000 × 80%). Free ez tax form Extraordinary Dividends If a corporation receives an extraordinary dividend on stock held 2 years or less before the dividend announcement date, it generally must reduce its basis in the stock by the nontaxed part of the dividend. Free ez tax form The nontaxed part is any dividends-received deduction allowable for the dividends. Free ez tax form Extraordinary dividend. Free ez tax form   An extraordinary dividend is any dividend on stock that equals or exceeds a certain percentage of the corporation's adjusted basis in the stock. Free ez tax form The percentages are: 5% for stock preferred as to dividends, or 10% for other stock. Free ez tax form Treat all dividends received that have ex-dividend dates within an 85-consecutive-day period as one dividend. Free ez tax form Treat all dividends received that have ex-dividend dates within a 365-consecutive-day period as extraordinary dividends if the total of the dividends exceeds 20% of the corporation's adjusted basis in the stock. Free ez tax form Disqualified preferred stock. Free ez tax form   Any dividend on disqualified preferred stock is treated as an extraordinary dividend regardless of the period of time the corporation held the stock. Free ez tax form   Disqualified preferred stock is any stock preferred as to dividends if any of the following apply. Free ez tax form The stock when issued has a dividend rate that declines (or can reasonably be expected to decline) in the future. Free ez tax form The issue price of the stock exceeds its liquidation rights or stated redemption price. Free ez tax form The stock is otherwise structured to avoid the rules for extraordinary dividends and to enable corporate shareholders to reduce tax through a combination of dividends-received deductions and loss on the disposition of the stock. Free ez tax form   These rules apply to stock issued after July 10, 1989, unless it was issued under a written binding contract in effect on that date, and thereafter, before the issuance of the stock. Free ez tax form More information. Free ez tax form   For more information on extraordinary dividends, see section 1059 of the Internal Revenue Code. Free ez tax form Below-Market Loans If a corporation receives a below-market loan and uses the proceeds for its trade or business, it may be able to deduct the forgone interest. Free ez tax form A below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Free ez tax form A below-market loan generally is treated as an arm's-length transaction in which the borrower is considered as having received both the following: A loan in exchange for a note that requires payment of interest at the applicable federal rate, and An additional payment in an amount equal to the forgone interest. Free ez tax form Treat the additional payment as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. Free ez tax form Foregone interest. Free ez tax form   For any period, forgone interest is equal to: The interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Free ez tax form See Below-market loans, in chapter 4 of Publication 535 for more information. Free ez tax form Charitable Contributions A corporation can claim a limited deduction for charitable contributions made in cash or other property. Free ez tax form The contribution is deductible if made to, or for the use of, a qualified organization. Free ez tax form For more information on qualified organizations, see Publication 526, Charitable Contributions. Free ez tax form Also see, Exempt Organizations Select Check (EO Select Check) at www. Free ez tax form irs. Free ez tax form gov/charities, the on-line search tool for finding information on organizations eligible to receive tax-deductible contributions. Free ez tax form Note. Free ez tax form You cannot take a deduction if any of the net earnings of an organization receiving contributions benefit any private shareholder or individual. Free ez tax form Cash method corporation. Free ez tax form   A corporation using the cash method of accounting deducts contributions in the tax year paid. Free ez tax form Accrual method corporation. Free ez tax form   A corporation using an accrual method of accounting can choose to deduct unpaid contributions for the tax year the board of directors authorizes them if it pays them by the 15th day of the 3rd month after the close of that tax year. Free ez tax form Make the choice by reporting the contribution on the corporation's return for the tax year. Free ez tax form A declaration stating that the board of directors adopted the resolution during the tax year must accompany the return. Free ez tax form The declaration must include the date the resolution was adopted. Free ez tax form Limitations on deduction. Free ez tax form   A corporation cannot deduct charitable contributions that exceed 10% of its taxable income for the tax year. Free ez tax form Figure taxable income for this purpose without the following. Free ez tax form The deduction for charitable contributions. Free ez tax form The dividends-received deduction. Free ez tax form The deduction allowed under section 249 of the Internal Revenue Code. Free ez tax form The domestic production activities deduction. Free ez tax form Any net operating loss carryback to the tax year. Free ez tax form Any capital loss carryback to the tax year. Free ez tax form Farmers and ranchers. Free ez tax form    Corporations that are farmers and ranchers should see section 170(b)(2) of the Internal Revenue Code for special rules that may affect the deduction limit. Free ez tax form Carryover of excess contributions. Free ez tax form   You can carry over, within certain limits, to each of the subsequent 5 years any charitable contributions made during the current year that exceed the 10% limit. Free ez tax form You lose any excess not used within that period. Free ez tax form For example, if a corporation has a carryover of excess contributions paid in 2010 and it does not use all the excess on its return for 2011, it can carry any excess over to 2012, 2013, 2014, and 2015, if applicable. Free ez tax form Any excess not used in 2015 is lost. Free ez tax form Do not deduct a carryover of excess contributions in the carryover year until after you deduct contributions made in that year (subject to the 10% limit). Free ez tax form You cannot deduct a carryover of excess contributions to the extent it increases a net operating loss carryover. Free ez tax form Cash contributions. Free ez tax form   A corporation must maintain a record of any contribution of cash, check, or other monetary contribution, regardless of the amount. Free ez tax form The record can be a bank record, receipt, letter, or other written communication from the donee indicating the name of the organization, the date of the contribution, and the amount of the contribution. Free ez tax form Keep the record of the contribution with the other corporate records. Free ez tax form Do not attach the records to the corporation's return. Free ez tax form For more information on cash contributions, see Publication 526. Free ez tax form Gifts of $250 or more. Free ez tax form   Generally, no deduction is allowed for any contribution of $250 or more unless the corporation gets a written acknowledgement from the donee organization. Free ez tax form The acknowledgement should show the amount of cash contributed, a description of the property contributed, and either gives a description and a good faith estimate of the value of any goods or services provided in return for the contribution or states that no goods or services were provided in return for the contribution. Free ez tax form The acknowledgement should be received by the due date (including extensions) of the return, or, if earlier, the date the return was filed. Free ez tax form Keep the acknowledgement with other corporate records. Free ez tax form Do not attach the acknowledgement to the return. Free ez tax form Contributions of property other than cash. Free ez tax form   If a corporation (other than a closely-held or a personal service corporation) claims a deduction of more than $500 for contributions of property other than cash, a schedule describing the property and the method used to determine its fair market value must be attached to the corporation's return. Free ez tax form In addition the corporation should keep a record of: The approximate date and manner of acquisition of the donated property and The cost or other basis of the donated property held by the donor for less than 12 months prior to contribution. Free ez tax form   Closely held and personal service corporations must complete and attach Form 8283, Noncash Charitable Contributions, to their returns if they claim a deduction of more than $500 for non-cash contributions. Free ez tax form For all other corporations, if the deduction claimed for donated property exceeds $5,000, complete Form 8283 and attach it to the corporation's return. Free ez tax form   A corporation must obtain a qualified appraisal for all deductions of property claimed in excess of $5,000. Free ez tax form A qualified appraisal is not required for the donation of cash, publicly traded securities, inventory, and any qualified vehicles sold by a donee organization without any significant intervening use or material improvement. Free ez tax form The appraisal should be maintained with other corporate records and only attached to the corporation's return when the deduction claimed exceeds $500,000; $20,000 for donated art work. Free ez tax form   See Form 8283 for more information. Free ez tax form Qualified conservation contributions. Free ez tax form   If a corporation makes a qualified conservation contribution, the corporation must provide information regarding the legal interest being donated, the fair market value of the underlying property before and after the donation, and a description of the conservation purpose for which the property will be used. Free ez tax form For more information, see section 170(h) of the Internal Revenue Code. Free ez tax form Contributions of used vehicles. Free ez tax form   A corporation is allowed a deduction for the contribution of used motor vehicles, boats, and airplanes. Free ez tax form The deduction is limited, and other special rules apply. Free ez tax form For more information, see Publication 526. Free ez tax form Reduction for contributions of certain property. Free ez tax form   For a charitable contribution of property, the corporation must reduce the contribution by the sum of: The ordinary income and short-term capital gain that would have resulted if the property were sold at its FMV and For certain contributions, the long-term capital gain that would have resulted if the property were sold at its FMV. Free ez tax form   The reduction for the long-term capital gain applies to: Contributions of tangible personal property for use by an exempt organization for a purpose or function unrelated to the basis for its exemption; Contributions of any property to or for the use of certain private foundations except for stock for which market quotations are readily available; and Contributions of any patent, certain copyrights, trademark, trade name, trade secret, know-how, software (that is a section 197 intangible), or similar property, or applications or registrations of such property. Free ez tax form Larger deduction. Free ez tax form   A corporation (other than an S corporation) may be able to claim a deduction equal to the lesser of (a) the basis of the donated inventory or property plus one-half of the inventory or property's appreciation (gain if the donated inventory or property was sold at fair market value on the date of the donation), or (b) two times basis of the donated inventory or property. Free ez tax form This deduction may be allowed for certain contributions of: Certain inventory and other property made to a donee organization and used solely for the care of the ill, the needy, and infants. Free ez tax form Scientific property constructed by the corporation (other than an S corporation, personal holding company, or personal service corporation) and donated no later than 2 years after substantial completion of the construction. Free ez tax form The property must be donated to a qualified organization and its original use must be by the donee for research, experimentation, or research training within the United States in the area of physical or biological science. Free ez tax form Computer technology and equipment acquired or constructed and donated no later than 3 years after either acquisition or substantial completion of construction to an educational organization for educational purposes within the United States. Free ez tax form Contributions to organizations conducting lobbying activities. Free ez tax form   Contributions made to an organization that conducts lobbying activities are not deductible if: The lobbying activities relate to matters of direct financial interest to the donor's trade or business and The principal purpose of the contribution was to avoid federal income tax by obtaining a deduction for activities that would have been nondeductible under the lobbying expense rules if conducted directly by the donor. Free ez tax form More information. Free ez tax form   For more information on charitable contributions, including substantiation and recordkeeping requirements, see section 170 of the Internal Revenue Code, the related regulations, and Publication 526. Free ez tax form Capital Losses A corporation can deduct capital losses only up to the amount of its capital gains. Free ez tax form In other words, if a corporation has an excess capital loss, it cannot deduct the loss in the current tax year. Free ez tax form Instead, it carries the loss to other tax years and deducts it from any net capital gains that occur in those years. Free ez tax form A capital loss is carried to other years in the following order. Free ez tax form 3 years prior to the loss year. Free ez tax form 2 years prior to the loss year. Free ez tax form 1 year prior to the loss year. Free ez tax form Any loss remaining is carried forward for 5 years. Free ez tax form When you carry a net capital loss to another tax year, treat it as a short-term loss. Free ez tax form It does not retain its original identity as long term or short term. Free ez tax form Example. Free ez tax form A calendar year corporation has a net short-term capital gain of $3,000 and a net long-term capital loss of $9,000. Free ez tax form The short-term gain offsets some of the long-term loss, leaving a net capital loss of $6,000. Free ez tax form The corporation treats this $6,000 as a short-term loss when carried back or forward. Free ez tax form The corporation carries the $6,000 short-term loss back 3 years. Free ez tax form In year 1, the corporation had a net short-term capital gain of $8,000 and a net long-term capital gain of $5,000. Free ez tax form It subtracts the $6,000 short-term loss first from the net short-term gain. Free ez tax form This results in a net capital gain for year 1 of $7,000. Free ez tax form This consists of a net short-term capital gain of $2,000 ($8,000 − $6,000) and a net long-term capital gain of $5,000. Free ez tax form S corporation status. Free ez tax form   A corporation may not carry a capital loss from, or to, a year for which it is an S corporation. Free ez tax form Rules for carryover and carryback. Free ez tax form   When carrying a capital loss from one year to another, the following rules apply. Free ez tax form When figuring the current year's net capital loss, you cannot combine it with a capital loss carried from another year. Free ez tax form In other words, you can carry capital losses only to years that would otherwise have a total net capital gain. Free ez tax form If you carry capital losses from 2 or more years to the same year, deduct the loss from the earliest year first. Free ez tax form You cannot use a capital loss carried from another year to produce or increase a net operating loss in the year to which you carry it back. Free ez tax form Refunds. Free ez tax form   When you carry back a capital loss to an earlier tax year, refigure your tax for that year. Free ez tax form If your corrected tax is less than the tax you originally owed, use either Form 1139, Corporate Application for Tentative Refund, or Form 1120X, Amended U. Free ez tax form S. Free ez tax form Corporation Income Tax Return, to apply for a refund. Free ez tax form Form 1139. Free ez tax form    A corporation can get a refund faster by using Form 1139. Free ez tax form It cannot file Form 1139 before filing the return for the corporation's capital loss year, but it must file Form 1139 no later than 1 year after the year it sustains the capital loss. Free ez tax form Form 1120X. Free ez tax form   If the corporation does not file Form 1139, it must file Form 1120X to apply for a refund. Free ez tax form The corporation must file the Form 1120X within 3 years of the due date, includin