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Free State TaxFree state tax Publication 534 - Introductory Material Table of Contents Important Change for 1995 Introduction How To Use This Publication Important Change for 1995 Major changes to Publications 534 and 946. Free state tax This publication, as well as Publication 946,How To Depreciate Property, has been changed. Free state tax Publication 534 has been shortened. Free state tax It no longer contains general information on MACRS and the section 179 deduction. Free state tax It contains a discussion of the accelerated cost recovery system (ACRS), the ACRS Percentage Tables, a discussion of other methods of depreciation, and a limited discussion of listed property. Free state tax We expanded Publication 946 by adding material taken from Publication 534. Free state tax We added more detail to the discussions of the section 179 deduction, the modified accelerated cost recovery system (MACRS), and listed property. Free state tax We replaced the partialMACRS Percentage Tables with the complete ones from Publication 534. Free state tax We also added the Table of Class Lives and Recovery Periods from Publication 534. Free state tax We made these changes to eliminate most of the duplication that existed in the two publications. Free state tax This will save money and make it easier for you to decide which publication you need. Free state tax Use this publication to figure depreciation on property you placed in service before 1987; use Publication 946 to figure depreciation on property you placed in service after 1986. Free state tax Introduction The law allows you to recover your cost in business or income-producing property through yearly tax deductions. Free state tax You do this by depreciating your property, that is, by deducting some of your cost on your tax return each year. Free state tax You can depreciate both tangible property, such as a car, building, or machinery, and certain intangible property, such as a copyright or a patent. Free state tax The amount you can deduct depends on: How much the property cost, When you began using it, How long it will take to recover your cost, and Which of several depreciation methods you use. Free state tax Depreciation defined. Free state tax Depreciation is a loss in the value of property over the time the property is being used. Free state tax Events that can cause property to depreciate include wear and tear, age, deterioration, and obsolescence. Free state tax You can get back your cost of certain property, such as equipment you use in your business or property used for the production of income by taking deductions for depreciation. Free state tax Black's Law Dictionary Amortization. Free state tax Amortization is similar to depreciation. Free state tax Using amortization, you can recover your cost or basis in certain property proportionately over a specific number of years or months. Free state tax Examples of costs you can amortize are the costs of starting a business, reforestation, and pollution control facilities. Free state tax You can find information on amortization inchapter 12 of Publication 535, Business Expenses. Free state tax Alternative minimum tax. Free state tax If you use accelerated depreciation for real property, or personal property that is leased to others, you may be liable for the alternative minimum tax. Free state tax Accelerated depreciation is any method, that allows recovery at a faster rate in the earlier years than the straight line method. Free state tax For more information, you may wish to see the following: Form 6251, Alternative Minimum Tax-Individuals, and Publication 542, Tax Information on Corporations. Free state tax Ordering publications and forms. Free state tax To order free publications and forms, 1-800-TAX-FORM (1-800-829-3676). Free state tax You can also write to the IRS Forms Distribution Center nearest you. Free state tax Check your income tax package for the address. Free state tax If you have access to a personal computer and a modem, you can also get many forms and publications electronically. Free state tax See How To Get Forms and Publications in your income tax package for details. Free state tax Telephone help. Free state tax You can call the IRS with your tax question Monday through Friday during regular business hours. Free state tax Check your telephone book for the local number or you can call1-800-829-1040. Free state tax Telephone help for hearing-impaired persons. Free state tax If you have access to TDD equipment, you can call 1-800-829-4059 with your tax question or to order forms and publications. Free state tax See your tax package for the hours of operation. Free state tax How To Use This Publication This publication describes the kinds of property that can be depreciated and the methods used to figure depreciation on property placed in service before 1987. Free state tax It is divided into three chapters and contains an appendix. Free state tax Chapter 1 explains the rules for depreciating property under the Accelerated Cost Recovery System (ACRS). Free state tax Chapter 2 explains the rules for depreciating property first used before 1981. Free state tax Chapter 3 explains the rules for listed property. Free state tax Also this chapter defines listed property. Free state tax The appendix contains the ACRS Percentage Tables. Free state tax Prev Up Next Home More Online Publications
Beware of Scams Affecting Your Phone Bill
"Slamming" occurs when a phone company illegally switches your phone service without your permission. If you notice a different company name on your bill or see phone charges that are higher than normal, take action:
- Contact the company that slammed you and ask to be switched back to your original company. Tell the company you are exercising your right to refuse to pay any charges.
- Report the problem to your original company and ask to be enrolled in your previous calling plan. If you're unable to resolve your complaint, contact the FCC.
"Cramming" occurs when companies add charges to your telephone bill without your permission. These charges may be for services such as voice mail, ringtones, or club memberships. You may not notice these monthly charges because they are relatively small, $5 to $30, and look like your regular phone charges.
Take These Steps to Avoid Slammers and Crammers:
- Block changes to your phone service. Ask your telephone service provider if they offer a blocking service, which usually requires the company to notify you before making any changes to your service.
- Read the fine print on contest entry forms and coupons. You could be agreeing to switch your phone service or buy optional services.
- Watch out for impostors. Companies could falsely claim to be your regular phone company and offer some type of discount plan or change in billing. They might also say they are taking a survey or pretend to be a government agency.
- Beware of "negative option notices". You can be switched or signed up for optional services unless you say "NO" to telemarketers.
- Examine your telephone bill carefully, including pages that show the details, and look for suspicious charges.
Your phone service cannot be shut off for refusal to pay for unauthorized services. For help, contact your local or state consumer protection agency, state public utilities commission, or the FCC.
Beware: Caller ID Spoofing
Scammers have adopted the practice of Caller ID spoofing to obtain personal information from consumers. In this fraud, someone calls you using a false name and phone number for the Caller ID screen. During the call, the scammer describes an urgent scenario, such as the cancellation of an account. The caller may say you can avoid the cancellation if you provide your bank account or credit card number to pay the company. If you give the sensitive information, he can use it to steal your identity, or use your bank accounts.
You can prevent being a victim of caller ID spoofing. Don’t give out personal information on an incoming call. Hang up and call the customer service phone number printed on your statement, the company’s website or in the phonebook.
Report caller ID spoofers to the Federal Communications Commission online or 1-888-225-5322.
Beware: GPS Enabled Apps on Your Mobile Phone
GPS enabled apps on mobile phones make it easy to share your fun adventures through social media. Some apps let others know your general vicinity, while others allow you to virtually “check in” at your favorite places so that you can earn free merchandise. Beware: this same information in the wrong hands can make you vulnerable to stalking, home burglary, or worse. Take advantage of the privacy settings on these apps and only share your location with people that you know and trust.