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Free State Tax

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Free State Tax

Free state tax Publication 550 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Free state tax Tax questions. Free state tax Future Developments For the latest information about developments related to Publication 550, such as legislation enacted after it was published, go to www. Free state tax irs. Free state tax gov/pub550. Free state tax What's New Net investment income tax (NIIT). Free state tax  Beginning in 2013, you may be subject to the NIIT. Free state tax The NIIT applies at a rate of 3. Free state tax 8% to certain net investment income of individuals, estates, and trusts that have income above statutory threshold amounts. Free state tax See Net investment income tax (NIIT) , later. Free state tax Maximum capital gain rates. Free state tax  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Free state tax See Capital Gain Tax Rates , later, for more information. Free state tax Gift tax exclusion amount increased. Free state tax  For calendar year 2013, the first $14,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts. Free state tax See Property Received as a Gift , later. Free state tax Reminders Mutual fund distributions. Free state tax  Publication 564, Mutual Fund Distributions, has been incorporated into this publication. Free state tax Foreign source income. Free state tax  If you are a U. Free state tax S. Free state tax citizen with investment income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Free state tax S. Free state tax law. Free state tax This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Free state tax Employee stock options. Free state tax  If you received an option to buy or sell stock or other property as payment for your services, see Publication 525, Taxable and Nontaxable Income, for the special tax rules that apply. Free state tax Photographs of missing children. Free state tax  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free state tax Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free state tax You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Free state tax Introduction This publication provides information on the tax treatment of investment income and expenses. Free state tax It includes information on the tax treatment of investment income and expenses for individual shareholders of mutual funds or other regulated investment companies, such as money market funds. Free state tax It explains what investment income is taxable and what investment expenses are deductible. Free state tax It explains when and how to show these items on your tax return. Free state tax It also explains how to determine and report gains and losses on the disposition of investment property and provides information on property trades and tax shelters. Free state tax The glossary at the end of this publication defines many of the terms used. Free state tax Investment income. Free state tax   This generally includes interest, dividends, capital gains, and other types of distributions including mutual fund distributions. Free state tax Investment expenses. Free state tax   These include interest paid or incurred to acquire investment property and expenses to manage or collect income from investment property. Free state tax Qualified retirement plans and IRAs. Free state tax   The rules in this publication do not apply to mutual fund shares held in individual retirement arrangements (IRAs), section 401(k) plans, and other qualified retirement plans. Free state tax The value of the mutual fund shares and earnings allocated to you are included in your retirement plan assets and stay tax free generally until the plan distributes them to you. Free state tax The tax rules that apply to retirement plan distributions are explained in the following publications. Free state tax Publication 560, Retirement Plans for Small Business. Free state tax Publication 571, Tax-Sheltered Annuity Plans. Free state tax Publication 575, Pension and Annuity Income. Free state tax Publication 590, Individual Retirement Arrangements (IRAs). Free state tax Publication 721, Tax Guide to U. Free state tax S. Free state tax Civil Service Retirement Benefits. Free state tax    Comments and suggestions. Free state tax   We welcome your comments about this publication and your suggestions for future editions. Free state tax   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free state tax NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free state tax Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free state tax   You can send your comments from www. Free state tax irs. Free state tax gov/formspubs/. Free state tax Click on “More Information” and then on “Comment on Tax Forms and Publications. Free state tax ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Free state tax Ordering forms and publications. Free state tax   Visit www. Free state tax irs. Free state tax gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Free state tax Internal Revenue Service 1201 N. Free state tax Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Free state tax   If you have a tax question, check the information available on IRS. Free state tax gov or call 1-800-829-1040. Free state tax We cannot answer tax questions sent to either of the above addresses. Free state tax Prev  Up  Next   Home   More Online Publications
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Self-Employed Individuals Tax Center

Who is Self-Employed?

Generally, you are self-employed if any of the following apply to you.

What are My Self-Employed Tax Obligations?

As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly.

Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. In general, anytime the wording "self-employment tax" is used, it only refers to Social Security and Medicare taxes and not any other tax (like income tax).

Before you can determine if you are subject to self-employment tax and income tax, you must figure your net profit or net loss from your business. You do this by subtracting your business expenses from your business income. If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040. If your expenses are more than your income, the difference is a net loss. You usually can deduct your loss from gross income on page 1 of Form 1040. But in some situations your loss is limited. See Pub. 334, Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) for more information.

You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions (PDF).

How Do I Make My Quarterly Payments?

Estimated tax is the method used to pay Social Security and Medicare taxes and income tax, because you do not have an employer withholding these taxes for you. Form 1040-ES, Estimated Tax for Individuals (PDF), is used to figure these taxes. Form 1040-ES contains a worksheet that is similar to Form 1040. You will need your prior year’s annual tax return in order to fill out Form 1040-ES.

Use the worksheet found in Form 1040-ES, Estimated Tax for Individuals to find out if you are required to file quarterly estimated tax.

Form 1040-ES also contains blank vouchers you can use when you mail your estimated tax payments or you may make your payments using the Electronic Federal Tax Payment System (EFTPS). If this is your first year being self-employed, you will need to estimate the amount of income you expect to earn for the year. If you estimated your earnings too high, simply complete another Form 1040-ES worksheet to refigure your estimated tax for the next quarter. If you estimated your earnings too low, again complete another Form 1040-ES worksheet to recalculate your estimated taxes for the next quarter.

See the Estimated Taxes page for more information. The Self-Employment Tax page has more information on Social Security and Medicare taxes.

How Do I File My Annual Return?

To file your annual tax return, you will need to use Schedule C (PDF) or Schedule C-EZ (PDF) to report your income or loss from a business you operated or a profession you practiced as a sole proprietor. Schedule C Instructions (PDF) may be helpful in filling out this form.

Small businesses and statutory employees with expenses of $5,000 or less may be able to file Schedule C-EZ instead of Schedule C. To find out if you can use Schedule C-EZ, see the instructions in the Schedule C-EZ form.

In order to report your Social Security and Medicare taxes, you must file Schedule SE (Form 1040), Self-Employment Tax (PDF). Use the income or loss calculated on Schedule C or Schedule C-EZ to calculate the amount of Social Security and Medicare taxes you should have paid during the year. The Instructions (PDF) for Schedule SE may be helpful in filing out the form.

Business Structures

When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. Visit the Business Structures page to learn more about each type of entity and what forms to file.

Home Office Deduction

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes.

Husband and Wife Business - What is a Qualified Joint Venture?

Husband and Wife Business
The employment tax requirements for family employees may vary from those that apply to other employees. On this page we point out some issues to consider when operating a husband and wife business.

Election for Husband and Wife Unincorporated Businesses
For tax years beginning after December 31, 2006, the Small Business and Work Opportunity Tax Act of 2007 (Public Law 110-28) provides that a "qualified joint venture," whose only members are a husband and wife filing a joint return, can elect not to be treated as a partnership for Federal tax purposes.

Considering a Tax Professional

Tips for Choosing a Tax Return Preparer

Online Learning Tools

The Small Business Taxes: The Virtual Workshop is composed of nine interactive lessons designed to help new small business owners learn their tax rights and responsibilities. The IRS Video Portal contains video and audio presentations on topics of interest to small businesses, individuals and tax professionals.

Page Last Reviewed or Updated: 04-Mar-2014

The Free State Tax

Free state tax 5. Free state tax   How To Get Tax Help Table of Contents 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 state tax Free help with your tax return. Free state tax   You can get free help preparing your return nationwide from IRS-certified volunteers. Free state tax The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Free state tax The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free state tax 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 state tax In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Free state tax To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Free state tax gov, download the IRS2Go app, or call 1-800-906-9887. Free state tax   As part of the TCE program, AARP offers the Tax-Aide counseling program. Free state tax To find the nearest AARP Tax-Aide site, visit AARP's website at www. Free state tax aarp. Free state tax org/money/taxaide or call 1-888-227-7669. Free state tax For more information on these programs, go to IRS. Free state tax gov and enter “VITA” in the search box. Free state tax Internet. Free state tax    IRS. Free state tax gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Free state tax Download the free IRS2Go app from the iTunes app store or from Google Play. Free state tax 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 state tax Check the status of your 2013 refund with the Where's My Refund? application on IRS. Free state tax gov or download the IRS2Go app and select the Refund Status option. Free state tax The IRS issues more than 9 out of 10 refunds in less than 21 days. Free state tax 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 state tax You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free state tax The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free state tax Use the Interactive Tax Assistant (ITA) to research your tax questions. Free state tax No need to wait on the phone or stand in line. Free state tax 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 state tax When you reach the response screen, you can print the entire interview and the final response for your records. Free state tax New subject areas are added on a regular basis. Free state tax  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Free state tax gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Free state tax You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Free state tax The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Free state tax 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 state tax 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 state tax You can also ask the IRS to mail a return or an account transcript to you. Free state tax Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Free state tax gov or by calling 1-800-908-9946. Free state tax Tax return and tax account transcripts are generally available for the current year and the past three years. Free state tax Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Free state tax Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Free state tax 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 state tax Check the status of your amended return using Where's My Amended Return? Go to IRS. Free state tax gov and enter Where's My Amended Return? in the search box. Free state tax You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free state tax It can take up to 3 weeks from the date you mailed it to show up in our system. Free state tax Make a payment using one of several safe and convenient electronic payment options available on IRS. Free state tax gov. Free state tax Select the Payment tab on the front page of IRS. Free state tax gov for more information. Free state tax Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Free state tax Figure your income tax withholding with the IRS Withholding Calculator on IRS. Free state tax gov. Free state tax 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 state tax Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Free state tax gov. Free state tax Request an Electronic Filing PIN by going to IRS. Free state tax gov and entering Electronic Filing PIN in the search box. Free state tax Download forms, instructions and publications, including accessible versions for people with disabilities. Free state tax Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Free state tax gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Free state tax An employee can answer questions about your tax account or help you set up a payment plan. Free state tax Before you visit, check the Office Locator on IRS. Free state tax 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 state tax If you have a special need, such as a disability, you can request an appointment. Free state tax Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Free state tax Apply for an Employer Identification Number (EIN). Free state tax Go to IRS. Free state tax gov and enter Apply for an EIN in the search box. Free state tax Read the Internal Revenue Code, regulations, or other official guidance. Free state tax Read Internal Revenue Bulletins. Free state tax Sign up to receive local and national tax news and more by email. Free state tax Just click on “subscriptions” above the search box on IRS. Free state tax gov and choose from a variety of options. Free state tax Phone. Free state tax   You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Free state tax Download the free IRS2Go app from the iTunes app store or from Google Play. Free state tax Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Free state tax gov, or download the IRS2Go app. Free state tax 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 state tax The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free state tax Most VITA and TCE sites offer free electronic filing. Free state tax Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Free state tax Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Free state tax 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 state tax 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 state tax The IRS issues more than 9 out of 10 refunds in less than 21 days. Free state tax 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 state tax 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 state tax The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free state tax Note, the above information is for our automated hotline. Free state tax 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 state tax Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Free state tax You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free state tax It can take up to 3 weeks from the date you mailed it to show up in our system. Free state tax 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 state tax You should receive your order within 10 business days. Free state tax Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Free state tax 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 state tax Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Free state tax The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Free state tax These individuals can also contact the IRS through relay services such as the Federal Relay Service. Free state tax Walk-in. Free state tax   You can find a selection of forms, publications and services — in-person. Free state tax Products. Free state tax You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Free state tax Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Free state tax Services. Free state tax You can walk in to your local TAC for face-to-face tax help. Free state tax An employee can answer questions about your tax account or help you set up a payment plan. Free state tax Before visiting, use the Office Locator tool on IRS. Free state tax 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 state tax Mail. Free state tax   You can send your order for forms, instructions, and publications to the address below. Free state tax You should receive a response within 10 business days after your request is received. Free state tax Internal Revenue Service 1201 N. Free state tax Mitsubishi Motorway Bloomington, IL 61705-6613   The Taxpayer Advocate Service Is Here to Help You. Free state tax The Taxpayer Advocate Service (TAS) is your voice at the IRS. Free state tax Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Free state tax   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Free state tax 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 state tax You face (or your business is facing) an immediate threat of adverse action. Free state tax You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Free state tax   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 state tax Here's why we can help: TAS is an independent organization within the IRS. Free state tax Our advocates know how to work with the IRS. Free state tax Our services are free and tailored to meet your needs. Free state tax We have offices in every state, the District of Columbia, and Puerto Rico. Free state tax   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 state tax   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Free state tax If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Free state tax Prev  Up  Next   Home   More Online Publications