File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

Free Tax Act

Can I Efile A 2011 Tax ReturnHow To Amend Tax ReturnTax Amendment FormsIncome Tax For StudentsIllinois State Tax Forms 2011Tax Form 1040x More:label_tax_20form_201040x More:bizfinanceFree File 1040ez FormH&r Block Free Tax PreperationAmendment To Tax ReturnTax Planning Us 1040Tax Return FormAmendedPrintable 1040ez Form1040 Ez FormsHand R Block Taxes2014 1040 Ez FormHow Do I File My 2011 Taxes Online1040ezformH & R Block Advantage Free FileFile State Tax Return FreeIncome Tax PreparationIrs GovIrs.gov Forms 1040x1040nr Ez 2010 FormFiling An Ammended ReturnIrs Free File 2012Form 1040nr 2011Form 1040ez 2013Standard Deduction For Form 1040Filing 1040nr OnlineWhere Do I Send My 2012 Tax ReturnHr Block Taxes OnlineFree TaxesFiling 1040x OnlineMass Income State Tax FormsIrs Forms 1040ez1040ez Com2012 1040ez FormIrs Free Tax FilingFree Tax Filing 2012 Online

Free Tax Act

Free tax act 2. Free tax act   Maximum Amount Contributable (MAC) Table of Contents Components of Your MAC How Do I Figure My MAC?Elective deferrals only. Free tax act Nonelective contributions only. Free tax act Elective deferrals and nonelective contributions. Free tax act When Should I Figure My MAC? Throughout this publication, the limit on the amount that can be contributed to your 403(b) account for any year is referred to as your maximum amount contributable (MAC). Free tax act This chapter: Introduces the components of your MAC, Tells you how to figure your MAC, and Tells you when to figure your MAC. Free tax act Components of Your MAC Generally, before you can determine your MAC, you must first figure the components of your MAC. Free tax act The components of your MAC are: The limit on annual additions (chapter 3), and The limit on elective deferrals (chapter 4). Free tax act How Do I Figure My MAC? Generally, contributions to your 403(b) account are limited to the lesser of: The limit on annual additions, or The limit on elective deferrals. Free tax act Depending upon the type of contributions made to your 403(b) account, only one of the limits may apply to you. Free tax act Which limit applies. Free tax act   Whether you must apply one or both of the limits depends on the type of contributions made to your 403(b) account during the year. Free tax act Elective deferrals only. Free tax act   If the only contributions made to your 403(b) account during the year were elective deferrals made under a salary reduction agreement, you will need to figure both of the limits. Free tax act Your MAC is the lesser of the two limits. Free tax act Nonelective contributions only. Free tax act   If the only contributions made to your 403(b) account during the year were nonelective contributions (employer contributions not made under a salary reduction agreement), you will only need to figure the limit on annual additions. Free tax act Your MAC is the limit on annual additions. Free tax act Elective deferrals and nonelective contributions. Free tax act   If the contributions made to your 403(b) account were a combination of both elective deferrals made under a salary reduction agreement and nonelective contributions (employer contributions not made under a salary reduction agreement), you will need to figure both limits. Free tax act Your MAC is the limit on the annual additions. Free tax act   You need to figure the limit on elective deferrals to determine if you have excess elective deferrals, which are explained in chapter 7. Free tax act Worksheets. Free tax act   Worksheets are available in chapter 9 to help you figure your MAC. Free tax act When Should I Figure My MAC? At the beginning of 2014, you should refigure your 2013 MAC based on your actual compensation for 2013. Free tax act This will allow you to determine if the amount that has been contributed to your 403(b) account for 2013 has exceeded the allowable limits. Free tax act In some cases, this will allow you to avoid penalties and additional taxes. Free tax act See chapter 7. Free tax act Generally, you should figure your MAC for the current year at the beginning of each tax year using a conservative estimate of your compensation. Free tax act If your compensation changes during the year, you should refigure your MAC based on a revised conservative estimate. Free tax act By doing this, you will be able to determine if contributions to your 403(b) account can be increased or should be decreased for the year. Free tax act Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

Tax Information For Corporations

Abusive Tax Shelters and Transactions
The Internal Revenue Service has a comprehensive strategy in place to combat abusive tax shelters and transactions. This strategy includes guidance on abusive transactions, regulations governing tax shelters, a hotline for taxpayers to use to report abusive technical transactions, and enforcement activity against abusive tax shelter promoters and investors.

Additional Guidance on IRC Section 168(k)(4) Election to Accelerate Research Credits
A taxpayer with a taxable year end of June 30, is allowed the option provided by section 3.02(1)(a)(i)(I) and (II) of Rev. Proc. 2009-16 if such taxpayer files its original federal income tax return for such taxable year on or before March 11, 2009, consistent with the option available to a taxpayer who files its original federal income tax return after March 11, 2009.

Alternative Motor Vehicle Credit
The Alternative Fuel Motor Vehicle Credit was enacted by the Energy Policy Act of 2005 and includes separate credits for four distinct categories of vehicles: Hybrid vehicles, Fuel Cell vehicles, Qualified Alternative Fuel Motor vehicles (QAFMV) and Advanced Lean Burn Technology vehicles. The amount of the potential credit varies by type of vehicle and which of the four credits applies.

Corporate Executive Compliance
The Internal Revenue Service is taking steps to improve tax compliance by corporations and their executive employees. One area of emphasis is executive compensation, for which audit technique guides have been developed for use by agents in examining tax returns filed by corporations and executives.

e-file for Large Business and International (LB&I)
Certain large business and International (LB&I) corporations are required to electronically file their Forms 1120 and 1120S. Other corporations may do so voluntarily. This site provides e-file information for corporations that prepare and transmit their own electronic corporate income tax returns and those that use the services of third party tax professionals.

FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes"
FIN 48 is intended to eliminate inconsistency in accounting for uncertain tax positions in financial statements certified in accordance with U.S. GAAP and mandates new rules for recognition, de-recognition, measurement, and disclosure of tax positions.

Fast Track Settlement
The LB&I / Appeals Fast Track Settlement program is a joint effort between the Large Business and International (LB&I) Division and Appeals to use the mediation skills and delegated settlement authority of Appeals to resolve issues while still under LB&I jurisdiction.

Filing Requirements for Filing Status Change (revised 11-15-11)
Guidance for taxpayers requesting to change their filing status from a C Corporation (filing Form 1120) to an S Corporation (filing Form 1120S).

Foreign Account Tax Compliance Act
FATCA will increase information reporting by foreign financial institutions, non-financial foreign entities, and certain U.S. persons holding financial assets outside the United States.

Forms 5471 - Automatic Assessment of Penalties under IRC Section 6038(b)(1)
Beginning January 1, 2009, the Internal Revenue Service Center will automatically assert appropriate penalties on late filed Forms 1120 with Forms 5471 attached. Taxpayers are encouraged to submit delinquent Forms 5471 prior to January 1, 2009.

Form 8806 - Information Return for Acquisition of Control or Substantial Change in Capital Structure
Pursuant to the provisions of Temporary Regulation § 1.6043-4T(a), requiring reporting of certain acquisitions of control and substantial changes in capital structure, corporations can consent to the publication by the IRS of the information from their Form 8806.

Income from Abroad is Taxable
There have been recent reports about the interest of the Internal Revenue Service (IRS) in taxpayers with bank accounts in Liechtenstein. The IRS' interest, however, extends beyond bank accounts in Liechtenstein to financial accounts anywhere in the world. The IRS reminds you to report your worldwide income on your U.S. tax return and lists the possible consequences of hiding income overseas.

Index of Large Business and International (LB&I) Division Industry Overviews
The LB&I Industry Overview Series, designed to provide LB&I employees greater awareness of various industries, contain information on industry background, trends, and terms, accounting principles, information systems, industry operating procedures, government regulatory requirements, significant law and important issues and industry resources.

Industry Issue Resolution Program
The Industry Issue Resolution (IIR) Program resolves frequently disputed or burdensome tax issues. IRS solicits suggestions for issues for the program from taxpayers, representatives and associations.

International Businesses
Provides links to information on a variety of International topics including Tax Treaties, Know-Your-Customer (KYC) Rules, Transfer Pricing and Qualified Intermediaries (QI).

The International Tax Gap
Find resources on this page pertaining to the international tax gap — the difference between the amount of tax that taxpayers should pay and the amount that is paid voluntarily and on time. The tax gap can also be thought of as the sum of non-compliance with the tax law.

Limited Issue Focused Examination (LIFE)
The IRS Large Business and International (LB&I) Division is implementing a new streamlined examination process.

LB&I Technical Resources and Guidance
Coordinated issue papers, Industry Director guidance, audit technique guides and other documents provide technical information and guidance on complex tax law and administrative issues affecting the LB&I division and LB&I taxpayers.

New Identification Number Implemented for Certain Foreign Information Returns
New Identification Number Implemented for Certain Foreign Information Returns

Pre-Filing Agreement Program
The Pre-Filing Agreement Program is expected to reduce taxpayer burden and make more effective use of IRS resources by resolving or eliminating tax controversy earlier in the examination process.

Quality Examination Process
The Quality Examination Process (QEP) is a systematic approach for engaging and involving Large Business and International (LB&I) taxpayers in the tax examination process, from the earliest planning stages through resolution of all issues and completion of the case.

Report of Foreign Bank and Financial Accounts (FBAR)
If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service.

S Corporations
An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation.

Schedule M-3 for Large Business & International (LB&I)
Schedule M-3 is used by certain corporations and partnerships to reconcile financial accounting net income and taxable income. Affected corporations and partnerships are those with assets of $10 million or more that file Form 1120, 1120-PC, 1120-L, 1120S, or 1065. Certain other partnerships filing Form 1065 are also required to use the Schedule M-3.

2008 Changes to Form 1065 - Frequently Asked Questions
Form 1065 has a number of changes for 2008. For example, Schedule B and Schedule K-1 require reporting of ownership percentages. The FAQ page on Form 1065 changes offers helpful examples.

U.S./Germany Tax Treaty Modified to Include Mandatory Arbitration in Certain Circumstances
A new Protocol modifying certain provisions of the income tax treaty between the U.S. and Germany came into force on Dec. 28, 2007. It modifies Article 25 Mutual Agreement Procedure (MAP) to provide for mandatory arbitration of certain cases in the MAP. This announcement provides interim guidance for the “commencement date” for MAP case arbitration until a formal mutual agreement is published.

Uncertain Tax Positions - Schedule UTP
IRS finalized Schedule UTP & instructions for reporting uncertain tax positions by certain corporations.

Page Last Reviewed or Updated: 30-Mar-2014

The Free Tax Act

Free tax act Publication 946 - Additional Material Table of Contents Appendix B — Table of Class Lives and Recovery PeriodsHow To Use the Tables This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Appendix A Please click here for the text description of the image. Free tax act Table A-1 and A-2 Please click here for the text description of the image. Free tax act Table A-3 and A-4 Please click here for the text description of the image. Free tax act Table A-5 and A-6 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-7 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-8 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-8 (continued) This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-9 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-9 (continued) This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-10 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A–10 (continued) This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-11 Please click here for the text description of the image. Free tax act Table A-11 (continued) This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-12 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-12 (continued) This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-13, A-14 and A-14 (continued. Free tax act 1) Please click here for the text description of the image. Free tax act Table A-14 (continued. Free tax act 2) Please click here for the text description of the image. Free tax act Table A-15 Please click here for the text description of the image. Free tax act Table A-15 (continued) Please click here for the text description of the image. Free tax act Table A-16 Please click here for the text description of the image. Free tax act Table A-16 (continued) This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-17 Please click here for the text description of the image. Free tax act Table A-17 (continued) Please click here for the text description of the image. Free tax act Table A-18 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-18 (continued) This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table A-19 and Table A-20 Please click here for the text description of the image. Free tax act Quality Indian Reservation Property Tables Please click here for the text description of the image. Free tax act Qualified Indian Reservation Property Tables 2 Appendix B — Table of Class Lives and Recovery Periods The Table of Class Lives and Recovery Periods has two sections. Free tax act The first section, Specific Depreciable Assets Used In All Business Activities, Except As Noted, generally lists assets used in all business activities. Free tax act It is shown as Table B-1. Free tax act The second section, Depreciable Assets Used In The Following Activities, describes assets used only in certain activities. Free tax act It is shown as Table B-2. Free tax act How To Use the Tables You will need to look at both Table B-1 and B-2 to find the correct recovery period. Free tax act Generally, if the property is listed in Table B-1 you use the recovery period shown in that table. Free tax act However, if the property is specifically listed in Table B-2 under the type of activity in which it is used, you use the recovery period listed under the activity in that table. Free tax act Use the tables in the order shown below to determine the recovery period of your depreciable property. Free tax act Table B-1. Free tax act   Check Table B-1 for a description of the property. Free tax act If it is described in Table B-1, also check Table B-2 to find the activity in which the property is being used. Free tax act If the activity is described in Table B-2, read the text (if any) under the title to determine if the property is specifically included in that asset class. Free tax act If it is, use the recovery period shown in the appropriate column of Table B-2 following the description of the activity. Free tax act If the activity is not described in Table B-2 or if the activity is described but the property either is not specifically included in or is specifically excluded from that asset class, then use the recovery period shown in the appropriate column following the description of the property in Table B-1. Free tax act Tax-exempt use property subject to a lease. Free tax act   The recovery period for ADS cannot be less than 125 percent of the lease term for any property leased under a leasing arrangement to a tax-exempt organization, governmental unit, or foreign person or entity (other than a partnership). Free tax act Table B-2. Free tax act   If the property is not listed in Table B-1, check Table B-2 to find the activity in which the property is being used and use the recovery period shown in the appropriate column following the description. Free tax act Property not in either table. Free tax act   If the activity or the property is not included in either table, check the end of Table B-2 to find Certain Property for Which Recovery Periods Assigned. Free tax act This property generally has a recovery period of 7 years for GDS or 12 years for ADS. Free tax act See Which Property Class Applies Under GDS and Which Recovery Period Applies in chapter 4 for the class lives or the recovery periods for GDS and ADS for the following. Free tax act Residential rental property and nonresidential real property (also see Appendix A, Chart 2). Free tax act Qualified rent-to-own property. Free tax act A motorsport entertainment complex placed in service before January 1, 2014. Free tax act Any retail motor fuels outlet. Free tax act Any qualified leasehold improvement property placed in service before January 1, 2014. Free tax act Any qualified restaurant property placed in service before January 1, 2014. Free tax act Initial clearing and grading land improvements for gas utility property and electric utility transmission and distribution plants. Free tax act Any water utility property. Free tax act Certain electric transmission property used in the transmission at 69 or more kilovolts of electricity for sale and placed in service after April 11, 2005. Free tax act Natural gas gathering and distribution lines placed in service after April 11, 2005. Free tax act Example 1. Free tax act Richard Green is a paper manufacturer. Free tax act During the year, he made substantial improvements to the land on which his paper plant is located. Free tax act He checks Table B-1 and finds land improvements under asset class 00. Free tax act 3. Free tax act He then checks Table B-2 and finds his activity, paper manufacturing, under asset class 26. Free tax act 1, Manufacture of Pulp and Paper. Free tax act He uses the recovery period under this asset class because it specifically includes land improvements. Free tax act The land improvements have a 13-year class life and a 7-year recovery period for GDS. Free tax act If he elects to use ADS, the recovery period is 13 years. Free tax act If Richard only looked at Table B-1, he would select asset class 00. Free tax act 3, Land Improvements, and incorrectly use a recovery period of 15 years for GDS or 20 years for ADS. Free tax act Example 2. Free tax act Sam Plower produces rubber products. Free tax act During the year, he made substantial improvements to the land on which his rubber plant is located. Free tax act He checks Table B-1 and finds land improvements under asset class 00. Free tax act 3. Free tax act He then checks Table B-2 and finds his activity, producing rubber products, under asset class 30. Free tax act 1, Manufacture of Rubber Products. Free tax act Reading the headings and descriptions under asset class 30. Free tax act 1, Sam finds that it does not include land improvements. Free tax act Therefore, Sam uses the recovery period under asset class 00. Free tax act 3. Free tax act The land improvements have a 20-year class life and a 15-year recovery period for GDS. Free tax act If he elects to use ADS, the recovery period is 20 years. Free tax act Example 3. Free tax act Pam Martin owns a retail clothing store. Free tax act During the year, she purchased a desk and a cash register for use in her business. Free tax act She checks Table B-1 and finds office furniture under asset class 00. Free tax act 11. Free tax act Cash registers are not listed in any of the asset classes in Table B-1. Free tax act She then checks Table B-2 and finds her activity, retail store, under asset class 57. Free tax act 0, Distributive Trades and Services, which includes assets used in wholesale and retail trade. Free tax act This asset class does not specifically list office furniture or a cash register. Free tax act She looks back at Table B-1 and uses asset class 00. Free tax act 11 for the desk. Free tax act The desk has a 10-year class life and a 7-year recovery period for GDS. Free tax act If she elects to use ADS, the recovery period is 10 years. Free tax act For the cash register, she uses asset class 57. Free tax act 0 because cash registers are not listed in Table B-1 but it is an asset used in her retail business. Free tax act The cash register has a 9-year class life and a 5-year recovery period for GDS. Free tax act If she elects to use the ADS method, the recovery period is 9 years. Free tax act This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table B-1 Please click here for the text description of the image. Free tax act Table B-2 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table B-2 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table B-2 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table B-2 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table B-2 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table B-2 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table B-2 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table B-2 This image is too large to be displayed in the current screen. Free tax act Please click the link to view the image. Free tax act Table B-2 Tax Publications for Business Taxpayers Prev  Up  Next   Home   More Online Publications