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Free Tax Amendment

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Free Tax Amendment

Free tax amendment 5. Free tax amendment   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. Free tax amendment Making the election. Free tax amendment Form 3115. Free tax amendment Income TaxesAccrual of contested income taxes. Free tax amendment Employment Taxes Other TaxesAdditional Medicare Tax. Free tax amendment What's New Additional Medicare Tax. Free tax amendment  Beginning in 2013, you must withhold a 0. Free tax amendment 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Free tax amendment Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. Free tax amendment See Employment Taxes , and Self-employment tax , later. Free tax amendment Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. Free tax amendment You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. Free tax amendment Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. Free tax amendment When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. Free tax amendment This applies whether you use the cash method or an accrual method of accounting. Free tax amendment Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. Free tax amendment You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . Free tax amendment Limit on accrual of taxes. Free tax amendment   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. Free tax amendment However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. Free tax amendment Example. Free tax amendment Your state imposes a tax on personal property used in a trade or business conducted in the state. Free tax amendment This tax is assessed and becomes a lien as of July 1 (accrual date). Free tax amendment In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. Free tax amendment Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. Free tax amendment You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. Free tax amendment Uniform capitalization rules. Free tax amendment   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. Free tax amendment They also apply to certain taxpayers who acquire property for resale. Free tax amendment Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. Free tax amendment For more information, see chapter 1. Free tax amendment Carrying charges. Free tax amendment   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. Free tax amendment You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. Free tax amendment For more information, see chapter 7. Free tax amendment Refunds of taxes. Free tax amendment   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. Free tax amendment For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. Free tax amendment    You must include in income any interest you receive on tax refunds. Free tax amendment Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. Free tax amendment The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. Free tax amendment Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. Free tax amendment See Taxes for local benefits , later. Free tax amendment If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. Free tax amendment However, you can elect to ratably accrue the taxes during the year. Free tax amendment See Electing to ratably accrue , later. Free tax amendment Taxes for local benefits. Free tax amendment   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. Free tax amendment These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. Free tax amendment You should increase the basis of your property by the amount of the assessment. Free tax amendment   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. Free tax amendment If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. Free tax amendment Example. Free tax amendment To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. Free tax amendment The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. Free tax amendment The city is paying the principal and interest with the annual payments made by the property owners. Free tax amendment The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. Free tax amendment The part of the payments used to pay the interest charges on the bonds is deductible as taxes. Free tax amendment Charges for services. Free tax amendment   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. Free tax amendment Purchase or sale of real estate. Free tax amendment   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. Free tax amendment   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. Free tax amendment Treat the seller as paying the taxes up to but not including the date of sale. Free tax amendment Treat the buyer as paying the taxes beginning with the date of sale. Free tax amendment You can usually find this information on the settlement statement you received at closing. Free tax amendment   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. Free tax amendment Example. Free tax amendment Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. Free tax amendment He has not elected to ratably accrue property taxes. Free tax amendment November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. Free tax amendment He sold the property on June 30, 2013. Free tax amendment Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. Free tax amendment He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. Free tax amendment Electing to ratably accrue. Free tax amendment   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. Free tax amendment Example. Free tax amendment Juan Sanchez is a calendar year taxpayer who uses an accrual method. Free tax amendment His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. Free tax amendment July 1 is the assessment and lien date. Free tax amendment If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. Free tax amendment Separate elections. Free tax amendment   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. Free tax amendment Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. Free tax amendment See Form 3115 , later. Free tax amendment Making the election. Free tax amendment   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. Free tax amendment The statement should show all the following items. Free tax amendment The trades or businesses to which the election applies and the accounting method or methods used. Free tax amendment The period to which the taxes relate. Free tax amendment The computation of the real estate tax deduction for that first year. Free tax amendment   Generally, you must file your return by the due date (including extensions). Free tax amendment However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). Free tax amendment Attach the statement to the amended return and write “Filed pursuant to section 301. Free tax amendment 9100-2” on the statement. Free tax amendment File the amended return at the same address where you filed the original return. Free tax amendment Form 3115. Free tax amendment    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. Free tax amendment For more information, including applicable time frames for filing, see the Instructions for Form 3115. Free tax amendment Note. Free tax amendment If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. Free tax amendment R. Free tax amendment B. Free tax amendment 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. Free tax amendment R. Free tax amendment B. Free tax amendment 689, and Revenue Procedure 2012-20, 2012-14 I. Free tax amendment R. Free tax amendment B. Free tax amendment 700, or any successor. Free tax amendment Revenue Procedure 2011-14 is available at  www. Free tax amendment irs. Free tax amendment gov/irb/2011-04IRB/ar08. Free tax amendment html. Free tax amendment Income Taxes This section discusses federal, state, local, and foreign income taxes. Free tax amendment Federal income taxes. Free tax amendment   You cannot deduct federal income taxes. Free tax amendment State and local income taxes. Free tax amendment   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. Free tax amendment An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). Free tax amendment   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. Free tax amendment Accrual of contested income taxes. Free tax amendment   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. Free tax amendment   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. Free tax amendment You cannot deduct them in the year in which the liability is finally determined. Free tax amendment    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. Free tax amendment Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. Free tax amendment   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. Free tax amendment You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. Free tax amendment For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. Free tax amendment Foreign income taxes. Free tax amendment   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. Free tax amendment S. Free tax amendment possession. Free tax amendment However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. Free tax amendment S. Free tax amendment tax under the foreign earned income exclusion or the foreign housing exclusion. Free tax amendment For information on these exclusions, see Publication 54, Tax Guide for U. Free tax amendment S. Free tax amendment Citizens and Resident Aliens Abroad. Free tax amendment For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. Free tax amendment Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. Free tax amendment Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. Free tax amendment You may also need to pay certain employment taxes from your own funds. Free tax amendment These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. Free tax amendment Note. Free tax amendment Additional Medicare Tax is only imposed on the employee. Free tax amendment There is no employer share of Additional Medicare Tax. Free tax amendment Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. Free tax amendment You can deduct the employment taxes you must pay from your own funds as taxes. Free tax amendment Example. Free tax amendment You pay your employee $18,000 a year. Free tax amendment However, after you withhold various taxes, your employee receives $14,500. Free tax amendment You also pay an additional $1,500 in employment taxes. Free tax amendment You should deduct the full $18,000 as wages. Free tax amendment You can deduct the $1,500 you pay from your own funds as taxes. Free tax amendment For more information on employment taxes, see Publication 15 (Circular E). Free tax amendment Unemployment fund taxes. Free tax amendment   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. Free tax amendment Deduct these payments as taxes. Free tax amendment Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. Free tax amendment Excise taxes. Free tax amendment   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. Free tax amendment However, see Fuel taxes , later. Free tax amendment   For more information on excise taxes, see Publication 510. Free tax amendment Franchise taxes. Free tax amendment   You can deduct corporate franchise taxes as a business expense. Free tax amendment Fuel taxes. Free tax amendment   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. Free tax amendment Do not deduct these taxes as a separate item. Free tax amendment   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. Free tax amendment For more information, see Publication 510. Free tax amendment Occupational taxes. Free tax amendment   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. Free tax amendment Personal property tax. Free tax amendment   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. Free tax amendment Sales tax. Free tax amendment   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. Free tax amendment If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. Free tax amendment If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. Free tax amendment If the property is depreciable, add the sales tax to the basis for depreciation. Free tax amendment For more information on basis, see Publication 551. Free tax amendment    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. Free tax amendment Also, do not include these taxes in gross receipts or sales. Free tax amendment Self-employment tax. Free tax amendment   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. Free tax amendment This deduction only affects your income tax. Free tax amendment It does not affect your net earnings from self-employment or your self-employment tax. Free tax amendment   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). Free tax amendment   For more information on self-employment tax, see Publication 334. Free tax amendment Additional Medicare Tax. Free tax amendment   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. Free tax amendment See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. Free tax amendment Prev  Up  Next   Home   More Online Publications
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The Free Tax Amendment

Free tax amendment Publication 524 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. Free tax amendment Tax questions. Free tax amendment Useful Items - You may want to see: Reminders Future developments. Free tax amendment  For the latest information about developments related to Publication 524, such as legislation enacted after it was published, go to www. Free tax amendment irs. Free tax amendment gov/pub524. Free tax amendment Photographs of missing children. Free tax amendment  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free tax amendment Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free tax amendment 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 tax amendment Introduction If you qualify, you may be able to reduce the tax you owe by taking the credit for the elderly or the disabled. Free tax amendment This publication explains: Who qualifies for the credit for the elderly or the disabled, and How to figure the credit. Free tax amendment You may be able to take the credit for the elderly or the disabled if: You are age 65 or older at the end of 2013, or You retired on permanent and total disability and have taxable disability income. Free tax amendment Comments and suggestions. Free tax amendment   We welcome your comments about this publication and your suggestions for future editions. Free tax amendment   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free tax amendment NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free tax amendment Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free tax amendment   You can send your comments from www. Free tax amendment irs. Free tax amendment gov/formspubs/. Free tax amendment Click on “More Information” and then on “Comment on Tax Forms and Publications”. Free tax amendment   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 tax amendment Ordering forms and publications. Free tax amendment   Visit www. Free tax amendment irs. Free tax amendment 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 tax amendment Internal Revenue Service 1201 N. Free tax amendment Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Free tax amendment   If you have a tax question, check the information available on IRS. Free tax amendment gov or call 1-800-829-1040. Free tax amendment We cannot answer tax questions sent to either of the above addresses. Free tax amendment Useful Items - You may want to see: Publication 554 Tax Guide for Seniors Form (and instruction) Schedule R (Form 1040A or 1040) Credit for the Elderly or the Disabled See How To Get Tax Help , near the end of this publication, for information about getting this publication and form. Free tax amendment Prev  Up  Next   Home   More Online Publications