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How Can I Efile My 2010 Taxes

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How Can I Efile My 2010 Taxes

How can i efile my 2010 taxes 3. How can i efile my 2010 taxes   Claiming the Special Depreciation Allowance Table of Contents Introduction What Is Qualified Property?Qualified Reuse and Recycling Property Qualified Cellulosic Biofuel Plant Property Qualified Disaster Assistance Property Certain Qualified Property Acquired After December 31, 2007 Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance How Much Can You Deduct? How Can You Elect Not To Claim an Allowance? When Must You Recapture an Allowance? Introduction You can take a special depreciation allowance to recover part of the cost of qualified property (defined next), placed in service during the tax year. How can i efile my 2010 taxes The allowance applies only for the first year you place the property in service. How can i efile my 2010 taxes For qualified property placed in service in 2013, you can take an additional 50% special allowance. How can i efile my 2010 taxes The allowance is an additional deduction you can take after any section 179 deduction and before you figure regular depreciation under MACRS for the year you place the property in service. How can i efile my 2010 taxes This chapter explains what is qualified property. How can i efile my 2010 taxes It also includes rules regarding how to figure an allowance, how to elect not to claim an allowance, and when you must recapture an allowance. How can i efile my 2010 taxes Corporations can elect to accelerate certain minimum tax credits in lieu of claiming the special depreciation allowance for eligible qualified property. How can i efile my 2010 taxes See Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance , later. How can i efile my 2010 taxes See chapter 6 for information about getting publications and forms. How can i efile my 2010 taxes What Is Qualified Property? Your property is qualified property if it is one of the following. How can i efile my 2010 taxes Qualified reuse and recycling property. How can i efile my 2010 taxes Qualified cellulosic biofuel plant property. How can i efile my 2010 taxes Qualified disaster assistance property. How can i efile my 2010 taxes Certain qualified property acquired after December 31, 2007. How can i efile my 2010 taxes The following discussions provide information about the types of qualified property listed above for which you can take the special depreciation allowance. How can i efile my 2010 taxes Qualified Reuse and Recycling Property You can take a 50% special depreciation allowance for qualified reuse and recycling property. How can i efile my 2010 taxes Qualified reuse and recycling property is any machinery or equipment (not including buildings or real estate), along with any appurtenance, that is used exclusively to collect, distribute, or recycle qualified reuse and recyclable materials (as defined in section 168(m)(3)(B) of the Internal Revenue Code). How can i efile my 2010 taxes Qualified reuse and recycling property also includes software necessary to operate such equipment. How can i efile my 2010 taxes The property must meet the following requirements. How can i efile my 2010 taxes The property must be depreciated under MACRS. How can i efile my 2010 taxes The property must have a useful life of at least 5 years. How can i efile my 2010 taxes The original use of the property must begin with you after August 31, 2008. How can i efile my 2010 taxes You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after August 31, 2008, with no binding written contract for the acquisition in effect before September 1, 2008. How can i efile my 2010 taxes The property must be placed in service for use in your trade or business after August 31, 2008. How can i efile my 2010 taxes Excepted Property Qualified reuse and recycling property does not include any of the following. How can i efile my 2010 taxes Any rolling stock or other equipment used to transport reuse or recyclable materials. How can i efile my 2010 taxes Property required to be depreciated using the Alternative Depreciation System (ADS). How can i efile my 2010 taxes For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . How can i efile my 2010 taxes Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. How can i efile my 2010 taxes Property for which you elected not to claim any special depreciation allowance (discussed later). How can i efile my 2010 taxes Property placed in service and disposed of in the same tax year. How can i efile my 2010 taxes Property converted from business use to personal use in the same tax year acquired. How can i efile my 2010 taxes Property converted from personal use to business use in the same or later tax year may be qualified reuse and recycling property. How can i efile my 2010 taxes Qualified Cellulosic Biofuel Plant Property You can take a 50% special depreciation allowance for qualified cellulosic biofuel plant property. How can i efile my 2010 taxes Cellulosic biofuel is any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis. How can i efile my 2010 taxes Examples include bagasse (from sugar cane), corn stalks, and switchgrass. How can i efile my 2010 taxes The property must meet the following requirements. How can i efile my 2010 taxes The property is used in the United States solely to produce cellulosic biofuel. How can i efile my 2010 taxes The original use of the property must begin with you after December 20, 2006. How can i efile my 2010 taxes You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after December 20, 2006, with no binding written contract for acquisition in effect before December 21, 2006. How can i efile my 2010 taxes The property must be placed in service for use in your trade or business or for the production of income after October 3, 2008, and before January 3, 2013. How can i efile my 2010 taxes Note. How can i efile my 2010 taxes For property placed in service after January 2, 2013, and before January 1, 2014, you can take a 50% special depreciation allowance for qualified second generation biofuel plant property that is used solely in the United States to produce second generation biofuel (as defined in section 40(b)(6)(E)). How can i efile my 2010 taxes The other requirements for qualified second generation biofuel plant property to be eligible for the special depreciation allowance are identical to the requirements discussed for Qualified Cellulosic Biofuel Plant Property above. How can i efile my 2010 taxes Special Rules Sale-leaseback. How can i efile my 2010 taxes   If you sold qualified cellulosic biofuel plant property you placed in service after October 3, 2008, and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. How can i efile my 2010 taxes   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before December 21, 2006. How can i efile my 2010 taxes Syndicated leasing transactions. How can i efile my 2010 taxes   If qualified cellulosic biofuel plant property is originally placed in service by a lessor after October 3, 2008, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. How can i efile my 2010 taxes   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. How can i efile my 2010 taxes Excepted Property Qualified cellulosic biofuel plant property does not include any of the following. How can i efile my 2010 taxes Property placed in service and disposed of in the same tax year. How can i efile my 2010 taxes Property converted from business use to personal use in the same tax year it is acquired. How can i efile my 2010 taxes Property converted from personal use to business use in the same or later tax year may be qualified cellulosic biomass ethanol plant property. How can i efile my 2010 taxes Property required to be depreciated using the Alternative Depreciation System (ADS). How can i efile my 2010 taxes For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . How can i efile my 2010 taxes Property any portion of which is financed with the proceeds of any obligation the interest on which is exempt from tax under section 103 of the Internal Revenue Code. How can i efile my 2010 taxes Property for which you elected not to claim any special depreciation allowance (discussed later). How can i efile my 2010 taxes Property for which a deduction was taken under section 179C for certain qualified refinery property. How can i efile my 2010 taxes Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. How can i efile my 2010 taxes Qualified Disaster Assistance Property You can take a 50% special depreciation allowance for qualified disaster assistance property placed in service in federally declared disaster areas in which the disaster occurred in 2009. How can i efile my 2010 taxes A list of the federally declared disaster areas is available at the FEMA website at www. How can i efile my 2010 taxes fema. How can i efile my 2010 taxes gov. How can i efile my 2010 taxes Your property is qualified disaster assistance property if it meets the following requirements. How can i efile my 2010 taxes The property is nonresidential real property or residential real property placed in service before January 1, 2014, in a federally declared disaster area in which the disaster occurred in 2009. How can i efile my 2010 taxes You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) on or after the applicable disaster date, with no binding written contract for the acquisition in effect before the applicable disaster date. How can i efile my 2010 taxes The property must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the applicable federally declared disaster. How can i efile my 2010 taxes The property must be similar in nature to, and located in the same county as, the rehabilitated or replaced property. How can i efile my 2010 taxes The original use of the property within the applicable disaster area must have begun with you on or after the applicable disaster date. How can i efile my 2010 taxes The property is placed in service by you on or before the date which is the last day of the fourth calendar year. How can i efile my 2010 taxes Substantially all (80% or more) of the use of the property must be in the active conduct of your trade or business in a federally declared disaster area, occurring in 2009. How can i efile my 2010 taxes It is not excepted property (explained later in Excepted Property ). How can i efile my 2010 taxes Special Rules Sale-leaseback. How can i efile my 2010 taxes   If you sold qualified disaster assistance property you placed in service after the applicable disaster date and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. How can i efile my 2010 taxes   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before the applicable disaster date. How can i efile my 2010 taxes Syndicated leasing transactions. How can i efile my 2010 taxes   If qualified disaster assistance property is originally placed in service by a lessor after the applicable disaster date, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. How can i efile my 2010 taxes   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. How can i efile my 2010 taxes Excepted Property Qualified disaster assistance property does not include any of the following. How can i efile my 2010 taxes Property required to be depreciated using the Alternative Depreciation System (ADS). How can i efile my 2010 taxes For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . How can i efile my 2010 taxes Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103 of the Internal Revenue Code. How can i efile my 2010 taxes Any qualified revitalization building (defined later) placed in service before January 1, 2010, for which you have elected to claim a commercial revitalization deduction for qualified revitalization expenditures. How can i efile my 2010 taxes Any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises. How can i efile my 2010 taxes Any property for which the special allowance under section 168(k) or section 1400N(d) of the Internal Revenue Code applies. How can i efile my 2010 taxes Property for which you elected not to claim any special depreciation allowance (discussed later). How can i efile my 2010 taxes Property placed in service and disposed of in the same tax year. How can i efile my 2010 taxes Property converted from business use to personal use in the same tax year acquired. How can i efile my 2010 taxes Property converted from personal use to business use in the same or later tax year may be qualified disaster assistance property. How can i efile my 2010 taxes Any gambling or animal racing property (defined later). How can i efile my 2010 taxes Qualified revitalization building. How can i efile my 2010 taxes   This is a commercial building and its structural components that you placed in service in a renewal community before January 1, 2010. How can i efile my 2010 taxes If the building is new, the original use of the building must begin with you. How can i efile my 2010 taxes If the building is not new, you must substantially rehabilitate the building and then place it in service. How can i efile my 2010 taxes For more information, including definitions of substantially rehabilitated building and qualified revitalization expenditure, see section 1400I(b) of the Internal Revenue Code. How can i efile my 2010 taxes Gambling or animal racing property. How can i efile my 2010 taxes   Gambling or animal racing property includes the following personal and real property. How can i efile my 2010 taxes Any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing. How can i efile my 2010 taxes Any real property determined by square footage (other than any portion that is less than 100 square feet) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing. How can i efile my 2010 taxes Certain Qualified Property Acquired After December 31, 2007 You can take a 50% special depreciation deduction allowance for certain qualified property acquired after December 31, 2007. How can i efile my 2010 taxes Your property is qualified property if it meets the following requirements. How can i efile my 2010 taxes It is one of the following types of property. How can i efile my 2010 taxes Tangible property depreciated under MACRS with a recovery period of 20 years or less. How can i efile my 2010 taxes Water utility property. How can i efile my 2010 taxes Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. How can i efile my 2010 taxes (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. How can i efile my 2010 taxes ) Qualified leasehold improvement property (defined under Qualified leasehold improvement property later). How can i efile my 2010 taxes You must have acquired the property after December 31, 2007, with no binding written contract for the acquisition in effect before January 1, 2008. How can i efile my 2010 taxes The property must be placed in service for use in your trade or business or for the production of income before January 1, 2014 (before January 1, 2015, for certain property with a long production period and certain aircraft (defined next)). How can i efile my 2010 taxes The original use of the property must begin with you after December 31, 2007. How can i efile my 2010 taxes It is not excepted property (explained later in Excepted property). How can i efile my 2010 taxes Qualified leasehold improvement property. How can i efile my 2010 taxes    Generally, this is any improvement to an interior part of a building that is nonresidential real property, if all the following requirements are met. How can i efile my 2010 taxes The improvement is made under or according to a lease by the lessee (or any sublessee) or the lessor of that part of the building. How can i efile my 2010 taxes That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. How can i efile my 2010 taxes The improvement is placed in service more than 3 years after the date the building was first placed in service by any person. How can i efile my 2010 taxes The improvement is section 1250 property. How can i efile my 2010 taxes See chapter 3 in Publication 544, Sales and Other Dispositions of Assets, for the definition of section 1250 property. How can i efile my 2010 taxes   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. How can i efile my 2010 taxes The enlargement of the building. How can i efile my 2010 taxes Any elevator or escalator. How can i efile my 2010 taxes Any structural component benefiting a common area. How can i efile my 2010 taxes The internal structural framework of the building. How can i efile my 2010 taxes   Generally, a binding commitment to enter into a lease is treated as a lease and the parties to the commitment are treated as the lessor and lessee. How can i efile my 2010 taxes However, a lease between related persons is not treated as a lease. How can i efile my 2010 taxes Related persons. How can i efile my 2010 taxes   For this purpose, the following are related persons. How can i efile my 2010 taxes Members of an affiliated group. How can i efile my 2010 taxes An individual and a member of his or her family, including only a spouse, child, parent, brother, sister, half-brother, half-sister, ancestor, and lineal descendant. How can i efile my 2010 taxes A corporation and an individual who directly or indirectly owns 80% or more of the value of the outstanding stock of that corporation. How can i efile my 2010 taxes Two corporations that are members of the same controlled group. How can i efile my 2010 taxes A trust fiduciary and a corporation if 80% or more of the value of the outstanding stock is directly or indirectly owned by or for the trust or grantor of the trust. How can i efile my 2010 taxes The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. How can i efile my 2010 taxes The fiduciaries of two different trusts, and the fiduciaries and beneficiaries of two different trusts, if the same person is the grantor of both trusts. How can i efile my 2010 taxes A tax-exempt educational or charitable organization and any person (or, if that person is an individual, a member of that person's family) who directly or indirectly controls the organization. How can i efile my 2010 taxes Two S corporations, and an S corporation and a regular corporation, if the same persons own 80% or more of the value of the outstanding stock of each corporation. How can i efile my 2010 taxes A corporation and a partnership if the same persons own both of the following. How can i efile my 2010 taxes 80% or more of the value of the outstanding stock of the corporation. How can i efile my 2010 taxes 80% or more of the capital or profits interest in the partnership. How can i efile my 2010 taxes The executor and beneficiary of any estate. How can i efile my 2010 taxes Long Production Period Property To be qualified property, long production period property must meet the following requirements. How can i efile my 2010 taxes It must meet the requirements in (2)-(5), above. How can i efile my 2010 taxes The property has a recovery period of at least 10 years or is transportation property. How can i efile my 2010 taxes Transportation property is tangible personal property used in the trade or business of transporting persons or property. How can i efile my 2010 taxes The property is subject to section 263A of the Internal Revenue Code. How can i efile my 2010 taxes The property has an estimated production period exceeding 1 year and an estimated production cost exceeding $1,000,000. How can i efile my 2010 taxes Noncommercial Aircraft To be qualified property, noncommercial aircraft must meet the following requirements. How can i efile my 2010 taxes It must meet the requirements in (2)-(5), above. How can i efile my 2010 taxes The aircraft must not be tangible personal property used in the trade or business of transporting persons or property (except for agricultural or firefighting purposes). How can i efile my 2010 taxes The aircraft must be purchased (as discussed under Property Acquired by Purchase in chapter 2 ) by a purchaser who at the time of the contract for purchase, makes a nonrefundable deposit of the lesser of 10% of the cost or $100,000. How can i efile my 2010 taxes The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. How can i efile my 2010 taxes Special Rules Sale-leaseback. How can i efile my 2010 taxes   If you sold qualified property you placed in service after December 31, 2007, and leased it back within 3 months after you originally placed in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. How can i efile my 2010 taxes   The property will not qualify for the special depreciation allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before January 1, 2008. How can i efile my 2010 taxes Syndicated leasing transactions. How can i efile my 2010 taxes   If qualified property is originally placed in service by a lessor after December 31, 2007, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. How can i efile my 2010 taxes   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of the last sale if the property is sold within 3 months after the final unit is placed in service and the period between the time the first and last units are placed in service does not exceed 12 months. How can i efile my 2010 taxes Excepted Property Qualified property does not include any of the following. How can i efile my 2010 taxes Property placed in service and disposed of in the same tax year. How can i efile my 2010 taxes Property converted from business use to personal use in the same tax year acquired. How can i efile my 2010 taxes Property converted from personal use to business use in the same or later tax year may be qualified property. How can i efile my 2010 taxes Property required to be depreciated under the Alternative Depreciation System (ADS). How can i efile my 2010 taxes This includes listed property used 50% or less in a qualified business use. How can i efile my 2010 taxes For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . How can i efile my 2010 taxes Qualified restaurant property (as defined in section 168(e)(7) of the Internal Revenue Code). How can i efile my 2010 taxes Qualified retail improvement property (as defined in section 168(e)(8) of the Internal Revenue Code). How can i efile my 2010 taxes Property for which you elected not to claim any special depreciation allowance (discussed later). How can i efile my 2010 taxes Property for which you elected to accelerate certain credits in lieu of the special depreciation allowance (discussed next). How can i efile my 2010 taxes Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 2 extension property (as defined in section 168(k)(4)(I)(iv)), unless the corporation made an election not to apply the section 168(k)(4) election to round 2 extension property for its first tax year ending after December 31, 2010. How can i efile my 2010 taxes For 2013, round 2 extension property generally is long production period and noncommercial aircraft if acquired after March 31, 2008, and placed in service after December 31, 2012, but before January 1, 2014. How can i efile my 2010 taxes An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 3 extension property (as defined in section 168(k)(4)(J)(iv)), unless the corporation makes an election not to apply the section 168(k)(4) election to round 3 extension property. How can i efile my 2010 taxes If a corporation did not make a section 168(k)(4) election for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, the corporation may elect for its first tax year ending after December 31, 2012, to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for only round 3 extension property. How can i efile my 2010 taxes If you make an election to accelerate these credits in lieu of claiming the special depreciation allowance for eligible property, you must not take the 50% special depreciation allowance for the property and must depreciate the basis in the property under MACRS using the straight line method. How can i efile my 2010 taxes See Which Depreciation Method Applies in chapter 4 . How can i efile my 2010 taxes Once made, the election cannot be revoked without IRS consent. How can i efile my 2010 taxes Additional guidance. How can i efile my 2010 taxes   For additional guidance on the election to accelerate the research or minimum tax credit in lieu of claiming the special depreciation allowance, see Rev. How can i efile my 2010 taxes Proc. How can i efile my 2010 taxes 2008-65 on page 1082 of Internal Revenue Bulletin 2008-44, available at www. How can i efile my 2010 taxes irs. How can i efile my 2010 taxes gov/pub/irs-irbs/irb08-44. How can i efile my 2010 taxes pdf, Rev. How can i efile my 2010 taxes Proc. How can i efile my 2010 taxes 2009-16 on page 449 of Internal Revenue Bulletin 2009-06, available at www. How can i efile my 2010 taxes irs. How can i efile my 2010 taxes gov/pub/irs-irbs/irb09-06. How can i efile my 2010 taxes pdf, and Rev. How can i efile my 2010 taxes Proc. How can i efile my 2010 taxes 2009-33 on page 150 of Internal Revenue Bulletin 2009-29, available at www. How can i efile my 2010 taxes irs. How can i efile my 2010 taxes gov/pub/irs-irbs/irb09-29. How can i efile my 2010 taxes pdf. How can i efile my 2010 taxes Also, see Form 3800, General Business Credit; Form 8827, Credit for Prior Year Minimum Tax — Corporations; and related instructions. How can i efile my 2010 taxes   Additional guidance regarding the election to accelerate the minimum tax credit in lieu of claiming the special depreciation allowance for round 2 extension property and round 3 extension property may also be available in later Internal Revenue Bulletins available at www. How can i efile my 2010 taxes irs. How can i efile my 2010 taxes gov/irb. How can i efile my 2010 taxes How Much Can You Deduct? Figure the special depreciation allowance by multiplying the depreciable basis of qualified reuse and recycling property, qualified cellulosic biofuel plant property, qualified disaster assistance property, and certain qualified property acquired after December 31, 2007, by 50%. How can i efile my 2010 taxes For qualified property other than listed property, enter the special allowance on line 14 in Part II of Form 4562. How can i efile my 2010 taxes For qualified property that is listed property, enter the special allowance on line 25 in Part V of Form 4562. How can i efile my 2010 taxes If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. How can i efile my 2010 taxes Depreciable basis. How can i efile my 2010 taxes   This is the property's cost or other basis multiplied by the percentage of business/investment use, reduced by the total amount of any credits and deductions allocable to the property. How can i efile my 2010 taxes   The following are examples of some credits and deductions that reduce depreciable basis. How can i efile my 2010 taxes Any section 179 deduction. How can i efile my 2010 taxes Any deduction for removal of barriers to the disabled and the elderly. How can i efile my 2010 taxes Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. How can i efile my 2010 taxes Basis adjustment to investment credit property under section 50(c) of the Internal Revenue Code. How can i efile my 2010 taxes   For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. How can i efile my 2010 taxes   For information about how to determine the cost or other basis of property, see What Is the Basis of Your Depreciable Property in chapter 1 . How can i efile my 2010 taxes For a discussion of business/investment use, see Partial business or investment use under Property Used in Your Business or Income-Producing Activity in chapter 1 . How can i efile my 2010 taxes Depreciating the remaining cost. How can i efile my 2010 taxes   After you figure your special depreciation allowance for your qualified property, you can use the remaining cost to figure your regular MACRS depreciation deduction (discussed in chapter 4 . How can i efile my 2010 taxes Therefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. How can i efile my 2010 taxes Example. How can i efile my 2010 taxes On November 1, 2013, Tom Brown bought and placed in service in his business qualified property that cost $450,000. How can i efile my 2010 taxes He did not elect to claim a section 179 deduction. How can i efile my 2010 taxes He deducts 50% of the cost ($225,000) as a special depreciation allowance for 2013. How can i efile my 2010 taxes He uses the remaining $225,000 of cost to figure his regular MACRS depreciation deduction for 2013 and later years. How can i efile my 2010 taxes Like-kind exchanges and involuntary conversions. How can i efile my 2010 taxes   If you acquire qualified property in a like-kind exchange or involuntary conversion, the carryover basis of the acquired property is eligible for a special depreciation allowance. How can i efile my 2010 taxes After you figure your special allowance, you can use the remaining carryover basis to figure your regular MACRS depreciation deduction. How can i efile my 2010 taxes In the year you claim the allowance (the year you place in service the property received in the exchange or dispose of involuntarily converted property), you must reduce the carryover basis of the property by the allowance before figuring your regular MACRS depreciation deduction. How can i efile my 2010 taxes See Figuring the Deduction for Property Acquired in a Nontaxable Exchange , in chapter 4 under How Is the Depreciation Deduction Figured . How can i efile my 2010 taxes The excess basis (the part of the acquired property's basis that exceeds its carryover basis) is also eligible for a special depreciation allowance. How can i efile my 2010 taxes How Can You Elect Not To Claim an Allowance? You can elect, for any class of property, not to deduct any special allowances for all property in such class placed in service during the tax year. How can i efile my 2010 taxes To make an election, attach a statement to your return indicating what election you are making and the class of property for which you are making the election. How can i efile my 2010 taxes When to make election. How can i efile my 2010 taxes   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. How can i efile my 2010 taxes   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). How can i efile my 2010 taxes Attach the election statement to the amended return. How can i efile my 2010 taxes On the amended return, write “Filed pursuant to section 301. How can i efile my 2010 taxes 9100-2. How can i efile my 2010 taxes ” Revoking an election. How can i efile my 2010 taxes   Once you elect not to deduct a special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. How can i efile my 2010 taxes A request to revoke the election is a request for a letter ruling. How can i efile my 2010 taxes If you elect not to have any special allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. How can i efile my 2010 taxes When Must You Recapture an Allowance? When you dispose of property for which you claimed a special depreciation allowance, any gain on the disposition is generally recaptured (included in income) as ordinary income up to the amount of the special depreciation allowance previously allowed or allowable. How can i efile my 2010 taxes See When Do You Recapture MACRS Depreciation in chapter 4 or more information. How can i efile my 2010 taxes Recapture of allowance deducted for qualified GO Zone property. How can i efile my 2010 taxes   If, in any year after the year you claim the special depreciation allowance for qualified GO Zone property (including specified GO Zone extension property), the property ceases to be used in the GO Zone, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. How can i efile my 2010 taxes For additional guidance, see Notice 2008-25 on page 484 of Internal Revenue Bulletin 2008-9. How can i efile my 2010 taxes Qualified cellulosic biomass ethanol plant property and qualified cellulosic biofuel plant property. How can i efile my 2010 taxes   If, in any year after the year you claim the special depreciation allowance for any qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, the property ceases to be qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. How can i efile my 2010 taxes Recapture of allowance for qualified Recovery Assistance property. How can i efile my 2010 taxes   If, in any year after the year you claim the special depreciation allowance for qualified Recovery Assistance property, the property ceases to be used in the Kansas disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. How can i efile my 2010 taxes For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. How can i efile my 2010 taxes Recapture of allowance for qualified disaster assistance property. How can i efile my 2010 taxes   If, in any year after the year you claim the special depreciation allowance for qualified disaster assistance property, the property ceases to be used in the applicable disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. How can i efile my 2010 taxes   For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. How can i efile my 2010 taxes Prev  Up  Next   Home   More Online Publications
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Program and Emphasis Areas for IRS Criminal Investigation

Criminal Investigation (CI) classifies its investigations into program and emphasis areas of fraud. Each program area below contains information on CI's involvement in that area, national statistics, and case summaries.

Abusive Return Preparer Enforcement

Return preparer fraud generally involves the orchestrated preparation and filing of false income tax returns (in either paper or electronic form) by unscrupulous preparers who may claim, for example: inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions.

Abusive Tax Schemes

Abusive tax scheme originally took the structure of abusive domestic and foreign trust arrangements. However, these schemes have evolved into sophisticated arrangements that take advantage of the financial secrecy laws of some foreign jurisdictions and the availability of credit/debit cards issued from offshore financial institutions.

Bankruptcy Fraud

One of Criminal Investigation's goals in bankruptcy fraud investigations is to increase voluntary compliance with federal tax laws through the prosecution of those committing significant crimes in the bankruptcy arena. Since the IRS is often a major creditor in many bankruptcy proceedings, it is important that we protect the interests of the IRS.

Corporate Fraud

Corporate fraud frequently involves violations of the Internal Revenue Code (IRC) through falsification of corporate and individual tax returns and CI has exclusive investigatory jurisdiction over criminal violations of the IRC.

Employment Tax Enforcement

Employment tax evasion schemes can take a variety of forms. Some of the more prevalent methods of evasion include pyramiding, employee leasing, paying employees in cash, filing false payroll tax returns or failing to file payroll tax returns. Evading employment taxes can have serious consequences for employers and the employees.

Financial Institution Fraud

Criminal Investigation focuses on tax and money laundering violations involving fraud against banks, savings and loan associations, credit unions, check cashers, money remitters, and other financial institutions. Currency Transaction Reports and Suspicious Activity Reports continue to be effective investigative tools in the financial world.

Gaming

Illegal gaming operations, including bookmaking, numbers, Internet and some charitable gaming operations, continue to be areas of compliance concern. Criminal Investigation continues to play an enforcement role in the illegal gaming industry and to support regulatory and legislative initiatives aimed at eliminating an environment conducive to illegal gambling.

General Fraud Investigations

Criminal Investigation special agents investigate violations of the tax laws and related financial crimes. Taxpayers who chose to willfully and intentionally not comply with their legal responsibility to file required tax returns and/or pay taxes pose a serious threat to tax administration and the American economy.

Healthcare Fraud

Multi-agency healthcare fraud investigations and prosecutions show that perpetrators of these schemes financially benefited from their fraudulent activities in false billings, mental health, nursing home fraud, chiropractic fraud, durable medical equipment fraud, staged accidents, pharmaceutical diversion, and patient referral (kickbacks) schemes. In these investigations, Criminal Investigation follows the money trail and considers both tax and money laundering perspectives.

Identity Theft Schemes

IRS Criminal Investigation (CI) detects and investigates tax fraud and other financial fraud, including fraud related to identity theft.

Insurance Fraud

Insurance Fraud can involve tax law and/or money laundering violations relative to insurance claims and fraud perpetrated against insurance companies. The variety of schemes include agent/broker premium diversion, phony insurance companies, offshore/unlicensed Internet companies, staged auto accidents, viatical and senior settlement.

International Investigations

International tax compliance is a top priority of the IRS. Complex international tax avoidance schemes and cross-border transactions have heightened the IRS’ concern about tax compliance. Individuals may attempt to use foreign accounts, trusts, and other entities to commit criminal violations of U.S. tax laws as well as narcotics, money laundering and Bank Secrecy Act (BSA) violations. 

Money Laundering & Bank Secrecy Act (BSA)

Money laundering is a very complex crime involving intricate details, often involving numerous financial transactions and financial outlets throughout the world.  Criminal Investigation has the financial investigators and expertise that is critical to “follow the money trail.”

Mortgage & Real Estate Fraud

The income earned from mortgage and real estate fraud schemes is often not reported on tax returns or is laundered to hide the money from the government. 

Narcotics-Related Investigations

Criminal Investigation's contribution to the war on narcotics is vital but sometimes difficult to recognize, because the work of IRS special agents usually doesn't make the headlines. The long hours of tracking down and documenting financial leads allows an investigation to go right to the door of the leader of the narcotics organization, which contributes to the disrupting and dismantling the country's major drug and money laundering organizations.

Non-filer Enforcement

There have always been individuals who, for a variety of reasons, argue taxes are voluntary or illegal. The courts have repeatedly rejected their arguments as frivolous and routinely impose financial penalties for raising such frivolous arguments. Take the time to learn the truth about frivolous tax arguments.

Public Corruption Crimes

Public corruption investigations encompass a wide variety of criminal offenses including bribery, extortion, embezzlement, illegal kickbacks, entitlement and subsidy fraud, bank fraud, tax fraud, and money laundering. Criminal Investigation concentrates its resources on the tax and money laundering aspects of these investigations in cooperation with other federal, state, and local law enforcement agencies. The expertise used in investigations has established our reputation as one of the leaders in the fight against corrupt public officials.

Questionable Refund Program (QRP)

Questionable Refund Program (QRP) is a nationwide, multifunctional program designed to identify fraudulent returns, to stop the payment of fraudulent refunds and to refer identified fraudulent refund schemes to be investigated and prosecuted criminally.

 


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How to Report Suspected Tax Fraud Activities

Page Last Reviewed or Updated: 05-Sep-2013

The How Can I Efile My 2010 Taxes

How can i efile my 2010 taxes Index A Additional Medicare Tax, Reminders, Additional Medicare Tax withholding. How can i efile my 2010 taxes Aliens, nonresident, Withholding income taxes on the wages of nonresident alien employees. How can i efile my 2010 taxes , Withholding adjustment for nonresident alien employees. How can i efile my 2010 taxes Assistance (see Tax help) C COBRA premium assistance credit, Reminders COBRA Premium Assistance Credit, COBRA premium assistance credit. How can i efile my 2010 taxes Commodity wages, Commodity wages. How can i efile my 2010 taxes Crew leaders, Crew Leaders, 10. How can i efile my 2010 taxes Federal Unemployment (FUTA) Tax D Deposit Penalties, Deposit Penalties Deposit rules Electronic funds transfer, 7. How can i efile my 2010 taxes Depositing Taxes Lookback period, Lookback period. How can i efile my 2010 taxes Differential wage payments, Reminders Disregarded entities, Reminders E Electronic deposits, Electronic deposit requirement. How can i efile my 2010 taxes Electronic payment, Reminders Electronic reporting, Calendar Employee defined, 2. How can i efile my 2010 taxes Who Are Employees? Employer identification number (EIN), Employer identification number (EIN). How can i efile my 2010 taxes Employers of farmworkers, 2. How can i efile my 2010 taxes Who Are Employees? Exemption from withholding, Exemption from federal income tax withholding. How can i efile my 2010 taxes F Farmworkers Crew leaders, Crew Leaders Defined, 2. How can i efile my 2010 taxes Who Are Employees? Federal unemployment (FUTA) taxes, 10. How can i efile my 2010 taxes Federal Unemployment (FUTA) Tax Forms 843, Form 843. How can i efile my 2010 taxes 940, 10. How can i efile my 2010 taxes Federal Unemployment (FUTA) Tax 943, 8. How can i efile my 2010 taxes Form 943 943-X, Prior Year Adjustments I-9, Reminders W-2, Filing corrections to Forms W-2 and W-3. How can i efile my 2010 taxes W-4, Reminders, Form W-4. How can i efile my 2010 taxes W-4(SP), Reminders, Form W-4. How can i efile my 2010 taxes H H-2A visa holders, Compensation paid to H-2A visa holders. How can i efile my 2010 taxes Household employees Employment tax withholding, Household employees. How can i efile my 2010 taxes I Income tax withholding How to figure, How To Figure Federal Income Tax Withholding Percentage method, 13. How can i efile my 2010 taxes Federal Income Tax Withholding Methods Wage bracket method, 13. How can i efile my 2010 taxes Federal Income Tax Withholding Methods Who must withhold, 5. How can i efile my 2010 taxes Federal Income Tax Withholding Independent contractor, 2. How can i efile my 2010 taxes Who Are Employees? L Lookback period, Lookback period. How can i efile my 2010 taxes N Noncash wages, Commodity wages. How can i efile my 2010 taxes P Penalties, Deposit Penalties Prior year adjustments, Prior Year Adjustments Publications (see Tax help) Q Qualified subchapter S subsidiaries (QSubs), Reminders R Reconciling Forms W-2, W-3, and 943, 11. How can i efile my 2010 taxes Reconciling Wage Reporting Forms Reconciling wage reporting forms, 11. How can i efile my 2010 taxes Reconciling Wage Reporting Forms S Share farmers, Share farmers. How can i efile my 2010 taxes Social security and Medicare withholding, 4. How can i efile my 2010 taxes Social Security and Medicare Taxes Social security number (SSN), Social security number (SSN). How can i efile my 2010 taxes Spouses who own and operate a business together , Business Owned and Operated by Spouses Supplemental wages, Supplemental wages. How can i efile my 2010 taxes T Tax help, How To Get Tax Help Taxpayer identification number, 1. How can i efile my 2010 taxes Taxpayer Identification Numbers Trust fund recovery penalty, Trust fund recovery penalty. How can i efile my 2010 taxes TTY/TDD information, How To Get Tax Help W Withholding Income tax, 5. How can i efile my 2010 taxes Federal Income Tax Withholding Nonresident aliens, Withholding adjustment for nonresident alien employees. How can i efile my 2010 taxes Supplemental wages, Supplemental wages. How can i efile my 2010 taxes Prev  Up     Home   More Online Publications