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How Do I File An Amended Tax Return

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How Do I File An Amended Tax Return

How do i file an amended tax return There are three ways you can request an automatic extension of time to file a U.S. individual income tax return: (1) you can electronically file Form 4868 (PDF), Application For Automatic Extension of Time To File U.S. Individual Tax Return; (2) you can pay all or part of your estimated income tax due using a credit or debit card or by using the Electronic Federal Tax Payment System (EFTPS); or (3) you can file a paper Form 4868 by mail. How do i file an amended tax return How do i file an amended tax return If you file your Form 4868 electronically you will receive an acknowledgement or confirmation number for your records and you do not need to mail in Form 4868. If you need to pay additional taxes when filing Form 4868 electronically, you may do so through the outside service provider or through e-file. You can refer to your tax software or tax professional for ways to file electronically using e-file services. Several companies offer free filing of Form 4868 through the Free File program that you can access on the IRS.gov website. If you wish to file electronically, be sure to have a copy of last year's tax return. You will be asked to provide the adjusted gross income (AGI) from the return for taxpayer verification. How do i file an amended tax return How do i file an amended tax return A second way of requesting an automatic extension of time to file your individual income tax return is to pay part or your entire estimated income tax due by credit card or debit card or by using EFTPS. You may pay by phone or Internet through one of the service providers listed on Form 4868. Each service provider will charge a convenience fee based on the amount of the tax payment. At the completion of the transaction, you will receive a confirmation number for your records. How do i file an amended tax return How do i file an amended tax return Finally, you can request an automatic extension of time to file your individual income tax return by completing paper Form 4868 and mailing it to the appropriate address provided on the form. How do i file an amended tax return How do i file an amended tax return Please be aware that an extension of time to file is NOT an extension of time to pay.
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The How Do I File An Amended Tax Return

How do i file an amended tax return 7. How do i file an amended tax return   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. How do i file an amended tax return Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. How do i file an amended tax return You must determine gross profit before you can deduct any business expenses. How do i file an amended tax return These expenses are discussed in chapter 8. How do i file an amended tax return If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. How do i file an amended tax return Businesses that sell products. How do i file an amended tax return   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. How do i file an amended tax return Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). How do i file an amended tax return Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. How do i file an amended tax return   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). How do i file an amended tax return The result is the gross profit from your business. How do i file an amended tax return Businesses that sell services. How do i file an amended tax return   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. How do i file an amended tax return Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). How do i file an amended tax return Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. How do i file an amended tax return Illustration. How do i file an amended tax return   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. How do i file an amended tax return Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. How do i file an amended tax return Gross receipts. How do i file an amended tax return   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. How do i file an amended tax return You may find it helpful to use cash registers to keep track of receipts. How do i file an amended tax return You should also use a proper invoicing system and keep a separate bank account for your business. How do i file an amended tax return Sales tax collected. How do i file an amended tax return   Check to make sure your records show the correct sales tax collected. How do i file an amended tax return   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. How do i file an amended tax return   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. How do i file an amended tax return Inventory at beginning of year. How do i file an amended tax return   Compare this figure with last year's ending inventory. How do i file an amended tax return The two amounts should usually be the same. How do i file an amended tax return Purchases. How do i file an amended tax return   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. How do i file an amended tax return ) be sure to remove them from the cost of goods sold. How do i file an amended tax return For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. How do i file an amended tax return Inventory at end of year. How do i file an amended tax return   Check to make sure your procedures for taking inventory are adequate. How do i file an amended tax return These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. How do i file an amended tax return   Use inventory forms and adding machine tapes as the only evidence for your inventory. How do i file an amended tax return Inventory forms are available at office supply stores. How do i file an amended tax return These forms have columns for recording the description, quantity, unit price, and value of each inventory item. How do i file an amended tax return Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. How do i file an amended tax return These forms will help satisfy you that the total inventory is accurate. How do i file an amended tax return They will also provide you with a permanent record to support its validity. How do i file an amended tax return   Inventories are discussed in chapter 2. How do i file an amended tax return Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. How do i file an amended tax return First, divide gross profit by net receipts. How do i file an amended tax return The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. How do i file an amended tax return Next, compare this percentage to your markup policy. How do i file an amended tax return Little or no difference between these two percentages shows that your gross profit figure is accurate. How do i file an amended tax return A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. How do i file an amended tax return You should determine the reason for the difference. How do i file an amended tax return Example. How do i file an amended tax return   Joe Able operates a retail business. How do i file an amended tax return On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. How do i file an amended tax return The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. How do i file an amended tax return His cost of goods sold is $200,000. How do i file an amended tax return This results in a gross profit of $100,000 ($300,000 − $200,000). How do i file an amended tax return To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). How do i file an amended tax return The resulting 331/3% confirms his markup percentage of 331/3%. How do i file an amended tax return Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. How do i file an amended tax return The result is gross business income. How do i file an amended tax return If you use Schedule C-EZ, include the income on line 1 of the schedule. How do i file an amended tax return Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. How do i file an amended tax return Prev  Up  Next   Home   More Online Publications