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How To File A Tax Return For 2012

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How To File A Tax Return For 2012

How to file a tax return for 2012 5. How to file a tax return for 2012   Recordkeeping Table of Contents How To Prove ExpensesWhat Are Adequate Records? What If I Have Incomplete Records? Separating and Combining Expenses How Long To Keep Records and Receipts Examples of Records If you deduct travel, entertainment, gift, or transportation expenses, you must be able to prove (substantiate) certain elements of expense. How to file a tax return for 2012 This chapter discusses the records you need to keep to prove these expenses. How to file a tax return for 2012 If you keep timely and accurate records, you will have support to show the IRS if your tax return is ever examined. How to file a tax return for 2012 You will also have proof of expenses that your employer may require if you are reimbursed under an accountable plan. How to file a tax return for 2012 These plans are discussed in chapter 6 under Reimbursements . How to file a tax return for 2012 How To Prove Expenses Table 5-1 is a summary of records you need to prove each expense discussed in this publication. How to file a tax return for 2012 You must be able to prove the elements listed across the top portion of the chart. How to file a tax return for 2012 You prove them by having the information and receipts (where needed) for the expenses listed in the first column. How to file a tax return for 2012 You cannot deduct amounts that you approximate or estimate. How to file a tax return for 2012 You should keep adequate records to prove your expenses or have sufficient evidence that will support your own statement. How to file a tax return for 2012 You must generally prepare a written record for it to be considered adequate. How to file a tax return for 2012 This is because written evidence is more reliable than oral evidence alone. How to file a tax return for 2012 However, if you prepare a record on a computer, it is considered an adequate record. How to file a tax return for 2012 What Are Adequate Records? You should keep the proof you need in an account book, diary, log, statement of expense, trip sheets, or similar record. How to file a tax return for 2012 You should also keep documentary evidence that, together with your record, will support each element of an expense. How to file a tax return for 2012 Documentary evidence. How to file a tax return for 2012   You generally must have documentary evidence, such as receipts, canceled checks, or bills, to support your expenses. How to file a tax return for 2012 Exception. How to file a tax return for 2012   Documentary evidence is not needed if any of the following conditions apply. How to file a tax return for 2012 You have meals or lodging expenses while traveling away from home for which you account to your employer under an accountable plan, and you use a per diem allowance method that includes meals and/or lodging. How to file a tax return for 2012 ( Accountable plans and per diem allowances are discussed in chapter 6. How to file a tax return for 2012 ) Your expense, other than lodging, is less than $75. How to file a tax return for 2012 You have a transportation expense for which a receipt is not readily available. How to file a tax return for 2012 Adequate evidence. How to file a tax return for 2012   Documentary evidence ordinarily will be considered adequate if it shows the amount, date, place, and essential character of the expense. How to file a tax return for 2012   For example, a hotel receipt is enough to support expenses for business travel if it has all of the following information. How to file a tax return for 2012 The name and location of the hotel. How to file a tax return for 2012 The dates you stayed there. How to file a tax return for 2012 Separate amounts for charges such as lodging, meals, and telephone calls. How to file a tax return for 2012   A restaurant receipt is enough to prove an expense for a business meal if it has all of the following information. How to file a tax return for 2012 The name and location of the restaurant. How to file a tax return for 2012 The number of people served. How to file a tax return for 2012 The date and amount of the expense. How to file a tax return for 2012 If a charge is made for items other than food and beverages, the receipt must show that this is the case. How to file a tax return for 2012 Canceled check. How to file a tax return for 2012   A canceled check, together with a bill from the payee, ordinarily establishes the cost. How to file a tax return for 2012 However, a canceled check by itself does not prove a business expense without other evidence to show that it was for a business purpose. How to file a tax return for 2012 Duplicate information. How to file a tax return for 2012   You do not have to record information in your account book or other record that duplicates information shown on a receipt as long as your records and receipts complement each other in an orderly manner. How to file a tax return for 2012   You do not have to record amounts your employer pays directly for any ticket or other travel item. How to file a tax return for 2012 However, if you charge these items to your employer, through a credit card or otherwise, you must keep a record of the amounts you spend. How to file a tax return for 2012 Timely-kept records. How to file a tax return for 2012   You should record the elements of an expense or of a business use at or near the time of the expense or use and support it with sufficient documentary evidence. How to file a tax return for 2012 A timely-kept record has more value than a statement prepared later when generally there is a lack of accurate recall. How to file a tax return for 2012   You do not need to write down the elements of every expense on the day of the expense. How to file a tax return for 2012 If you maintain a log on a weekly basis that accounts for use during the week, the log is considered a timely-kept record. How to file a tax return for 2012   If you give your employer, client, or customer an expense account statement, it can also be considered a timely-kept record. How to file a tax return for 2012 This is true if you copy it from your account book, diary, log, statement of expense, trip sheets, or similar record. How to file a tax return for 2012 Proving business purpose. How to file a tax return for 2012   You must generally provide a written statement of the business purpose of an expense. How to file a tax return for 2012 However, the degree of proof varies according to the circumstances in each case. How to file a tax return for 2012 If the business purpose of an expense is clear from the surrounding circumstances, then you do not need to give a written explanation. How to file a tax return for 2012 Example. How to file a tax return for 2012 If you are a sales representative who calls on customers on an established sales route, you do not have to give a written explanation of the business purpose for traveling that route. How to file a tax return for 2012 You can satisfy the requirements by recording the length of the delivery route once, the date of each trip at or near the time of the trips, and the total miles you drove the car during the tax year. How to file a tax return for 2012 You could also establish the date of each trip with a receipt, record of delivery, or other documentary evidence. How to file a tax return for 2012 Confidential information. How to file a tax return for 2012   You do not need to put confidential information relating to an element of a deductible expense (such as the place, business purpose, or business relationship) in your account book, diary, or other record. How to file a tax return for 2012 However, you do have to record the information elsewhere at or near the time of the expense and have it available to fully prove that element of the expense. How to file a tax return for 2012 What If I Have Incomplete Records? If you do not have complete records to prove an element of an expense, then you must prove the element with: Your own written or oral statement containing specific information about the element, and Other supporting evidence that is sufficient to establish the element. How to file a tax return for 2012 If the element is the description of a gift, or the cost, time, place, or date of an expense, the supporting evidence must be either direct evidence or documentary evidence. How to file a tax return for 2012 Direct evidence can be written statements or the oral testimony of your guests or other witnesses setting forth detailed information about the element. How to file a tax return for 2012 Documentary evidence can be receipts, paid bills, or similar evidence. How to file a tax return for 2012 If the element is either the business relationship of your guests or the business purpose of the amount spent, the supporting evidence can be circumstantial rather than direct. How to file a tax return for 2012 For example, the nature of your work, such as making deliveries, provides circumstantial evidence of the use of your car for business purposes. How to file a tax return for 2012 Invoices of deliveries establish when you used the car for business. How to file a tax return for 2012 Table 5-1. How to file a tax return for 2012 How To Prove Certain Business Expenses IF you have expenses for . How to file a tax return for 2012 . How to file a tax return for 2012 THEN you must keep records that show details of the following elements . How to file a tax return for 2012 . How to file a tax return for 2012 . How to file a tax return for 2012   Amount Time Place or  Description Business Purpose Business Relationship Travel Cost of each separate expense for travel, lodging, and meals. How to file a tax return for 2012 Incidental expenses may be totaled in reasonable categories such as taxis, fees and tips, etc. How to file a tax return for 2012 Dates you left and returned for each trip and number of days spent on business. How to file a tax return for 2012 Destination or area of your travel (name of city, town, or other designation). How to file a tax return for 2012 Purpose: Business purpose for the expense or the business benefit gained or expected to be gained. How to file a tax return for 2012    Relationship: N/A Entertainment Cost of each separate expense. How to file a tax return for 2012 Incidental expenses such as taxis, telephones, etc. How to file a tax return for 2012 , may be totaled on a daily basis. How to file a tax return for 2012 Date of entertainment. How to file a tax return for 2012 (Also see Business Purpose. How to file a tax return for 2012 ) Name and address or location of place of entertainment. How to file a tax return for 2012 Type of entertainment if not otherwise apparent. How to file a tax return for 2012 (Also see Business Purpose. How to file a tax return for 2012 ) Purpose: Business purpose for the expense or the business benefit gained or expected to be gained. How to file a tax return for 2012  For entertainment, the nature of the business discussion or activity. How to file a tax return for 2012 If the entertainment was directly before or after a business discussion: the date, place, nature, and duration of the business discussion, and the identities of the persons who took part in both the business discussion and the entertainment activity. How to file a tax return for 2012    Relationship: Occupations or other information (such as names, titles, or other designations) about the recipients that shows their business relationship to you. How to file a tax return for 2012  For entertainment, you must also prove that you or your employee was present if the entertainment was a business meal. How to file a tax return for 2012 Gifts Cost of the gift. How to file a tax return for 2012 Date of the gift. How to file a tax return for 2012 Description of the gift. How to file a tax return for 2012   Transportation Cost of each separate expense. How to file a tax return for 2012 For car expenses, the cost of the car and any improvements, the date you started using it for business, the mileage for each business use, and the total miles for the year. How to file a tax return for 2012 Date of the expense. How to file a tax return for 2012 For car expenses, the date of the use of the car. How to file a tax return for 2012 Your business destination. How to file a tax return for 2012 Purpose: Business purpose for the expense. How to file a tax return for 2012    Relationship: N/A Sampling. How to file a tax return for 2012   You can keep an adequate record for parts of a tax year and use that record to prove the amount of business or investment use for the entire year. How to file a tax return for 2012 You must demonstrate by other evidence that the periods for which an adequate record is kept are representative of the use throughout the tax year. How to file a tax return for 2012 Example. How to file a tax return for 2012 You use your car to visit the offices of clients, meet with suppliers and other subcontractors, and pick up and deliver items to clients. How to file a tax return for 2012 There is no other business use of the car, but you and your family use the car for personal purposes. How to file a tax return for 2012 You keep adequate records during the first week of each month that show that 75% of the use of the car is for business. How to file a tax return for 2012 Invoices and bills show that your business use continues at the same rate during the later weeks of each month. How to file a tax return for 2012 Your weekly records are representative of the use of the car each month and are sufficient evidence to support the percentage of business use for the year. How to file a tax return for 2012 Exceptional circumstances. How to file a tax return for 2012   You can satisfy the substantiation requirements with other evidence if, because of the nature of the situation in which an expense is made, you cannot get a receipt. How to file a tax return for 2012 This applies if all the following are true. How to file a tax return for 2012 You were unable to obtain evidence for an element of the expense or use that completely satisfies the requirements explained earlier under What Are Adequate Records . How to file a tax return for 2012 You are unable to obtain evidence for an element that completely satisfies the two rules listed earlier under What If I Have Incomplete Records . How to file a tax return for 2012 You have presented other evidence for the element that is the best proof possible under the circumstances. How to file a tax return for 2012 Destroyed records. How to file a tax return for 2012   If you cannot produce a receipt because of reasons beyond your control, you can prove a deduction by reconstructing your records or expenses. How to file a tax return for 2012 Reasons beyond your control include fire, flood, and other casualties. How to file a tax return for 2012    Table 5-2. How to file a tax return for 2012 Daily Business Mileage and Expense Log Name:       Odometer Readings Expenses Date Destination  (City, Town, or Area) Business Purpose Start Stop Miles  this trip Type  (Gas, oil, tolls, etc. How to file a tax return for 2012 ) Amount                                                                                                                   Weekly  Total             Total Year-to-Date             Separating and Combining Expenses This section explains when expenses must be kept separate and when expenses can be combined. How to file a tax return for 2012 Separating expenses. How to file a tax return for 2012   Each separate payment is generally considered a separate expense. How to file a tax return for 2012 For example, if you entertain a customer or client at dinner and then go to the theater, the dinner expense and the cost of the theater tickets are two separate expenses. How to file a tax return for 2012 You must record them separately in your records. How to file a tax return for 2012 Season or series tickets. How to file a tax return for 2012   If you buy season or series tickets for business use, you must treat each ticket in the series as a separate item. How to file a tax return for 2012 To determine the cost of individual tickets, divide the total cost (but not more than face value) by the number of games or performances in the series. How to file a tax return for 2012 You must keep records to show whether you use each ticket as a gift or entertainment. How to file a tax return for 2012 Also, you must be able to prove the cost of nonluxury box seat tickets if you rent a skybox or other private luxury box for more than one event. How to file a tax return for 2012 See Entertainment tickets in chapter 2. How to file a tax return for 2012 Combining items. How to file a tax return for 2012   You can make one daily entry in your record for reasonable categories of expenses. How to file a tax return for 2012 Examples are taxi fares, telephone calls, or other incidental travel costs. How to file a tax return for 2012 Meals should be in a separate category. How to file a tax return for 2012 You can include tips for meal-related services with the costs of the meals. How to file a tax return for 2012   Expenses of a similar nature occurring during the course of a single event are considered a single expense. How to file a tax return for 2012 For example, if during entertainment at a cocktail lounge, you pay separately for each serving of refreshments, the total expense for the refreshments is treated as a single expense. How to file a tax return for 2012 Car expenses. How to file a tax return for 2012   You can account for several uses of your car that can be considered part of a single use, such as a round trip or uninterrupted business use, with a single record. How to file a tax return for 2012 Minimal personal use, such as a stop for lunch on the way between two business stops, is not an interruption of business use. How to file a tax return for 2012 Example. How to file a tax return for 2012 You make deliveries at several different locations on a route that begins and ends at your employer's business premises and that includes a stop at the business premises between two deliveries. How to file a tax return for 2012 You can account for these using a single record of miles driven. How to file a tax return for 2012 Gift expenses. How to file a tax return for 2012   You do not always have to record the name of each recipient of a gift. How to file a tax return for 2012 A general listing will be enough if it is evident that you are not trying to avoid the $25 annual limit on the amount you can deduct for gifts to any one person. How to file a tax return for 2012 For example, if you buy a large number of tickets to local high school basketball games and give one or two tickets to each of many customers, it is usually enough to record a general description of the recipients. How to file a tax return for 2012 Allocating total cost. How to file a tax return for 2012   If you can prove the total cost of travel or entertainment but you cannot prove how much it cost for each person who participated in the event, you may have to allocate the total cost among you and your guests on a pro rata basis. How to file a tax return for 2012 To do so, you must establish the number of persons who participated in the event. How to file a tax return for 2012   An allocation would be needed, for example, if you did not have a business relationship with all of your guests. How to file a tax return for 2012 See Allocating between business and nonbusiness in chapter 2. How to file a tax return for 2012 If your return is examined. How to file a tax return for 2012    If your return is examined, you may have to provide additional information to the IRS. How to file a tax return for 2012 This information could be needed to clarify or to establish the accuracy or reliability of information contained in your records, statements, testimony, or documentary evidence before a deduction is allowed. How to file a tax return for 2012    THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Table 5-3. How to file a tax return for 2012 Weekly Traveling Expense and Entertainment Record From: To: Name: Expenses Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total 1. How to file a tax return for 2012 Travel Expenses: Airlines                                 Excess Baggage                                 Bus – Train                                 Cab and Limousine                                 Tips                                 Porter                                 2. How to file a tax return for 2012 Meals and Lodging:  Breakfast                                 Lunch                                 Dinner                                 Hotel and Motel  (Detail in Schedule B)                                 3. How to file a tax return for 2012 Entertainment  (Detail in Schedule C)                                 4. How to file a tax return for 2012 Other Expenses:  Postage                                 Telephone & Telegraph                                 Stationery & Printing                                 Stenographer                                 Sample Room                                 Advertising                                 Assistant(s)                                 Trade Shows                                 5. How to file a tax return for 2012 Car Expenses: (List all car expenses - the division between business and personal expenses may be made at the end of the year. How to file a tax return for 2012 ) (Detail mileage in Schedule A. How to file a tax return for 2012 ) Gas, oil, lube, wash                                 Repairs, parts                                 Tires, supplies                                 Parking fees, tolls                                 6. How to file a tax return for 2012 Other (Identify)                                 Total                                 Note: Attach receipted bills for (1) ALL lodging and (2) any other expenses of $75. How to file a tax return for 2012 00 or more. How to file a tax return for 2012 Schedule A – Car Mileage: End                 Start                 Total                 Business Mileage                 Schedule B – Lodging Hotel or Motel Name                 City                 Schedule C – Entertainment Date Item Place Amount Business Purpose Business Relationship                                             WEEKLY REIMBURSEMENTS:     Travel and transportation expenses     Other reimbursements     TOTAL   How Long To Keep Records and Receipts You must keep records as long as they may be needed for the administration of any provision of the Internal Revenue Code. How to file a tax return for 2012 Generally, this means you must keep records that support your deduction (or an item of income) for 3 years from the date you file the income tax return on which the deduction is claimed. How to file a tax return for 2012 A return filed early is considered filed on the due date. How to file a tax return for 2012 For a more complete explanation of how long to keep records, see Publication 583, Starting a Business and Keeping Records. How to file a tax return for 2012 You must keep records of the business use of your car for each year of the recovery period. How to file a tax return for 2012 See More-than-50%-use test in chapter 4 under Depreciation Deduction. How to file a tax return for 2012 Reimbursed for expenses. How to file a tax return for 2012   Employees who give their records and documentation to their employers and are reimbursed for their expenses generally do not have to keep copies of this information. How to file a tax return for 2012 However, you may have to prove your expenses if any of the following conditions apply. How to file a tax return for 2012 You claim deductions for expenses that are more than reimbursements. How to file a tax return for 2012 Your expenses are reimbursed under a nonaccountable plan. How to file a tax return for 2012 Your employer does not use adequate accounting procedures to verify expense accounts. How to file a tax return for 2012 You are related to your employer as defined under Per Diem and Car Allowances , in chapter 6. How to file a tax return for 2012 Reimbursements , adequate accounting , and nonaccountable plans are discussed in chapter 6. How to file a tax return for 2012 Examples of Records Table 5-2 and Table 5-3 are examples of worksheets which can be used for tracking business expenses. How to file a tax return for 2012 Prev  Up  Next   Home   More Online Publications

The How To File A Tax Return For 2012

How to file a tax return for 2012 Index A Accounting methods Accrual method, Accrual Method Cash method, Cash Method Change in, Change in Accounting Method Methods you can use, Methods you can use. How to file a tax return for 2012 Accounting periods 52-53 week tax year, 52-53-Week Tax Year Business purpose tax year, Business Purpose Tax Year Calendar year, Calendar Year Improper tax year, Improper Tax Year Partnerships, Partnership Accrual method Expenses, Expenses Income, Income Advance payments, Advance Payment for Services Sales, Advance Payment for Sales Services, Advance Payment for Services Assistance (see Tax help) B Business purpose tax year, Business Purpose Tax Year C Calendar year, Calendar Year Cash method, Income Expenses, Expenses Income, Income Change, accounting method, Change to accrual method. How to file a tax return for 2012 , Change in Accounting Method Comments on publication, Comments and suggestions. How to file a tax return for 2012 Constructive receipt of income, Constructive receipt. How to file a tax return for 2012 Corporation tax periods, Corporations (Other Than S Corporations and PSCs) Cost identification, Identifying Cost D Death of individual, short period return, Death of individual. How to file a tax return for 2012 E Economic performance, Economic Performance Excluded entities, cash method, Excluded Entities F Fiscal year, Fiscal Year Form 1128, Improper Tax Year, Change in Tax Year 8716, Making the election. How to file a tax return for 2012 , Making back-up election. How to file a tax return for 2012 8752, Required payment for partnership or S corporation. How to file a tax return for 2012 , Activating election. How to file a tax return for 2012 970, Adopting LIFO method. How to file a tax return for 2012 Free tax services, How To Get Tax Help H Help (see Tax help) I Inventories Cost identification, Identifying Cost FIFO, FIFO Method LIFO, LIFO Method Lower of cost or market, Lower of Cost or Market Method Perpetual or book, Perpetual or Book Inventory Retail method, Retail Method Specific identification, Specific Identification Method Uniform capitalization rules, Inventories. How to file a tax return for 2012 Valuing, Valuing Inventory M More information (see Tax help) P Partnerships, Partnership Personal service corporation, Partnerships, S Corporations, and Personal Service Corporations (PSCs) Limit, use of cash method, Qualified PSC. How to file a tax return for 2012 Required tax year, Partnerships, S Corporations, and Personal Service Corporations (PSCs), Personal Service Corporation (PSC) Publications (see Tax help) R Related persons, Related Persons S S corporations, S Corporation Section 444 election, Section 444 Election Short period return, Short period return. How to file a tax return for 2012 Short tax year, Short Tax Year Suggestions for publication, Comments and suggestions. How to file a tax return for 2012 T Tax help, How To Get Tax Help Tax year Change in, Change in Tax Year Corporations, Corporations (Other Than S Corporations and PSCs) Fiscal year, Fiscal Year Personal service corporation, Personal Service Corporation (PSC) S corporations, S Corporation Section 444 election, Section 444 Election Short tax year, Short Tax Year Taxpayer Advocate, Taxpayer Advocate Service. How to file a tax return for 2012 TTY/TDD information, How To Get Tax Help U Uniform capitalization rules Exceptions, Exceptions. How to file a tax return for 2012 General rules, Uniform Capitalization Rules Prev  Up     Home   More Online Publications