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How to file state taxes only Publication 1544 - Introductory Material Table of Contents What's New Introduction What's New Future developments. How to file state taxes only  For the latest information about developments related to Publication 1544, such as legislation enacted after it was published, go to www. How to file state taxes only irs. How to file state taxes only gov/pub1544. How to file state taxes only Amending a report. How to file state taxes only  You can amend a prior report by checking box 1a at the top of Form 8300. How to file state taxes only See Amending a report, later. How to file state taxes only Introduction If, in a 12-month period, you receive more than $10,000 in cash from one buyer as a result of a transaction in your trade or business, you must report it to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. How to file state taxes only This publication explains why, when, and where to report these cash payments. How to file state taxes only It also discusses the substantial penalties for not reporting them. How to file state taxes only Some organizations do not have to file Form 8300, including financial institutions who must file FinCEN Form 104 (formerly Form 4789), Currency Transaction Report, and casinos who must file FinCEN Form 103 (formerly Form 8362), Currency Transaction Report by Casinos. How to file state taxes only They are not discussed in this publication. How to file state taxes only This publication explains key issues and terms related to Form 8300. How to file state taxes only You should also read the instructions attached to the form. How to file state taxes only They explain what to enter on each line. How to file state taxes only Prev  Up  Next   Home   More Online Publications
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How to file state taxes only 5. How to file state taxes only   Soil and Water Conservation Expenses Table of Contents Introduction Topics - This chapter discusses: Business of Farming Plan Certification Conservation ExpensesWater well. How to file state taxes only Assessment by Conservation DistrictAssessment for Depreciable Property 25% Limit on DeductionNet operating loss. How to file state taxes only When to Deduct or Capitalize Sale of a Farm Introduction If you are in the business of farming, you can choose to deduct certain expenses for: Soil or water conservation, Prevention of erosion of land used in farming, or Endangered species recovery. How to file state taxes only Otherwise, these are capital expenses that must be added to the basis of the land. How to file state taxes only (See chapter 6 for information on determining basis. How to file state taxes only ) Conservation expenses for land in a foreign country do not qualify for this special treatment. How to file state taxes only The deduction for conservation expenses cannot be more than 25% of your gross income from farming. How to file state taxes only See 25% Limit on Deduction , later. How to file state taxes only Although some expenses are not deductible as soil and water conservation expenses, they may be deductible as ordinary and necessary farm expenses. How to file state taxes only These include interest and taxes, the cost of periodically clearing brush from productive land, the regular removal of sediment from a drainage ditch, and expenses paid or incurred primarily to produce an agricultural crop that may also conserve soil. How to file state taxes only You must include in income most government payments for approved conservation practices. How to file state taxes only However, you can exclude some payments you receive under certain cost-sharing conservation programs. How to file state taxes only For more information, see Agricultural Program Payments in chapter 3. How to file state taxes only To get the full deduction to which you are entitled, you should maintain your records to clearly distinguish between your ordinary and necessary farm business expenses and your soil and water conservation expenses. How to file state taxes only Topics - This chapter discusses: Business of farming Plan certification Conservation expenses Assessment by conservation district 25% limit on deduction When to deduct or capitalize Sale of a farm Business of Farming For purposes of soil and water conservation expenses, you are in the business of farming if you cultivate, operate, or manage a farm for profit, either as an owner or a tenant. How to file state taxes only You are not in the business of farming if you cultivate or operate a farm for recreation or pleasure, rather than for profit. How to file state taxes only You are not farming if you are engaged only in forestry or the growing of timber. How to file state taxes only Farm defined. How to file state taxes only   A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. How to file state taxes only It also includes plantations, ranches, ranges, and orchards. How to file state taxes only A fish farm is an area where fish and other marine animals are grown or raised and artificially fed, protected, etc. How to file state taxes only It does not include an area where they are merely caught or harvested. How to file state taxes only A plant nursery is a farm for purposes of deducting soil and water conservation expenses. How to file state taxes only Farm rental. How to file state taxes only   If you own a farm and receive farm rental payments based on farm production, either in cash or crop shares, you are in the business of farming. How to file state taxes only If you get cash rental for a farm you own that is not used in farm production, you cannot deduct soil and water conservation expenses for that farm. How to file state taxes only   If you receive a fixed rental payment that is not based on farm production, you are in the business of farming only if you materially participate in operating or managing the farm. How to file state taxes only Example. How to file state taxes only You own a farm in Iowa and live in California. How to file state taxes only You rent the farm for $175 in cash per acre and do not materially participate in producing or managing production of the crops grown on the farm. How to file state taxes only You cannot deduct your soil conservation expenses for this farm. How to file state taxes only You must capitalize the expenses and add them to the basis of the land. How to file state taxes only     For more information, see Material participation for landlords under Landlord Participation in Farming in chapter 12. How to file state taxes only Plan Certification You can deduct soil and water conservation expenses only if they are consistent with a plan approved by the Natural Resources Conservation Service (NRCS) of the Department of Agriculture. How to file state taxes only If no such plan exists, the expenses must be consistent with a soil conservation plan of a comparable state agency. How to file state taxes only Keep a copy of the plan with your books and records to support your deductions. How to file state taxes only Conservation plan. How to file state taxes only   A conservation plan includes the farming conservation practices approved for the area where your farmland is located. How to file state taxes only There are three types of approved plans. How to file state taxes only NRCS individual site plans. How to file state taxes only These plans are issued individually to farmers who request assistance from NRCS to develop a conservation plan designed specifically for their farmland. How to file state taxes only NRCS county plans. How to file state taxes only These plans include a listing of farm conservation practices approved for the county where the farmland is located. How to file state taxes only You can deduct expenses for conservation practices not included on the NRCS county plans only if the practice is a part of an individual site plan. How to file state taxes only Comparable state agency plans. How to file state taxes only These plans are approved by state agencies and can be approved individual site plans or county plans. How to file state taxes only   A list of NRCS conservation programs is available at www. How to file state taxes only nrcs. How to file state taxes only usda. How to file state taxes only gov/programs. How to file state taxes only Individual site plans can be obtained from NRCS offices and the comparable state agencies. How to file state taxes only Conservation Expenses You can deduct conservation expenses only for land you or your tenant are using, or have used in the past, for farming. How to file state taxes only These expenses include, but are not limited to, the following. How to file state taxes only The treatment or movement of earth, such as: Leveling, Conditioning, Grading, Terracing, Contour furrowing, and Restoration of soil fertility. How to file state taxes only The construction, control, and protection of: Diversion channels, Drainage ditches, Irrigation ditches, Earthen dams, and Watercourses, outlets, and ponds. How to file state taxes only The eradication of brush. How to file state taxes only The planting of windbreaks. How to file state taxes only You cannot deduct expenses to drain or fill wetlands, or to prepare land for center pivot irrigation systems, as soil and water conservation expenses. How to file state taxes only These expenses are added to the basis of the land. How to file state taxes only If you choose to deduct soil and water conservation expenses, you cannot exclude from gross income any cost-sharing payments you receive for those expenses. How to file state taxes only See chapter 3 for information about payments eligible for the cost-sharing exclusion. How to file state taxes only New farm or farmland. How to file state taxes only   If you acquire a new farm or new farmland from someone who was using it in farming immediately before you acquired the land, soil and water conservation expenses you incur on it will be treated as made on land used in farming at the time the expenses were paid or incurred. How to file state taxes only You can deduct soil and water conservation expenses for this land if your use of it is substantially a continuation of its use in farming. How to file state taxes only The new farming activity does not have to be the same as the old farming activity. How to file state taxes only For example, if you buy land that was used for grazing cattle and then prepare it for use as an apple orchard, you can deduct your conservation expenses. How to file state taxes only Land not used for farming. How to file state taxes only   If your conservation expenses benefit both land that does not qualify as land used for farming and land that does qualify, you must allocate the expenses between the two types of land. How to file state taxes only For example, if the expenses benefit 200 acres of your land, but only 120 acres of this land are used for farming, then you can deduct 60% (120 ÷ 200) of the expenses. How to file state taxes only You can use another method to allocate these expenses if you can clearly show that your method is more reasonable. How to file state taxes only Depreciable conservation assets. How to file state taxes only   You generally cannot deduct your expenses for depreciable conservation assets. How to file state taxes only However, you can deduct certain amounts you pay or incur for an assessment for depreciable property that a soil and water conservation or drainage district levies against your farm. How to file state taxes only See Assessment for Depreciable Property , later. How to file state taxes only   You must capitalize expenses to buy, build, install, or improve depreciable structures or facilities. How to file state taxes only These expenses include those for materials, supplies, wages, fuel, hauling, and moving dirt when making structures such as tanks, reservoirs, pipes, culverts, canals, dams, wells, or pumps composed of masonry, concrete, tile, metal, or wood. How to file state taxes only You recover your capital investment through annual allowances for depreciation. How to file state taxes only   You can deduct soil and water conservation expenses for nondepreciable earthen items. How to file state taxes only Nondepreciable earthen items include certain dams, ponds, and terraces described under Property Having a Determinable Useful Life in chapter 7. How to file state taxes only Water well. How to file state taxes only   You cannot deduct the cost of drilling a water well for irrigation and other agricultural purposes as a soil and water conservation expense. How to file state taxes only It is a capital expense. How to file state taxes only You recover your cost through depreciation. How to file state taxes only You also must capitalize your cost for drilling a test hole. How to file state taxes only If the test hole produces no water and you continue drilling, the cost of the test hole is added to the cost of the producing well. How to file state taxes only You can recover the total cost through depreciation deductions. How to file state taxes only   If a test hole, dry hole, or dried-up well (resulting from prolonged lack of rain, for instance) is abandoned, you can deduct your unrecovered cost in the year of abandonment. How to file state taxes only Abandonment means that all economic benefits from the well are terminated. How to file state taxes only For example, filling or sealing a well excavation or casing so that all economic benefits from the well are terminated constitutes an abandonment. How to file state taxes only Endangered species recovery expenses. How to file state taxes only   If you are in the business of farming and meet other specific requirements, you can choose to deduct the conservation expenses discussed earlier as endangered species recovery expenses. How to file state taxes only Otherwise, these are capital expenses that must be added to the basis of the land. How to file state taxes only   The expenses must be paid or incurred for the purpose of achieving site-specific management actions recommended in a recovery plan approved under section 4(f) of the Endangered Species Act of 1973. How to file state taxes only See Internal Revenue Code section 175 for more information. How to file state taxes only Assessment by Conservation District In some localities, a soil or water conservation or drainage district incurs expenses for soil or water conservation and levies an assessment against the farmers who benefit from the expenses. How to file state taxes only You can deduct as a conservation expense amounts you pay or incur for the part of an assessment that: Covers expenses you could deduct if you had paid them directly, or Covers expenses for depreciable property used in the district's business. How to file state taxes only Assessment for Depreciable Property You generally can deduct as a conservation expense amounts you pay or incur for the part of a conservation or drainage district assessment that covers expenses for depreciable property. How to file state taxes only This includes items such as pumps, locks, concrete structures (including dams and weir gates), draglines, and similar equipment. How to file state taxes only The depreciable property must be used in the district's soil and water conservation activities. How to file state taxes only However, the following limits apply to these assessments. How to file state taxes only The total assessment limit. How to file state taxes only The yearly assessment limit. How to file state taxes only After you apply these limits, the amount you can deduct is added to your other conservation expenses for the year. How to file state taxes only The total for these expenses is then subject to the 25% of gross income from farming limit on the deduction, discussed later. How to file state taxes only See Table 5-1 for a brief summary of these limits. How to file state taxes only Table 5-1. How to file state taxes only Limits on Deducting an Assessment by a Conservation District for Depreciable Property Total Limit on Deduction for Assessment for Depreciable Property Yearly Limit on Deduction for Assessment for Depreciable Property Yearly Limit for All Conservation Expenses 10% of: $500 + 10% of: 25% of: Total assessment against all members of the district for the property. How to file state taxes only Your deductible share of the cost to the district for the property. How to file state taxes only Your gross income from farming. How to file state taxes only No one taxpayer can deduct more than 10% of the total assessment. How to file state taxes only Any amount over 10% is a capital expense and is added to the basis of your land. How to file state taxes only If an assessment is paid in installments, each payment must be prorated between the conservation expense and the capital expense. How to file state taxes only If the amount you pay or incur for any year is more than the limit, you can deduct for that year only 10% of your deductible share of the cost. How to file state taxes only You can deduct the remainder in equal amounts over the next 9 tax years. How to file state taxes only Limit for all conservation expenses, including assessments for depreciable property. How to file state taxes only Amounts greater than 25% can be carried to the following year and added to that year's expenses. How to file state taxes only The total is then subject to the 25% of gross income from farming limit in that year. How to file state taxes only To ensure your deduction is within the deduction limits, keep records to show the following. How to file state taxes only The total assessment against all members of the district for the depreciable property. How to file state taxes only Your deductible share of the cost to the district for the depreciable property. How to file state taxes only Your gross income from farming. How to file state taxes only Total assessment limit. How to file state taxes only   You cannot deduct more than 10% of the total amount assessed to all members of the conservation or drainage district for the depreciable property. How to file state taxes only This applies whether you pay the assessment in one payment or in installments. How to file state taxes only If your assessment is more than 10% of the total amount assessed, both the following rules apply. How to file state taxes only The amount over 10% is a capital expense and is added to the basis of your land. How to file state taxes only If the assessment is paid in installments, each payment must be prorated between the conservation expense and the capital expense. How to file state taxes only Yearly assessment limit. How to file state taxes only   The maximum amount you can deduct in any one year is the total of 10% of your deductible share of the cost as explained earlier, plus $500. How to file state taxes only If the amount you pay or incur is equal to or less than the maximum amount, you can deduct it in the year it is paid or incurred. How to file state taxes only If the amount you pay or incur is more, you can deduct in that year only 10% of your deductible share of the cost. How to file state taxes only You can deduct the remainder in equal amounts over the next 9 tax years. How to file state taxes only Your total conservation expense deduction for each year is also subject to the 25% of gross income from farming limit on the deduction, discussed later. How to file state taxes only Example 1. How to file state taxes only This year, the soil conservation district levies and you pay an assessment of $2,400 against your farm. How to file state taxes only Of the assessment, $1,500 is for digging drainage ditches. How to file state taxes only You can deduct this part as a soil or conservation expense as if you had paid it directly. How to file state taxes only The remaining $900 is for depreciable equipment to be used in the district's irrigation activities. How to file state taxes only The total amount assessed by the district against all its members for the depreciable equipment is $7,000. How to file state taxes only The total amount you can deduct for the depreciable equipment is limited to 10% of the total amount assessed by the district against all its members for depreciable equipment, or $700. How to file state taxes only The $200 excess ($900 − $700) is a capital expense you must add to the basis of your farm. How to file state taxes only To figure the maximum amount you can deduct for the depreciable equipment this year, multiply your deductible share of the total assessment ($700) by 10%. How to file state taxes only Add $500 to the result for a total of $570. How to file state taxes only Your deductible share, $700, is greater than the maximum amount deductible in one year, so you can deduct only $70 of the amount you paid or incurred for depreciable property this year (10% of $700). How to file state taxes only You can deduct the balance at the rate of $70 a year over the next 9 years. How to file state taxes only You add $70 to the $1,500 portion of the assessment for drainage ditches. How to file state taxes only You can deduct $1,570 of the $2,400 assessment as a soil and water conservation expense this year, subject to the 25% of gross income from farming limit on the deduction, discussed later. How to file state taxes only Example 2. How to file state taxes only Assume the same facts in Example 1 except that $1,850 of the $2,400 assessment is for digging drainage ditches and $550 is for depreciable equipment. How to file state taxes only The total amount assessed by the district against all its members for depreciable equipment is $5,500. How to file state taxes only The total amount you can deduct for the depreciable equipment is limited to 10% of this amount, or $550. How to file state taxes only The maximum amount you can deduct this year for the depreciable equipment is $555 (10% of your deductible share of the total assessment, $55, plus $500). How to file state taxes only Since your deductible share is less than the maximum amount deductible in one year, you can deduct the entire $550 this year. How to file state taxes only You can deduct the entire assessment, $2,400, as a soil and water conservation expense this year, subject to the 25% of gross income from farming limit on the deduction, discussed below. How to file state taxes only Sale or other disposal of land during 9-year period. How to file state taxes only   If you dispose of the land during the 9-year period for deducting conservation expenses subject to the yearly limit, any amounts you have not yet deducted because of this limit are added to the basis of the property. How to file state taxes only Death of farmer during 9-year period. How to file state taxes only   If a farmer dies during the 9-year period, any remaining amounts not yet deducted are deducted in the year of death. How to file state taxes only 25% Limit on Deduction The total deduction for conservation expenses in any tax year is limited to 25% of your gross income from farming for the year. How to file state taxes only Gross income from farming. How to file state taxes only   Gross income from farming is the income you derive in the business of farming from the production of crops, fish, fruits, other agricultural products, or livestock. How to file state taxes only Gains from sales of draft, breeding, or dairy livestock are included. How to file state taxes only Gains from sales of assets such as farm machinery, or from the disposition of land, are not included. How to file state taxes only Carryover of deduction. How to file state taxes only   If your deductible conservation expenses in any year are more than 25% of your gross income from farming for that year, you can carry the unused deduction over to later years. How to file state taxes only However, the deduction in any later year is limited to 25% of the gross income from farming for that year as well. How to file state taxes only Example. How to file state taxes only In 2012, you have gross income of $32,000 from two farms. How to file state taxes only During the year, you incurred $10,000 of deductible soil and water conservation expenses for one of the farms. How to file state taxes only However, your deduction is limited to 25% of $32,000, or $8,000. How to file state taxes only The $2,000 excess ($10,000 − $8,000) is carried over to 2013 and added to deductible soil and water conservation expenses made in that year. How to file state taxes only The total of the 2012 carryover plus 2013 expenses is deductible in 2013, subject to the limit of 25% of your gross income from farming in 2013. How to file state taxes only Any expenses over the limit in that year are carried to 2014 and later years. How to file state taxes only Net operating loss. How to file state taxes only   The deduction for soil and water conservation expenses, after applying the 25% limit, is included when figuring a net operating loss (NOL) for the year. How to file state taxes only If the NOL is carried to another year, the soil and water conservation deduction included in the NOL is not subject to the 25% limit in the year to which it is carried. How to file state taxes only When to Deduct or Capitalize If you choose to deduct soil and water conservation expenses, you must deduct the total allowable amount on your tax return for the first year you pay or incur these expenses. How to file state taxes only If you do not choose to deduct the expenses, you must capitalize them. How to file state taxes only Change of method. How to file state taxes only   If you want to change your method for the treatment of soil and water conservation expenses, or you want to treat the expenses for a particular project or a single farm in a different manner, you must get the approval of the IRS. How to file state taxes only To get this approval, submit a written request by the due date of your return for the first tax year you want the new method to apply. How to file state taxes only You or your authorized representative must sign the request. How to file state taxes only   The request must include the following information. How to file state taxes only Your name and address. How to file state taxes only The first tax year the method or change of method is to apply. How to file state taxes only Whether the method or change of method applies to all your soil and water conservation expenses or only to those for a particular project or farm. How to file state taxes only If the method or change of method does not apply to all your expenses, identify the project or farm to which the expenses apply. How to file state taxes only The total expenses you paid or incurred in the first tax year the method or change of method is to apply. How to file state taxes only A statement that you will account separately in your books for the expenses to which this method or change of method relates. How to file state taxes only Send your request to the following  address. How to file state taxes only  Department of the Treasury Internal Revenue Service Center Cincinnati, OH 45999  For more information, see Change in  Accounting Method in chapter 2. How to file state taxes only Sale of a Farm If you sell your farm, you cannot adjust the basis of the land at the time of the sale for any unused carryover of soil and water conservation expenses (except for deductions of assessments for depreciable property, discussed earlier). How to file state taxes only However, if you acquire another farm and return to the business of farming, you can start taking deductions again for the unused carryovers. How to file state taxes only Gain on sale of farmland. How to file state taxes only   If you held the land 5 years or less before you sold it, gain on the sale of the land is treated as ordinary income up to the amount you previously deducted for soil and water conservation expenses. How to file state taxes only If you held the land less than 10 but more than 5 years, the gain is treated as ordinary income up to a specified percentage of the previous deductions. How to file state taxes only See Section 1252 property under Other Gains in chapter 9. How to file state taxes only Prev  Up  Next   Home   More Online Publications