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How To File Taxes For Self Employment Income

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How To File Taxes For Self Employment Income

How to file taxes for self employment income Index A Addition to property, Additions and Improvements Adjusted basis, Adjusted Basis Alternative Depreciation System (ADS) Recovery periods, Recovery Periods Under ADS Required use, Required use of ADS. How to file taxes for self employment income Amended return, Filing an Amended Return Apartment Cooperative, Cooperative apartments. How to file taxes for self employment income Rental, Which Property Class Applies Under GDS? Automobile (see Passenger automobile) B Basis Adjustments, Basis adjustment for depreciation allowed or allowable. How to file taxes for self employment income , Adjustment of partner's basis in partnership. How to file taxes for self employment income , Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. How to file taxes for self employment income , Basis adjustment due to casualty loss. How to file taxes for self employment income Basis for depreciation, What Is the Basis for Depreciation? Casualty loss, Basis adjustment due to casualty loss. How to file taxes for self employment income Change in use, Property changed from personal use. How to file taxes for self employment income Cost, Cost as Basis Depreciable basis, Depreciable basis. How to file taxes for self employment income Other than cost, Other Basis Recapture of clean-fuel vehicle deduction or credit, Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. How to file taxes for self employment income Term interest, Basis adjustments. How to file taxes for self employment income Unadjusted, Figuring the Unadjusted Basis of Your Property Business use of property, partial, Partial business or investment use. How to file taxes for self employment income Business-use limit, recapture of Section 179 deduction, When Must You Recapture the Deduction? Business-use requirement, listed property, What Is the Business-Use Requirement? C Car (see Passenger automobile) Carryover of section 179 deduction, Carryover of disallowed deduction. How to file taxes for self employment income Casualty loss, effect of, Basis adjustment due to casualty loss. How to file taxes for self employment income Changing accounting method, Changing Your Accounting Method Communication equipment (see Listed property) Commuting, Commuting use. How to file taxes for self employment income Computer (see Listed property) Computer software, Computer software. How to file taxes for self employment income , Off-the-shelf computer software. How to file taxes for self employment income Containers, Containers. How to file taxes for self employment income Conventions, Which Convention Applies? Cooperative apartment, Cooperative apartments. How to file taxes for self employment income Copyright, Patents and copyrights. How to file taxes for self employment income (see also Section 197 intangibles) Correcting depreciation deductions, How Do You Correct Depreciation Deductions? Cost basis, Cost as Basis D Declining balance Method, Declining Balance Method Rates, Declining balance rate. How to file taxes for self employment income Deduction limit Automobile, Do the Passenger Automobile Limits Apply? Section 179, How Much Can You Deduct? Depreciation Deduction Employee, Can Employees Claim a Deduction? Listed property, Can Employees Claim a Deduction? Determinable useful life, Property Having a Determinable Useful Life Excepted property, Excepted Property Incorrect amount deducted, How Do You Correct Depreciation Deductions? Methods, Which Depreciation Method Applies? Property lasting more than one year, Property Lasting More Than One Year Property owned, Property You Own Property used in business, Property Used in Your Business or Income-Producing Activity Recapture, Revoking an election. How to file taxes for self employment income , Recapture of Excess Depreciation Depreciation allowable, Basis adjustment for depreciation allowed or allowable. How to file taxes for self employment income Depreciation allowed, Basis adjustment for depreciation allowed or allowable. How to file taxes for self employment income Depreciation deduction Listed property, What Is the Business-Use Requirement? Determinable useful life, Property Having a Determinable Useful Life Disposition Before recovery period ends, Sale or Other Disposition Before the Recovery Period Ends General asset account property, Disposing of GAA Property Section 179 deduction, When Must You Recapture the Deduction? E Election ADS, Electing ADS. How to file taxes for self employment income , Election of ADS. How to file taxes for self employment income Declining balance (150% DB) method, 150% election. How to file taxes for self employment income Exclusion from MACRS, Election To Exclude Property From MACRS General asset account, Electing To Use a GAA Not to claim special depreciation allowance, How Can You Elect Not To Claim an Allowance? Section 179 deduction, How Do You Elect the Deduction? Straight line method, Straight line election. How to file taxes for self employment income Electric vehicle, Electric Vehicles Employee Depreciation deduction, Can Employees Claim a Deduction? How to claim depreciation, Employee. How to file taxes for self employment income Employee deduction, listed property, Can Employees Claim a Deduction? Energy property, Energy property. How to file taxes for self employment income Exchange of MACRS property, Property Acquired in a Like-kind Exchange or Involuntary Conversion F Farm Property, Depreciation Methods for Farm Property Figuring MACRS Using percentage tables, How Is the Depreciation Deduction Figured? Without using percentage tables, Figuring the Deduction Without Using the Tables Films, Films, video tapes, and recordings. How to file taxes for self employment income Free tax services, Free help with your tax return. How to file taxes for self employment income G General asset account Abusive transaction, Abusive transactions. How to file taxes for self employment income Disposing of property, Disposing of GAA Property Grouping property in, Grouping Property Nonrecognition transaction, Nonrecognition transactions. How to file taxes for self employment income General Depreciation System (GDS), recovery periods, Recovery Periods Under GDS Gift (see Basis, other than cost) H Help (see Tax help) I Idle property, Idle Property Improvements, How Do You Treat Repairs and Improvements?, Additions and Improvements Income forecast method, Income Forecast Method Incorrect depreciation deductions, How Do You Correct Depreciation Deductions? Indian reservation Defined, Indian reservation. How to file taxes for self employment income Qualified infrastructure property, Qualified infrastructure property. How to file taxes for self employment income Qualified property, Qualified property. How to file taxes for self employment income Recovery periods for qualified property, Indian Reservation Property Related person, Related person. How to file taxes for self employment income Inheritance (see Basis, other than cost) Intangible property Depreciation method, Intangible Property, Income Forecast Method Income forecast method, Income Forecast Method Straight line method, Intangible Property Inventory, Inventory. How to file taxes for self employment income Investment use of property, partial, Partial business or investment use. How to file taxes for self employment income Involuntary conversion of MACRS property, Property Acquired in a Like-kind Exchange or Involuntary Conversion L Land Not depreciable, Land Preparation costs, Land Leased property, Leased property. How to file taxes for self employment income Leasehold improvement property, defined, Qualified leasehold improvement property. How to file taxes for self employment income , Qualified leasehold improvement property. How to file taxes for self employment income Life tenant, Life tenant. How to file taxes for self employment income (see also Term interests) Limit on deduction Automobile, Do the Passenger Automobile Limits Apply? Section 179, How Much Can You Deduct? Listed property 5% owner, 5% owner. How to file taxes for self employment income Computer, Computers and Related Peripheral Equipment Condition of employment, Condition of employment. How to file taxes for self employment income Defined, What Is Listed Property? Employee deduction, Can Employees Claim a Deduction? Employer convenience, Employer's convenience. How to file taxes for self employment income Improvements to, Improvements to listed property. How to file taxes for self employment income Leased, Lessee's Inclusion Amount Passenger automobile, Passenger Automobiles Qualified business use, Qualified Business Use Recordkeeping, Adequate Records Related person, Related persons. How to file taxes for self employment income Reporting on Form 4562, How Is Listed Property Information Reported? Lodging, Property used for lodging. How to file taxes for self employment income M Maximum deduction Electric vehicles, Electric Vehicles Passenger automobiles, Maximum Depreciation Deduction Trucks, Trucks and Vans Vans, Trucks and Vans Mobile home (see Residential rental property) Modified ACRS (MACRS) Addition or improvement, Additions and Improvements Alternative Depreciation System (ADS), Which Depreciation System (GDS or ADS) Applies? Conventions, Which Convention Applies? Declining balance method, Declining Balance Method Depreciation methods, Which Depreciation Method Applies? Farm property, Depreciation Methods for Farm Property Figuring, short tax year, Property Placed in Service in a Short Tax Year General Depreciation System (GDS), Which Depreciation System (GDS or ADS) Applies? Percentage tables, Using the MACRS Percentage Tables Property classes, Which Property Class Applies Under GDS? Recovery periods, Which Recovery Period Applies? Short tax year, Figuring the Deduction for a Short Tax Year Straight line method, Straight Line Method N Nonresidential real property, Which Property Class Applies Under GDS? Nontaxable transfer of MACRS property, Property Acquired in a Nontaxable Transfer O Office in the home, Office in the home. How to file taxes for self employment income , Office in the home. How to file taxes for self employment income Ownership, incidents of, Incidents of ownership. How to file taxes for self employment income P Partial business use, Partial business use. How to file taxes for self employment income Passenger automobile Defined, Passenger Automobiles Electric vehicles, Electric Vehicles Limit on, Do the Passenger Automobile Limits Apply? Maximum depreciation deduction, Maximum Depreciation Deduction Trucks, Trucks and Vans Vans, Trucks and Vans Patent, Patents and copyrights. How to file taxes for self employment income (see also Section 197 intangibles) Personal property, Personal property. How to file taxes for self employment income Phonographic equipment (see Listed property) Photographic equipment (see Listed property) Placed in service Before 1987, Property You Placed in Service Before 1987 Date, What Is the Placed in Service Date? Rule, Placed in Service Property Classes, Which Property Class Applies Under GDS? Depreciable, What Property Can Be Depreciated? Idle, Idle Property Improvements, How Do You Treat Repairs and Improvements? Leased, Leased property. How to file taxes for self employment income , Leased property. How to file taxes for self employment income Listed, What Is Listed Property? Personal, Personal property. How to file taxes for self employment income Real, Real property. How to file taxes for self employment income Retired from service, Retired From Service Tangible personal, Tangible personal property. How to file taxes for self employment income Term interest, Certain term interests in property. How to file taxes for self employment income Q Qualified leasehold improvement property, defined, Qualified leasehold improvement property. How to file taxes for self employment income , Qualified leasehold improvement property. How to file taxes for self employment income Qualified property, special depreciation allowance, What Is Qualified Property? R Real property, Real property. How to file taxes for self employment income Recapture Clean-fuel vehicle deduction or credit, Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. How to file taxes for self employment income General asset account, abusive transaction, Abusive transactions. How to file taxes for self employment income Listed property, Recapture of Excess Depreciation MACRS depreciation, Revoking an election. How to file taxes for self employment income Section 179 deduction, When Must You Recapture the Deduction? Special depreciation allowance, When Must You Recapture an Allowance? Recordkeeping Listed property, Adequate Records Section 179, How Do You Elect the Deduction? Recovery periods ADS, Recovery Periods Under ADS GDS, Recovery Periods Under GDS Related persons, Related persons. How to file taxes for self employment income , Related persons. How to file taxes for self employment income , Related persons. How to file taxes for self employment income , Related persons. How to file taxes for self employment income , Related person. How to file taxes for self employment income , Related persons. How to file taxes for self employment income Rent-to-own property, defined, Qualified rent-to-own property. How to file taxes for self employment income Rental home (see Residential rental property) Rented property, improvements, Improvements to rented property. How to file taxes for self employment income Repairs, How Do You Treat Repairs and Improvements? Residential rental property, Which Property Class Applies Under GDS? Retail motor fuels outlet, Retail motor fuels outlet. How to file taxes for self employment income Revoking ADS election, Electing ADS. How to file taxes for self employment income General asset account election, Revoking an election. How to file taxes for self employment income Section 179 election, Revoking an election. How to file taxes for self employment income S Sale of property, Sale or Other Disposition Before the Recovery Period Ends Section 179 deduction Business use required, Partial business use. How to file taxes for self employment income Carryover, Carryover of disallowed deduction. How to file taxes for self employment income Dispositions, When Must You Recapture the Deduction? Electing, How Do You Elect the Deduction? Limits Business (taxable) income, Business Income Limit Business-use, recapture, When Must You Recapture the Deduction? Dollar, Dollar Limits Enterprise zone business, Enterprise Zone Businesses Partial business use, Partial business use. How to file taxes for self employment income Married filing separate returns, Married Individuals Partnership rules, Partnerships and Partners Property Eligible, Eligible Property Excepted, Excepted Property Purchase required, Property Acquired by Purchase Recapture, When Must You Recapture the Deduction? Recordkeeping, How Do You Elect the Deduction? S corporation rules, S Corporations Settlement fees, Settlement costs. How to file taxes for self employment income Short tax year Figuring depreciation, Property Placed in Service in a Short Tax Year Figuring placed-in-service date, Using the Applicable Convention in a Short Tax Year Software, computer, Computer software. How to file taxes for self employment income , Off-the-shelf computer software. How to file taxes for self employment income Sound recording, Films, video tapes, and recordings. How to file taxes for self employment income Special depreciation allowance Election not to claim, How Can You Elect Not To Claim an Allowance? Qualified property, What Is Qualified Property? Recapture, When Must You Recapture an Allowance? Stock, constructive ownership of, Constructive ownership of stock or partnership interest. How to file taxes for self employment income Straight line method, Intangible Property, Straight Line Method Created intangibles, Certain created intangibles. How to file taxes for self employment income T Tangible personal property, Tangible personal property. How to file taxes for self employment income Term interest, Certain term interests in property. How to file taxes for self employment income Trade-in of property, Trade-in of other property. How to file taxes for self employment income Trucks, Trucks and Vans U Unadjusted basis, Figuring the Unadjusted Basis of Your Property Useful life, Property Having a Determinable Useful Life V Vans, Trucks and Vans Video tape, Films, video tapes, and recordings. How to file taxes for self employment income Video-recording equipment (see Listed property) W When to use ADS, Which Depreciation System (GDS or ADS) Applies? Worksheet Leased listed property, Inclusion amount worksheet. How to file taxes for self employment income MACRS, MACRS Worksheet Prev  Up     Home   More Online Publications
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The How To File Taxes For Self Employment Income

How to file taxes for self employment income Tax Changes for Businesses Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Electronic Form 1099 Tax Incentives for New York Liberty Zone Other 2001 Changes 2002 ChangesNonaccrual-Experience Method Issuance of Qualified Zone Academy Bonds Depletion Work Opportunity Credit Expanded in New York Liberty Zone Credit For Pension Plan Startup Costs Welfare-to-Work Credit Extended Work Opportunity Credit Extended Electric and Clean-Fuel Vehicles Renewable Electricity Production Credit Later ChangesSpecial Depreciation Allowance Extension of Placed in Service Date Special Liberty Zone Depreciation Allowance for New and Used Property Depreciation of Property Used on Indian Reservations Indian Employment Credit Extended 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). How to file taxes for self employment income However, you can still choose to use the previous carryback period. How to file taxes for self employment income You also can choose not to carry back an NOL and only carry it forward. How to file taxes for self employment income Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. How to file taxes for self employment income Corporations can file Form 1139, Corporation Application for Tentative Refund. How to file taxes for self employment income The instructions for these forms will be revised to reflect the new law. How to file taxes for self employment income Electronic Form 1099 For tax years ending after March 9, 2002, most Forms 1099 can be furnished electronically if the recipient consents, according to IRS regulations, to receive it that way. How to file taxes for self employment income Tax Incentives for New York Liberty Zone New tax benefits are provided for the parts of New York City damaged in the terrorist attacks on September 11, 2001. How to file taxes for self employment income These benefits apply to the newly created New York Liberty Zone, which is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway), in the Borough of Manhattan. How to file taxes for self employment income Tax benefits for the New York Liberty Zone include the following. How to file taxes for self employment income A special depreciation allowance equal to 30% of the adjusted basis of qualified Liberty Zone property. How to file taxes for self employment income It is allowed for the year the property is placed in service. How to file taxes for self employment income No alternative minimum tax depreciation adjustment for qualified Liberty Zone property. How to file taxes for self employment income Classification of Liberty Zone leasehold improvement property as 5-year property. How to file taxes for self employment income Authorization of the issuance of tax-exempt New York Liberty bonds to finance the acquisition, construction, reconstruction, and renovation of nonresidential real property, residential rental property, and public utility property in the Liberty Zone. How to file taxes for self employment income An increased section 179 deduction for certain Liberty Zone property. How to file taxes for self employment income Extension of the replacement period from 2 years to 5 years for certain property involuntarily converted as a result of the terrorist attacks on September 11, 2001, but only if substantially all of the use of the replacement property is in New York City. How to file taxes for self employment income For more information about involuntary conversions, see Postponement of Gain in Publication 547, Casualties, Disasters, and Thefts. How to file taxes for self employment income In addition, for 2002 and 2003, the work opportunity credit is expanded by creating a new targeted group, consisting generally of employees who work in the Liberty Zone or, in certain cases, in New York City outside the Liberty Zone. How to file taxes for self employment income For more information, see Work Opportunity Credit Expanded in New York Liberty Zone under 2002 Changes, later. How to file taxes for self employment income For more information about the 30% special depreciation allowance, Liberty Zone leasehold improvement property, or increased section 179 deduction, see New York Liberty Zone Benefits, in chapter 5. How to file taxes for self employment income In addition, the tax benefits for the Liberty Zone will be covered in a new edition of Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities, available later in 2002. How to file taxes for self employment income Other 2001 Changes Other changes are discussed in the following chapters. How to file taxes for self employment income Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Nonaccrual-Experience Method Under current law, if you perform services and use an accrual method of accounting, you do not accrue income which, based on experience, you expect to be uncollectible. How to file taxes for self employment income Beginning in 2002, this rule only applies if you perform services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, and consulting, or your average annual gross receipts for the 3 prior tax years does not exceed $5,000,000. How to file taxes for self employment income As under current law, the nonaccrual-experience method will not apply to amounts on which you charge interest or a late payment penalty. How to file taxes for self employment income For more information, see Nonaccrual-Experience Method in chapter 11 of Publication 535, Business Expenses. How to file taxes for self employment income Issuance of Qualified Zone Academy Bonds State and local governments issue qualified zone academy bonds to raise funds for the use of qualified zone academies. How to file taxes for self employment income The amount of bonds that may be issued was limited to $400 million each year for 1998, 1999, 2000, and 2001. How to file taxes for self employment income This provision has been extended to provide for an additional $400 million of bonds to be issued each year for 2002 and 2003. How to file taxes for self employment income For more information about qualified zone academy bonds, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. How to file taxes for self employment income Depletion The suspension of the taxable income limit on percentage depletion from the marginal production of oil and natural gas that was scheduled to expire for tax years beginning after 2001 has been extended to tax years beginning before 2004. How to file taxes for self employment income For more information on marginal production, see section 613A(c) of the Internal Revenue Code. How to file taxes for self employment income Work Opportunity Credit Expanded in New York Liberty Zone The work opportunity credit is expanded to include a new targeted group consisting generally of employees who perform substantially all their services: In the New York Liberty Zone (defined earlier under Tax Incentives for New York Liberty Zone, under 2001 Changes), or Elsewhere in New York City for a business that relocated from the Liberty Zone due to the destruction or damage of its place of business by the September 11, 2001, terrorist attack. How to file taxes for self employment income The credit is available to employers for wages paid to new employees and existing employees for work performed during 2002 or 2003. How to file taxes for self employment income Certain limits apply. How to file taxes for self employment income For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. How to file taxes for self employment income Credit For Pension Plan Startup Costs The credit for pension plan startup costs is now allowed for plans that become effective after December 31, 2001. How to file taxes for self employment income Previously, the credit was only allowed for plans established after December 31, 2001. How to file taxes for self employment income For more information on the credit, see Important Changes for 2002 in Publication 560, Retirement Plans for Small Business. How to file taxes for self employment income Welfare-to-Work Credit Extended The welfare-to-work credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. How to file taxes for self employment income For more information on the welfare-to-work credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. How to file taxes for self employment income Work Opportunity Credit Extended The work opportunity credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. How to file taxes for self employment income For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. How to file taxes for self employment income Electric and Clean-Fuel Vehicles The maximum clean-fuel vehicle deduction and qualified electric vehicle credit were scheduled to be 25% lower for 2002 and both were scheduled to be phased out completely by 2005. How to file taxes for self employment income The full deduction and credit are now allowed for qualified property placed in service in 2002 and 2003. How to file taxes for self employment income The phaseout of the deduction and the credit will begin in 2004, and no deduction or credit will be allowed for property placed in service after 2006. How to file taxes for self employment income For more information about electric and clean-fuel vehicles, see chapter 12 in Publication 535, Business Expenses. How to file taxes for self employment income Renewable Electricity Production Credit The renewable electricity production credit is extended to include electricity produced by facilities placed in service after 2001 and before 2004. How to file taxes for self employment income Later Changes Special Depreciation Allowance You can claim the special depreciation allowance (an additional 30% depreciation deduction) for new property that you acquire before September 11, 2004, and place in service for your business generally before January 1, 2005, if you meet the other requirements for qualified property covered in chapter 5. How to file taxes for self employment income Accordingly, you will generally no longer be able to claim the special depreciation allowance for the qualified property if you acquire it after September 10, 2004, or place it in service for your business after December 31, 2004. How to file taxes for self employment income However, you will be able to claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for most qualified property if you place it in service in the Liberty Zone after December 31, 2004, and generally before January 1, 2007, provided you meet the other requirements for qualified Liberty Zone property covered in chapter 5. How to file taxes for self employment income Extension of Placed in Service Date To qualify for the special depreciation allowance, your property must meet certain tests, including the placed in service date test, as well as the other requirements covered in chapter 5 of this publication. How to file taxes for self employment income To meet the placed in service date test, your property must generally be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. How to file taxes for self employment income However, certain property placed in service before January 1, 2006, may meet this test. How to file taxes for self employment income Transportation property and property with a recovery period of 10 years or longer meet the test if one of the following applies. How to file taxes for self employment income The property has an estimated production period of more than 2 years. How to file taxes for self employment income The property has an estimated production period of more than 1 year and it costs more than $1 million. How to file taxes for self employment income Transportation property is any tangible personal property used in the trade or business of transporting persons or property. How to file taxes for self employment income For property that qualifies for the special depreciation allowance solely because of the one-year extension of the placed in service date, only the part of the basis attributable to manufacture, construction, or production before September 11, 2004, is eligible for the special depreciation allowance. How to file taxes for self employment income Special Liberty Zone Depreciation Allowance for New and Used Property You can claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for used property that you acquire after September 10, 2001, if the property meets the requirements listed under Qualified Liberty Zone Property in chapter 5 of this publication. How to file taxes for self employment income You will be able to claim the allowance for both new and used property that you acquire after September 10, 2004, provided the property meets the other requirements for qualified Liberty Zone property. How to file taxes for self employment income Depreciation of Property Used on Indian Reservations The special depreciation rules that apply to qualified property used on an Indian reservation were scheduled to expire for property placed in service after 2003. How to file taxes for self employment income These special rules have been extended to include property placed in service in 2004. How to file taxes for self employment income For more information about these rules, see Publication 946, How To Depreciate Property. How to file taxes for self employment income Indian Employment Credit Extended The Indian employment credit that was scheduled to expire for tax years beginning after 2003 has been extended to include a tax year beginning in 2004. How to file taxes for self employment income For more information about this credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. How to file taxes for self employment income Prev  Up  Next   Home   More Online Publications