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Irs Gov 1040ez
Unemployment Taxes 2011How To Amend A Tax ReturnFree Irs Tax FilingFree Self Tax Preparation OnlineHow Amend A Tax ReturnIrs Form 1040x 2013 Tax ReturnNj 1040ezDo You File Taxes If You Are UnemployedFree Federal Tax Filing 2012Taxslayer Login2011 1040ezFree Amended ReturnHr Block Com40 Ez FormHow To File A Amended Tax ReturnMyfreetaxes Com BaltimorecashIrs Gov Form 1040ezAmend Federal Tax ReturnHow Do I File My 2010 Tax ReturnFile For Extension 2011 Taxes FreeWhere Can I Efile My State Taxes For FreeFile 2012 Taxes Free OnlineIrs Tax Form 1040ezFile Free State TaxIrs Tax Form 1120 For 2012Printable 1040ez Tax FormTaxact Login Tax Return Taxact Login PageCan Tax Form 1040x Be Filed Online2012 1040x Tax FormWho Can File A 1040ezFree Efile1040 Ez OnlineIrs 1040 Ez Form Instructions 2013Www Myfreetaxes Com Sandiego1040ez WorksheetHrblockfree ComIrs Forms 10401040ez 2012 FormFree Efile State TaxesFiling Taxes Online Free
Irs Gov 1040ez
Irs gov 1040ez Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. Irs gov 1040ez Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Irs gov 1040ez However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Irs gov 1040ez The new provisions are in the Supplement to Publication 463, which is reprinted below. Irs gov 1040ez Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. Irs gov 1040ez After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Irs gov 1040ez Certain provisions of this new law may reduce your taxes for 2001. Irs gov 1040ez The new law contains the following provisions. Irs gov 1040ez A new depreciation deduction, the special depreciation allowance. Irs gov 1040ez An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Irs gov 1040ez If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Irs gov 1040ez See Amended Return, later. Irs gov 1040ez Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. Irs gov 1040ez However, there is a limit on the depreciation deduction you can take for your car each year. Irs gov 1040ez See Depreciation Limit later. Irs gov 1040ez Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Irs gov 1040ez This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Irs gov 1040ez You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). Irs gov 1040ez See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Irs gov 1040ez You can claim the special depreciation allowance only for the year the qualified property is placed in service. Irs gov 1040ez Qualified property. Irs gov 1040ez Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. Irs gov 1040ez You bought it new. Irs gov 1040ez You bought it after September 10, 2001. Irs gov 1040ez (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. Irs gov 1040ez ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Irs gov 1040ez Example. Irs gov 1040ez Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Irs gov 1040ez Bob's car is qualified property. Irs gov 1040ez Bob chooses not to take a section 179 deduction for the car. Irs gov 1040ez He does claim the new special depreciation allowance. Irs gov 1040ez Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Irs gov 1040ez 75). Irs gov 1040ez He then figures the special depreciation allowance of $4,500 ($15,000 × . Irs gov 1040ez 30). Irs gov 1040ez The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . Irs gov 1040ez 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Irs gov 1040ez However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Irs gov 1040ez 75), as discussed next. Irs gov 1040ez Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. Irs gov 1040ez The limit is increased to $23,080 if the car is an electric car. Irs gov 1040ez The section 179 deduction is treated as depreciation for purposes of this limit. Irs gov 1040ez If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. Irs gov 1040ez For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). Irs gov 1040ez Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. Irs gov 1040ez S. Irs gov 1040ez Individual Income Tax Return, by April 15, 2003. Irs gov 1040ez At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Irs gov 1040ez ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Irs gov 1040ez If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Irs gov 1040ez Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Irs gov 1040ez For details, see Revenue Procedure 2002–33. Irs gov 1040ez (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Irs gov 1040ez ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. Irs gov 1040ez Example. Irs gov 1040ez The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . Irs gov 1040ez 75 x . Irs gov 1040ez 20) depreciation deduction for his new car using MACRS. Irs gov 1040ez Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Irs gov 1040ez Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. Irs gov 1040ez Bob's new filled-in Form 2106 is shown later. Irs gov 1040ez Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. Irs gov 1040ez As a general rule, you must make this election by the due date (including extensions) of your return. Irs gov 1040ez You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. Irs gov 1040ez To get this extension, you must have filed your original return by the due date (including extensions). Irs gov 1040ez At the top of the statement, print “Filed pursuant to section 301. Irs gov 1040ez 9100–2. Irs gov 1040ez ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. Irs gov 1040ez Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. Irs gov 1040ez Deemed election for return filed before June 1, 2002. Irs gov 1040ez If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. Irs gov 1040ez You filed your 2001 return before June 1, 2002. Irs gov 1040ez You claimed depreciation on your return but did not claim the special depreciation allowance. Irs gov 1040ez You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. Irs gov 1040ez Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev Up Next Home More Online Publications
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The Irs Gov 1040ez
Irs gov 1040ez Publication 544 - Additional Material Table of Contents Tax Publications for Business TaxpayersSee How To Get Tax Help for a variety of ways to get publications, including by computer, phone, and mail. Irs gov 1040ez General Guides 1 Your Rights as a Taxpayer 17 Your Federal Income Tax (For Individuals) 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 509 Tax Calendars 910 IRS Guide to Free Tax Services Employer's Guides 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits 51 (Circular A), Agricultural Employer's Tax Guide 80 (Circular SS), Federal Tax Guide For Employers in the U. Irs gov 1040ez S. Irs gov 1040ez Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands 926 Household Employer's Tax Guide Specialized Publications 225 Farmer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses 505 Tax Withholding and Estimated Tax 510 Excise Taxes (Including Fuel Tax Credits and Refunds) 515 Withholding of Tax on Nonresident Aliens and Foreign Entities 517 Social Security and Other Information for Members of the Clergy and Religious Workers 527 Residential Rental Property 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 537 Installment Sales 538 Accounting Periods and Methods 541 Partnerships 542 Corporations 544 Sales and Other Dispositions of Assets 551 Basis of Assets 556 Examination of Returns, Appeal Rights, and Claims for Refund 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 561 Determining the Value of Donated Property 583 Starting a Business and Keeping Records 587 Business Use of Your Home (Including Use by Daycare Providers) 594 What You Should Know About The IRS Collection Process 595 Capital Construction Fund for Commercial Fishermen 597 Information on the United States-Canada Income Tax Treaty 598 Tax on Unrelated Business Income of Exempt Organizations 686 Certification for Reduced Tax Rates in Tax Treaty Countries 901 U. Irs gov 1040ez S. Irs gov 1040ez Tax Treaties 908 Bankruptcy Tax Guide 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property 947 Practice Before the IRS and Power of Attorney 1544 Reporting Cash Payments of Over $10,000 (Received in a Trade or Business) 1546 Taxpayer Advocate Service - Your Voice at the IRS Spanish Language Publications 1SP Derechos del Contribuyente 179 (Circular PR), Guía Contributiva Federal Para Patronos Puertorriqueños 579SP Cómo Preparar la Declaración de Impuesto Federal 594SP Qué es lo Debemos Saber Sobre El Proceso de Cobro del IRS 850 English-Spanish Glossary of Words and Phrases Used in Publications Issued by the Internal Revenue Service 1544SP Informe de Pagos en Efectivo en Exceso de $10,000 (Recibidos en una Ocupación o Negocio) Commonly Used Tax FormsSee How To Get Tax Help for a variety of ways to get forms, including by computer, phone, and mail. Irs gov 1040ez Form Number and Form Title W-2 Wage and Tax Statement W-4 Employee's Withholding Allowance Certificate 940 Employer's Annual Federal Unemployment (FUTA) Tax Return 941 Employer's QUARTERLY Federal Tax Return 944 Employer's ANNUAL Federal Tax Return 1040 U. Irs gov 1040ez S. Irs gov 1040ez Individual Income Tax Return Sch. Irs gov 1040ez A & B Itemized Deductions & Interest and Ordinary Dividends Sch. Irs gov 1040ez C Profit or Loss From Business Sch. Irs gov 1040ez C-EZ Net Profit From Business Sch. Irs gov 1040ez D Capital Gains and Losses Sch. Irs gov 1040ez E Supplemental Income and Loss Sch. Irs gov 1040ez F Profit or Loss From Farming Sch. Irs gov 1040ez H Household Employment Taxes Sch. Irs gov 1040ez J Income Averaging for Farmers and Fishermen Sch. Irs gov 1040ez R Credit for the Elderly or the Disabled Sch. Irs gov 1040ez SE Self-Employment Tax 1040-ES Estimated Tax for Individuals 1040X Amended U. Irs gov 1040ez S. Irs gov 1040ez Individual Income Tax Return 1065 U. Irs gov 1040ez S. Irs gov 1040ez Return of Partnership Income Sch. Irs gov 1040ez D Capital Gains and Losses Sch. Irs gov 1040ez K-1 Partner's Share of Income, Deductions, Credits, etc. Irs gov 1040ez 1120 U. Irs gov 1040ez S. Irs gov 1040ez Corporation Income Tax Return Sch. Irs gov 1040ez D Capital Gains and Losses 1120S U. Irs gov 1040ez S. Irs gov 1040ez Income Tax Return for an S Corporation Sch. Irs gov 1040ez D Capital Gains and Losses and Built-In Gains Sch. Irs gov 1040ez K-1 Shareholder's Share of Income, Deductions, Credits, etc. Irs gov 1040ez 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2441 Child and Dependent Care Expenses 2848 Power of Attorney and Declaration of Representative 3800 General Business Credit 3903 Moving Expenses 4562 Depreciation and Amortization 4797 Sales of Business Property 4868 Application for Automatic Extension of Time To File U. Irs gov 1040ez S. Irs gov 1040ez Individual Income Tax Return 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 6252 Installment Sale Income 7004 Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns 8283 Noncash Charitable Contributions 8300 Report of Cash Payments Over $10,000 Received in a Trade or Business 8582 Passive Activity Loss Limitations 8606 Nondeductible IRAs 8822 Change of Address 8829 Expenses for Business Use of Your Home 8949 Sales and Other Dispositions of Capital Assets Prev Up Next Home More Online Publications