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Irs Problems

Irs problems 1. Irs problems   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. Irs problems This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Irs problems Tax records are not the only type of records you need to keep for your farming business. Irs problems You should also keep records that measure your farm's financial performance. Irs problems This publication only discusses tax records. Irs problems The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. Irs problems For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Irs problems ffsc. Irs problems org. Irs problems For more information, contact Countryside Marketing, Inc. Irs problems in the following manner. Irs problems Call 262-253-6902. Irs problems Send a fax to 262-253-6903. Irs problems Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Irs problems , #287 Menomonee Falls, WI 53051. Irs problems Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. Irs problems Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Irs problems Recordkeeping will help you do the following. Irs problems Monitor the progress of your farming business. Irs problems   You need records to monitor the progress of your farming business. Irs problems Records can show whether your business is improving, which items are selling, or what changes you need to make. Irs problems Records can help you make better decisions that may increase the likelihood of business success. Irs problems Prepare your financial statements. Irs problems   You need records to prepare accurate financial statements. Irs problems These include income (profit and loss) statements and balance sheets. Irs problems These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Irs problems Identify source of receipts. Irs problems   You will receive money or property from many sources. Irs problems Your records can identify the source of your receipts. Irs problems You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Irs problems Keep track of deductible expenses. Irs problems   You may forget expenses when you prepare your tax return unless you record them when they occur. Irs problems Prepare your tax returns. Irs problems   You need records to prepare your tax return. Irs problems For example, your records must support the income, expenses, and credits you report. Irs problems Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Irs problems Support items reported on tax returns. Irs problems   You must keep your business records available at all times for inspection by the IRS. Irs problems If the IRS examines any of your tax returns, you may be asked to explain the items reported. Irs problems A complete set of records will speed up the examination. Irs problems Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Irs problems You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Irs problems You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Irs problems See  chapter 2. Irs problems If you are in more than one business, you should keep a complete and separate set of records for each business. Irs problems A corporation should keep minutes of board of directors' meetings. Irs problems Your recordkeeping system should include a summary of your business transactions. Irs problems This summary is ordinarily made in accounting journals and ledgers. Irs problems For example, they must show your gross income, as well as your deductions and credits. Irs problems In addition, you must keep supporting documents. Irs problems Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Irs problems These documents contain the information you need to record in your journals and ledgers. Irs problems It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Irs problems Keep them in an orderly fashion and in a safe place. Irs problems For instance, organize them by year and type of income or expense. Irs problems Electronic records. Irs problems   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Irs problems When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. Irs problems An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. Irs problems The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Irs problems All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Irs problems Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Irs problems The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. Irs problems You still have the responsibility of retaining any other books and records that are required to be retained. Irs problems The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Irs problems This test is not considered an examination and the results must be shared with you. Irs problems If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Irs problems If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. Irs problems For details on electronic storage system requirements, see Rev. Irs problems Proc. Irs problems 97-22. Irs problems You can find Rev. Irs problems Proc. Irs problems 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. Irs problems irs. Irs problems gov/pub/irs-irbs/irb97-13. Irs problems pdf. Irs problems Travel, transportation, entertainment, and gift expenses. Irs problems   Specific recordkeeping rules apply to these expenses. Irs problems For more information, see Publication 463. Irs problems Employment taxes. Irs problems   There are specific employment tax records you must keep. Irs problems For a list, see Publication 51 (Circular A). Irs problems Excise taxes. Irs problems   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. Irs problems Assets. Irs problems   Assets are the property, such as machinery and equipment, you own and use in your business. Irs problems You must keep records to verify certain information about your business assets. Irs problems You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Irs problems Your records should show all the following. Irs problems When and how you acquired the asset. Irs problems Purchase price. Irs problems Cost of any improvements. Irs problems Section 179 deduction taken. Irs problems Deductions taken for depreciation. Irs problems Deductions taken for casualty losses, such as losses resulting from fires or storms. Irs problems How you used the asset. Irs problems When and how you disposed of the asset. Irs problems Selling price. Irs problems Expenses of sale. Irs problems   The following are examples of records that may show this information. Irs problems Purchase and sales invoices. Irs problems Real estate closing statements. Irs problems Canceled checks. Irs problems Bank statements. Irs problems Financial account statements as proof of payment. Irs problems   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Irs problems These include account statements prepared for the financial institution by a third party. Irs problems These account statements must be legible. Irs problems The following table lists acceptable account statements. Irs problems IF payment is by. Irs problems . Irs problems . Irs problems THEN the statement must show the. Irs problems . Irs problems . Irs problems Check Check number. Irs problems Amount. Irs problems Payee's name. Irs problems Date the check amount was posted to the account by the financial institution. Irs problems Electronic funds  transfer Amount transferred. Irs problems Payee's name. Irs problems Date the transfer was posted to the account by the financial institution. Irs problems Credit card Amount charged. Irs problems Payee's name. Irs problems Transaction date. Irs problems    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Irs problems You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Irs problems Tax returns. Irs problems   Keep copies of your filed tax returns. Irs problems They help in preparing future tax returns and making computations if you file an amended return. Irs problems Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Irs problems How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Irs problems Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. Irs problems A period of limitations is the period of time after which no legal action can be brought. Irs problems Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. Irs problems However, certain records must be kept for a longer period of time, as discussed below. Irs problems Employment taxes. Irs problems   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Irs problems Assets. Irs problems   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. Irs problems You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. Irs problems   You may need to keep records relating to the basis of property longer than the period of limitation. Irs problems Keep those records as long as they are important in figuring the basis of the original or replacement property. Irs problems Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. Irs problems For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. Irs problems For more information on basis, see chapter 6. Irs problems Records for nontax purposes. Irs problems   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. Irs problems For example, your insurance company or creditors may require you to keep them longer than the IRS does. Irs problems Prev  Up  Next   Home   More Online Publications
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Standard Mileage Rates for 2013

R-2012-95, Nov. 21, 2012

WASHINGTON — The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 56.5 cents per mile for business miles driven.
  • 24 cents per mile driven for medical or moving purposes.
  • 14 cents per mile driven in service of charitable organizations.

The rate for business miles driven during 2013 increases 1 cent from the 2012 rate. The medical and moving rate is also up 1 cent per mile from the 2012 rate.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical, or charitable expense are in Rev. Proc. 2010-51. Notice 2012-72 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

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Page Last Reviewed or Updated: 22-Nov-2013

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