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Last Day File Taxes 2012

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Last Day File Taxes 2012

Last day file taxes 2012 22. Last day file taxes 2012   Taxes Table of Contents IntroductionIndian tribal government. Last day file taxes 2012 Useful Items - You may want to see: Tests To Deduct Any Tax Income TaxesState and Local Income Taxes Foreign Income Taxes General Sales TaxesMotor vehicles. Last day file taxes 2012 Real Estate TaxesReal estate taxes for prior years. Last day file taxes 2012 Examples. Last day file taxes 2012 Form 1099-S. Last day file taxes 2012 Real Estate-Related Items You Cannot Deduct Personal Property Taxes Taxes and Fees You Cannot Deduct Where To Deduct Introduction This chapter discusses which taxes you can deduct if you itemize deductions on Schedule A (Form 1040). Last day file taxes 2012 It also explains which taxes you can deduct on other schedules or forms and which taxes you cannot deduct. Last day file taxes 2012 This chapter covers the following topics. Last day file taxes 2012 Income taxes (federal, state, local, and foreign). Last day file taxes 2012 General sales taxes (state and local). Last day file taxes 2012 Real estate taxes (state, local, and foreign). Last day file taxes 2012 Personal property taxes (state and local). Last day file taxes 2012 Taxes and fees you cannot deduct. Last day file taxes 2012 Use Table 22-1 as a guide to determine which taxes you can deduct. Last day file taxes 2012 The end of the chapter contains a section that explains which forms you use to deduct different types of taxes. Last day file taxes 2012 Business taxes. Last day file taxes 2012   You can deduct certain taxes only if they are ordinary and necessary expenses of your trade or business or of producing income. Last day file taxes 2012 For information on these taxes, see Publication 535, Business Expenses. Last day file taxes 2012 State or local taxes. Last day file taxes 2012   These are taxes imposed by the 50 states, U. Last day file taxes 2012 S. Last day file taxes 2012 possessions, or any of their political subdivisions (such as a county or city), or by the District of Columbia. Last day file taxes 2012 Indian tribal government. Last day file taxes 2012   An Indian tribal government recognized by the Secretary of the Treasury as performing substantial government functions will be treated as a state for purposes of claiming a deduction for taxes. Last day file taxes 2012 Income taxes, real estate taxes, and personal property taxes imposed by that Indian tribal government (or by any of its subdivisions that are treated as political subdivisions of a state) are deductible. Last day file taxes 2012 General sales taxes. Last day file taxes 2012   These are taxes imposed at one rate on retail sales of a broad range of classes of items. Last day file taxes 2012 Foreign taxes. Last day file taxes 2012   These are taxes imposed by a foreign country or any of its political subdivisions. Last day file taxes 2012 Useful Items - You may want to see: Publication 514 Foreign Tax Credit for Individuals 530 Tax Information for Homeowners Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule E (Form 1040) Supplemental Income and Loss 1116 Foreign Tax Credit Tests To Deduct Any Tax The following two tests must be met for you to deduct any tax. Last day file taxes 2012 The tax must be imposed on you. Last day file taxes 2012 You must pay the tax during your tax year. Last day file taxes 2012 The tax must be imposed on you. Last day file taxes 2012   In general, you can deduct only taxes imposed on you. Last day file taxes 2012   Generally, you can deduct property taxes only if you are an owner of the property. Last day file taxes 2012 If your spouse owns the property and pays the real estate taxes, the taxes are deductible on your spouse's separate return or on your joint return. Last day file taxes 2012 You must pay the tax during your tax year. Last day file taxes 2012   If you are a cash basis taxpayer, you can deduct only those taxes you actually paid during your tax year. Last day file taxes 2012 If you pay your taxes by check, the day you mail or deliver the check is the date of payment, provided the check is honored by the financial institution. Last day file taxes 2012 If you use a pay-by-phone account (such as a credit card or electronic funds withdrawal), the date reported on the statement of the financial institution showing when payment was made is the date of payment. Last day file taxes 2012 If you contest a tax liability and are a cash basis taxpayer, you can deduct the tax only in the year you actually pay it (or transfer money or other property to provide for satisfaction of the contested liability). Last day file taxes 2012 See Publication 538, Accounting Periods and Methods, for details. Last day file taxes 2012    If you use an accrual method of accounting, see Publication 538 for more information. Last day file taxes 2012 Income Taxes This section discusses the deductibility of state and local income taxes (including employee contributions to state benefit funds) and foreign income taxes. Last day file taxes 2012 State and Local Income Taxes You can deduct state and local income taxes. Last day file taxes 2012 However, you can elect to deduct state and local general sales taxes instead of state and local income taxes. Last day file taxes 2012 See General Sales Taxes , later. Last day file taxes 2012 Exception. Last day file taxes 2012    You cannot deduct state and local income taxes you pay on income that is exempt from federal income tax, unless the exempt income is interest income. Last day file taxes 2012 For example, you cannot deduct the part of a state's income tax that is on a cost-of-living allowance exempt from federal income tax. Last day file taxes 2012 What To Deduct Your deduction may be for withheld taxes, estimated tax payments, or other tax payments as follows. Last day file taxes 2012 Withheld taxes. Last day file taxes 2012   You can deduct state and local income taxes withheld from your salary in the year they are withheld. Last day file taxes 2012 Your Form(s) W-2 will show these amounts. Last day file taxes 2012 Forms W-2G, 1099-G, 1099-R, and 1099-MISC may also show state and local income taxes withheld. Last day file taxes 2012 Estimated tax payments. Last day file taxes 2012   You can deduct estimated tax payments you made during the year to a state or local government. Last day file taxes 2012 However, you must have a reasonable basis for making the estimated tax payments. Last day file taxes 2012 Any estimated state or local tax payments that are not made in good faith at the time of payment are not deductible. Last day file taxes 2012 For example, you made an estimated state income tax payment. Last day file taxes 2012 However, the estimate of your state tax liability shows that you will get a refund of the full amount of your estimated payment. Last day file taxes 2012 You had no reasonable basis to believe you had any additional liability for state income taxes and you cannot deduct the estimated tax payment. Last day file taxes 2012 Refund applied to taxes. Last day file taxes 2012   You can deduct any part of a refund of prior-year state or local income taxes that you chose to have credited to your 2013 estimated state or local income taxes. Last day file taxes 2012    Do not reduce your deduction by either of the following items. Last day file taxes 2012 Any state or local income tax refund (or credit) you expect to receive for 2013. Last day file taxes 2012 Any refund of (or credit for) prior-year state and local income taxes you actually received in 2013. Last day file taxes 2012   However, part or all of this refund (or credit) may be taxable. Last day file taxes 2012 See Refund (or credit) of state or local income taxes , later. Last day file taxes 2012 Separate federal returns. Last day file taxes 2012   If you and your spouse file separate state, local, and federal income tax returns, you each can deduct on your federal return only the amount of your own state and local income tax that you paid during the tax year. Last day file taxes 2012 Joint state and local returns. Last day file taxes 2012   If you and your spouse file joint state and local returns and separate federal returns, each of you can deduct on your separate federal return a part of the total state and local income taxes paid during the tax year. Last day file taxes 2012 You can deduct only the amount of the total taxes that is proportionate to your gross income compared to the combined gross income of you and your spouse. Last day file taxes 2012 However, you cannot deduct more than the amount you actually paid during the year. Last day file taxes 2012 You can avoid this calculation if you and your spouse are jointly and individually liable for the full amount of the state and local income taxes. Last day file taxes 2012 If so, you and your spouse can deduct on your separate federal returns the amount you each actually paid. Last day file taxes 2012 Joint federal return. Last day file taxes 2012   If you file a joint federal return, you can deduct the total of the state and local income taxes both of you paid. Last day file taxes 2012 Contributions to state benefit funds. Last day file taxes 2012    As an employee, you can deduct mandatory contributions to state benefit funds withheld from your wages that provide protection against loss of wages. Last day file taxes 2012 For example, certain states require employees to make contributions to state funds providing disability or unemployment insurance benefits. Last day file taxes 2012 Mandatory payments made to the following state benefit funds are deductible as state income taxes on Schedule A (Form 1040), line 5. Last day file taxes 2012 Alaska Unemployment Compensation Fund. Last day file taxes 2012 California Nonoccupational Disability Benefit Fund. Last day file taxes 2012 New Jersey Nonoccupational Disability Benefit Fund. Last day file taxes 2012 New Jersey Unemployment Compensation Fund. Last day file taxes 2012 New York Nonoccupational Disability Benefit Fund. Last day file taxes 2012 Pennsylvania Unemployment Compensation Fund. Last day file taxes 2012 Rhode Island Temporary Disability Benefit Fund. Last day file taxes 2012 Washington State Supplemental Workmen's Compensation Fund. Last day file taxes 2012    Employee contributions to private or voluntary disability plans are not deductible. Last day file taxes 2012 Refund (or credit) of state or local income taxes. Last day file taxes 2012   If you receive a refund of (or credit for) state or local income taxes in a year after the year in which you paid them, you may have to include the refund in income on Form 1040, line 10, in the year you receive it. Last day file taxes 2012 This includes refunds resulting from taxes that were overwithheld, applied from a prior year return, not figured correctly, or figured again because of an amended return. Last day file taxes 2012 If you did not itemize your deductions in the previous year, do not include the refund in income. Last day file taxes 2012 If you deducted the taxes in the previous year, include all or part of the refund on Form 1040, line 10, in the year you receive the refund. Last day file taxes 2012 For a discussion of how much to include, see Recoveries in chapter 12. Last day file taxes 2012 Foreign Income Taxes Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. Last day file taxes 2012 S. Last day file taxes 2012 possession. Last day file taxes 2012 However, you cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. Last day file taxes 2012 S. Last day file taxes 2012 tax under the foreign earned income exclusion or the foreign housing exclusion. Last day file taxes 2012 For information on these exclusions, see Publication 54, Tax Guide for U. Last day file taxes 2012 S. Last day file taxes 2012 Citizens and Resident Aliens Abroad. Last day file taxes 2012 For information on the foreign tax credit, see Publication 514. Last day file taxes 2012 General Sales Taxes You can elect to deduct state and local general sales taxes, instead of state and local income taxes, as an itemized deduction on Schedule A (Form 1040), line 5b. Last day file taxes 2012 You can use either your actual expenses or the state and local sales tax tables to figure your sales tax deduction. Last day file taxes 2012 Actual expenses. Last day file taxes 2012   Generally, you can deduct the actual state and local general sales taxes (including compensating use taxes) if the tax rate was the same as the general sales tax rate. Last day file taxes 2012 However, sales taxes on food, clothing, medical supplies, and motor vehicles are deductible as a general sales tax even if the tax rate was less than the general sales tax rate. Last day file taxes 2012 If you paid sales tax on a motor vehicle at a rate higher than the general sales tax rate, you can deduct only the amount of tax that you would have paid at the general sales tax rate on that vehicle. Last day file taxes 2012 If you use the actual expenses method, you must have receipts to show the general sales taxes paid. Last day file taxes 2012 Do not include sales taxes paid on items used in your trade or business. Last day file taxes 2012 Motor vehicles. Last day file taxes 2012   For purposes of this section, motor vehicles include cars, motorcycles, motor homes, recreational vehicles, sport utility vehicles, trucks, vans, and off-road vehicles. Last day file taxes 2012 This also includes sales taxes on a leased motor vehicle, but not on vehicles used in your trade or business. Last day file taxes 2012 Optional sales tax tables. Last day file taxes 2012   Instead of using your actual expenses, you can figure your state and local general sales tax deduction using the state and local sales tax tables in the Instructions for Schedule A (Form 1040). Last day file taxes 2012 You may also be able to add the state and local general sales taxes paid on certain specified items. Last day file taxes 2012   Your applicable table amount is based on the state where you live, your income, and the number of exemptions claimed on your tax return. Last day file taxes 2012 Your income is your adjusted gross income plus any nontaxable items such as the following. Last day file taxes 2012 Tax-exempt interest. Last day file taxes 2012 Veterans' benefits. Last day file taxes 2012 Nontaxable combat pay. Last day file taxes 2012 Workers' compensation. Last day file taxes 2012 Nontaxable part of social security and railroad retirement benefits. Last day file taxes 2012 Nontaxable part of IRA, pension, or annuity distributions, excluding rollovers. Last day file taxes 2012 Public assistance payments. Last day file taxes 2012 If you lived in different states during the same tax year, you must prorate your applicable table amount for each state based on the days you lived in each state. Last day file taxes 2012 See the Instructions for Schedule A (Form 1040), line 5, for details. Last day file taxes 2012 Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real property levied for the general public welfare. Last day file taxes 2012 You can deduct these taxes only if they are based on the assessed value of the real property and charged uniformly against all property under the jurisdiction of the taxing authority. Last day file taxes 2012 Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. Last day file taxes 2012 They also do not include itemized charges for services (such as trash collection) assessed against specific property or certain people, even if the charge is paid to the taxing authority. Last day file taxes 2012 For more information about taxes and charges that are not deductible, see Real Estate-Related Items You Cannot Deduct , later. Last day file taxes 2012 Tenant-shareholders in a cooperative housing corporation. Last day file taxes 2012   Generally, if you are a tenant-stockholder in a cooperative housing corporation, you can deduct the amount paid to the corporation that represents your share of the real estate taxes the corporation paid or incurred for your dwelling unit. Last day file taxes 2012 The corporation should provide you with a statement showing your share of the taxes. Last day file taxes 2012 For more information, see Special Rules for Cooperatives in Publication 530. Last day file taxes 2012 Division of real estate taxes between buyers and sellers. Last day file taxes 2012   If you bought or sold real estate during the year, the real estate taxes must be divided between the buyer and the seller. Last day file taxes 2012   The buyer and the seller must divide the real estate taxes according to the number of days in the real property tax year (the period to which the tax is imposed relates) that each owned the property. Last day file taxes 2012 The seller is treated as paying the taxes up to, but not including, the date of sale. Last day file taxes 2012 The buyer is treated as paying the taxes beginning with the date of sale. Last day file taxes 2012 This applies regardless of the lien dates under local law. Last day file taxes 2012 Generally, this information is included on the settlement statement provided at the closing. Last day file taxes 2012    If you (the seller) cannot deduct taxes until they are paid because you use the cash method of accounting, and the buyer of your property is personally liable for the tax, you are considered to have paid your part of the tax at the time of the sale. Last day file taxes 2012 This lets you deduct the part of the tax to the date of sale even though you did not actually pay it. Last day file taxes 2012 However, you must also include the amount of that tax in the selling price of the property. Last day file taxes 2012 The buyer must include the same amount in his or her cost of the property. Last day file taxes 2012   You figure your deduction for taxes on each property bought or sold during the real property tax year as follows. Last day file taxes 2012 Worksheet 22-1. Last day file taxes 2012 Figuring Your Real Estate Tax Deduction 1. Last day file taxes 2012 Enter the total real estate taxes for the real property tax year   2. Last day file taxes 2012 Enter the number of days in the real property tax year that you owned the property   3. Last day file taxes 2012 Divide line 2 by 365 (for leap years, divide line 2 by 366) . Last day file taxes 2012 4. Last day file taxes 2012 Multiply line 1 by line 3. Last day file taxes 2012 This is your deduction. Last day file taxes 2012 Enter it on Schedule A (Form 1040), line 6   Note. Last day file taxes 2012 Repeat steps 1 through 4 for each property you bought or sold during the real property tax year. Last day file taxes 2012 Your total deduction is the sum of the line 4 amounts for all of the properties. Last day file taxes 2012 Real estate taxes for prior years. Last day file taxes 2012   Do not divide delinquent taxes between the buyer and seller if the taxes are for any real property tax year before the one in which the property is sold. Last day file taxes 2012 Even if the buyer agrees to pay the delinquent taxes, the buyer cannot deduct them. Last day file taxes 2012 The buyer must add them to the cost of the property. Last day file taxes 2012 The seller can deduct these taxes paid by the buyer. Last day file taxes 2012 However, the seller must include them in the selling price. Last day file taxes 2012 Examples. Last day file taxes 2012   The following examples illustrate how real estate taxes are divided between buyer and seller. Last day file taxes 2012 Example 1. Last day file taxes 2012 Dennis and Beth White's real property tax year for both their old home and their new home is the calendar year, with payment due August 1. Last day file taxes 2012 The tax on their old home, sold on May 7, was $620. Last day file taxes 2012 The tax on their new home, bought on May 3, was $732. Last day file taxes 2012 Dennis and Beth are considered to have paid a proportionate share of the real estate taxes on the old home even though they did not actually pay them to the taxing authority. Last day file taxes 2012 On the other hand, they can claim only a proportionate share of the taxes they paid on their new property even though they paid the entire amount. Last day file taxes 2012 Dennis and Beth owned their old home during the real property tax year for 126 days (January 1 to May 6, the day before the sale). Last day file taxes 2012 They figure their deduction for taxes on their old home as follows. Last day file taxes 2012 Worksheet 22-1. Last day file taxes 2012 Figuring Your Real Estate Tax Deduction — Taxes on Old Home 1. Last day file taxes 2012 Enter the total real estate taxes for the real property tax year $620 2. Last day file taxes 2012 Enter the number of days in the real property tax year that you owned the property 126 3. Last day file taxes 2012 Divide line 2 by 365 (for leap years, divide line 2 by 366) . Last day file taxes 2012 3452 4. Last day file taxes 2012 Multiply line 1 by line 3. Last day file taxes 2012 This is your deduction. Last day file taxes 2012 Enter it on Schedule A (Form 1040), line 6 $214 Since the buyers of their old home paid all of the taxes, Dennis and Beth also include the $214 in the selling price of the old home. Last day file taxes 2012 (The buyers add the $214 to their cost of the home. Last day file taxes 2012 ) Dennis and Beth owned their new home during the real property tax year for 243 days (May 3 to December 31, including their date of purchase). Last day file taxes 2012 They figure their deduction for taxes on their new home as follows. Last day file taxes 2012 Worksheet 22-1. Last day file taxes 2012 Figuring Your Real Estate Tax Deduction — Taxes on New Home 1. Last day file taxes 2012 Enter the total real estate taxes for the real property tax year $732 2. Last day file taxes 2012 Enter the number of days in the real property tax year that you owned the property 243 3. Last day file taxes 2012 Divide line 2 by 365 (for leap years, divide line 2 by 366) . Last day file taxes 2012 6658 4. Last day file taxes 2012 Multiply line 1 by line 3. Last day file taxes 2012 This is your deduction. Last day file taxes 2012 Enter it on Schedule A (Form 1040), line 6 $487 Since Dennis and Beth paid all of the taxes on the new home, they add $245 ($732 paid less $487 deduction) to their cost of the new home. Last day file taxes 2012 (The sellers add this $245 to their selling price and deduct the $245 as a real estate tax. Last day file taxes 2012 ) Dennis and Beth's real estate tax deduction for their old and new homes is the sum of $214 and $487, or $701. Last day file taxes 2012 They will enter this amount on Schedule A (Form 1040), line 6. Last day file taxes 2012 Example 2. Last day file taxes 2012 George and Helen Brown bought a new home on May 3, 2013. Last day file taxes 2012 Their real property tax year for the new home is the calendar year. Last day file taxes 2012 Real estate taxes for 2012 were assessed in their state on January 1, 2013. Last day file taxes 2012 The taxes became due on May 31, 2013, and October 31, 2013. Last day file taxes 2012 The Browns agreed to pay all taxes due after the date of purchase. Last day file taxes 2012 Real estate taxes for 2012 were $680. Last day file taxes 2012 They paid $340 on May 31, 2013, and $340 on October 31, 2013. Last day file taxes 2012 These taxes were for the 2012 real property tax year. Last day file taxes 2012 The Browns cannot deduct them since they did not own the property until 2013. Last day file taxes 2012 Instead, they must add $680 to the cost of their new home. Last day file taxes 2012 In January 2014, the Browns receive their 2013 property tax statement for $752, which they will pay in 2014. Last day file taxes 2012 The Browns owned their new home during the 2013 real property tax year for 243 days (May 3 to December 31). Last day file taxes 2012 They will figure their 2014 deduction for taxes as follows. Last day file taxes 2012 Worksheet 22-1. Last day file taxes 2012 Figuring Your Real Estate Tax Deduction — Taxes on New Home 1. Last day file taxes 2012 Enter the total real estate taxes for the real property tax year $752 2. Last day file taxes 2012 Enter the number of days in the real property tax year that you owned the property 243 3. Last day file taxes 2012 Divide line 2 by 365 (for leap years, divide line 2 by 366) . Last day file taxes 2012 6658 4. Last day file taxes 2012 Multiply line 1 by line 3. Last day file taxes 2012 This is your deduction. Last day file taxes 2012 Claim it on Schedule A (Form 1040), line 6 $501 The remaining $251 ($752 paid less $501 deduction) of taxes paid in 2014, along with the $680 paid in 2013, is added to the cost of their new home. Last day file taxes 2012 Because the taxes up to the date of sale are considered paid by the seller on the date of sale, the seller is entitled to a 2013 tax deduction of $931. Last day file taxes 2012 This is the sum of the $680 for 2012 and the $251 for the 122 days the seller owned the home in 2013. Last day file taxes 2012 The seller must also include the $931 in the selling price when he or she figures the gain or loss on the sale. Last day file taxes 2012 The seller should contact the Browns in January 2014 to find out how much real estate tax is due for 2013. Last day file taxes 2012 Form 1099-S. Last day file taxes 2012   For certain sales or exchanges of real estate, the person responsible for closing the sale (generally the settlement agent) prepares Form 1099-S, Proceeds From Real Estate Transactions, to report certain information to the IRS and to the seller of the property. Last day file taxes 2012 Box 2 of Form 1099-S is for the gross proceeds from the sale and should include the portion of the seller's real estate tax liability that the buyer will pay after the date of sale. Last day file taxes 2012 The buyer includes these taxes in the cost basis of the property, and the seller both deducts this amount as a tax paid and includes it in the sales price of the property. Last day file taxes 2012   For a real estate transaction that involves a home, any real estate tax the seller paid in advance but that is the liability of the buyer appears on Form 1099-S, box 5. Last day file taxes 2012 The buyer deducts this amount as a real estate tax, and the seller reduces his or her real estate tax deduction (or includes it in income) by the same amount. Last day file taxes 2012 See Refund (or rebate) , later. Last day file taxes 2012 Taxes placed in escrow. Last day file taxes 2012   If your monthly mortgage payment includes an amount placed in escrow (put in the care of a third party) for real estate taxes, you may not be able to deduct the total amount placed in escrow. Last day file taxes 2012 You can deduct only the real estate tax that the third party actually paid to the taxing authority. Last day file taxes 2012 If the third party does not notify you of the amount of real estate tax that was paid for you, contact the third party or the taxing authority to find the proper amount to show on your return. Last day file taxes 2012 Tenants by the entirety. Last day file taxes 2012   If you and your spouse held property as tenants by the entirety and you file separate federal returns, each of you can deduct only the taxes each of you paid on the property. Last day file taxes 2012 Divorced individuals. Last day file taxes 2012   If your divorce or separation agreement states that you must pay the real estate taxes for a home owned by you and your spouse, part of your payments may be deductible as alimony and part as real estate taxes. Last day file taxes 2012 See Taxes and insurance in chapter 18 for more information. Last day file taxes 2012 Ministers' and military housing allowances. Last day file taxes 2012   If you are a minister or a member of the uniformed services and receive a housing allowance that you can exclude from income, you still can deduct all of the real estate taxes you pay on your home. Last day file taxes 2012 Refund (or rebate). Last day file taxes 2012   If you received a refund or rebate in 2013 of real estate taxes you paid in 2013, you must reduce your deduction by the amount refunded to you. Last day file taxes 2012 If you received a refund or rebate in 2013 of real estate taxes you deducted in an earlier year (either as an itemized deduction or an increase to your standard deduction), you generally must include the refund or rebate in income in the year you receive it. Last day file taxes 2012 However, the amount you include in income is limited to the amount of the deduction that reduced your tax in the earlier year. Last day file taxes 2012 For more information, see Recoveries in chapter 12. Last day file taxes 2012 Table 22-1. Last day file taxes 2012 Which Taxes Can You Deduct? Type of Tax You Can Deduct You Cannot Deduct Fees and Charges Fees and charges that are expenses of your trade or business or of producing income. Last day file taxes 2012 Fees and charges that are not expenses of your trade or business or of producing income, such as fees for driver's licenses, car inspections, parking, or charges for water bills (see Taxes and Fees You Cannot Deduct ). Last day file taxes 2012     Fines and penalties. Last day file taxes 2012 Income Taxes State and local income taxes. Last day file taxes 2012 Federal income taxes. Last day file taxes 2012   Foreign income taxes. Last day file taxes 2012     Employee contributions to state funds listed under Contributions to state benefit funds . Last day file taxes 2012 Employee contributions to private or voluntary disability plans. Last day file taxes 2012     State and local general sales taxes if you choose to deduct state and local income taxes. Last day file taxes 2012 General Sales Taxes State and local general sales taxes, including compensating use taxes. Last day file taxes 2012 State and local income taxes if you choose to deduct state and local general sales taxes. Last day file taxes 2012 Other Taxes Taxes that are expenses of your trade or business. Last day file taxes 2012 Federal excise taxes, such as tax on gasoline, that are not expenses of your trade or business or of producing income. Last day file taxes 2012   Taxes on property producing rent or royalty income. Last day file taxes 2012 Per capita taxes. Last day file taxes 2012   Occupational taxes. Last day file taxes 2012 See chapter 28. Last day file taxes 2012     One-half of self-employment tax paid. Last day file taxes 2012   Personal Property Taxes State and local personal property taxes. Last day file taxes 2012 Customs duties that are not expenses of your trade or business or of producing income. Last day file taxes 2012 Real Estate Taxes State and local real estate taxes. Last day file taxes 2012 Real estate taxes that are treated as imposed on someone else (see Division of real estate taxes between buyers and sellers ). Last day file taxes 2012   Foreign real estate taxes. Last day file taxes 2012 Taxes for local benefits (with exceptions). Last day file taxes 2012 See Real Estate-Related Items You Cannot Deduct . Last day file taxes 2012   Tenant's share of real estate taxes paid by  cooperative housing corporation. Last day file taxes 2012 Trash and garbage pickup fees (with exceptions). Last day file taxes 2012 See Real Estate-Related Items You Cannot Deduct . Last day file taxes 2012     Rent increase due to higher real estate taxes. Last day file taxes 2012     Homeowners' association charges. Last day file taxes 2012 Real Estate-Related Items You Cannot Deduct Payments for the following items generally are not deductible as real estate taxes. Last day file taxes 2012 Taxes for local benefits. Last day file taxes 2012 Itemized charges for services (such as trash and garbage pickup fees). Last day file taxes 2012 Transfer taxes (or stamp taxes). Last day file taxes 2012 Rent increases due to higher real estate taxes. Last day file taxes 2012 Homeowners' association charges. Last day file taxes 2012 Taxes for local benefits. Last day file taxes 2012   Deductible real estate taxes generally do not include taxes charged for local benefits and improvements tending to increase the value of your property. Last day file taxes 2012 These include assessments for streets, sidewalks, water mains, sewer lines, public parking facilities, and similar improvements. Last day file taxes 2012 You should increase the basis of your property by the amount of the assessment. Last day file taxes 2012   Local benefit taxes are deductible only if they are for maintenance, repair, or interest charges related to those benefits. Last day file taxes 2012 If only a part of the taxes is for maintenance, repair, or interest, you must be able to show the amount of that part to claim the deduction. Last day file taxes 2012 If you cannot determine what part of the tax is for maintenance, repair, or interest, none of it is deductible. Last day file taxes 2012    Taxes for local benefits may be included in your real estate tax bill. Last day file taxes 2012 If your taxing authority (or mortgage lender) does not furnish you a copy of your real estate tax bill, ask for it. Last day file taxes 2012 You should use the rules above to determine if the local benefit tax is deductible. Last day file taxes 2012 Contact the taxing authority if you need additional information about a specific charge on your real estate tax bill. Last day file taxes 2012 Itemized charges for services. Last day file taxes 2012    An itemized charge for services assessed against specific property or certain people is not a tax, even if the charge is paid to the taxing authority. Last day file taxes 2012 For example, you cannot deduct the charge as a real estate tax if it is: A unit fee for the delivery of a service (such as a $5 fee charged for every 1,000 gallons of water you use), A periodic charge for a residential service (such as a $20 per month or $240 annual fee charged to each homeowner for trash collection), or A flat fee charged for a single service provided by your government (such as a $30 charge for mowing your lawn because it was allowed to grow higher than permitted under your local ordinance). Last day file taxes 2012    You must look at your real estate tax bill to determine if any nondeductible itemized charges, such as those listed above, are included in the bill. Last day file taxes 2012 If your taxing authority (or mortgage lender) does not furnish you a copy of your real estate tax bill, ask for it. Last day file taxes 2012 Exception. Last day file taxes 2012   Service charges used to maintain or improve services (such as trash collection or police and fire protection) are deductible as real estate taxes if: The fees or charges are imposed at a like rate against all property in the taxing jurisdiction, The funds collected are not earmarked; instead, they are commingled with general revenue funds, and Funds used to maintain or improve services are not limited to or determined by the amount of these fees or charges collected. Last day file taxes 2012 Transfer taxes (or stamp taxes). Last day file taxes 2012   Transfer taxes and similar taxes and charges on the sale of a personal home are not deductible. Last day file taxes 2012 If they are paid by the seller, they are expenses of the sale and reduce the amount realized on the sale. Last day file taxes 2012 If paid by the buyer, they are included in the cost basis of the property. Last day file taxes 2012 Rent increase due to higher real estate taxes. Last day file taxes 2012   If your landlord increases your rent in the form of a tax surcharge because of increased real estate taxes, you cannot deduct the increase as taxes. Last day file taxes 2012 Homeowners' association charges. Last day file taxes 2012   These charges are not deductible because they are imposed by the homeowners' association, rather than the state or local government. Last day file taxes 2012 Personal Property Taxes Personal property tax is deductible if it is a state or local tax that is: Charged on personal property, Based only on the value of the personal property, and Charged on a yearly basis, even if it is collected more or less than once a year. Last day file taxes 2012 A tax that meets the above requirements can be considered charged on personal property even if it is for the exercise of a privilege. Last day file taxes 2012 For example, a yearly tax based on value qualifies as a personal property tax even if it is called a registration fee and is for the privilege of registering motor vehicles or using them on the highways. Last day file taxes 2012 If the tax is partly based on value and partly based on other criteria, it may qualify in part. Last day file taxes 2012 Example. Last day file taxes 2012 Your state charges a yearly motor vehicle registration tax of 1% of value plus 50 cents per hundredweight. Last day file taxes 2012 You paid $32 based on the value ($1,500) and weight (3,400 lbs. Last day file taxes 2012 ) of your car. Last day file taxes 2012 You can deduct $15 (1% × $1,500) as a personal property tax because it is based on the value. Last day file taxes 2012 The remaining $17 ($. Last day file taxes 2012 50 × 34), based on the weight, is not deductible. Last day file taxes 2012 Taxes and Fees You Cannot Deduct Many federal, state, and local government taxes are not deductible because they do not fall within the categories discussed earlier. Last day file taxes 2012 Other taxes and fees, such as federal income taxes, are not deductible because the tax law specifically prohibits a deduction for them. Last day file taxes 2012 See Table 22-1. Last day file taxes 2012 Taxes and fees that are generally not deductible include the following items. Last day file taxes 2012 Employment taxes. Last day file taxes 2012 This includes social security, Medicare, and railroad retirement taxes withheld from your pay. Last day file taxes 2012 However, one-half of self-employment tax you pay is deductible. Last day file taxes 2012 In addition, the social security and other employment taxes you pay on the wages of a household worker may be included in medical expenses that you can deduct or child care expenses that allow you to claim the child and dependent care credit. Last day file taxes 2012 For more information, see chapters 21 and 32. Last day file taxes 2012 Estate, inheritance, legacy, or succession taxes. Last day file taxes 2012 However, you can deduct the estate tax attributable to income in respect of a decedent if you, as a beneficiary, must include that income in your gross income. Last day file taxes 2012 In that case, deduct the estate tax as a miscellaneous deduction that is not subject to the 2%-of-adjusted-gross-income limit. Last day file taxes 2012 For more information, see Publication 559, Survivors, Executors, and Administrators. Last day file taxes 2012 Federal income taxes. Last day file taxes 2012 This includes income taxes withheld from your pay. Last day file taxes 2012 Fines and penalties. Last day file taxes 2012 You cannot deduct fines and penalties paid to a government for violation of any law, including related amounts forfeited as collateral deposits. Last day file taxes 2012 Gift taxes. Last day file taxes 2012 License fees. Last day file taxes 2012 You cannot deduct license fees for personal purposes (such as marriage, driver's, and dog license fees). Last day file taxes 2012 Per capita taxes. Last day file taxes 2012 You cannot deduct state or local per capita taxes. Last day file taxes 2012 Many taxes and fees other than those listed above are also nondeductible, unless they are ordinary and necessary expenses of a business or income producing activity. Last day file taxes 2012 For other nondeductible items, see Real Estate-Related Items You Cannot Deduct , earlier. Last day file taxes 2012 Where To Deduct You deduct taxes on the following schedules. Last day file taxes 2012 State and local income taxes. Last day file taxes 2012    These taxes are deducted on Schedule A (Form 1040), line 5, even if your only source of income is from business, rents, or royalties. Last day file taxes 2012 Check box a on line 5. Last day file taxes 2012 General sales taxes. Last day file taxes 2012   Sales taxes are deducted on Schedule A (Form 1040), line 5. Last day file taxes 2012 You must check box b on line 5. Last day file taxes 2012 If you elect to deduct sales taxes, you cannot deduct state and local income taxes on Schedule A (Form 1040), line 5, box a. Last day file taxes 2012 Foreign income taxes. Last day file taxes 2012   Generally, income taxes you pay to a foreign country or U. Last day file taxes 2012 S. Last day file taxes 2012 possession can be claimed as an itemized deduction on Schedule A (Form 1040), line 8, or as a credit against your U. Last day file taxes 2012 S. Last day file taxes 2012 income tax on Form 1040, line 47. Last day file taxes 2012 To claim the credit, you may have to complete and attach Form 1116. Last day file taxes 2012 For more information, see chapter 37, the Form 1040 instructions, or Publication 514. Last day file taxes 2012 Real estate taxes and personal property taxes. Last day file taxes 2012    Real estate and personal property taxes are deducted on Schedule A (Form 1040), lines 6 and 7, respectively, unless they are paid on property used in your business, in which case they are deducted on Schedule C, Schedule C-EZ, or Schedule F (Form 1040). Last day file taxes 2012 Taxes on property that produces rent or royalty income are deducted on Schedule E (Form 1040). Last day file taxes 2012 Self-employment tax. Last day file taxes 2012    Deduct one-half of your self-employment tax on Form 1040, line 27. Last day file taxes 2012 Other taxes. Last day file taxes 2012    All other deductible taxes are deducted on Schedule A (Form 1040), line 8. 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Affordable Care Act (ACA) Tax Provisions

 Individuals
 & Families
 
 Employers
 
Other Organizations

 
The health care law addresses health insurance coverage and financial assistance options for individuals and families, including the premium tax credit. It also includes the individual shared responsibility provision and exemptions from that provision.The IRS administers the tax provisions included in the law. Visit HealthCare.gov for more information on coverage options and assistance.
 


 

   
The health care law contains many tax and other provisions for employers. The IRS administers the tax provisions included in the law. Visit HealthCare.gov and SBA.gov/healthcare for more information on other provisions.
 


 

 
  • Insurers
  • Certain Business Types
  • Tax-Exempt & Government Organizations

 


 

 

The Last Day File Taxes 2012

Last day file taxes 2012 Publication 598 - Introductory Material Table of Contents What's New Introduction Useful Items - You may want to see: What's New Federal tax deposits must be made by electronic funds transfer. Last day file taxes 2012 Beginning January 1, 2011, you must use electronic funds transfer to make all federal tax deposits. Last day file taxes 2012 Forms 8109 and 8109-B, Federal Tax Deposit Coupon, cannot be used after 2010. Last day file taxes 2012 See Federal Tax Deposits Must be Made by Electronic Funds Transfer on page 3. Last day file taxes 2012 For large corporations, special rules apply for estimated tax payments that are required to be made for the period that includes July, August, or September of 2012, and the period that immediately follows these months. Last day file taxes 2012 See the instructions for line 12 on the 2012 Form 990-W (Worksheet), Estimated Tax on Unrelated Business Taxable Income for Tax-Exempt Organizations. Last day file taxes 2012 The maximum cost of a low-cost article, for organizations eligible to receive charitable contributions, was increased to $9. Last day file taxes 2012 70 for 2011. Last day file taxes 2012 See Distribution of low-cost articles on page 8. Last day file taxes 2012 The annual limit on associate member dues received by an agricultural or horticultural organization not treated as gross income was increased to $148 for 2011. Last day file taxes 2012 See Exception under Dues of Agricultural Organizations and Business Leagues on page 10. Last day file taxes 2012 The IRS has created a page on IRS. Last day file taxes 2012 gov that includes information about Pub. Last day file taxes 2012 598 at www. Last day file taxes 2012 irs. Last day file taxes 2012 gov/pub598. Last day file taxes 2012 Introduction An exempt organization is not taxed on its income from an activity substantially related to the charitable, educational, or other purpose that is the basis for the organization's exemption. Last day file taxes 2012 Such income is exempt even if the activity is a trade or business. Last day file taxes 2012 However, if an exempt organization regularly carries on a trade or business not substantially related to its exempt purpose, except that it provides funds to carry out that purpose, the organization is subject to tax on its income from that unrelated trade or business. Last day file taxes 2012 This publication covers the rules for the tax on unrelated business income of exempt organizations. Last day file taxes 2012 It explains: Which organizations are subject to the tax (chapter 1), What the requirements are for filing a tax return (chapter 2), What an unrelated trade or business is (chapter 3), and How to figure unrelated business taxable income (chapter 4). Last day file taxes 2012 All section references in this publication are to the Internal Revenue Code. Last day file taxes 2012 Useful Items - You may want to see: Publication 557 Tax-Exempt Status for Your Organization Form (and Instructions) 990-T Exempt Organization Business Income Tax Return See chapter 5 for information about getting these publications and forms. Last day file taxes 2012 Comments and suggestions. Last day file taxes 2012   We welcome your comments about this publication and your suggestions for future editions. Last day file taxes 2012   You can write to us at: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Last day file taxes 2012 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Last day file taxes 2012 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Last day file taxes 2012   You can email us at taxforms@irs. Last day file taxes 2012 gov. Last day file taxes 2012 Please put “publications Comment” on the subject line. Last day file taxes 2012 You can also send us comments from www. Last day file taxes 2012 irs. Last day file taxes 2012 gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. Last day file taxes 2012 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Last day file taxes 2012 Prev  Up  Next   Home   More Online Publications