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Michigan 1040ez 2013

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Michigan 1040ez 2013

Michigan 1040ez 2013 Depreciation Table of Contents Introduction Special Depreciation AllowanceQualified Property Election Not To Claim the Allowance Rules for Returns Filed Before June 1, 2002 Passenger Automobiles New York Liberty Zone BenefitsSpecial Liberty Zone Depreciation Allowance Increased Section 179 Deduction Liberty Zone Leasehold Improvement Property If you depreciate business property that you acquired and placed in service after September 10, 2001, new law contains provisions that may affect your depreciation deduction for that property. Michigan 1040ez 2013 Publication 946, How To Depreciate Property, contains information on depreciation. Michigan 1040ez 2013 However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Michigan 1040ez 2013 The new provisions are in the Supplement to Publication 946, which is reprinted below. Michigan 1040ez 2013 Supplement to Publication 946 How To Depreciate Property   Introduction After Publication 946 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Michigan 1040ez 2013 The new law made several changes in the tax rules explained in the publication. Michigan 1040ez 2013 Some of the changes apply to property placed in service during 2001. Michigan 1040ez 2013 This supplemental publication describes those changes and explains what you should do if you are affected by them. Michigan 1040ez 2013 The situations and examples in Publication 946 do not reflect any of the changes made by the Job Creation and Worker Assistance Act of 2002. Michigan 1040ez 2013 The new law contains the following provisions. Michigan 1040ez 2013 30% depreciation deductions (special depreciation allowance and special New York Liberty Zone (Liberty Zone) depreciation allowance) for the year qualified property is placed in service after September 10, 2001. Michigan 1040ez 2013 An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Michigan 1040ez 2013 A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Michigan 1040ez 2013 An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Michigan 1040ez 2013 If you believe you qualify for an increased deduction under any of these new rules, you must file the revised 2001 Form 4562 (dated March 2002) for 2001 calendar or fiscal years and 2000 fiscal years ending after September 10, 2001. Michigan 1040ez 2013 If you have already filed a tax return, this supplemental publication explains how to claim these benefits and how to elect not to claim the special depreciation allowance or special Liberty Zone depreciation allowance. Michigan 1040ez 2013 See Table 2 at the end of the supplement for an overview of the rules that apply if you filed your return before June 1, 2002. Michigan 1040ez 2013 Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Michigan 1040ez 2013 The allowance is an additional deduction of 30% of the property's depreciable basis. Michigan 1040ez 2013 To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Michigan 1040ez 2013 See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Michigan 1040ez 2013 The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Michigan 1040ez 2013 There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Michigan 1040ez 2013 In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Michigan 1040ez 2013 Example 1. Michigan 1040ez 2013 On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Michigan 1040ez 2013 You did not elect to claim a section 179 deduction. Michigan 1040ez 2013 You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Michigan 1040ez 2013 You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Michigan 1040ez 2013 Example 2. Michigan 1040ez 2013 The facts are the same as in Example 1, except that you choose to deduct $24,000 of the property's cost as a section 179 deduction. Michigan 1040ez 2013 You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Michigan 1040ez 2013 You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Michigan 1040ez 2013 Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Michigan 1040ez 2013 It is new property of one of the following types. Michigan 1040ez 2013 Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Michigan 1040ez 2013 See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Michigan 1040ez 2013 Water utility property. Michigan 1040ez 2013 See 25-year property on page 22 in Publication 946. Michigan 1040ez 2013 Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Michigan 1040ez 2013 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Michigan 1040ez 2013 ) Qualified leasehold improvement property (defined later). Michigan 1040ez 2013 It meets the following tests (explained later under Tests To Be Met). Michigan 1040ez 2013 Acquisition date test. Michigan 1040ez 2013 Placed in service date test. Michigan 1040ez 2013 Original use test. Michigan 1040ez 2013 It is not excepted property (explained later under Excepted Property). Michigan 1040ez 2013 Qualified leasehold improvement property. Michigan 1040ez 2013    Generally, this is any improvement to an interior part of a building that is nonresidential real property, provided all of the following requirements are met. Michigan 1040ez 2013 The improvement is made under or pursuant to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Michigan 1040ez 2013 That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Michigan 1040ez 2013 The improvement is placed in service more than 3 years after the date the building was first placed in service. Michigan 1040ez 2013   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Michigan 1040ez 2013 The enlargement of the building. Michigan 1040ez 2013 Any elevator or escalator. Michigan 1040ez 2013 Any structural component benefiting a common area. Michigan 1040ez 2013 The internal structural framework of the building. Michigan 1040ez 2013   Generally, a binding commitment to enter into a lease is treated as a lease and the parties to the commitment are treated as the lessor and lessee. Michigan 1040ez 2013 However, a binding commitment between related persons is not treated as a lease. Michigan 1040ez 2013 Related persons. Michigan 1040ez 2013   For this purpose, the following are related persons. Michigan 1040ez 2013 Members of an affiliated group. Michigan 1040ez 2013 The persons listed in items (1) through (9) under Related persons on page 8 of Publication 946 (except that “80% or more” should be substituted for “more than 10%” each place it appears). Michigan 1040ez 2013 An executor and a beneficiary of the same estate. Michigan 1040ez 2013 Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Michigan 1040ez 2013 Acquisition date test. Michigan 1040ez 2013    Generally, you must have acquired the property either: After September 10, 2001, and before September 11, 2004, but only if no written binding contract for the acquisition was in effect before September 11, 2001, or Pursuant to a written binding contract entered into after September 10, 2001, and before September 11, 2004. Michigan 1040ez 2013   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001, and before September 11, 2004. Michigan 1040ez 2013 Placed in service date test. Michigan 1040ez 2013   Generally, the property must 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. Michigan 1040ez 2013   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Michigan 1040ez 2013 Original use test. Michigan 1040ez 2013   The original use of the property must have begun with you after September 10, 2001. Michigan 1040ez 2013 “Original use” means the first use to which the property is put, whether or not by you. Michigan 1040ez 2013 Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Michigan 1040ez 2013 Excepted Property The following property does not qualify for the special depreciation allowance. Michigan 1040ez 2013 Property used by any person before September 11, 2001. Michigan 1040ez 2013 Property required to be depreciated using ADS. Michigan 1040ez 2013 This includes listed property used 50% or less in a qualified business use. Michigan 1040ez 2013 Qualified New York Liberty Zone leasehold improvement property (defined next). Michigan 1040ez 2013 Qualified New York Liberty Zone leasehold improvement property. Michigan 1040ez 2013   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Michigan 1040ez 2013 The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Michigan 1040ez 2013 The improvement is placed in service after September 10, 2001, and before January 1, 2007. Michigan 1040ez 2013 No written binding contract for the improvement was in effect before September 11, 2001. Michigan 1040ez 2013 Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Michigan 1040ez 2013 If you make this election for any property, it applies to all property in the same property class placed in service during the year. Michigan 1040ez 2013 To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Michigan 1040ez 2013 When to make election. Michigan 1040ez 2013   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Michigan 1040ez 2013   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Michigan 1040ez 2013 Attach the election statement to the amended return. Michigan 1040ez 2013 At the top of the election statement, write “Filed pursuant to section 301. Michigan 1040ez 2013 9100–2. Michigan 1040ez 2013 ” Revoking an election. Michigan 1040ez 2013   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Michigan 1040ez 2013 A request to revoke the election is subject to a user fee. Michigan 1040ez 2013 Rules for Returns Filed Before June 1, 2002 The following rules apply if you placed qualified property in service after September 10, 2001, and filed your return before June 1, 2002. Michigan 1040ez 2013 The rules apply to returns for the following years. Michigan 1040ez 2013 2000 fiscal years that end after September 10, 2001. Michigan 1040ez 2013 2001 calendar and fiscal years. Michigan 1040ez 2013 Claiming the allowance. Michigan 1040ez 2013   If you did not claim the allowance on your return and did not make the election not to claim the allowance, you can do either of the following to claim the allowance. Michigan 1040ez 2013 File an amended return by the due date (not including extensions) of your return for the year following the year the property was placed in service. Michigan 1040ez 2013 Write “Filed Pursuant to Rev. Michigan 1040ez 2013 Proc. Michigan 1040ez 2013 2002–33” at the top of the amended return. Michigan 1040ez 2013 File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Michigan 1040ez 2013 Your return must be filed by the due date (including extensions). Michigan 1040ez 2013 Write “Automatic Change Filed Under Rev. Michigan 1040ez 2013 Proc. Michigan 1040ez 2013 2002–33” on the appropriate line of Form 3115. Michigan 1040ez 2013 You must also file a copy (with signature) of the completed Form 3115 with the IRS National Office no later than when you file the original with your return. Michigan 1040ez 2013 For more information about filing Form 3115, including the address to send it to, see Revenue Procedure 2002–9, Revenue Procedure 2002–19, and Revenue Procedure 2002–33. Michigan 1040ez 2013 Example 1. Michigan 1040ez 2013 You are an individual and you use the calendar year. Michigan 1040ez 2013 You placed qualified property in service for your business in December 2001. Michigan 1040ez 2013 You filed your 2001 income tax return before April 15, 2002. Michigan 1040ez 2013 You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Michigan 1040ez 2013 You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Michigan 1040ez 2013 Proc. Michigan 1040ez 2013 2002–33” at the top of the amended return. Michigan 1040ez 2013 You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Michigan 1040ez 2013 Example 2. Michigan 1040ez 2013 The facts concerning your 2001 return are the same as in Example 1. Michigan 1040ez 2013 In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Michigan 1040ez 2013 You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Michigan 1040ez 2013 Proc. Michigan 1040ez 2013 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Michigan 1040ez 2013 You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Michigan 1040ez 2013 Electing not to claim the allowance. Michigan 1040ez 2013   Generally, you have elected not to claim the special depreciation allowance for a class of property if you: Filed your return timely (including extensions) for the year you placed qualified property in service and indicated on a statement with the return that you are not claiming the allowance, or Filed your return timely and filed an amended return within 6 months of the due date of the original return (not including extensions) and indicated on a statement with the amended return that you are not claiming the allowance. Michigan 1040ez 2013 The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Michigan 1040ez 2013 The statement can be either attached to or written on the return. Michigan 1040ez 2013 You can, for example, write “not deducting 30%” on Form 4562. Michigan 1040ez 2013 Deemed election. Michigan 1040ez 2013   If you have not followed either of the procedures described above to elect not to claim the allowance, you may still be treated as making the election. Michigan 1040ez 2013 You will be treated as making the election if you meet both of the following conditions. Michigan 1040ez 2013 You filed your return for the year you placed the property in service and claimed depreciation, but not the special allowance, for any class of property. Michigan 1040ez 2013 You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Michigan 1040ez 2013 See Claiming the allowance, earlier. Michigan 1040ez 2013 Passenger Automobiles The limit on your depreciation deduction (including any section 179 deduction) for any passenger automobile that is qualified property (defined earlier) placed in service after September 10, 2001, and for which you claim the special depreciation allowance is increased. Michigan 1040ez 2013 Generally, the limit is increased from $3,060 to $7,660. Michigan 1040ez 2013 However, if the automobile is a qualified electric car, the limit is increased from $9,280 to $23,080 ($22,980 if placed in service in 2002). Michigan 1040ez 2013 Table 1 shows the maximum deduction amounts for 2001. Michigan 1040ez 2013 Table 1. Michigan 1040ez 2013 Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Michigan 1040ez 2013 11 Placed in Service After Sept. Michigan 1040ez 2013 10 Passenger automobile $3,060 $7,660 Electric car 9,280 23,080 1 1$22,980 if you place an electric car in service in 2002. Michigan 1040ez 2013 Election not to claim the allowance. Michigan 1040ez 2013   The increased maximum depreciation deduction does not apply if you elected not to claim the special depreciation allowance as explained earlier under Election Not To Claim the Allowance and Rules for Returns Filed Before June 1, 2002. Michigan 1040ez 2013 New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Michigan 1040ez 2013 They include a special depreciation allowance for the year you place the property in service, an increased section 179 deduction, and the classification of certain leasehold improvement property as 5-year property. Michigan 1040ez 2013 Area defined. Michigan 1040ez 2013   The New York Liberty Zone 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 in the City of New York, New York. Michigan 1040ez 2013 Special Liberty Zone Depreciation Allowance You can take a special depreciation allowance for qualified Liberty Zone property you place in service after September 10, 2001. Michigan 1040ez 2013 The allowance is an additional deduction of 30% of the property's depreciable basis. Michigan 1040ez 2013 To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Michigan 1040ez 2013 See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Michigan 1040ez 2013 The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Michigan 1040ez 2013 There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Michigan 1040ez 2013 In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Michigan 1040ez 2013 You cannot claim the special Liberty Zone depreciation allowance for property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Michigan 1040ez 2013 Qualified property is eligible for only one special depreciation allowance. Michigan 1040ez 2013 Example 1. Michigan 1040ez 2013 On November 1, 2001, you bought and placed in service in your business, which is in the Liberty Zone, qualified Liberty Zone property that cost $200,000. Michigan 1040ez 2013 You did not elect to claim a section 179 deduction. Michigan 1040ez 2013 You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Michigan 1040ez 2013 You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Michigan 1040ez 2013 Example 2. Michigan 1040ez 2013 The facts are the same as in Example 1, except that you choose to deduct $59,000 of the property's cost as a section 179 deduction. Michigan 1040ez 2013 (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Michigan 1040ez 2013 You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Michigan 1040ez 2013 You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Michigan 1040ez 2013 Qualified Liberty Zone Property For a 2001 calendar or fiscal year and a 2000 fiscal year that ends after September 10, 2001, property qualifies for the special Liberty Zone depreciation allowance if it meets the following requirements. Michigan 1040ez 2013 It is one of the following types of property. Michigan 1040ez 2013 Used property depreciated under MACRS with a recovery period of 20 years or less. Michigan 1040ez 2013 See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Michigan 1040ez 2013 Used water utility property. Michigan 1040ez 2013 See 25-year property on page 22 in Publication 946. Michigan 1040ez 2013 Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Michigan 1040ez 2013 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Michigan 1040ez 2013 ) Certain nonresidential real property and residential rental property (defined later). Michigan 1040ez 2013 It meets the following tests (explained later under Tests to be met). Michigan 1040ez 2013 Acquisition date test. Michigan 1040ez 2013 Placed in service date test. Michigan 1040ez 2013 Substantial use test. Michigan 1040ez 2013 Original use test. Michigan 1040ez 2013 It is not excepted property (explained later under Excepted property). Michigan 1040ez 2013 Nonresidential real property and residential rental property. Michigan 1040ez 2013   This property is qualifying property only to the extent it rehabilitates real property damaged, or replaces real property destroyed or condemned, as a result of the terrorist attack of September 11, 2001. Michigan 1040ez 2013 Property is treated as replacing destroyed or condemned property if, as part of an integrated plan, such property replaces real property included in a continuous area that includes real property destroyed or condemned. Michigan 1040ez 2013   For these purposes, real property is considered destroyed (or condemned) only if an entire building or structure was destroyed (or condemned) as a result of the terrorist attack. Michigan 1040ez 2013 Otherwise, the property is considered damaged real property. Michigan 1040ez 2013 For example, if certain structural components of a building (such as walls, floors, or plumbing fixtures) are damaged or destroyed as a result of the terrorist attack, but the building is not destroyed (or condemned), then only costs related to replacing the damaged or destroyed structural components qualify for the special Liberty Zone depreciation allowance. Michigan 1040ez 2013 Tests to be met. Michigan 1040ez 2013   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Michigan 1040ez 2013 Acquisition date test. Michigan 1040ez 2013   You must have acquired the property by purchase after September 10, 2001, and there must not have been a binding written contract for the acquisition in effect before September 11, 2001. Michigan 1040ez 2013   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Michigan 1040ez 2013   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001. Michigan 1040ez 2013 Placed in service date test. Michigan 1040ez 2013   Generally, the property must be placed in service for use in your trade or business or for the production of income before January 1, 2007 (January 1, 2010, in the case of qualifying nonresidential real property and residential rental property). Michigan 1040ez 2013   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Michigan 1040ez 2013 Substantial use test. Michigan 1040ez 2013   Substantially all use of the property must be in the Liberty Zone and in the active conduct of your trade or business in the Liberty Zone. Michigan 1040ez 2013 Original use test. Michigan 1040ez 2013   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Michigan 1040ez 2013   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Michigan 1040ez 2013 Also, additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test if the original use of the property in the Liberty Zone began with you. Michigan 1040ez 2013 Excepted property. Michigan 1040ez 2013   The following property does not qualify for the special Liberty Zone depreciation allowance. Michigan 1040ez 2013 Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Michigan 1040ez 2013 Property required to be depreciated using ADS. Michigan 1040ez 2013 This includes listed property used 50% or less in a qualified business use. Michigan 1040ez 2013 Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Michigan 1040ez 2013 Example. Michigan 1040ez 2013 In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Michigan 1040ez 2013 New office furniture with a MACRS recovery period of 7 years. Michigan 1040ez 2013 A used computer with a MACRS recovery period of 5 years. Michigan 1040ez 2013 The computer had not previously been used within the Liberty Zone. Michigan 1040ez 2013 Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Michigan 1040ez 2013 Because the computer is used property that had not previously been used in the Liberty Zone, it qualifies for the special Liberty Zone depreciation allowance, but not the special depreciation allowance. Michigan 1040ez 2013 Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Michigan 1040ez 2013 If you make this election for any property, it applies to all property in the same property class placed in service during the year. Michigan 1040ez 2013 To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Michigan 1040ez 2013 When to make the election. Michigan 1040ez 2013   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Michigan 1040ez 2013   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Michigan 1040ez 2013 Attach the election statement to the amended return. Michigan 1040ez 2013 At the top of the election statement, write “Filed pursuant to section 301. Michigan 1040ez 2013 9100–2. Michigan 1040ez 2013 ” Revoking an election. Michigan 1040ez 2013   Once you elect not to deduct the special Liberty Zone depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Michigan 1040ez 2013 A request to revoke the election is subject to a user fee. Michigan 1040ez 2013 Returns filed before June 1, 2002. Michigan 1040ez 2013   The rules that apply to the special depreciation allowance discussed earlier in Rules for Returns Filed Before June 1, 2002 under Special Depreciation Allowance also apply to the special Liberty Zone depreciation allowance. Michigan 1040ez 2013 Increased Section 179 Deduction Under section 179 of the Internal Revenue Code, you can choose to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. Michigan 1040ez 2013 For tax years beginning in 2000, that limit was $20,000. Michigan 1040ez 2013 For tax years beginning in 2001 and 2002, that limit is generally $24,000. Michigan 1040ez 2013 If the cost of qualifying section 179 property placed in service in a year is over $200,000, you must reduce the dollar limit (but not below zero) by the amount of the cost over $200,000. Michigan 1040ez 2013 Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Michigan 1040ez 2013 The increase is the smaller of the following amounts. Michigan 1040ez 2013 $35,000. Michigan 1040ez 2013 The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Michigan 1040ez 2013 If you use the revised 2001 Form 4562 (dated March 2002) for a tax year beginning in 2000, you must reduce the section 179 dollar limit to $20,000 before adding the additional amount for qualified property. Michigan 1040ez 2013 Qualified property. Michigan 1040ez 2013   To qualify for the increased section 179 deduction, your property must be section 179 property that is either: Qualified Liberty Zone property, or Property that would be qualified Liberty Zone property except that it is eligible for the special depreciation allowance. Michigan 1040ez 2013 Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Michigan 1040ez 2013 Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Michigan 1040ez 2013 For information on the requirements that must be met for property to qualify for the section 179 deduction, see What Property Qualifies? on page 14 of Publication 946. Michigan 1040ez 2013 Example 1. Michigan 1040ez 2013 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Michigan 1040ez 2013 Because this cost is less than $35,000, the dollar limit on the section 179 deduction is increased by $25,000 to $49,000 ($24,000 + $25,000). Michigan 1040ez 2013 Example 2. Michigan 1040ez 2013 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Michigan 1040ez 2013 Because $35,000 is less than the cost of the property you place in service, the dollar limit on the section 179 deduction you can claim is increased by $35,000 to $59,000 ($24,000 + $35,000). Michigan 1040ez 2013 Reduced Dollar Limit Generally, you must reduce the dollar limit for a year by the cost of qualifying section 179 property placed in service in the year that is more than $200,000. Michigan 1040ez 2013 However, if the cost of your Liberty Zone property exceeds $200,000, you take into account only 50% (instead of 100%) of the cost of qualified property placed in service in a year. Michigan 1040ez 2013 Example. Michigan 1040ez 2013 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Michigan 1040ez 2013 Your increased dollar limit is $59,000 ($35,000 + $24,000). Michigan 1040ez 2013 Because 50% of the cost of the property you place in service ($230,000) is $30,000 more than $200,000, you must reduce your $59,000 dollar limit to $29,000 ($59,000 - $30,000). Michigan 1040ez 2013 Recapture Rules Rules similar to those explained on page 20 of Publication 946 under When Must You Recapture the Deduction? apply with respect to any qualified property you stop using in the Liberty Zone. Michigan 1040ez 2013 Returns Filed Before June 1, 2002 If you filed a return before June 1, 2002, and did not deduct the increased section 179 amount for qualified property placed in service after September 10, 2001, you can deduct the increased amount by filing an amended return by the due date (not including extensions) of the return for the year after the year the property was placed in service. Michigan 1040ez 2013 This rule applies to returns for the following years. Michigan 1040ez 2013 2000 fiscal years that end after September 10, 2001. Michigan 1040ez 2013 2001 calendar and fiscal years. Michigan 1040ez 2013 On the amended return, write “Filed Pursuant to Rev. Michigan 1040ez 2013 Proc. Michigan 1040ez 2013 2002–33. Michigan 1040ez 2013 ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Michigan 1040ez 2013 This means that it is depreciated over a recovery period of 5 years. Michigan 1040ez 2013 For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Michigan 1040ez 2013 The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Michigan 1040ez 2013 Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Michigan 1040ez 2013 Returns Filed Before June 1, 2002 If you filed either of the following returns before June 1, 2002, and did not depreciate qualified Liberty Zone leasehold improvement property placed in service during the tax year as 5-year property using the straight line method, you should file an amended return before you file your return for the year after the year the property was placed in service. Michigan 1040ez 2013 Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Michigan 1040ez 2013 Your 2001 calendar or fiscal year return. Michigan 1040ez 2013 On the amended return, write “Filed Pursuant to Rev. Michigan 1040ez 2013 Proc. Michigan 1040ez 2013 2002–33. Michigan 1040ez 2013 ” Table 2. Michigan 1040ez 2013 Rules for Returns Filed Before June 1, 2002 Note:This chart highlights the rules for returns affected by the Job Creation and Worker Assistance Act of 2002 that were filed before June 1, 2002, without accounting for any of the new benefits under the law. Michigan 1040ez 2013 See the text for definitions and examples. Michigan 1040ez 2013 Do not rely on this chart alone. Michigan 1040ez 2013 IF you want to. Michigan 1040ez 2013 . Michigan 1040ez 2013 . Michigan 1040ez 2013 THEN you. Michigan 1040ez 2013 . Michigan 1040ez 2013 . Michigan 1040ez 2013 BY. Michigan 1040ez 2013 . Michigan 1040ez 2013 . Michigan 1040ez 2013 claim the special depreciation allowance or special Liberty Zone depreciation allowance • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service, or • must file Form 3115, Application for Change in Accounting Method, with your return for the year after the year the property was placed in service • the due date (including extensions) of your return for the year after the year the property was placed in service, and • must file a copy of your completed Form 3115 with the IRS National Office • the date you file the original Form 3115 with your return for the year after the year the property was placed in service. Michigan 1040ez 2013 elect not to claim the special depreciation allowance or the special Liberty Zone depreciation allowance 1 • must have filed your return timely for the year the property was placed in service, and   • must file an amended return stating you are not claiming the allowance • the date that is 6 months after the due date of the original return (not including extensions). Michigan 1040ez 2013 deduct the increased section 179 amount • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service. Michigan 1040ez 2013 use a 5-year recovery period for depreciating qualified Liberty Zone leasehold improvement property • should file an amended return • the date you file your return for the year after the year the property was placed in service. Michigan 1040ez 2013 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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The Michigan 1040ez 2013

Michigan 1040ez 2013 Publication 514 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. Michigan 1040ez 2013 Tax questions. Michigan 1040ez 2013 Useful Items - You may want to see: Reminders Future developments. Michigan 1040ez 2013  For the latest information about developments related to Pub. Michigan 1040ez 2013 514, such as legislation enacted after it was published, go to www. Michigan 1040ez 2013 irs. Michigan 1040ez 2013 gov/pub514. Michigan 1040ez 2013 Alternative minimum tax. Michigan 1040ez 2013  In addition to your regular income tax, you may be liable for the alternative minimum tax. Michigan 1040ez 2013 A foreign tax credit may be allowed in figuring this tax. Michigan 1040ez 2013 See the instructions for Form 6251, Alternative Minimum Tax—Individuals, for a discussion of the alternative minimum tax foreign tax credit. Michigan 1040ez 2013 Change of address. Michigan 1040ez 2013  If your address changes from the address shown on your last return, use Form 8822, Change of Address, to notify the Internal Revenue Service. Michigan 1040ez 2013 Photographs of missing children. Michigan 1040ez 2013  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Michigan 1040ez 2013 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Michigan 1040ez 2013 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Michigan 1040ez 2013 Introduction If you paid or accrued foreign taxes to a foreign country on foreign source income and are subject to U. Michigan 1040ez 2013 S. Michigan 1040ez 2013 tax on the same income, you may be able to take either a credit or an itemized deduction for those taxes. Michigan 1040ez 2013 Taken as a deduction, foreign income taxes reduce your U. Michigan 1040ez 2013 S. Michigan 1040ez 2013 taxable income. Michigan 1040ez 2013 Taken as a credit, foreign income taxes reduce your U. Michigan 1040ez 2013 S. Michigan 1040ez 2013 tax liability. Michigan 1040ez 2013 In most cases, it is to your advantage to take foreign income taxes as a tax credit. Michigan 1040ez 2013 The major scope of this publication is the foreign tax credit. Michigan 1040ez 2013 The publication discusses: How to choose to take the credit or the deduction, Who can take the credit, What foreign taxes qualify for the credit, How to figure the credit, and How to carry over unused foreign taxes to other tax years. Michigan 1040ez 2013 Unless you qualify for exemption from the foreign tax credit limit, you claim the credit by filing Form 1116 with your U. Michigan 1040ez 2013 S. Michigan 1040ez 2013 income tax return. Michigan 1040ez 2013 Two examples with filled-in Forms 1116 are provided at the end of this publication. Michigan 1040ez 2013 Comments and suggestions. Michigan 1040ez 2013   We welcome your comments about this publication and your suggestions for future editions. Michigan 1040ez 2013   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Michigan 1040ez 2013 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Michigan 1040ez 2013 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Michigan 1040ez 2013   You can send your comments from www. Michigan 1040ez 2013 irs. Michigan 1040ez 2013 gov/formspubs/. Michigan 1040ez 2013 Click on “More Information” and then on “Comment on Tax Forms and Publications”. Michigan 1040ez 2013   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. Michigan 1040ez 2013 Ordering forms and publications. Michigan 1040ez 2013   Visit www. Michigan 1040ez 2013 irs. Michigan 1040ez 2013 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Michigan 1040ez 2013 Internal Revenue Service 1201 N. Michigan 1040ez 2013 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Michigan 1040ez 2013   If you have a tax question, check the information available on IRS. Michigan 1040ez 2013 gov or call 1-800-829-1040. Michigan 1040ez 2013 We cannot answer tax questions sent to either of the above addresses. Michigan 1040ez 2013 Useful Items - You may want to see: Publication 54 Tax Guide for U. Michigan 1040ez 2013 S. Michigan 1040ez 2013 Citizens and Resident Aliens Abroad 519 U. Michigan 1040ez 2013 S. Michigan 1040ez 2013 Tax Guide for Aliens 570 Tax Guide for Individuals With Income From U. Michigan 1040ez 2013 S. Michigan 1040ez 2013 Possessions Form (and Instructions) 1116 Foreign Tax Credit See How To Get Tax Help near the end of this publication for information about getting these publications and this form. Michigan 1040ez 2013 Prev  Up  Next   Home   More Online Publications