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Printable Tax Forms 1040ez

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Printable Tax Forms 1040ez

Printable tax forms 1040ez Publication 926 - Main Content Table of Contents Do You Have a Household Employee? Can Your Employee Legally Work in the United States? Do You Need To Pay Employment Taxes?Social Security and Medicare Taxes Federal Unemployment (FUTA) Tax Do You Need To Withhold Federal Income Tax? What Do You Need To Know About the Earned Income Credit? How Do You Make Tax Payments? What Forms Must You File?Employee who leaves during the year. Printable tax forms 1040ez Filing options when no return is required. Printable tax forms 1040ez What Records Must You Keep? Can You Claim a Credit for Child and Dependent Care Expenses? How Can You Correct Schedule H?Adjust the overpayment. Printable tax forms 1040ez Claim for refund process. Printable tax forms 1040ez How To Get Tax HelpLow Income Taxpayer Clinics Do You Have a Household Employee? You have a household employee if you hired someone to do household work and that worker is your employee. Printable tax forms 1040ez The worker is your employee if you can control not only what work is done, but how it is done. Printable tax forms 1040ez If the worker is your employee, it does not matter whether the work is full time or part time or that you hired the worker through an agency or from a list provided by an agency or association. Printable tax forms 1040ez It also does not matter whether you pay the worker on an hourly, daily, or weekly basis, or by the job. Printable tax forms 1040ez Example. Printable tax forms 1040ez You pay Betty Shore to babysit your child and do light housework 4 days a week in your home. Printable tax forms 1040ez Betty follows your specific instructions about household and child care duties. Printable tax forms 1040ez You provide the household equipment and supplies that Betty needs to do her work. Printable tax forms 1040ez Betty is your household employee. Printable tax forms 1040ez Household work. Printable tax forms 1040ez   Household work is work done in or around your home. Printable tax forms 1040ez Some examples of workers who do household work are: Babysitters, Caretakers, House cleaning workers, Domestic workers, Drivers, Health aides, Housekeepers, Maids, Nannies, Private nurses, and Yard workers. Printable tax forms 1040ez Workers who are not your employees. Printable tax forms 1040ez   If only the worker can control how the work is done, the worker is not your employee but is self-employed. Printable tax forms 1040ez A self-employed worker usually provides his or her own tools and offers services to the general public in an independent business. Printable tax forms 1040ez   A worker who performs child care services for you in his or her home generally is not your employee. Printable tax forms 1040ez   If an agency provides the worker and controls what work is done and how it is done, the worker is not your employee. Printable tax forms 1040ez Example. Printable tax forms 1040ez You made an agreement with John Peters to care for your lawn. Printable tax forms 1040ez John runs a lawn care business and offers his services to the general public. Printable tax forms 1040ez He provides his own tools and supplies, and he hires and pays any helpers he needs. Printable tax forms 1040ez Neither John nor his helpers are your household employees. Printable tax forms 1040ez More information. Printable tax forms 1040ez   More information about who is an employee is in Publication 15-A, Employer's Supplemental Tax Guide. Printable tax forms 1040ez Can Your Employee Legally Work in the United States? It is unlawful for you knowingly to hire or continue to employ an alien who cannot legally work in the United States. Printable tax forms 1040ez When you hire a household employee to work for you on a regular basis, you and the employee must complete the U. Printable tax forms 1040ez S. Printable tax forms 1040ez Citizenship and Immigration Services (USCIS) Form I-9, Employment Eligibility Verification. Printable tax forms 1040ez No later than the first day of work, the employee must complete the employee section of the form by providing certain required information and attesting to his or her current work eligibility status in the United States. Printable tax forms 1040ez You must complete the employer section by examining documents presented by the employee as evidence of his or her identity and employment eligibility. Printable tax forms 1040ez Acceptable documents to establish identity and employment eligibility are listed on Form I-9. Printable tax forms 1040ez You should keep the completed Form I-9 in your own records. Printable tax forms 1040ez Do not submit it to the IRS, the USCIS, or any other government or other entity. Printable tax forms 1040ez The form must be kept available for review upon notice by an authorized U. Printable tax forms 1040ez S. Printable tax forms 1040ez Government official. Printable tax forms 1040ez Two copies of Form I-9 are contained in the Handbook for Employers (Form M-274) published by the USCIS. Printable tax forms 1040ez Call the USCIS at 1-800-870-3676 to order the Handbook for Employers; or you may download the handbook at www. Printable tax forms 1040ez uscis. Printable tax forms 1040ez gov. Printable tax forms 1040ez If you have questions about the employment eligibility verification process or other immigration-related employment matters, contact the USCIS Office of Business Liaison at 1-800-357-2099. Printable tax forms 1040ez You also can visit the USCIS website at www. Printable tax forms 1040ez uscis. Printable tax forms 1040ez gov to get Form I-9. Printable tax forms 1040ez For more information, see Employee's Social Security Number (SSN) in Publication 15 (Circular E), Employer's Tax Guide. Printable tax forms 1040ez Do You Need To Pay Employment Taxes? If you have a household employee, you may need to withhold and pay social security and Medicare taxes, pay federal unemployment tax, or both. Printable tax forms 1040ez To find out, read Table 1. Printable tax forms 1040ez You do not need to withhold federal income tax from your household employee's wages. Printable tax forms 1040ez But if your employee asks you to withhold it, you can. Printable tax forms 1040ez See Do You Need To Withhold Federal Income Tax, later. Printable tax forms 1040ez If you need to pay social security, Medicare, or federal unemployment tax or choose to withhold federal income tax, read Table 2 for an overview of what you may need to do. Printable tax forms 1040ez If you do not need to pay social security, Medicare, or federal unemployment tax and do not choose to withhold federal income tax, read State employment taxes, next. Printable tax forms 1040ez The rest of this publication does not apply to you. Printable tax forms 1040ez State employment taxes. Printable tax forms 1040ez   You should contact your state unemployment tax agency to find out whether you need to pay state unemployment tax for your household employee. Printable tax forms 1040ez For a list of state unemployment tax agencies, visit the U. Printable tax forms 1040ez S. Printable tax forms 1040ez Department of Labor's website at www. Printable tax forms 1040ez workforcesecurity. Printable tax forms 1040ez doleta. Printable tax forms 1040ez gov/unemploy/agencies. Printable tax forms 1040ez asp. Printable tax forms 1040ez You should also determine if you need to pay or collect other state employment taxes or carry workers' compensation insurance. Printable tax forms 1040ez    Table 1. Printable tax forms 1040ez Do You Need To Pay Employment Taxes? IF you . Printable tax forms 1040ez . Printable tax forms 1040ez . Printable tax forms 1040ez THEN you need to . Printable tax forms 1040ez . Printable tax forms 1040ez . Printable tax forms 1040ez A– Pay cash wages of $1,900 or more in 2014 to any one household employee. Printable tax forms 1040ez Withhold and pay social security and Medicare taxes. Printable tax forms 1040ez The taxes are 15. Printable tax forms 1040ez 3%1 of cash wages. Printable tax forms 1040ez Your employee's share is 7. Printable tax forms 1040ez 65%1. Printable tax forms 1040ez   (You can choose to pay it yourself and not withhold it. Printable tax forms 1040ez ) Your share is 7. Printable tax forms 1040ez 65%. Printable tax forms 1040ez   Do not count wages you pay to— Your spouse, Your child under the age of 21, Your parent (see Wages not counted, later, for an exception), or Any employee under the age of 18 at any time in 2014 (see Wages not counted, later, for an exception). Printable tax forms 1040ez B– Pay total cash wages of $1,000 or more in any calendar quarter of 2013 or 2014 to household employees. Printable tax forms 1040ez Pay federal unemployment tax. Printable tax forms 1040ez The tax is 6% of cash wages. Printable tax forms 1040ez Wages over $7,000 a year per employee are not taxed. Printable tax forms 1040ez You also may owe state unemployment tax. Printable tax forms 1040ez   Do not count wages you pay to— Your spouse, Your child under the age of 21, or Your parent. Printable tax forms 1040ez 1In addition to withholding Medicare tax at 1. Printable tax forms 1040ez 45%, you must withhold a 0. Printable tax forms 1040ez 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Printable tax forms 1040ez You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Printable tax forms 1040ez Additional Medicare Tax is only imposed on the employee. Printable tax forms 1040ez There is no employer share of Additional Medicare Tax. Printable tax forms 1040ez All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Printable tax forms 1040ez Note. Printable tax forms 1040ez If neither A nor B above applies, you do not need to pay any federal employment taxes. Printable tax forms 1040ez But you may still need to pay state employment taxes. Printable tax forms 1040ez Table 2. Printable tax forms 1040ez Household Employer's Checklist You may need to do the following things when you have a household employee. Printable tax forms 1040ez   When you hire a household employee: □ Find out if the person can legally work in the United States. Printable tax forms 1040ez  □ Find out if you need to pay state taxes. Printable tax forms 1040ez When you pay your household employee: □ Withhold social security and Medicare taxes. Printable tax forms 1040ez  □ Withhold federal income tax. Printable tax forms 1040ez  □ Decide how you will make tax payments. Printable tax forms 1040ez  □ Keep records. Printable tax forms 1040ez By February 2, 2015: □ Get an employer identification number (EIN). Printable tax forms 1040ez  □ Give your employee Copies B, C, and 2 of Form W-2, Wage and Tax Statement. Printable tax forms 1040ez By March 2, 2015 (March 31, 2015, if you file Form W-2 electronically): □ Send Copy A of Form W-2 to the Social Security Administration (SSA). Printable tax forms 1040ez By April 15, 2015: □ File Schedule H (Form 1040), Household Employment Taxes, with your 2014 federal income tax return (Form 1040, 1040NR, 1040-SS, or Form 1041). Printable tax forms 1040ez  If you do not have to file a return, file Schedule H by itself. Printable tax forms 1040ez Social Security and Medicare Taxes The social security tax pays for old-age, survivors, and disability benefits for workers and their families. Printable tax forms 1040ez The Medicare tax pays for hospital insurance. Printable tax forms 1040ez Both you and your household employee may owe social security and Medicare taxes. Printable tax forms 1040ez Your share is 7. Printable tax forms 1040ez 65% (6. Printable tax forms 1040ez 2% for social security tax and 1. Printable tax forms 1040ez 45% for Medicare tax) of the employee's social security and Medicare wages. Printable tax forms 1040ez Your employee's share is also 7. Printable tax forms 1040ez 65% (6. Printable tax forms 1040ez 2% for social security tax and 1. Printable tax forms 1040ez 45% for Medicare tax). Printable tax forms 1040ez In addition to withholding Medicare tax at 1. Printable tax forms 1040ez 45%, you must withhold a 0. Printable tax forms 1040ez 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Printable tax forms 1040ez You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Printable tax forms 1040ez Additional Medicare Tax is only imposed on the employee. Printable tax forms 1040ez There is no employer share of Additional Medicare Tax. Printable tax forms 1040ez All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Printable tax forms 1040ez For more information on Additional Medicare Tax, visit IRS. Printable tax forms 1040ez gov and enter “Additional Medicare Tax” in the search box. Printable tax forms 1040ez Generally, you can use Table 3 to figure the amount of social security and Medicare taxes to withhold from each wage payment. Printable tax forms 1040ez You are responsible for payment of your employee's share of the taxes as well as your own. Printable tax forms 1040ez You can either withhold your employee's share from the employee's wages or pay it from your own funds. Printable tax forms 1040ez If you decide to pay the employee's share from your own funds, see Not withholding the employee's share, later. Printable tax forms 1040ez Pay the taxes as discussed under How Do You Make Tax Payments, later. Printable tax forms 1040ez Also, see What Forms Must You File, later. Printable tax forms 1040ez Social security and Medicare wages. Printable tax forms 1040ez   You figure social security and Medicare taxes on the social security and Medicare wages you pay your employee. Printable tax forms 1040ez   If you pay your household employee cash wages of $1,900 or more in 2014, all cash wages you pay to that employee in 2014 (regardless of when the wages were earned) up to $117,000 are social security wages and all cash wages are Medicare wages. Printable tax forms 1040ez However, any noncash wages you pay do not count as social security and Medicare wages. Printable tax forms 1040ez   If you pay the employee less than $1,900 in cash wages in 2014, none of the wages you pay the employee are social security or Medicare wages and neither you nor your employee will owe social security or Medicare tax on those wages. Printable tax forms 1040ez Cash wages. Printable tax forms 1040ez   Cash wages include wages you pay by check, money order, etc. Printable tax forms 1040ez Cash wages do not include the value of food, lodging, clothing, and other noncash items you give your household employee. Printable tax forms 1040ez However, cash you give your employee in place of these items is included in cash wages. Printable tax forms 1040ez State disability payments treated as wages. Printable tax forms 1040ez   Certain state disability plan payments that your household employee may receive are treated as social security and Medicare wages. Printable tax forms 1040ez For more information about these payments, see the Instructions for Schedule H (Form 1040) and the notice issued by the state. Printable tax forms 1040ez Wages not counted. Printable tax forms 1040ez   Do not count wages you pay to any of the following individuals as social security or Medicare wages, even if these wages are $1,900 or more during the year. Printable tax forms 1040ez Your spouse. Printable tax forms 1040ez Your child who is under the age of 21. Printable tax forms 1040ez Your parent. Printable tax forms 1040ez Exception: Count these wages if both the following conditions apply. Printable tax forms 1040ez Your parent cares for your child who is either of the following. Printable tax forms 1040ez Under the age of 18, or Has a physical or mental condition that requires the personal care of an adult for at least 4 continuous weeks in the calendar quarter services were performed. Printable tax forms 1040ez Your marital status is one of the following. Printable tax forms 1040ez You are divorced and have not remarried, You are a widow or widower, or You are living with a spouse whose physical or mental condition prevents him or her from caring for your child for at least 4 continuous weeks in the calendar quarter services were performed. Printable tax forms 1040ez An employee who is under the age of 18 at any time during the year. Printable tax forms 1040ez Exception: Count these wages if providing household services is the employee's principal occupation. Printable tax forms 1040ez If the employee is a student, providing household services is not considered to be his or her principal occupation. Printable tax forms 1040ez Also, if your employee's cash wages reach $117,000 (maximum wages subject to social security tax) in 2014, do not count any wages you pay that employee during the rest of the year as social security wages to figure social security tax. Printable tax forms 1040ez Continue to count the employee's cash wages as Medicare wages to figure Medicare tax. Printable tax forms 1040ez If you provide your employee transit passes to commute to your home, do not count the value of the transit passes (up to $130 per month for 2014) as wages. Printable tax forms 1040ez A transit pass includes any pass, token, fare card, voucher, or similar item entitling a person to ride on mass transit, such as a bus or train. Printable tax forms 1040ez If you provide your employee parking at or near your home or at or near a location from which your employee commutes to your home, do not count the value of parking (up to $250 per month for 2014) as wages. Printable tax forms 1040ez If you reimburse your employee for transit passes or parking, you may be able to exclude the reimbursement amounts. Printable tax forms 1040ez See Publication 15-B, Employer's Tax Guide to Fringe Benefits, for special requirements for this exclusion. Printable tax forms 1040ez Withholding the employee's share. Printable tax forms 1040ez   You should withhold the employee's share of social security and Medicare taxes if you expect to pay your household employee cash wages of $1,900 or more in 2014. Printable tax forms 1040ez However, if you prefer to pay the employee's share yourself, see Not withholding the employee's share, later. Printable tax forms 1040ez   You can withhold the employee's share of the taxes even if you are not sure your employee's cash wages will be $1,900 or more in 2014. Printable tax forms 1040ez If you withhold the taxes but then actually pay the employee less than $1,900 in cash wages for the year, you should repay the employee. Printable tax forms 1040ez   Withhold 7. Printable tax forms 1040ez 65% (6. Printable tax forms 1040ez 2% for social security tax and 1. Printable tax forms 1040ez 45% for Medicare tax) from each payment of social security and Medicare wages. Printable tax forms 1040ez Generally, you can use Table 3 to figure the proper amount to withhold. Printable tax forms 1040ez You will pay the amount withheld to the IRS with your share of the taxes. Printable tax forms 1040ez Do not withhold any social security tax after your employee's social security wages for the year reach $117,000. Printable tax forms 1040ez Table 3. Printable tax forms 1040ez Employee Social Security (6. Printable tax forms 1040ez 2%) and Medicare (1. Printable tax forms 1040ez 45%1) Tax Withholding Table (See Publication 15 (Circular E) for income tax withholding tables. Printable tax forms 1040ez ) Use this table to figure the amount of social security and Medicare taxes to withhold from each wage payment. Printable tax forms 1040ez For example, on a wage payment of $180, the employee social security tax is $11. Printable tax forms 1040ez 16 ($6. Printable tax forms 1040ez 20 tax on $100 plus $4. Printable tax forms 1040ez 96 on $80 wages). Printable tax forms 1040ez The employee Medicare tax is $2. Printable tax forms 1040ez 61 ($1. Printable tax forms 1040ez 45 tax on $100 plus $1. Printable tax forms 1040ez 16 on $80 wages). Printable tax forms 1040ez If wage payment is: The social security tax to be withheld is: The Medicare tax to be withheld is: If wage payment is: The social security tax to be withheld is: The Medicare tax to be withheld is: $ 1. Printable tax forms 1040ez 00 . Printable tax forms 1040ez $ . Printable tax forms 1040ez 06 $ . Printable tax forms 1040ez 01 $ 51. Printable tax forms 1040ez 00 . Printable tax forms 1040ez $ 3. Printable tax forms 1040ez 16 $ . Printable tax forms 1040ez 74 2. Printable tax forms 1040ez 00 . Printable tax forms 1040ez . Printable tax forms 1040ez 12 . Printable tax forms 1040ez 03 52. Printable tax forms 1040ez 00 . Printable tax forms 1040ez 3. Printable tax forms 1040ez 22 . Printable tax forms 1040ez 75 3. Printable tax forms 1040ez 00 . Printable tax forms 1040ez . Printable tax forms 1040ez 19 . Printable tax forms 1040ez 04 53. Printable tax forms 1040ez 00 . Printable tax forms 1040ez 3. Printable tax forms 1040ez 29 . 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Printable tax forms 1040ez 73 100. Printable tax forms 1040ez 00 . Printable tax forms 1040ez 6. Printable tax forms 1040ez 20 1. Printable tax forms 1040ez 45 1In addition to withholding Medicare tax at 1. Printable tax forms 1040ez 45%, you must withhold a 0. Printable tax forms 1040ez 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Printable tax forms 1040ez You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Printable tax forms 1040ez Additional Medicare Tax is only imposed on the employee. Printable tax forms 1040ez There is no employer share of Additional Medicare Tax. Printable tax forms 1040ez All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Printable tax forms 1040ez   If you make an error by withholding too little, you should withhold additional taxes from a later payment. Printable tax forms 1040ez If you withhold too much, you should repay the employee. Printable tax forms 1040ez    In addition to withholding Medicare tax at 1. Printable tax forms 1040ez 45%, you must withhold a 0. Printable tax forms 1040ez 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Printable tax forms 1040ez You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Printable tax forms 1040ez Additional Medicare Tax is only imposed on the employee. Printable tax forms 1040ez There is no employer share of Additional Medicare Tax. Printable tax forms 1040ez All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Printable tax forms 1040ez For more information on Additional Medicare Tax, visit IRS. Printable tax forms 1040ez gov and enter “Additional Medicare Tax” in the search box. Printable tax forms 1040ez Example. Printable tax forms 1040ez On February 13, 2014, Mary Brown hired Jane R. Printable tax forms 1040ez Oak (who is an unrelated individual over age 18) to care for her child and agreed to pay cash wages of $50 every Friday. Printable tax forms 1040ez Jane worked for the remainder of the year (a total of 46 weeks). Printable tax forms 1040ez Mary did not give Jane a Form W-4 to request federal or state tax withholding. Printable tax forms 1040ez The following is the information Mary will need to complete Schedule H, Form W-2, and Form W-3. Printable tax forms 1040ez See the completed examples of Form W-2 and Form W-3 for 2014 at the end of this publication. Printable tax forms 1040ez Total cash wages paid to Jane $2,300. Printable tax forms 1040ez 00 ($50 x 46 weeks)       Jane's share of:     Social security tax $142. Printable tax forms 1040ez 60 ($2,300 x 6. Printable tax forms 1040ez 2% (. Printable tax forms 1040ez 062))         Medicare tax $33. Printable tax forms 1040ez 35       ($2,300 x 1. Printable tax forms 1040ez 45% (. Printable tax forms 1040ez 0145)) Mary's share of:     Social security tax $142. Printable tax forms 1040ez 60  ($2,300 x 6. Printable tax forms 1040ez 2% (. Printable tax forms 1040ez 062))           Medicare tax $33. Printable tax forms 1040ez 35  ($2,300 x 1. Printable tax forms 1040ez 45% (. Printable tax forms 1040ez 0145)) Amount reported on Form W-2 and Form W-3:   Box 1:Wages, tips $2,300. Printable tax forms 1040ez 00   Box 4: Social security tax withheld 142. Printable tax forms 1040ez 60   Box 6: Medicare tax withheld 33. Printable tax forms 1040ez 35 For information on withholding and reporting federal income taxes, see Publication 15 (Circular E). Printable tax forms 1040ez Not withholding the employee's share. Printable tax forms 1040ez   If you prefer to pay your employee's social security and Medicare taxes from your own funds, do not withhold them from your employee's wages. Printable tax forms 1040ez The social security and Medicare taxes you pay to cover your employee's share must be included in the employee's wages for income tax purposes. Printable tax forms 1040ez However, they are not counted as social security and Medicare wages or as federal unemployment (FUTA) wages. Printable tax forms 1040ez Example. Printable tax forms 1040ez In 2014 you hire a household employee (who is an unrelated individual over age 18) to care for your child and agree to pay cash wages of $100 every Friday. Printable tax forms 1040ez You expect to pay your employee $1,900 or more for the year. Printable tax forms 1040ez You decide to pay your employee's share of social security and Medicare taxes from your own funds. Printable tax forms 1040ez You pay your employee $100 every Friday without withholding any social security or Medicare taxes. Printable tax forms 1040ez For social security and Medicare tax purposes, your employee's wages each payday are $100. Printable tax forms 1040ez For each wage payment, you will pay $15. Printable tax forms 1040ez 30 when you pay the taxes. Printable tax forms 1040ez This is $7. Printable tax forms 1040ez 65 ($6. Printable tax forms 1040ez 20 for social security tax + $1. Printable tax forms 1040ez 45 for Medicare tax) to cover your employee's share plus $7. Printable tax forms 1040ez 65 ($6. Printable tax forms 1040ez 20 for social security tax + $1. Printable tax forms 1040ez 45 for Medicare tax) for your share. Printable tax forms 1040ez For income tax purposes, your employee's wages each payday are $107. Printable tax forms 1040ez 65 ($100 + the $7. Printable tax forms 1040ez 65 you will pay to cover your employee's share of social security and Medicare taxes). Printable tax forms 1040ez Federal Unemployment (FUTA) Tax The federal unemployment tax is part of the federal and state program under the Federal Unemployment Tax Act (FUTA) that pays unemployment compensation to workers who lose their jobs. Printable tax forms 1040ez Like most employers, you may owe both the federal unemployment tax (the FUTA tax) and a state unemployment tax. Printable tax forms 1040ez Or, you may owe only the FUTA tax or only the state unemployment tax. Printable tax forms 1040ez To find out whether you will owe state unemployment tax, contact your state's unemployment tax agency. Printable tax forms 1040ez For a list of state unemployment tax agencies, visit the U. Printable tax forms 1040ez S. Printable tax forms 1040ez Department of Labor's website at www. Printable tax forms 1040ez workforcesecurity. Printable tax forms 1040ez doleta. Printable tax forms 1040ez gov/unemploy/agencies. Printable tax forms 1040ez asp. Printable tax forms 1040ez You should also find out if you need to pay or collect other state employment taxes or carry workers' compensation insurance. Printable tax forms 1040ez The FUTA tax is 6. Printable tax forms 1040ez 0% of your employee's FUTA wages. Printable tax forms 1040ez However, you may be able to take a credit of up to 5. Printable tax forms 1040ez 4% against the FUTA tax, resulting in a net tax rate of 0. Printable tax forms 1040ez 6%. Printable tax forms 1040ez Your credit for 2014 is limited unless you pay all the required contributions for 2014 to your state unemployment fund by April 15, 2015. Printable tax forms 1040ez The credit you can take for any contributions for 2014 that you pay after April 15, 2015, is limited to 90% of the credit that would have been allowable if the contributions were paid by April 15, 2015. Printable tax forms 1040ez (If you did not pay all the required contributions for 2013 by April 15, 2014, see Credit for 2013, later. Printable tax forms 1040ez ) Note. Printable tax forms 1040ez   If a due date falls on a Saturday, Sunday, or legal holiday, payments are considered timely if made by the next business day. Printable tax forms 1040ez The term “legal holiday” means any legal holiday in the District of Columbia. Printable tax forms 1040ez Pay the tax as discussed under How Do You Make Tax Payments, later. Printable tax forms 1040ez Also, see What Forms Must You File, later. Printable tax forms 1040ez Note. Printable tax forms 1040ez   The 5. Printable tax forms 1040ez 4% credit is reduced for wages paid in a credit reduction state. Printable tax forms 1040ez See the Instructions for Schedule H (Form 1040). Printable tax forms 1040ez Do not withhold the FUTA tax from your employee's wages. Printable tax forms 1040ez You must pay it from your own funds. Printable tax forms 1040ez FUTA wages. Printable tax forms 1040ez   Figure the FUTA tax on the FUTA wages you pay. Printable tax forms 1040ez If you pay cash wages to all of your household employees totaling $1,000 or more in any calendar quarter of 2013 or 2014, the first $7,000 of cash wages you pay to each household employee in 2014 is FUTA wages. Printable tax forms 1040ez (A calendar quarter is January through March, April through June, July through September, or October through December. Printable tax forms 1040ez ) If your employee's cash wages reach $7,000 during the year, do not figure the FUTA tax on any wages you pay that employee during the rest of the year. Printable tax forms 1040ez For an explanation of cash wages, see the discussion on Social security and Medicare wages under Social Security and Medicare Taxes, earlier. Printable tax forms 1040ez Wages not counted. Printable tax forms 1040ez   Do not count wages you pay to any of the following individuals as FUTA wages. Printable tax forms 1040ez Your spouse. Printable tax forms 1040ez Your child who is under the age of 21. Printable tax forms 1040ez Your parent. Printable tax forms 1040ez Credit for 2013. Printable tax forms 1040ez   The credit you can take for any state unemployment fund contributions for 2013 that you pay after April 15, 2014, is limited to 90% of the credit that would have been allowable if the contributions were paid on or before April 15, 2014. Printable tax forms 1040ez Use Worksheet A to figure the credit for late contributions if you paid any state contributions after the due date for filing  Form 1040. Printable tax forms 1040ez Worksheet A. Printable tax forms 1040ez Worksheet for Credit for Late Contributions 1. Printable tax forms 1040ez Enter the amount from Schedule H, line 22   2. Printable tax forms 1040ez Enter the amount from Schedule H, line 19   3. Printable tax forms 1040ez Subtract line 2 from line 1. Printable tax forms 1040ez If zero or less, enter -0-   4. Printable tax forms 1040ez Enter total contributions paid to the state(s) after the Form 1040 due date   5. Printable tax forms 1040ez Enter the smaller of line 3 or line 4   6. Printable tax forms 1040ez Multiply line 5 by . Printable tax forms 1040ez 90 (90%)   7. Printable tax forms 1040ez Add lines 2 and 6   8. Printable tax forms 1040ez Enter the smaller of the amount on line 1 or line 7 here and on Schedule H, line 23   Do You Need To Withhold Federal Income Tax? You are not required to withhold federal income tax from wages you pay a household employee. Printable tax forms 1040ez You should withhold federal income tax only if your household employee asks you to withhold it and you agree. Printable tax forms 1040ez The employee must give you a completed Form W-4, Employee's Withholding Allowance Certificate. Printable tax forms 1040ez If you and your employee have agreed to withholding, either of you may end the agreement by letting the other know in writing. Printable tax forms 1040ez If you agree to withhold federal income tax, you are responsible for paying it to the IRS. Printable tax forms 1040ez Pay the tax as discussed under How Do You Make Tax Payments, later. Printable tax forms 1040ez Also, see What Forms Must You File, later. Printable tax forms 1040ez Use the income tax withholding tables in Publication 15 (Circular E) to find out how much to withhold. Printable tax forms 1040ez Figure federal income tax withholding on wages before you deduct any amounts for other withheld taxes. Printable tax forms 1040ez Withhold federal income tax from each payment of wages based on the filing status and exemptions shown on your employee's Form W-4. Printable tax forms 1040ez Publication 15 (Circular E) contains detailed instructions. Printable tax forms 1040ez Wages. Printable tax forms 1040ez   Figure federal income tax withholding on both cash and noncash wages you pay. Printable tax forms 1040ez Measure wages you pay in any form other than cash by the fair market value of the noncash item. Printable tax forms 1040ez   Do not count as wages any of the following items. Printable tax forms 1040ez Meals provided to your employee at your home for your convenience. Printable tax forms 1040ez Lodging provided to your employee at your home for your convenience and as a condition of employment. Printable tax forms 1040ez Up to $130 per month for 2014 for transit passes you give your employee (or for any cash reimbursement you make for the amount your employee pays for transit passes used to commute to your home if you qualify for this exclusion). Printable tax forms 1040ez A transit pass includes any pass, token, fare card, voucher, or similar item entitling a person to ride on mass transit, such as a bus or train. Printable tax forms 1040ez See Publication 15-B for special requirements for this exclusion. Printable tax forms 1040ez Up to $250 per month for 2014 for the value of parking you provide your employee or for any cash reimbursement you make for the amount your employee pays and substantiates for parking at or near your home or at or near a location from which your employee commutes to your home. Printable tax forms 1040ez   See Publication 15 (Circular E) for more information on cash and noncash wages. Printable tax forms 1040ez Paying tax without withholding. Printable tax forms 1040ez   Any income tax you pay for your employee without withholding it from the employee's wages must be included in the employee's wages for federal income tax purposes. Printable tax forms 1040ez It also must be included in social security and Medicare wages and in federal unemployment (FUTA) wages. Printable tax forms 1040ez What Do You Need To Know About the Earned Income Credit? Certain workers can take the earned income credit (EIC) on their federal income tax return. Printable tax forms 1040ez This credit reduces their tax or allows them to receive a payment from the IRS. Printable tax forms 1040ez You also may have to give your employee a notice about the EIC. Printable tax forms 1040ez Notice about the EIC. Printable tax forms 1040ez   Copy B of the 2014 Form W-2 has a statement about the EIC on the back. Printable tax forms 1040ez If you give your employee that copy by February 2, 2015 (as discussed under Form W-2 under What Forms Must You File, later), you do not have to give the employee any other notice about the EIC. Printable tax forms 1040ez   If you do not give your employee Copy B of the Form W-2, your notice about the EIC can be any of the following items. Printable tax forms 1040ez A substitute Form W-2 with the same EIC information on the back of the employee's copy that is on Copy B of the Form W-2. Printable tax forms 1040ez Notice 797, Possible Federal Tax Refund Due to the Earned Income Credit (EIC). Printable tax forms 1040ez Your own written statement with the same wording as in Notice 797. Printable tax forms 1040ez If a substitute Form W-2 is given on time but does not have the required EIC information, you must notify the employee within one week of the date the substitute Form W-2 is given. Printable tax forms 1040ez If Form W-2 is required but is not given on time, you must give the employee Notice 797 or your written statement about the 2014 EIC by February 2, 2015. Printable tax forms 1040ez If Form W-2 is not required, you must notify the employee by February 7, 2015. Printable tax forms 1040ez   You must give your household employee a notice about the EIC if you agree to withhold federal income tax from the employee's wages (as discussed earlier under Do You Need To Withhold Federal Income Tax?) and the income tax withholding tables show that no tax should be withheld. Printable tax forms 1040ez Even if not required, you are encouraged to give the employee a notice about the EIC if his or her 2014 wages are less than $46,997 ($52,427 if married filing jointly). Printable tax forms 1040ez How Do You Make Tax Payments? When you file your 2014 federal income tax return in 2015, attach Schedule H (Form 1040) to your Form 1040, 1040NR, 1040-SS, or 1041. Printable tax forms 1040ez Use Schedule H to figure your total household employment taxes (social security, Medicare, FUTA, and withheld federal income taxes). Printable tax forms 1040ez Add these household employment taxes to your income tax. Printable tax forms 1040ez Pay the amount due by April 15, 2015. Printable tax forms 1040ez For more information about using Schedule H, see Schedule H under What Forms Must You File, later. Printable tax forms 1040ez You can avoid owing tax with your return if you pay enough tax during the year to cover your household employment taxes, as well as your income tax. Printable tax forms 1040ez You can pay the additional tax in any of the following ways. Printable tax forms 1040ez Ask your employer to withhold more federal income tax from your wages in 2014. Printable tax forms 1040ez Ask the payer of your pension or annuity to withhold more federal income tax from your benefits. Printable tax forms 1040ez Make estimated tax payments for 2014 to the IRS. Printable tax forms 1040ez Increase your payments if you already make estimated tax payments. Printable tax forms 1040ez You may be subject to the estimated tax underpayment penalty if you did not pay enough income and household employment taxes during the year. Printable tax forms 1040ez (See Publication 505, Tax Withholding and Estimated Tax, for information about the underpayment penalty. Printable tax forms 1040ez ) However, you will not be subject to the penalty if both of the following situations apply to you. Printable tax forms 1040ez You will not have federal income tax withheld from wages, pensions, or any other payments you receive. Printable tax forms 1040ez Your income taxes, excluding your household employment taxes, would not be enough to require payment of estimated taxes. Printable tax forms 1040ez Asking for more federal income tax withholding. Printable tax forms 1040ez   If you are employed and want more federal income tax withheld from your wages to cover your household employment taxes, give your employer a new Form W-4. Printable tax forms 1040ez Complete it as before, but show the additional amount you want withheld from each paycheck on line 6. Printable tax forms 1040ez   If you receive a pension or annuity and want more federal income tax withheld to cover household employment taxes, give the payer a new Form W-4P, Withholding Certificate for Pension or Annuity Payments (or a similar form provided by the payer). Printable tax forms 1040ez Complete it as before, but show the additional amount you want withheld from each benefit payment on line 3. Printable tax forms 1040ez   See Publication 505 to make sure you will have the right amount withheld. Printable tax forms 1040ez It will help you compare your total expected withholding for 2014 with the combined income tax and employment taxes that you can expect to figure on your 2014 tax return. Printable tax forms 1040ez Paying estimated tax. Printable tax forms 1040ez   If you want to make estimated tax payments to cover household employment taxes, get Form 1040-ES, Estimated Tax for Individuals. Printable tax forms 1040ez You can use its payment vouchers to make your payments by check or money order. Printable tax forms 1040ez You may be able to pay by Electronic Funds Withdrawal (EFW) or credit card. Printable tax forms 1040ez For details, see the form instructions and visit IRS. Printable tax forms 1040ez gov. Printable tax forms 1040ez    You can pay all the employment taxes at once or you can pay them in installments. Printable tax forms 1040ez If you have already made estimated tax payments for 2014, you can increase your remaining payments to cover the employment taxes. Printable tax forms 1040ez Estimated tax payments for 2014 are due April 15, June 16, and September 15, 2014, and January 15, 2015. Printable tax forms 1040ez Payment option for business employers. Printable tax forms 1040ez   If you own a business as a sole proprietor or your home is on a farm operated for profit, you can choose either of two ways to pay your 2014 household employment taxes. Printable tax forms 1040ez You can pay them with your federal income tax as previously described, or you can include them with your federal employment tax deposits or other payments for your business or farm employees. Printable tax forms 1040ez For information on depositing employment taxes, see Publication 15 (Circular E). Printable tax forms 1040ez   If you pay your household employment taxes with your business or farm employment taxes, you must report your household employment taxes with those other employment taxes on Form 941, Employer's QUARTERLY Federal Tax Return, Form 944, Employer's ANNUAL Federal Tax Return, or Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, and on Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. Printable tax forms 1040ez See Business employment tax returns, later. Printable tax forms 1040ez    The deduction that can be taken on Schedules C and F (Form 1040) for wages and employment taxes applies only to wages and taxes paid for business and farm employees. Printable tax forms 1040ez You cannot deduct the wages and employment taxes paid for your household employees on your Schedule C or F. Printable tax forms 1040ez More information. Printable tax forms 1040ez   For more information about paying taxes through federal income tax withholding and estimated tax payments, and figuring the estimated tax penalty, see Publication 505. Printable tax forms 1040ez What Forms Must You File? You must file certain forms to report your household employee's wages and the federal employment taxes for the employee if you pay any of the following wages to the employee. Printable tax forms 1040ez Social security and Medicare wages. Printable tax forms 1040ez FUTA wages. Printable tax forms 1040ez Wages from which you withhold federal income tax. Printable tax forms 1040ez For information on ordering employment tax forms, see How To Get Tax Help, later. Printable tax forms 1040ez Employer identification number (EIN). Printable tax forms 1040ez   You must include your employer identification number (EIN) on the forms you file for your household employee. Printable tax forms 1040ez An EIN is a nine-digit number issued by the IRS. Printable tax forms 1040ez It is not the same as a social security number. Printable tax forms 1040ez    You ordinarily will have an EIN if you previously paid taxes for employees, either as a household employer or as a sole proprietor of a business you own. Printable tax forms 1040ez If you already have an EIN, use that number. Printable tax forms 1040ez   If you do not have an EIN, you may apply for one online. Printable tax forms 1040ez Go to IRS. Printable tax forms 1040ez gov and click on the Apply for an EIN Online link under Tools. Printable tax forms 1040ez You may also apply for an EIN by calling 1-800-829-4933, or you can fax or mail Form SS-4, Application for Employer Identification Number, to the IRS. Printable tax forms 1040ez Form W-2. Printable tax forms 1040ez   File a separate 2014 Form W-2, for each household employee to whom you pay either of the following wages during the year. Printable tax forms 1040ez Social security and Medicare wages of $1,900 or more. Printable tax forms 1040ez Wages from which you withhold federal income tax. Printable tax forms 1040ez You must complete Form W-2 and give Copies B, C, and 2 to your employee by February 2, 2015. Printable tax forms 1040ez You must send Copy A of Form W-2 with Form W-3, Transmittal of Wage and Tax Statements, to the SSA by March 2, 2015 (March 31, 2015, if you file your Form W-2 electronically). Printable tax forms 1040ez Electronic filing is available to all employers and is free, fast, secure, and offers a later filing deadline. Printable tax forms 1040ez Visit the SSA's Employer W-2 Filing Instructions & Information website at www. Printable tax forms 1040ez socialsecurity. Printable tax forms 1040ez gov/employer for guidelines on filing electronically. Printable tax forms 1040ez Employee who leaves during the year. Printable tax forms 1040ez   If an employee stops working for you before the end of 2014, you can file Form W-2 and provide copies to your employee immediately after you make your final payment of wages. Printable tax forms 1040ez You do not need to wait until 2015. Printable tax forms 1040ez If the employee asks you for Form W-2, give it to him or her within 30 days after the request or the last wage payment, whichever is later. Printable tax forms 1040ez Schedule H. Printable tax forms 1040ez   Use Schedule H to report household employment taxes if you pay any of the following wages to the employee. Printable tax forms 1040ez Social security and Medicare wages of $1,900 or more. Printable tax forms 1040ez FUTA wages. Printable tax forms 1040ez Wages from which you withhold federal income tax. Printable tax forms 1040ez File Schedule H with your 2014 federal income tax return by April 15, 2015. Printable tax forms 1040ez If you get an extension to file your return, the extension also will apply to your Schedule H. Printable tax forms 1040ez Filing options when no return is required. Printable tax forms 1040ez   If you are not required to file a 2014 tax return, you have the following two options. Printable tax forms 1040ez You can file Schedule H by itself. Printable tax forms 1040ez See the Schedule H instructions for details. Printable tax forms 1040ez If, besides your household employee, you have other employees for whom you report employment taxes on Form 941, Form 944, or Form 943 and on Form 940, you can include your taxes for your household employee on those forms. Printable tax forms 1040ez See Business employment tax returns, next. Printable tax forms 1040ez   Employers having the options listed above include certain tax-exempt organizations that do not have to file a tax return, such as churches that pay a household worker to take care of a minister's home. Printable tax forms 1040ez Business employment tax returns. Printable tax forms 1040ez   Do not use Schedule H if you choose to pay the employment taxes for your household employee with business or farm employment taxes. Printable tax forms 1040ez (See Payment option for business employers, earlier. Printable tax forms 1040ez ) Instead, include the social security, Medicare, and withheld federal income taxes for the employee on the Form 941 or Form 944 you file for your business or on the Form 943 you file for your farm. Printable tax forms 1040ez Include the FUTA tax for the employee on your Form 940. Printable tax forms 1040ez   If you report the employment taxes for your household employee on Form 941, Form 944, or Form 943, file Form W-2 for that employee with the Forms W-2 and Form W-3 for your business or farm employees. Printable tax forms 1040ez   For information on filing Form 941 or Form 944, see Publication 15 (Circular E). Printable tax forms 1040ez For information on filing Form 943, see Publication 51 (Circular A), Agricultural Employer's Tax Guide. Printable tax forms 1040ez Both of these publications also provide information about filing Form 940. Printable tax forms 1040ez What Records Must You Keep? Keep your copies of Schedule H or other employment tax forms you file and related Forms W-2, W-3, and W-4. Printable tax forms 1040ez You must also keep records to support the information you enter on the forms you file. Printable tax forms 1040ez If you must file Form W-2, you will need to keep a record of your employee's name, address, and social security number. Printable tax forms 1040ez Wage and tax records. Printable tax forms 1040ez   On each payday, you should record the date and amounts of all the following items. Printable tax forms 1040ez Your employee's cash and noncash wages. Printable tax forms 1040ez Any employee social security tax you withhold or agree to pay for your employee. Printable tax forms 1040ez Any employee Medicare tax you withhold or agree to pay for your employee. Printable tax forms 1040ez Any federal income tax you withhold. Printable tax forms 1040ez Any state employment taxes you withhold. Printable tax forms 1040ez Employee's social security number. Printable tax forms 1040ez   You must keep a record of your employee's name and social security number exactly as they appear on his or her social security card if you pay the employee either of the following. Printable tax forms 1040ez Social security and Medicare wages of $1,900 or more. Printable tax forms 1040ez Wages from which you withhold federal income tax. Printable tax forms 1040ez You must ask for your employee's social security number no later than the first day on which you pay the wages. Printable tax forms 1040ez You may wish to ask for it when you hire your employee. Printable tax forms 1040ez You should ask your employee to show you his or her social security card. Printable tax forms 1040ez The employee may show the card if it is available. Printable tax forms 1040ez You may, but are not required to, photocopy the card if the employee provides it. Printable tax forms 1040ez   An employee who does not have a social security number must apply for one on Form SS-5, Application for a Social Security Card. Printable tax forms 1040ez An employee who has lost his or her social security card or whose name is not correctly shown on the card may apply for a replacement card. Printable tax forms 1040ez    Employees can get Form SS-5 from any Social Security Administration office or by calling 1-800-772-1213. Printable tax forms 1040ez    You also can download Form SS-5 from the Social Security Administration website at  www. Printable tax forms 1040ez socialsecurity. Printable tax forms 1040ez gov/online/ss-5. Printable tax forms 1040ez pdf. Printable tax forms 1040ez How long to keep records. Printable tax forms 1040ez   Keep your employment tax records for at least 4 years after the due date of the return on which you report the taxes or the date the taxes were paid, whichever is later. Printable tax forms 1040ez Can You Claim a Credit for Child and Dependent Care Expenses? If your household employee cares for your dependent who is under age 13 or for your spouse or dependent who is not capable of self-care, you may be able to take an income tax credit against some of your expenses. Printable tax forms 1040ez To qualify, you must pay these expenses so you can work or look for work. Printable tax forms 1040ez If you can take the credit, you can include in your qualifying expenses your share of the federal and state employment taxes you pay, as well as the employee's wages. Printable tax forms 1040ez For information about the credit, see Publication 503, Child and Dependent Care Expenses. Printable tax forms 1040ez How Can You Correct Schedule H? If you discover that you made an error on a Schedule H (or Anexo H-PR), the forms used to correct the error depend on whether the Schedule H was attached to another form or whether it was filed by itself. Printable tax forms 1040ez Schedule H attached to another form. Printable tax forms 1040ez    If you discover an error on a Schedule H that you previously filed with Form 1040, Form 1040NR, or Form 1040-SS, file Form 1040X, Amended U. Printable tax forms 1040ez S. Printable tax forms 1040ez Individual Income Tax Return, and attach a corrected Schedule H. Printable tax forms 1040ez If you filed Formulario 1040-PR, file a Form 1040X and attach a corrected Anexo H-PR. Printable tax forms 1040ez If you discover an error on a Schedule H that you previously filed with Form 1041, U. Printable tax forms 1040ez S. Printable tax forms 1040ez Income Tax Return for Estates and Trusts, file an “amended” Form 1041 and attach a corrected Schedule H. Printable tax forms 1040ez You discovered (that is, ascertained) the error when you had enough information to be able to correct the error. Printable tax forms 1040ez Write “CORRECTED” (or “CORREGIDO”) and the date you discovered the error in the top margin of your corrected Schedule H (or Anexo H-PR), in dark, bold letters. Printable tax forms 1040ez In addition, explain the reason for your correction and the date the error was discovered in Part III of Form 1040X or in a statement attached to the amended Form 1041. Printable tax forms 1040ez Schedule H filed by itself. Printable tax forms 1040ez   If you discover an error on a Schedule H (or Anexo H-PR) that you filed as a stand-alone return, file another stand-alone Schedule H with the corrected information. Printable tax forms 1040ez You discovered (that is, ascertained) the error when you had enough information to be able to correct the error. Printable tax forms 1040ez Write “CORRECTED” (or “CORREGIDO”) and the date you discovered the error in the top margin of your corrected Schedule H (or Anexo H-PR), in dark, bold letters. Printable tax forms 1040ez In addition, explain the reason for your correction and the date the error was discovered in a statement attached to the corrected Schedule H. Printable tax forms 1040ez If you have an overpayment, also write “ADJUSTED” (or “CORREGIDO”) or “REFUND” (or “REEMBOLSO”) in the top margin, depending on whether you want to adjust your overpayment or claim a refund. Printable tax forms 1040ez (See Overpayment of tax, later. Printable tax forms 1040ez ) When to file. Printable tax forms 1040ez   File a corrected Schedule H when you discover an error on a previously filed Schedule H. Printable tax forms 1040ez If you are correcting an underpayment, file a corrected Schedule H no later than the due date of your next tax return (generally, April 15 of the following calendar year) after you discover the error. Printable tax forms 1040ez If you are correcting an overpayment, file a corrected Schedule H within the refund period of limitations (generally 3 years from the date your original form was filed or within 2 years from the date you paid the tax, whichever is later). Printable tax forms 1040ez Underpayment of tax. Printable tax forms 1040ez   You must pay any underpayment of social security and Medicare taxes by the time you file the corrected Schedule H. Printable tax forms 1040ez Generally, by filing on time and paying by the time you file the return, you will not be charged interest (and will not be subject to failure-to-pay or estimated tax penalties) on the balance due. Printable tax forms 1040ez However, underreported FUTA taxes will be subject to interest. Printable tax forms 1040ez Overpayment of tax. Printable tax forms 1040ez    You may either adjust or claim a refund of an overpayment of social security and Medicare taxes on a previously filed Schedule H. Printable tax forms 1040ez However, if you are correcting an overpayment and are filing the corrected Schedule H within 90 days of the expiration of the period of limitations, you can only claim a refund of the overpayment. Printable tax forms 1040ez Adjust the overpayment. Printable tax forms 1040ez   If the corrected Schedule H is filed with a Form 1040X or an amended Form 1041, adjust your return by indicating on line 22 of the Form 1040X or on line 29a of the Form 1041 that you would like the overpayment applied to your estimated taxes on Form 1040, Form 1040NR, Form 1040-PR, Form 1040-SS, or Form 1041 for the year in which you are filing the corrected Schedule H. Printable tax forms 1040ez If the corrected Schedule H is filed as a stand-alone return, adjust your return by writing “ADJUSTED” (or “CORREGIDO”) in the top margin (in dark, bold letters). Printable tax forms 1040ez If you adjust your return, you will not receive interest on your overpayment. Printable tax forms 1040ez If the corrected Schedule H will be filed within 90 days of the expiration of the refund period of limitations, you may not adjust the return and must claim a refund for the overpayment. Printable tax forms 1040ez You may not adjust your return to correct overpayments of FUTA tax. Printable tax forms 1040ez Claim for refund process. Printable tax forms 1040ez   If the corrected Schedule H is filed with a Form 1040X or an amended Form 1041, claim a refund by indicating that you would like the overpayment refunded to you on line 21 of the Form 1040X or line 29b of the Form 1041. Printable tax forms 1040ez If the corrected Schedule H is filed as a stand-alone return, claim a refund by writing “REFUND” (or “REEMBOLSO”) in the top margin (in dark, bold letters). Printable tax forms 1040ez You will receive interest on any overpayment refunded, unless the overpayment is for FUTA tax because you were entitled to increased credits for state contributions. Printable tax forms 1040ez Required repayment or consent. Printable tax forms 1040ez   If you previously overreported social security and Medicare taxes, you may adjust your overpayment only after you have repaid or reimbursed your employees in the amount of the overcollection of employee tax. Printable tax forms 1040ez You reimburse your employees by applying the overwithheld amount against taxes to be withheld on future wages. Printable tax forms 1040ez You may claim a refund for the overpayment only after you have repaid or reimbursed your employees in the amount of the overcollection or you have obtained consents from your employees to file the claim for refund for the employee tax. Printable tax forms 1040ez Include a statement that you repaid or reimbursed your employees, or obtained their written consents in the case of a claim for refund, in Part III of Form 1040X or in a statement attached to the amended Form 1041 or the stand-alone corrected Schedule H. Printable tax forms 1040ez Filing required Forms W-2 or Forms W-2c. Printable tax forms 1040ez   Whether you previously underreported tax or overreported tax, you will generally be required to file Form W-2, or their territorial equivalents (if none was previously filed), or Form W-2c, Corrected Wage and Tax Statement, to reflect the changes reported on your corrected Schedule H. Printable tax forms 1040ez Additional Medicare Tax. Printable tax forms 1040ez   Generally, you may not correct an error in Additional Medicare Tax withholding for wages paid to employees in a prior year unless it is an administrative error. Printable tax forms 1040ez An administrative error occurs if the amount you entered on Schedule H is not the amount you actually withheld. Printable tax forms 1040ez For example, if the Additional Medicare Tax actually withheld was incorrectly reported on Schedule H due to a mathematical or transposition error, this would be an administrative error. Printable tax forms 1040ez   Any underwithheld Additional Medicare Tax must be recovered from employees on or before the last day of the calendar year in which the underwithholding occurred. Printable tax forms 1040ez Any excess Additional Medicare Tax withholding must be repaid or reimbursed to employees before the end of the calendar year in which it was withheld. Printable tax forms 1040ez Additional information. Printable tax forms 1040ez   For more information about correcting errors on a previously filed Schedule H, see page 4 of Form 944-X, Form 944-X: Which process should you use? (substitute “Schedule H” for “Form 944-X”) and the Instructions for Form 944-X (or Formulario 944-X (PR)). Printable tax forms 1040ez Also, visit IRS. Printable tax forms 1040ez gov. Printable tax forms 1040ez How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Printable tax forms 1040ez Free help with your tax return. Printable tax forms 1040ez   You can get free help preparing your return nationwide from IRS-certified volunteers. Printable tax forms 1040ez The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Printable tax forms 1040ez The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Printable tax forms 1040ez Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Printable tax forms 1040ez In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Printable tax forms 1040ez To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Printable tax forms 1040ez gov, download the IRS2Go app, or call 1-800-906-9887. Printable tax forms 1040ez   As part of the TCE program, AARP offers the Tax-Aide counseling program. Printable tax forms 1040ez To find the nearest AARP Tax-Aide site, visit AARP's website at www. Printable tax forms 1040ez aarp. Printable tax forms 1040ez org/money/taxaide or call 1-888-227-7669. Printable tax forms 1040ez For more information on these programs, go to IRS. Printable tax forms 1040ez gov and enter “VITA” in the search box. Printable tax forms 1040ez Internet. Printable tax forms 1040ez    IRS. Printable tax forms 1040ez gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Printable tax forms 1040ez Download the free IRS2Go app from the iTunes app store or from Google Play. Printable tax forms 1040ez Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Printable tax forms 1040ez Check the status of your 2013 refund with the Where's My Refund? application on IRS. Printable tax forms 1040ez gov or download the IRS2Go app and select the Refund Status option. Printable tax forms 1040ez The IRS issues more than 9 out of 10 refunds in less than 21 days. Printable tax forms 1040ez Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Printable tax forms 1040ez You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Printable tax forms 1040ez The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Printable tax forms 1040ez Use the Interactive Tax Assistant (ITA) to research your tax questions. Printable tax forms 1040ez No need to wait on the phone or stand in line. Printable tax forms 1040ez The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Printable tax forms 1040ez When you reach the response screen, you can print the entire interview and the final response for your records. Printable tax forms 1040ez New subject areas are added on a regular basis. Printable tax forms 1040ez  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Printable tax forms 1040ez gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Printable tax forms 1040ez You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Printable tax forms 1040ez The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Printable tax forms 1040ez When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Printable tax forms 1040ez Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Printable tax forms 1040ez You can also ask the IRS to mail a return or an account transcript to you. Printable tax forms 1040ez Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Printable tax forms 1040ez gov or by calling 1-800-908-9946. Printable tax forms 1040ez Tax return and tax account transcripts are generally available for the current year and the past three years. Printable tax forms 1040ez Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Printable tax forms 1040ez Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Printable tax forms 1040ez If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Printable tax forms 1040ez Check the status of your amended return using Where's My Amended Return? Go to IRS. Printable tax forms 1040ez gov and enter Where's My Amended Return? in the search box. Printable tax forms 1040ez You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Printable tax forms 1040ez It can take up to 3 weeks from the date you mailed it to show up in our system. Printable tax forms 1040ez Make a payment using one of several safe and convenient electronic payment options available on IRS. Printable tax forms 1040ez gov. Printable tax forms 1040ez Select the Payment tab on the front page of IRS. Printable tax forms 1040ez gov for more information. Printable tax forms 1040ez Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Printable tax forms 1040ez Figure your income tax withholding with the IRS Withholding Calculator on IRS. Printable tax forms 1040ez gov. Printable tax forms 1040ez Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Printable tax forms 1040ez Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Printable tax forms 1040ez gov. Printable tax forms 1040ez Request an Electronic Filing PIN by going to IRS. Printable tax forms 1040ez gov and entering Electronic Filing PIN in the search box. Printable tax forms 1040ez Download forms, instructions and publications, including accessible versions for people with disabilities. Printable tax forms 1040ez Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Printable tax forms 1040ez gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Printable tax forms 1040ez An employee can answer questions about your tax account or help you set up a payment plan. Printable tax forms 1040ez Before you visit, check the Office Locator on IRS. Printable tax forms 1040ez gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Printable tax forms 1040ez If you have a special need, such as a disability, you can request an appointment. Printable tax forms 1040ez Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Printable tax forms 1040ez Apply for an Employer Identification Number (EIN). Printable tax forms 1040ez Go to IRS. Printable tax forms 1040ez gov and enter Apply for an EIN in the search box. Printable tax forms 1040ez Read the Internal Revenue Code, regulations, or other official guidance. Printable tax forms 1040ez Read Internal Revenue Bulletins. Printable tax forms 1040ez Sign up to receive local and national tax news and more by email. Printable tax forms 1040ez Just click on “subscriptions” above the search box on IRS. Printable tax forms 1040ez gov and choose from a variety of options. Printable tax forms 1040ez Phone. Printable tax forms 1040ez    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Printable tax forms 1040ez Download the free IRS2Go app from the iTunes app store or from Google Play. Printable tax forms 1040ez Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Printable tax forms 1040ez gov, or download the IRS2Go app. Printable tax forms 1040ez Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Printable tax forms 1040ez The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Printable tax forms 1040ez Most VITA and TCE sites offer free electronic filing. Printable tax forms 1040ez Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Printable tax forms 1040ez Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Printable tax forms 1040ez Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Printable tax forms 1040ez If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Printable tax forms 1040ez The IRS issues more than 9 out of 10 refunds in less than 21 days. Printable tax forms 1040ez Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Printable tax forms 1040ez Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Printable tax forms 1040ez The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Printable tax forms 1040ez Note, the above information is for our automated hotline. Printable tax forms 1040ez Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Printable tax forms 1040ez Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Printable tax forms 1040ez You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Printable tax forms 1040ez It can take up to 3 weeks from the date you mailed it to show up in our system. Printable tax forms 1040ez Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Printable tax forms 1040ez You should receive your order within 10 business days. Printable tax forms 1040ez Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Printable tax forms 1040ez If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Printable tax forms 1040ez Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Printable tax forms 1040ez The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Printable tax forms 1040ez These individuals can also contact the IRS through relay services such as the Federal Relay Service. Printable tax forms 1040ez Walk-in. Printable tax forms 1040ez   You can find a selection of forms, publications and services — in-person. Printable tax forms 1040ez Products. Printable tax forms 1040ez You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Printable tax forms 1040ez Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Printable tax forms 1040ez Services. Printable tax forms 1040ez You can walk in to your local TAC for face-to-face tax help. Printable tax forms 1040ez An employee can answer questions about your tax account or help you set up a payment plan. Printable tax forms 1040ez Before visiting, use the Office Locator tool on IRS. Printable tax forms 1040ez gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Printable tax forms 1040ez Mail. Printable tax forms 1040ez   You can send your order for forms, instructions, and publications to the address below. Printable tax forms 1040ez You should receive a response within 10 business days after your request is received. Printable tax forms 1040ez Internal Revenue Service 1201 N. Printable tax forms 1040ez Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Printable tax forms 1040ez The Taxpayer Advocate Service (TAS) is your voice at the IRS. Printable tax forms 1040ez Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Printable tax forms 1040ez   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Printable tax forms 1040ez We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Printable tax forms 1040ez You face (or your business is facing) an immediate threat of adverse action. Printable tax forms 1040ez You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Printable tax forms 1040ez   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Printable tax forms 1040ez Here's why we can help: TAS is an independent organization within the IRS. Printable tax forms 1040ez Our advocates know how to work with the IRS. Printable tax forms 1040ez Our services are free and tailored to meet your needs. Printable tax forms 1040ez We have offices in every state, the District of Columbia, and Puerto Rico. Printable tax forms 1040ez   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Printable tax forms 1040ez   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Printable tax forms 1040ez If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Printable tax forms 1040ez Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Printable tax forms 1040ez Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Printable tax forms 1040ez Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Printable tax forms 1040ez Sample W-2 Form This image is too large to be displayed in the current screen. Printable tax forms 1040ez Please click the link to view the image. Printable tax forms 1040ez Webtitle: Form W-2 Wage and Tax Statement and Form W-3 Transmitttal of Wage and Tax Statemtents Prev  Up  Next   Home   More Online Publications
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The Printable Tax Forms 1040ez

Printable tax forms 1040ez 5. Printable tax forms 1040ez   Business Income Table of Contents Introduction Kinds of IncomeBartering for Property or Services Real Estate Rents Personal Property Rents Interest and Dividend Income Canceled Debt Other Income Items That Are Not IncomeAmount you can exclude. Printable tax forms 1040ez Short-term lease. Printable tax forms 1040ez Retail space. Printable tax forms 1040ez Qualified long-term real property. Printable tax forms 1040ez Guidelines for Selected Occupations Accounting for Your Income Introduction This chapter primarily explains business income and how to account for it on your tax return, what items are not considered income, and gives guidelines for selected occupations. Printable tax forms 1040ez If there is a connection between any income you receive and your business, the income is business income. Printable tax forms 1040ez A connection exists if it is clear that the payment of income would not have been made if you did not have the business. Printable tax forms 1040ez You can have business income even if you are not involved in the activity on a regular full-time basis. Printable tax forms 1040ez Income from work you do on the side in addition to your regular job can be business income. Printable tax forms 1040ez You report most business income, such as income from selling your products or services, on Schedule C or C-EZ. Printable tax forms 1040ez But you report the income from the sale of business assets, such as land and office buildings, on other forms instead of Schedule C or C-EZ. Printable tax forms 1040ez For information on selling business assets, see chapter 3. Printable tax forms 1040ez Nonemployee compensation. Printable tax forms 1040ez Business income includes amounts you received in your business that were properly shown on Forms 1099-MISC. Printable tax forms 1040ez This includes amounts reported as nonemployee compensation in box 7 of the form. Printable tax forms 1040ez You can find more information in the instructions on the back of the Form 1099-MISC you received. Printable tax forms 1040ez Kinds of Income You must report on your tax return all income you receive from your business unless it is excluded by law. Printable tax forms 1040ez In most cases, your business income will be in the form of cash, checks, and credit card charges. Printable tax forms 1040ez But business income can be in other forms, such as property or services. Printable tax forms 1040ez These and other types of income are explained next. Printable tax forms 1040ez If you are a U. Printable tax forms 1040ez S. Printable tax forms 1040ez citizen who has business income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt from tax under U. Printable tax forms 1040ez S. Printable tax forms 1040ez law. Printable tax forms 1040ez If you live outside the United States, you may be able to exclude part or all of your foreign-source business income. Printable tax forms 1040ez For details, see Publication 54, Tax Guide for U. Printable tax forms 1040ez S. Printable tax forms 1040ez Citizens and Resident Aliens Abroad. Printable tax forms 1040ez Bartering for Property or Services Bartering is an exchange of property or services. Printable tax forms 1040ez You must include in your gross receipts, at the time received, the fair market value of property or services you receive in exchange for something else. Printable tax forms 1040ez If you exchange services with another person and you both have agreed ahead of time on the value of the services, that value will be accepted as the fair market value unless the value can be shown to be otherwise. Printable tax forms 1040ez Example 1. Printable tax forms 1040ez You are a self-employed lawyer. Printable tax forms 1040ez You perform legal services for a client, a small corporation. Printable tax forms 1040ez In payment for your services, you receive shares of stock in the corporation. Printable tax forms 1040ez You must include the fair market value of the shares in income. Printable tax forms 1040ez Example 2. Printable tax forms 1040ez You are an artist and create a work of art to compensate your landlord for the rent-free use of your apartment. Printable tax forms 1040ez You must include the fair rental value of the apartment in your gross receipts. Printable tax forms 1040ez Your landlord must include the fair market value of the work of art in his or her rental income. Printable tax forms 1040ez Example 3. Printable tax forms 1040ez You are a self-employed accountant. Printable tax forms 1040ez Both you and a house painter are members of a barter club, an organization that each year gives its members a directory of members and the services each member provides. Printable tax forms 1040ez Members get in touch with other members directly and bargain for the value of the services to be performed. Printable tax forms 1040ez In return for accounting services you provided for the house painter's business, the house painter painted your home. Printable tax forms 1040ez You must include in gross receipts the fair market value of the services you received from the house painter. Printable tax forms 1040ez The house painter must include the fair market value of your accounting services in his or her gross receipts. Printable tax forms 1040ez Example 4. Printable tax forms 1040ez You are a member of a barter club that uses credit units to credit or debit members' accounts for goods or services provided or received. Printable tax forms 1040ez As soon as units are credited to your account, you can use them to buy goods or services or sell or transfer the units to other members. Printable tax forms 1040ez You must include the value of credit units you received in your gross receipts for the tax year in which the units are credited to your account. Printable tax forms 1040ez The dollar value of units received for services by an employee of the club, who can use the units in the same manner as other members, must be included in the employee's gross income for the tax year in which received. Printable tax forms 1040ez It is wages subject to social security and Medicare taxes (FICA), federal unemployment taxes (FUTA), and income tax withholding. Printable tax forms 1040ez See Publication 15 (Circular E), Employer's Tax Guide. Printable tax forms 1040ez Example 5. Printable tax forms 1040ez You operate a plumbing business and use the cash method of accounting. Printable tax forms 1040ez You join a barter club and agree to provide plumbing services to any member for a specified number of hours. Printable tax forms 1040ez Each member has access to a directory that lists the members of the club and the services available. Printable tax forms 1040ez Members contact each other directly and request services to be performed. Printable tax forms 1040ez You are not required to provide services unless requested by another member, but you can use as many of the offered services as you wish without paying a fee. Printable tax forms 1040ez You must include the fair market value of any services you receive from club members in your gross receipts when you receive them even if you have not provided any services to club members. Printable tax forms 1040ez Information returns. Printable tax forms 1040ez   If you are involved in a bartering transaction, you may have to file either of the following forms. Printable tax forms 1040ez Form 1099-B, Proceeds From Broker and Barter Exchange Transactions. Printable tax forms 1040ez Form 1099-MISC, Miscellaneous Income. Printable tax forms 1040ez For information about these forms, see the General Instructions for Certain Information Returns. Printable tax forms 1040ez Real Estate Rents If you are a real estate dealer who receives income from renting real property or an owner of a hotel, motel, etc. Printable tax forms 1040ez , who provides services (maid services, etc. Printable tax forms 1040ez ) for guests, report the rental income and expenses on Schedule C or C-EZ. Printable tax forms 1040ez If you are not a real estate dealer or the kind of owner described in the preceding sentence, report the rental income and expenses on Schedule E. Printable tax forms 1040ez For more information, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes). Printable tax forms 1040ez Real estate dealer. Printable tax forms 1040ez   You are a real estate dealer if you are engaged in the business of selling real estate to customers with the purpose of making a profit from those sales. Printable tax forms 1040ez Rent you receive from real estate held for sale to customers is subject to SE tax. Printable tax forms 1040ez However, rent you receive from real estate held for speculation or investment is not subject to SE tax. Printable tax forms 1040ez Trailer park owner. Printable tax forms 1040ez   Rental income from a trailer park is subject to SE tax if you are a self-employed trailer park owner who provides trailer lots and facilities and substantial services for the convenience of your tenants. Printable tax forms 1040ez    You generally are considered to provide substantial services for tenants if they are primarily for the tenants' convenience and normally are not provided to maintain the lots in a condition for occupancy. Printable tax forms 1040ez Services are substantial if the compensation for the services makes up a material part of the tenants' rental payments. Printable tax forms 1040ez   Examples of services that are not normally provided for the tenants' convenience include supervising and maintaining a recreational hall provided by the park, distributing a monthly newsletter to tenants, operating a laundry facility, and helping tenants buy or sell their trailers. Printable tax forms 1040ez   Examples of services that are normally provided to maintain the lots in a condition for tenant occupancy include city sewerage, electrical connections, and roadways. Printable tax forms 1040ez Hotels, boarding houses, and apartments. Printable tax forms 1040ez   Rental income you receive for the use or occupancy of hotels, boarding houses, or apartment houses is subject to SE tax if you provide services for the occupants. Printable tax forms 1040ez   Generally, you are considered to provide services for the occupants if the services are primarily for their convenience and are not services normally provided with the rental of rooms for occupancy only. Printable tax forms 1040ez An example of a service that is not normally provided for the convenience of the occupants is maid service. Printable tax forms 1040ez However, providing heat and light, cleaning stairways and lobbies, and collecting trash are services normally provided for the occupants' convenience. Printable tax forms 1040ez Prepaid rent. Printable tax forms 1040ez   Advance payments received under a lease that does not put any restriction on their use or enjoyment are income in the year you receive them. Printable tax forms 1040ez This is true no matter what accounting method or period you use. Printable tax forms 1040ez Lease bonus. Printable tax forms 1040ez   A bonus you receive from a lessee for granting a lease is an addition to the rent. Printable tax forms 1040ez Include it in your gross receipts in the year received. Printable tax forms 1040ez Lease cancellation payments. Printable tax forms 1040ez   Report payments you receive from your lessee for canceling a lease in your gross receipts in the year received. Printable tax forms 1040ez Payments to third parties. Printable tax forms 1040ez   If your lessee makes payments to someone else under an agreement to pay your debts or obligations, include the payments in your gross receipts when the lessee makes the payments. Printable tax forms 1040ez A common example of this kind of income is a lessee's payment of your property taxes on leased real property. Printable tax forms 1040ez Settlement payments. Printable tax forms 1040ez   Payments you receive in settlement of a lessee's obligation to restore the leased property to its original condition are income in the amount that the payments exceed the adjusted basis of the leasehold improvements destroyed, damaged, removed, or disconnected by the lessee. Printable tax forms 1040ez Personal Property Rents If you are in the business of renting personal property (equipment, vehicles, formal wear, etc. Printable tax forms 1040ez ), include the rental amount you receive in your gross receipts on Schedule C or C-EZ. Printable tax forms 1040ez Prepaid rent and other payments described in the preceding Real Estate Rents discussion can also be received for renting personal property. Printable tax forms 1040ez If you receive any of those payments, include them in your gross receipts as explained in that discussion. Printable tax forms 1040ez Interest and Dividend Income Interest and dividends may be considered business income. Printable tax forms 1040ez Interest. Printable tax forms 1040ez   Interest received on notes receivable that you have accepted in the ordinary course of business is business income. Printable tax forms 1040ez Interest received on loans is business income if you are in the business of lending money. Printable tax forms 1040ez Uncollectible loans. Printable tax forms 1040ez   If a loan payable to you becomes uncollectible during the tax year and you use an accrual method of accounting, you must include in gross income interest accrued up to the time the loan became uncollectible. Printable tax forms 1040ez If the accrued interest later becomes uncollectible, you may be able to take a bad debt deduction. Printable tax forms 1040ez See Bad Debts in chapter 8. Printable tax forms 1040ez Unstated interest. Printable tax forms 1040ez   If little or no interest is charged on an installment sale, you may have to treat a part of each payment as unstated interest. Printable tax forms 1040ez See Unstated Interest and Original Issue Discount (OID) in Publication 537, Installment Sales. Printable tax forms 1040ez Dividends. Printable tax forms 1040ez   Generally, dividends are business income to dealers in securities. Printable tax forms 1040ez For most sole proprietors and statutory employees, however, dividends are nonbusiness income. Printable tax forms 1040ez If you hold stock as a personal investment separately from your business activity, the dividends from the stock are nonbusiness income. Printable tax forms 1040ez   If you receive dividends from business insurance premiums you deducted in an earlier year, you must report all or part of the dividend as business income on your return. Printable tax forms 1040ez To find out how much you have to report, see   Recovery of items previously deducted under Other Income, later. Printable tax forms 1040ez Canceled Debt The following explains the general rule for including canceled debt in income and the exceptions to the general rule. Printable tax forms 1040ez General Rule Generally, if your debt is canceled or forgiven, other than as a gift or bequest to you, you must include the canceled amount in your gross income for tax purposes. Printable tax forms 1040ez Report the canceled amount on line 6 of Schedule C if you incurred the debt in your business. Printable tax forms 1040ez If the debt is a nonbusiness debt, report the canceled amount on line 21 of Form 1040. Printable tax forms 1040ez Exceptions The following discussion covers some exceptions to the general rule for canceled debt. Printable tax forms 1040ez Price reduced after purchase. Printable tax forms 1040ez   If you owe a debt to the seller for property you bought and the seller reduces the amount you owe, you generally do not have income from the reduction. Printable tax forms 1040ez Unless you are bankrupt or insolvent, treat the amount of the reduction as a purchase price adjustment and reduce your basis in the property. Printable tax forms 1040ez Deductible debt. Printable tax forms 1040ez   You do not realize income from a canceled debt to the extent the payment of the debt would have led to a deduction. Printable tax forms 1040ez Example. Printable tax forms 1040ez You get accounting services for your business on credit. Printable tax forms 1040ez Later, you have trouble paying your business debts, but you are not bankrupt or insolvent. Printable tax forms 1040ez Your accountant forgives part of the amount you owe for the accounting services. Printable tax forms 1040ez How you treat the canceled debt depends on your method of accounting. Printable tax forms 1040ez Cash method — You do not include the canceled debt in income because payment of the debt would have been deductible as a business expense. Printable tax forms 1040ez Accrual method — You include the canceled debt in income because the expense was deductible when you incurred the debt. Printable tax forms 1040ez   For information on the cash and accrual methods of accounting, see chapter 2. Printable tax forms 1040ez Exclusions Do not include canceled debt in income in the following situations. Printable tax forms 1040ez However, you may be required to file Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. Printable tax forms 1040ez For more information, see Form 982. Printable tax forms 1040ez The cancellation takes place in a bankruptcy case under title 11 of the U. Printable tax forms 1040ez S. Printable tax forms 1040ez Code (relating to bankruptcy). Printable tax forms 1040ez See Publication 908, Bankruptcy Tax Guide. Printable tax forms 1040ez The cancellation takes place when you are insolvent. Printable tax forms 1040ez You can exclude the canceled debt to the extent you are insolvent. Printable tax forms 1040ez See Publication 908. Printable tax forms 1040ez The canceled debt is a qualified farm debt owed to a qualified person. Printable tax forms 1040ez See chapter 3 in Publication 225, Farmer's Tax Guide. Printable tax forms 1040ez The canceled debt is a qualified real property business debt. Printable tax forms 1040ez This situation is explained later. Printable tax forms 1040ez The canceled debt is qualified principal residence indebtedness which is discharged after 2006. Printable tax forms 1040ez See Form 982. Printable tax forms 1040ez If a canceled debt is excluded from income because it takes place in a bankruptcy case, the exclusions in situations 2 through 5 do not apply. Printable tax forms 1040ez If it takes place when you are insolvent, the exclusions in situations 3 and 4 do not apply to the extent you are insolvent. Printable tax forms 1040ez Debt. Printable tax forms 1040ez   For purposes of this discussion, debt includes any debt for which you are liable or which attaches to property you hold. Printable tax forms 1040ez Qualified real property business debt. Printable tax forms 1040ez   You can elect to exclude (up to certain limits) the cancellation of qualified real property business debt. Printable tax forms 1040ez If you make the election, you must reduce the basis of your depreciable real property by the amount excluded. Printable tax forms 1040ez Make this reduction at the beginning of your tax year following the tax year in which the cancellation occurs. Printable tax forms 1040ez However, if you dispose of the property before that time, you must reduce its basis immediately before the disposition. Printable tax forms 1040ez Cancellation of qualified real property business debt. Printable tax forms 1040ez   Qualified real property business debt is debt (other than qualified farm debt) that meets all the following conditions. Printable tax forms 1040ez It was incurred or assumed in connection with real property used in a trade or business. Printable tax forms 1040ez It was secured by such real property. Printable tax forms 1040ez It was incurred or assumed at either of the following times. Printable tax forms 1040ez Before January 1, 1993. Printable tax forms 1040ez After December 31, 1992, if incurred or assumed to acquire, construct, or substantially improve the real property. Printable tax forms 1040ez It is debt to which you choose to apply these rules. Printable tax forms 1040ez   Qualified real property business debt includes refinancing of debt described in (3) earlier, but only to the extent it does not exceed the debt being refinanced. Printable tax forms 1040ez   You cannot exclude more than either of the following amounts. Printable tax forms 1040ez The excess (if any) of: The outstanding principal of qualified real property business debt (immediately before the cancellation), over The fair market value (immediately before the cancellation) of the business real property that is security for the debt, reduced by the outstanding principal amount of any other qualified real property business debt secured by this property immediately before the cancellation. Printable tax forms 1040ez The total adjusted bases of depreciable real property held by you immediately before the cancellation. Printable tax forms 1040ez These adjusted bases are determined after any basis reduction due to a cancellation in bankruptcy, insolvency, or of qualified farm debt. Printable tax forms 1040ez Do not take into account depreciable real property acquired in contemplation of the cancellation. Printable tax forms 1040ez Election. Printable tax forms 1040ez   To make this election, complete Form 982 and attach it to your income tax return for the tax year in which the cancellation occurs. Printable tax forms 1040ez You must file your return by the due date (including extensions). Printable tax forms 1040ez 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 return (excluding extensions). Printable tax forms 1040ez For more information, see When To File in the form instructions. Printable tax forms 1040ez Other Income The following discussion explains how to treat other types of business income you may receive. Printable tax forms 1040ez Restricted property. Printable tax forms 1040ez   Restricted property is property that has certain restrictions that affect its value. Printable tax forms 1040ez If you receive restricted stock or other property for services performed, the fair market value of the property in excess of your cost is included in your income on Schedule C or C-EZ when the restriction is lifted. Printable tax forms 1040ez However, you can choose to be taxed in the year you receive the property. Printable tax forms 1040ez For more information on including restricted property in income, see Publication 525, Taxable and Nontaxable Income. Printable tax forms 1040ez Gains and losses. Printable tax forms 1040ez   Do not report on Schedule C or C-EZ a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Printable tax forms 1040ez Instead, you must report these gains and losses on other forms. Printable tax forms 1040ez For more information, see chapter 3. Printable tax forms 1040ez Promissory notes. Printable tax forms 1040ez   Report promissory notes and other evidences of debt issued to you in a sale or exchange of property that is stock in trade or held primarily for sale to customers on Schedule C or C-EZ. Printable tax forms 1040ez In general, you report them at their stated principal amount (minus any unstated interest) when you receive them. Printable tax forms 1040ez Lost income payments. Printable tax forms 1040ez   If you reduce or stop your business activities, report on Schedule C or C-EZ any payment you receive for the lost income of your business from insurance or other sources. Printable tax forms 1040ez Report it on Schedule C or C-EZ even if your business is inactive when you receive the payment. Printable tax forms 1040ez Damages. Printable tax forms 1040ez   You must include in gross income compensation you receive during the tax year as a result of any of the following injuries connected with your business. Printable tax forms 1040ez Patent infringement. Printable tax forms 1040ez Breach of contract or fiduciary duty. Printable tax forms 1040ez Antitrust injury. Printable tax forms 1040ez Economic injury. Printable tax forms 1040ez   You may be entitled to a deduction against the income if it compensates you for actual economic injury. Printable tax forms 1040ez Your deduction is the smaller of the following amounts. Printable tax forms 1040ez The amount you receive or accrue for damages in the tax year reduced by the amount you pay or incur in the tax year to recover that amount. Printable tax forms 1040ez Your loss from the injury that you have not yet deducted. Printable tax forms 1040ez Punitive damages. Printable tax forms 1040ez   You must also include punitive damages in income. Printable tax forms 1040ez Kickbacks. Printable tax forms 1040ez   If you receive any kickbacks, include them in your income on Schedule C or C-EZ. Printable tax forms 1040ez However, do not include them if you properly treat them as a reduction of a related expense item, a capital expenditure, or cost of goods sold. Printable tax forms 1040ez Recovery of items previously deducted. Printable tax forms 1040ez   If you recover a bad debt or any other item deducted in a previous year, include the recovery in income on Schedule C or C-EZ. Printable tax forms 1040ez However, if all or part of the deduction in earlier years did not reduce your tax, you can exclude the part that did not reduce your tax. Printable tax forms 1040ez If you exclude part of the recovery from income, you must include with your return a computation showing how you figured the exclusion. Printable tax forms 1040ez Example. Printable tax forms 1040ez Joe Smith, a sole proprietor, had gross income of $8,000, a bad debt deduction of $300, and other allowable deductions of $7,700. Printable tax forms 1040ez He also had 2 personal exemptions for a total of $7,800. Printable tax forms 1040ez He would not pay income tax even if he did not deduct the bad debt. Printable tax forms 1040ez Therefore, he will not report as income any part of the $300 he may recover in any future year. Printable tax forms 1040ez Exception for depreciation. Printable tax forms 1040ez   This rule does not apply to depreciation. Printable tax forms 1040ez You recover depreciation using the rules explained next. Printable tax forms 1040ez Recapture of depreciation. Printable tax forms 1040ez   In the following situations, you have to recapture the depreciation deduction. Printable tax forms 1040ez This means you include in income part or all of the depreciation you deducted in previous years. Printable tax forms 1040ez Listed property. Printable tax forms 1040ez   If your business use of listed property (explained in chapter 8 under Depreciation ) falls to 50% or less in a tax year after the tax year you placed the property in service, you may have to recapture part of the depreciation deduction. Printable tax forms 1040ez You do this by including in income on Schedule C part of the depreciation you deducted in previous years. Printable tax forms 1040ez Use Part IV of Form 4797, Sales of Business Property, to figure the amount to include on Schedule C. Printable tax forms 1040ez For more information, see What is the Business-Use Requirement? in chapter 5 of Publication 946, How To Depreciate Property. Printable tax forms 1040ez That chapter explains how to determine whether property is used more than 50% in your business. Printable tax forms 1040ez Section 179 property. Printable tax forms 1040ez   If you take a section 179 deduction (explained in chapter 8 under Depreciation ) for an asset and before the end of the asset's recovery period the percentage of business use drops to 50% or less, you must recapture part of the section 179 deduction. Printable tax forms 1040ez You do this by including in income on Schedule C part of the deduction you took. Printable tax forms 1040ez Use Part IV of Form 4797 to figure the amount to include on Schedule C. Printable tax forms 1040ez See chapter 2 in Publication 946 to find out when you recapture the deduction. Printable tax forms 1040ez Sale or exchange of depreciable property. Printable tax forms 1040ez   If you sell or exchange depreciable property at a gain, you may have to treat all or part of the gain due to depreciation as ordinary income. Printable tax forms 1040ez You figure the income due to depreciation recapture in Part III of Form 4797. Printable tax forms 1040ez For more information, see chapter 4 in Publication 544, Sales and Other Dispositions of Assets. Printable tax forms 1040ez Items That Are Not Income In some cases the property or money you receive is not income. Printable tax forms 1040ez Appreciation. Printable tax forms 1040ez   Increases in value of your property are not income until you realize the increases through a sale or other taxable disposition. Printable tax forms 1040ez Consignments. Printable tax forms 1040ez   Consignments of merchandise to others to sell for you are not sales. Printable tax forms 1040ez The title of merchandise remains with you, the consignor, even after the consignee possesses the merchandise. Printable tax forms 1040ez Therefore, if you ship goods on consignment, you have no profit or loss until the consignee sells the merchandise. Printable tax forms 1040ez Merchandise you have shipped out on consignment is included in your inventory until it is sold. Printable tax forms 1040ez   Do not include merchandise you receive on consignment in your inventory. Printable tax forms 1040ez Include your profit or commission on merchandise consigned to you in your income when you sell the merchandise or when you receive your profit or commission, depending upon the method of accounting you use. Printable tax forms 1040ez Construction allowances. Printable tax forms 1040ez   If you enter into a lease after August 5, 1997, you can exclude from income the construction allowance you receive (in cash or as a rent reduction) from your landlord if you receive it under both the following conditions. Printable tax forms 1040ez Under a short-term lease of retail space. Printable tax forms 1040ez For the purpose of constructing or improving qualified long-term real property for use in your business at that retail space. Printable tax forms 1040ez Amount you can exclude. Printable tax forms 1040ez   You can exclude the construction allowance to the extent it does not exceed the amount you spent for construction or improvements. Printable tax forms 1040ez Short-term lease. Printable tax forms 1040ez   A short-term lease is a lease (or other agreement for occupancy or use) of retail space for 15 years or less. Printable tax forms 1040ez The following rules apply in determining whether the lease is for 15 years or less. Printable tax forms 1040ez Take into account options to renew when figuring whether the lease is for 15 years or less. Printable tax forms 1040ez But do not take into account any option to renew at fair market value determined at the time of renewal. Printable tax forms 1040ez Two or more successive leases that are part of the same transaction (or a series of related transactions) for the same or substantially similar retail space are treated as one lease. Printable tax forms 1040ez Retail space. Printable tax forms 1040ez   Retail space is real property leased, occupied, or otherwise used by you as a tenant in your business of selling tangible personal property or services to the general public. Printable tax forms 1040ez Qualified long-term real property. Printable tax forms 1040ez   Qualified long-term real property is nonresidential real property that is part of, or otherwise present at, your retail space and that reverts to the landlord when the lease ends. Printable tax forms 1040ez Exchange of like-kind property. Printable tax forms 1040ez   If you exchange your business property or property you hold for investment solely for property of a like kind to be used in your business or to be held for investment, no gain or loss is recognized. Printable tax forms 1040ez This means that the gain is not taxable and the loss is not deductible. Printable tax forms 1040ez A common type of nontaxable exchange is the trade-in of a business automobile for another business automobile. Printable tax forms 1040ez For more information, see Form 8824. Printable tax forms 1040ez Leasehold improvements. Printable tax forms 1040ez   If a tenant erects buildings or makes improvements to your property, the increase in the value of the property due to the improvements is not income to you. Printable tax forms 1040ez However, if the facts indicate that the improvements are a payment of rent to you, then the increase in value would be income. Printable tax forms 1040ez Loans. Printable tax forms 1040ez   Money borrowed through a bona fide loan is not income. Printable tax forms 1040ez Sales tax. Printable tax forms 1040ez   State and local sales taxes imposed on the buyer, which you were required to collect and pay over to state or local governments, are not income. Printable tax forms 1040ez Guidelines for Selected Occupations This section provides information to determine whether your earnings should be reported on Schedule C (Form 1040) or C-EZ (Form 1040). Printable tax forms 1040ez Direct seller. Printable tax forms 1040ez   You must report all income you receive as a direct seller on Schedule C or C-EZ. Printable tax forms 1040ez This includes any of the following. Printable tax forms 1040ez Income from sales—payments you receive from customers for products they buy from you. Printable tax forms 1040ez Commissions, bonuses, or percentages you receive for sales and the sales of others who work under you. Printable tax forms 1040ez Prizes, awards, and gifts you receive from your selling business. Printable tax forms 1040ez You must report this income regardless of whether it is reported to you on an information return. Printable tax forms 1040ez   You are a direct seller if you meet all the following conditions. Printable tax forms 1040ez You are engaged in one of the following trades or businesses. Printable tax forms 1040ez Selling or soliciting the sale of consumer products either in a home or other place that is not a permanent retail establishment, or to any buyer on a buy-sell basis or a deposit-commission basis for resale in a home or other place of business that is not a permanent retail establishment. Printable tax forms 1040ez Delivering or distributing newspapers or shopping news (including any services directly related to that trade or business). Printable tax forms 1040ez Substantially all your pay (whether paid in cash or not) for services described above is directly related to sales or other output (including performance of services) rather than to the number of hours worked. Printable tax forms 1040ez Your services are performed under a written contract between you and the person for whom you perform the services, and the contract provides that you will not be treated as an employee for federal tax purposes. Printable tax forms 1040ez Executor or administrator. Printable tax forms 1040ez   If you administer a deceased person's estate, your fees are reported on Schedule C or C-EZ if you are one of the following: A professional fiduciary. Printable tax forms 1040ez A nonprofessional fiduciary (personal representative) and both of the following apply. Printable tax forms 1040ez The estate includes an active trade or business in which you actively participate. Printable tax forms 1040ez Your fees are related to the operation of that trade or business. Printable tax forms 1040ez A nonprofessional fiduciary of a single estate that requires extensive managerial activities on your part for a long period of time, provided these activities are enough to be considered a trade or business. Printable tax forms 1040ez    If the fees do not meet the above requirements, report them on line 21 of Form 1040. Printable tax forms 1040ez Fishing crew member. Printable tax forms 1040ez    If you are a member of the crew that catches fish or other water life, your earnings are reported on Schedule C or C-EZ if you meet all the requirements shown in chapter 10 under Fishing crew member . Printable tax forms 1040ez Insurance agent, former. Printable tax forms 1040ez   Termination payments you receive as a former self-employed insurance agent from an insurance company because of services you performed for that company are not reported on Schedule C or C-EZ if all the following conditions are met. Printable tax forms 1040ez You received payments after your agreement to perform services for the company ended. Printable tax forms 1040ez You did not perform any services for the company after your service agreement ended and before the end of the year in which you received the payment. Printable tax forms 1040ez You entered into a covenant not to compete against the company for at least a 1-year period beginning on the date your service agreement ended. Printable tax forms 1040ez The amount of the payments depended primarily on policies sold by you or credited to your account during the last year of your service agreement or the extent to which those policies remain in force for some period after your service agreement ended, or both. Printable tax forms 1040ez The amount of the payment did not depend to any extent on length of service or overall earnings from services performed for the company (regardless of whether eligibility for the payments depended on length of service). Printable tax forms 1040ez Insurance agent, retired. Printable tax forms 1040ez   Income paid by an insurance company to a retired self-employed insurance agent based on a percentage of commissions received before retirement is reported on Schedule C or C-EZ. Printable tax forms 1040ez Also, renewal commissions and deferred commissions for sales made before retirement are generally reported on Schedule C or C-EZ. Printable tax forms 1040ez   However, renewal commissions paid to the survivor of an insurance agent are not reported on Schedule C or C-EZ. Printable tax forms 1040ez Newspaper carrier or distributor. Printable tax forms 1040ez   You are a direct seller and your earnings are reported on Schedule C or C-EZ if all the following conditions apply. Printable tax forms 1040ez You are in the business of delivering or distributing newspapers or shopping news (including directly related services such as soliciting customers and collecting receipts). Printable tax forms 1040ez Substantially all your pay for these services directly relates to your sales or other output rather than to the number of hours you work. Printable tax forms 1040ez You perform the services under a written contract that says you will not be treated as an employee for federal tax purposes. Printable tax forms 1040ez   This rule applies whether or not you hire others to help you make deliveries. Printable tax forms 1040ez It also applies whether you buy the papers from the publisher or are paid based on the number of papers you deliver. Printable tax forms 1040ez Newspaper or magazine vendor. Printable tax forms 1040ez   If you are 18 or older and you sell newspapers or magazines, your earnings are reported on Schedule C or C-EZ if all the following conditions apply. Printable tax forms 1040ez You sell newspapers or magazines to ultimate consumers. Printable tax forms 1040ez You sell them at a fixed price. Printable tax forms 1040ez Your earnings are based on the difference between the sales price and your cost of goods sold. Printable tax forms 1040ez   This rule applies whether or not you are guaranteed a minimum amount of earnings. Printable tax forms 1040ez It also applies whether or not you receive credit for unsold newspapers or magazines you return to your supplier. Printable tax forms 1040ez Notary public. Printable tax forms 1040ez   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ. Printable tax forms 1040ez These payments are not subject to self-employment tax (see the instructions for Schedule SE (Form 1040)). Printable tax forms 1040ez Public official. Printable tax forms 1040ez   Public officials generally do not report what they earn for serving in public office on Schedule C or C-EZ. Printable tax forms 1040ez This rule applies to payments received by an elected tax collector from state funds on the basis of a fixed percentage of the taxes collected. Printable tax forms 1040ez Public office includes any elective or appointive office of the United States or its possessions, the District of Columbia, a state or its political subdivisions, or a wholly owned instrumentality of any of these. Printable tax forms 1040ez   Public officials of state or local governments report their fees on Schedule C or C-EZ if they are paid solely on a fee basis and if their services are eligible for, but not covered by, social security under a federal-state agreement. Printable tax forms 1040ez Real estate agent or direct seller. Printable tax forms 1040ez   If you are a licensed real estate agent or a direct seller, your earnings are reported on Schedule C or C-EZ if both the following apply. Printable tax forms 1040ez Substantially all your pay for services as a real estate agent or direct seller directly relates to your sales or other output rather than to the number of hours you work. Printable tax forms 1040ez You perform the services under a written contract that says you will not be treated as an employee for federal tax purposes. Printable tax forms 1040ez Securities dealer. Printable tax forms 1040ez   If you are a dealer in options or commodities, your gains and losses from dealing or trading in section 1256 contracts (regulated futures contracts, foreign currency contracts, nonequity options, dealer equity options, and dealer securities futures contracts) or property related to those contracts (such as stock used to hedge options) are reported on Schedule C or C-EZ. Printable tax forms 1040ez For more information, see sections 1256 and 1402(i). Printable tax forms 1040ez Securities trader. Printable tax forms 1040ez   You are a trader in securities if you are engaged in the business of buying and selling securities for your own account. Printable tax forms 1040ez As a trader in securities, your gain or loss from the disposition of securities is not reported on Schedule C or C-EZ. Printable tax forms 1040ez However, see Securities dealer , earlier, for an exception that applies to section 1256 contracts. Printable tax forms 1040ez For more information about securities traders, see Publication 550, Investment Income and Expenses. Printable tax forms 1040ez Accounting for Your Income Accounting for your income for income tax purposes differs at times from accounting for financial purposes. Printable tax forms 1040ez This section discusses some of the more common differences that may affect business transactions. Printable tax forms 1040ez Figure your business income on the basis of a tax year and according to your regular method of accounting (see chapter 2). Printable tax forms 1040ez If the sale of a product is an income-producing factor in your business, you usually have to use inventories to clearly show your income. Printable tax forms 1040ez Dealers in real estate are not allowed to use inventories. Printable tax forms 1040ez For more information on inventories, see chapter 2. Printable tax forms 1040ez Income paid to a third party. Printable tax forms 1040ez   All income you earn is taxable to you. Printable tax forms 1040ez You cannot avoid tax by having the income paid to a third party. Printable tax forms 1040ez Example. Printable tax forms 1040ez You rent out your property and the rental agreement directs the lessee to pay the rent to your son. Printable tax forms 1040ez The amount paid to your son is gross income to you. Printable tax forms 1040ez Cash discounts. Printable tax forms 1040ez   These are amounts the seller permits you to deduct from the invoice price for prompt payment. Printable tax forms 1040ez For income tax purposes, you can use either of the following two methods to account for cash discounts. Printable tax forms 1040ez Deduct the cash discount from purchases (see Line 36, Purchases Less Cost of Items Withdrawn for Personal Use in chapter 6). Printable tax forms 1040ez Credit the cash discount to a discount income account. Printable tax forms 1040ez You must use the chosen method every year for all your purchase discounts. Printable tax forms 1040ez   If you use the second method, the credit balance in the account at the end of your tax year is business income. Printable tax forms 1040ez Under this method, you do not reduce the cost of goods sold by the cash discounts you received. Printable tax forms 1040ez When valuing your closing inventory, you cannot reduce the invoice price of merchandise on hand at the close of the tax year by the average or estimated discounts received on the merchandise. Printable tax forms 1040ez Trade discounts. Printable tax forms 1040ez   These are reductions from list or catalog prices and usually are not written into the invoice or charged to the customer. Printable tax forms 1040ez Do not enter these discounts on your books of account. Printable tax forms 1040ez Instead, use only the net amount as the cost of the merchandise purchased. Printable tax forms 1040ez For more information, see Trade discounts in chapter 6. Printable tax forms 1040ez Payment placed in escrow. Printable tax forms 1040ez   If the buyer of your property places part or all of the purchase price in escrow, you do not include any part of it in gross sales until you actually or constructively receive it. Printable tax forms 1040ez However, upon completion of the terms of the contract and the escrow agreement, you will have taxable income, even if you do not accept the money until the next year. Printable tax forms 1040ez Sales returns and allowances. Printable tax forms 1040ez   Credits you allow customers for returned merchandise and any other allowances you make on sales are deductions from gross sales in figuring net sales. Printable tax forms 1040ez Advance payments. Printable tax forms 1040ez   Special rules dealing with an accrual method of accounting for payments received in advance are discussed in chapter 2 under Accrual Method. Printable tax forms 1040ez Insurance proceeds. Printable tax forms 1040ez   If you receive insurance or another type of reimbursement for a casualty or theft loss, you must subtract it from the loss when you figure your deduction. Printable tax forms 1040ez You cannot deduct the reimbursed part of a casualty or theft loss. Printable tax forms 1040ez   For information on casualty or theft losses, see Publication 547, Casualties, Disasters, and Thefts. Printable tax forms 1040ez Prev  Up  Next   Home   More Online Publications