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Sc tax forms 1040ez 28. Sc tax forms 1040ez   Miscellaneous Deductions Table of Contents What's New Introduction Useful Items - You may want to see: Deductions Subject to the 2% LimitUnreimbursed Employee Expenses (Line 21) Tax Preparation Fees (Line 22) Other Expenses (Line 23) Deductions Not Subject to the 2% LimitList of Deductions Nondeductible ExpensesList of Nondeductible Expenses What's New Standard mileage rate. Sc tax forms 1040ez  The 2013 rate for business use of a vehicle is 56½ cents per mile. Sc tax forms 1040ez Introduction This chapter explains which expenses you can claim as miscellaneous itemized deductions on Schedule A (Form 1040). Sc tax forms 1040ez You must reduce the total of most miscellaneous itemized deductions by 2% of your adjusted gross income. Sc tax forms 1040ez This chapter covers the following topics. Sc tax forms 1040ez Deductions subject to the 2% limit. Sc tax forms 1040ez Deductions not subject to the 2% limit. Sc tax forms 1040ez Expenses you cannot deduct. Sc tax forms 1040ez You must keep records to verify your deductions. Sc tax forms 1040ez You should keep receipts, canceled checks, substitute checks, financial account statements, and other documentary evidence. Sc tax forms 1040ez For more information on recordkeeping, get Publication 552, Record- keeping for Individuals. Sc tax forms 1040ez Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 525 Taxable and Nontaxable Income 529 Miscellaneous Deductions 535 Business Expenses 587 Business Use of Your Home (Including Use by Daycare Providers) 946 How To Depreciate Property Form (and Instructions) Schedule A (Form 1040) Itemized Deductions 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses Deductions Subject to the 2% Limit You can deduct certain expenses as miscellaneous itemized deductions on Schedule A (Form 1040). Sc tax forms 1040ez You can claim the amount of expenses that is more than 2% of your adjusted gross income. Sc tax forms 1040ez You figure your deduction on Schedule A by subtracting 2% of your adjusted gross income from the total amount of these expenses. Sc tax forms 1040ez Your adjusted gross income is the amount on Form 1040, line 38. Sc tax forms 1040ez Generally, you apply the 2% limit after you apply any other deduction limit. Sc tax forms 1040ez For example, you apply the 50% (or 80%) limit on business-related meals and entertainment (discussed in chapter 26) before you apply the 2% limit. Sc tax forms 1040ez Deductions subject to the 2% limit are discussed in the three categories in which you report them on Schedule A (Form 1040). Sc tax forms 1040ez Unreimbursed employee expenses (line 21). Sc tax forms 1040ez Tax preparation fees (line 22). Sc tax forms 1040ez Other expenses (line 23). Sc tax forms 1040ez Unreimbursed Employee Expenses (Line 21) Generally, you can deduct on Schedule A (Form 1040), line 21, unreimbursed employee expenses that are: Paid or incurred during your tax year, For carrying on your trade or business of being an employee, and Ordinary and necessary. Sc tax forms 1040ez An expense is ordinary if it is common and accepted in your trade, business, or profession. Sc tax forms 1040ez An expense is necessary if it is appropriate and helpful to your business. Sc tax forms 1040ez An expense does not have to be required to be considered necessary. Sc tax forms 1040ez Examples of unreimbursed employee expenses are listed next. Sc tax forms 1040ez The list is followed by discussions of additional unreimbursed employee expenses. Sc tax forms 1040ez Business bad debt of an employee. Sc tax forms 1040ez Education that is work related. Sc tax forms 1040ez (See chapter 27. Sc tax forms 1040ez ) Legal fees related to your job. Sc tax forms 1040ez Licenses and regulatory fees. Sc tax forms 1040ez Malpractice insurance premiums. Sc tax forms 1040ez Medical examinations required by an employer. Sc tax forms 1040ez Occupational taxes. Sc tax forms 1040ez Passport for a business trip. Sc tax forms 1040ez Subscriptions to professional journals and trade magazines related to your work. Sc tax forms 1040ez Travel, transportation, entertainment, and gifts related to your work. Sc tax forms 1040ez (See chapter 26. Sc tax forms 1040ez ) Business Liability Insurance You can deduct insurance premiums you paid for protection against personal liability for wrongful acts on the job. Sc tax forms 1040ez Damages for Breach of Employment Contract If you break an employment contract, you can deduct damages you pay your former employer that are attributable to the pay you received from that employer. Sc tax forms 1040ez Depreciation on Computers You can claim a depreciation deduction for a computer that you use in your work as an employee if its use is: For the convenience of your employer, and Required as a condition of your employment. Sc tax forms 1040ez For more information about the rules and exceptions to the rules affecting the allowable deductions for a home computer, see Publication 529. Sc tax forms 1040ez Dues to Chambers of Commerce and Professional Societies You may be able to deduct dues paid to professional organizations (such as bar associations and medical associations) and to chambers of commerce and similar organizations, if membership helps you carry out the duties of your job. Sc tax forms 1040ez Similar organizations include: Boards of trade, Business leagues, Civic or public service organizations, Real estate boards, and Trade associations. Sc tax forms 1040ez Lobbying and political activities. Sc tax forms 1040ez   You may not be able to deduct that part of your dues that is for certain lobbying and political activities. Sc tax forms 1040ez See Dues used for lobbying under Nondeductible Expenses, later. Sc tax forms 1040ez Educator Expenses If you were an eligible educator in 2013, you can deduct up to $250 of qualified expenses you paid in 2013 as an adjustment to gross income on Form 1040, line 23, rather than as a miscellaneous itemized deduction. Sc tax forms 1040ez If you file Form 1040A, you can deduct these expenses on line 16. Sc tax forms 1040ez If you and your spouse are filing jointly and both of you were eligible educators, the maximum deduction is $500. Sc tax forms 1040ez However, neither spouse can deduct more than $250 of his or her qualified expenses. Sc tax forms 1040ez Home Office If you use a part of your home regularly and exclusively for business purposes, you may be able to deduct a part of the operating expenses and depreciation of your home. Sc tax forms 1040ez You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively: As your principal place of business for any trade or business, As a place to meet or deal with your patients, clients, or customers in the normal course of your trade or business, or In the case of a separate structure not attached to your home, in connection with your trade or business. Sc tax forms 1040ez The regular and exclusive business use must be for the convenience of your employer and not just appropriate and helpful in your job. Sc tax forms 1040ez See Publication 587 for more detailed information and a worksheet. Sc tax forms 1040ez Job Search Expenses You can deduct certain expenses you have in looking for a new job in your present occupation, even if you do not get a new job. Sc tax forms 1040ez You cannot deduct these expenses if: You are looking for a job in a new occupation, There was a substantial break between the ending of your last job and your looking for a new one, or You are looking for a job for the first time. Sc tax forms 1040ez Employment and outplacement agency fees. Sc tax forms 1040ez   You can deduct employment and outplacement agency fees you pay in looking for a new job in your present occupation. Sc tax forms 1040ez Employer pays you back. Sc tax forms 1040ez   If, in a later year, your employer pays you back for employment agency fees, you must include the amount you receive in your gross income up to the amount of your tax benefit in the earlier year. Sc tax forms 1040ez (See Recoveries in chapter 12. Sc tax forms 1040ez ) Employer pays the employment agency. Sc tax forms 1040ez   If your employer pays the fees directly to the employment agency and you are not responsible for them, you do not include them in your gross income. Sc tax forms 1040ez Résumé. Sc tax forms 1040ez   You can deduct amounts you spend for preparing and mailing copies of a résumé to prospective employers if you are looking for a new job in your present occupation. Sc tax forms 1040ez Travel and transportation expenses. Sc tax forms 1040ez   If you travel to an area and, while there, you look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area. Sc tax forms 1040ez You can deduct the travel expenses if the trip is primarily to look for a new job. Sc tax forms 1040ez The amount of time you spend on personal activity compared to the amount of time you spend in looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job. Sc tax forms 1040ez   Even if you cannot deduct the travel expenses to and from an area, you can deduct the expenses of looking for a new job in your present occupation while in the area. Sc tax forms 1040ez   You can choose to use the standard mileage rate to figure your car expenses. Sc tax forms 1040ez The 2013 rate for business use of a vehicle is 56½ cents per mile. Sc tax forms 1040ez See chapter 26 for more information. Sc tax forms 1040ez Licenses and Regulatory Fees You can deduct the amount you pay each year to state or local governments for licenses and regulatory fees for your trade, business, or profession. Sc tax forms 1040ez Occupational Taxes You can deduct an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. Sc tax forms 1040ez If you are an employee, you can claim occupational taxes only as a miscellaneous deduction subject to the 2% limit; you cannot claim them as a deduction for taxes elsewhere on your return. Sc tax forms 1040ez Repayment of Income Aid Payment An “income aid payment” is one that is received under an employer's plan to aid employees who lose their jobs because of lack of work. Sc tax forms 1040ez If you repay a lump-sum income aid payment that you received and included in income in an earlier year, you can deduct the repayment. Sc tax forms 1040ez Research Expenses of a College Professor If you are a college professor, you can deduct research expenses, including travel expenses, for teaching, lecturing, or writing and publishing on subjects that relate directly to your teaching duties. Sc tax forms 1040ez You must have undertaken the research as a means of carrying out the duties expected of a professor and without expectation of profit apart from salary. Sc tax forms 1040ez However, you cannot deduct the cost of travel as a form of education. Sc tax forms 1040ez Tools Used in Your Work Generally, you can deduct amounts you spend for tools used in your work if the tools wear out and are thrown away within 1 year from the date of purchase. Sc tax forms 1040ez You can depreciate the cost of tools that have a useful life substantially beyond the tax year. Sc tax forms 1040ez For more information about depreciation, see Publication 946. Sc tax forms 1040ez Union Dues and Expenses You can deduct dues and initiation fees you pay for union membership. Sc tax forms 1040ez You can also deduct assessments for benefit payments to unemployed union members. Sc tax forms 1040ez However, you cannot deduct the part of the assessments or contributions that provides funds for the payment of sick, accident, or death benefits. Sc tax forms 1040ez Also, you cannot deduct contributions to a pension fund, even if the union requires you to make the contributions. Sc tax forms 1040ez You may not be able to deduct amounts you pay to the union that are related to certain lobbying and political activities. Sc tax forms 1040ez See Lobbying Expenses under Nondeductible Expenses, later. Sc tax forms 1040ez Work Clothes and Uniforms You can deduct the cost and upkeep of work clothes if the following two requirements are met. Sc tax forms 1040ez You must wear them as a condition of your employment. Sc tax forms 1040ez The clothes are not suitable for everyday wear. Sc tax forms 1040ez It is not enough that you wear distinctive clothing. Sc tax forms 1040ez The clothing must be specifically required by your employer. Sc tax forms 1040ez Nor is it enough that you do not, in fact, wear your work clothes away from work. Sc tax forms 1040ez The clothing must not be suitable for taking the place of your regular clothing. Sc tax forms 1040ez Examples of workers who may be able to deduct the cost and upkeep of work clothes are: delivery workers, firefighters, health care workers, law enforcement officers, letter carriers, professional athletes, and transportation workers (air, rail, bus, etc. Sc tax forms 1040ez ). Sc tax forms 1040ez Musicians and entertainers can deduct the cost of theatrical clothing and accessories that are not suitable for everyday wear. Sc tax forms 1040ez However, work clothing consisting of white cap, white shirt or white jacket, white bib overalls, and standard work shoes, which a painter is required by his union to wear on the job, is not distinctive in character or in the nature of a uniform. Sc tax forms 1040ez Similarly, the costs of buying and maintaining blue work clothes worn by a welder at the request of a foreman are not deductible. Sc tax forms 1040ez Protective clothing. Sc tax forms 1040ez   You can deduct the cost of protective clothing required in your work, such as safety shoes or boots, safety glasses, hard hats, and work gloves. Sc tax forms 1040ez   Examples of workers who may be required to wear safety items are: carpenters, cement workers, chemical workers, electricians, fishing boat crew members, machinists, oil field workers, pipe fitters, steamfitters, and truck drivers. Sc tax forms 1040ez Military uniforms. Sc tax forms 1040ez   You generally cannot deduct the cost of your uniforms if you are on full-time active duty in the armed forces. Sc tax forms 1040ez However, if you are an armed forces reservist, you can deduct the unreimbursed cost of your uniform if military regulations restrict you from wearing it except while on duty as a reservist. Sc tax forms 1040ez In figuring the deduction, you must reduce the cost by any nontaxable allowance you receive for these expenses. Sc tax forms 1040ez   If local military rules do not allow you to wear fatigue uniforms when you are off duty, you can deduct the amount by which the cost of buying and keeping up these uniforms is more than the uniform allowance you receive. Sc tax forms 1040ez   You can deduct the cost of your uniforms if you are a civilian faculty or staff member of a military school. Sc tax forms 1040ez Tax Preparation Fees (Line 22) You can usually deduct tax preparation fees in the year you pay them. Sc tax forms 1040ez Thus, on your 2013 return, you can deduct fees paid in 2013 for preparing your 2012 return. Sc tax forms 1040ez These fees include the cost of tax preparation software programs and tax publications. Sc tax forms 1040ez They also include any fee you paid for electronic filing of your return. Sc tax forms 1040ez Other Expenses (Line 23) You can deduct certain other expenses as miscellaneous itemized deductions subject to the 2% limit. Sc tax forms 1040ez On Schedule A (Form 1040), line 23, you can deduct expenses that you pay: To produce or collect income that must be included in your gross income, To manage, conserve, or maintain property held for producing such income, or To determine, contest, pay, or claim a refund of any tax. Sc tax forms 1040ez You can deduct expenses you pay for the purposes in (1) and (2) above only if they are reasonably and closely related to these purposes. Sc tax forms 1040ez Some of these other expenses are explained in the following discussions. Sc tax forms 1040ez If the expenses you pay produce income that is only partially taxable, see Tax-Exempt Income Expenses , later, under Nondeductible Expenses. Sc tax forms 1040ez Appraisal Fees You can deduct appraisal fees if you pay them to figure a casualty loss or the fair market value of donated property. Sc tax forms 1040ez Casualty and Theft Losses You can deduct a casualty or theft loss as a miscellaneous itemized deduction subject to the 2% limit if you used the damaged or stolen property in performing services as an employee. Sc tax forms 1040ez First report the loss in Section B of Form 4684, Casualties and Thefts. Sc tax forms 1040ez You may also have to include the loss on Form 4797, Sales of Business Property, if you are otherwise required to file that form. Sc tax forms 1040ez To figure your deduction, add all casualty or theft losses from this type of property included on Form 4684, lines 32 and 38b, or Form 4797, line 18a. Sc tax forms 1040ez For other casualty and theft losses, see chapter 25. Sc tax forms 1040ez Clerical Help and Office Rent You can deduct office expenses, such as rent and clerical help, that you have in connection with your investments and collecting the taxable income on them. Sc tax forms 1040ez Credit or Debit Card Convenience Fees You can deduct the convenience fee charged by the card processor for paying your income tax (including estimated tax payments) by credit or debit card. Sc tax forms 1040ez The fees are deductible in the year paid. Sc tax forms 1040ez Depreciation on Home Computer You can deduct depreciation on your home computer if you use it to produce income (for example, to manage your investments that produce taxable income). Sc tax forms 1040ez You generally must depreciate the computer using the straight line method over the Alternative Depreciation System (ADS) recovery period. Sc tax forms 1040ez But if you work as an employee and also use the computer in that work, see Publication 946. Sc tax forms 1040ez Excess Deductions of an Estate If an estate's total deductions in its last tax year are more than its gross income for that year, the beneficiaries succeeding to the estate's property can deduct the excess. Sc tax forms 1040ez Do not include deductions for the estate's personal exemption and charitable contributions when figuring the estate's total deductions. Sc tax forms 1040ez The beneficiaries can claim the deduction only for the tax year in which, or with which, the estate terminates, whether the year of termination is a normal year or a short tax year. Sc tax forms 1040ez For more information, see Termination of Estate in Publication 559, Survivors, Executors, and Administrators. Sc tax forms 1040ez Fees to Collect Interest and Dividends You can deduct fees you pay to a broker, bank, trustee, or similar agent to collect your taxable bond interest or dividends on shares of stock. Sc tax forms 1040ez But you cannot deduct a fee you pay to a broker to buy investment property, such as stocks or bonds. Sc tax forms 1040ez You must add the fee to the cost of the property. Sc tax forms 1040ez You cannot deduct the fee you pay to a broker to sell securities. Sc tax forms 1040ez You can use the fee only to figure gain or loss from the sale. Sc tax forms 1040ez See the Instructions for Form 8949 for information on how to report the fee. Sc tax forms 1040ez Hobby Expenses You can generally deduct hobby expenses, but only up to the amount of hobby income. Sc tax forms 1040ez A hobby is not a business because it is not carried on to make a profit. Sc tax forms 1040ez See Activity not for profit in chapter 12 under Other Income. Sc tax forms 1040ez Indirect Deductions of Pass-Through Entities Pass-through entities include partnerships, S corporations, and mutual funds that are not publicly offered. Sc tax forms 1040ez Deductions of pass-through entities are passed through to the partners or shareholders. Sc tax forms 1040ez The partners or shareholders can deduct their share of passed-through deductions for investment expenses as miscellaneous itemized deductions subject to the 2% limit. Sc tax forms 1040ez Example. Sc tax forms 1040ez You are a member of an investment club that is formed solely to invest in securities. Sc tax forms 1040ez The club is treated as a partnership. Sc tax forms 1040ez The partnership's income is solely from taxable dividends, interest, and gains from sales of securities. Sc tax forms 1040ez In this case, you can deduct your share of the partnership's operating expenses as miscellaneous itemized deductions subject to the 2% limit. Sc tax forms 1040ez However, if the investment club partnership has investments that also produce nontaxable income, you cannot deduct your share of the partnership's expenses that produce the nontaxable income. Sc tax forms 1040ez Publicly offered mutual funds. Sc tax forms 1040ez   Publicly offered mutual funds do not pass deductions for investment expenses through to shareholders. Sc tax forms 1040ez A mutual fund is “publicly offered” if it is: Continuously offered pursuant to a public offering, Regularly traded on an established securities market, or Held by or for at least 500 persons at all times during the tax year. Sc tax forms 1040ez   A publicly offered mutual fund will send you a Form 1099-DIV, Dividends and Distributions, or a substitute form, showing the net amount of dividend income (gross dividends minus investment expenses). Sc tax forms 1040ez This net figure is the amount you report on your return as income. Sc tax forms 1040ez You cannot further deduct investment expenses related to publicly offered mutual funds because they are already included as part of the net income amount. Sc tax forms 1040ez Information returns. Sc tax forms 1040ez   You should receive information returns from pass-through entities. Sc tax forms 1040ez Partnerships and S corporations. Sc tax forms 1040ez   These entities issue Schedule K-1, which lists the items and amounts you must report and identifies the tax return schedules and lines to use. Sc tax forms 1040ez Nonpublicly offered mutual funds. Sc tax forms 1040ez   These funds will send you a Form 1099-DIV, Dividends and Distributions, or a substitute form, showing your share of gross income and investment expenses. Sc tax forms 1040ez You can claim the expenses only as a miscellaneous itemized deduction subject to the 2% limit. Sc tax forms 1040ez Investment Fees and Expenses You can deduct investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income. Sc tax forms 1040ez Legal Expenses You can usually deduct legal expenses that you incur in attempting to produce or collect taxable income or that you pay in connection with the determination, collection, or refund of any tax. Sc tax forms 1040ez You can also deduct legal expenses that are: Related to either doing or keeping your job, such as those you paid to defend yourself against criminal charges arising out of your trade or business, For tax advice related to a divorce, if the bill specifies how much is for tax advice and it is determined in a reasonable way, or To collect taxable alimony. Sc tax forms 1040ez You can deduct expenses of resolving tax issues relating to profit or loss from business (Schedule C or C-EZ), rentals or royalties (Schedule E), or farm income and expenses (Schedule F), on the appropriate schedule. Sc tax forms 1040ez You deduct expenses of resolving nonbusiness tax issues on Schedule A (Form 1040). Sc tax forms 1040ez See Tax Preparation Fees , earlier. Sc tax forms 1040ez Loss on Deposits For information on whether, and if so, how, you may deduct a loss on your deposit in a qualified financial institution, see Loss on Deposits in chapter 25. Sc tax forms 1040ez Repayments of Income If you had to repay an amount that you included in income in an earlier year, you may be able to deduct the amount you repaid. Sc tax forms 1040ez If the amount you had to repay was ordinary income of $3,000 or less, the deduction is subject to the 2% limit. Sc tax forms 1040ez If it was more than $3,000, see Repayments Under Claim of Right under Deductions Not Subject to the 2% Limit, later. Sc tax forms 1040ez Repayments of Social Security Benefits For information on how to deduct your repayments of certain social security benefits, see Repayments More Than Gross Benefits in chapter 11. Sc tax forms 1040ez Safe Deposit Box Rent You can deduct safe deposit box rent if you use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents. Sc tax forms 1040ez You cannot deduct the rent if you use the box only for jewelry, other personal items, or tax-exempt securities. Sc tax forms 1040ez Service Charges on Dividend Reinvestment Plans You can deduct service charges you pay as a subscriber in a dividend reinvestment plan. Sc tax forms 1040ez These service charges include payments for: Holding shares acquired through a plan, Collecting and reinvesting cash dividends, and Keeping individual records and providing detailed statements of accounts. Sc tax forms 1040ez Trustee's Administrative Fees for IRA Trustee's administrative fees that are billed separately and paid by you in connection with your individual retirement arrangement (IRA) are deductible (if they are ordinary and necessary) as a miscellaneous itemized deduction subject to the 2% limit. Sc tax forms 1040ez For more information about IRAs, see chapter 17. Sc tax forms 1040ez Deductions Not Subject to the 2% Limit You can deduct the items listed below as miscellaneous itemized deductions. Sc tax forms 1040ez They are not subject to the 2% limit. Sc tax forms 1040ez Report these items on Schedule A (Form 1040), line 28. Sc tax forms 1040ez List of Deductions Each of the following items is discussed in detail after the list (except where indicated). Sc tax forms 1040ez Amortizable premium on taxable bonds. Sc tax forms 1040ez Casualty and theft losses from income- producing property. Sc tax forms 1040ez Federal estate tax on income in respect of a decedent. Sc tax forms 1040ez Gambling losses up to the amount of gambling winnings. Sc tax forms 1040ez Impairment-related work expenses of persons with disabilities. Sc tax forms 1040ez Loss from other activities from Schedule K-1 (Form 1065-B), box 2. Sc tax forms 1040ez Losses from Ponzi-type investment schemes. Sc tax forms 1040ez See Losses from Ponzi-type investment schemes under Theft in chapter 25. Sc tax forms 1040ez Repayments of more than $3,000 under a claim of right. Sc tax forms 1040ez Unrecovered investment in an annuity. Sc tax forms 1040ez Amortizable Premium on Taxable Bonds In general, if the amount you pay for a bond is greater than its stated principal amount, the excess is bond premium. Sc tax forms 1040ez You can elect to amortize the premium on taxable bonds. Sc tax forms 1040ez The amortization of the premium is generally an offset to interest income on the bond rather than a separate deduction item. Sc tax forms 1040ez Part of the premium on some bonds may be a miscellaneous deduction not subject to the 2% limit. Sc tax forms 1040ez For more information, see Amortizable Premium on Taxable Bonds in Publication 529, and Bond Premium Amortization in chapter 3 of Publication 550, Investment Income and Expenses. Sc tax forms 1040ez Casualty and Theft Losses of Income-Producing Property You can deduct a casualty or theft loss as a miscellaneous itemized deduction not subject to the 2% limit if the damaged or stolen property was income-producing property (property held for investment, such as stocks, notes, bonds, gold, silver, vacant lots, and works of art). Sc tax forms 1040ez First, report the loss in Form 4684, Section B. Sc tax forms 1040ez You may also have to include the loss on Form 4797, Sales of Business Property if you are otherwise required to file that form. Sc tax forms 1040ez To figure your deduction, add all casualty or theft losses from this type of property included on Form 4684, lines 32 and 38b, or Form 4797, line 18a. Sc tax forms 1040ez For more information on casualty and theft losses, see chapter 25. Sc tax forms 1040ez Federal Estate Tax on Income in Respect of a Decedent You can deduct the federal estate tax attributable to income in respect of a decedent that you as a beneficiary include in your gross income. Sc tax forms 1040ez Income in respect of the decedent is gross income that the decedent would have received had death not occurred and that was not properly includible in the decedent's final income tax return. Sc tax forms 1040ez See Publication 559 for more information. Sc tax forms 1040ez Gambling Losses Up to the Amount of Gambling Winnings You must report the full amount of your gambling winnings for the year on Form 1040, line 21. Sc tax forms 1040ez You deduct your gambling losses for the year on Schedule A (Form 1040), line 28. Sc tax forms 1040ez You cannot deduct gambling losses that are more than your winnings. Sc tax forms 1040ez You cannot reduce your gambling winnings by your gambling losses and report the difference. Sc tax forms 1040ez You must report the full amount of your winnings as income and claim your losses (up to the amount of winnings) as an itemized deduction. Sc tax forms 1040ez Therefore, your records should show your winnings separately from your losses. Sc tax forms 1040ez Diary of winnings and losses. Sc tax forms 1040ez You must keep an accurate diary or similar record of your losses and winnings. Sc tax forms 1040ez Your diary should contain at least the following information. Sc tax forms 1040ez The date and type of your specific wager or wagering activity. Sc tax forms 1040ez The name and address or location of the gambling establishment. Sc tax forms 1040ez The names of other persons present with you at the gambling establishment. Sc tax forms 1040ez The amount(s) you won or lost. Sc tax forms 1040ez See Publication 529 for more information. Sc tax forms 1040ez Impairment-Related Work Expenses If you have a physical or mental disability that limits your being employed, or substantially limits one or more of your major life activities, such as performing manual tasks, walking, speaking, breathing, learning, and working, you can deduct your impairment-related work expenses. Sc tax forms 1040ez Impairment-related work expenses are ordinary and necessary business expenses for attendant care services at your place of work and for other expenses in connection with your place of work that are necessary for you to be able to work. Sc tax forms 1040ez Self-employed. Sc tax forms 1040ez   If you are self-employed, enter your impairment-related work expenses on the appropriate form (Schedule C, C-EZ, E, or F) used to report your business income and expenses. Sc tax forms 1040ez Loss From Other Activities From Schedule K-1 (Form 1065-B), Box 2 If the amount reported in Schedule K-1 (Form 1065-B), box 2, is a loss, report it on Schedule A (Form 1040), line 28. Sc tax forms 1040ez It is not subject to the passive activity limitations. Sc tax forms 1040ez Repayments Under Claim of Right If you had to repay more than $3,000 that you included in your income in an earlier year because at the time you thought you had an unrestricted right to it, you may be able to deduct the amount you repaid or take a credit against your tax. Sc tax forms 1040ez See Repayments in chapter 12 for more information. Sc tax forms 1040ez Unrecovered Investment in Annuity A retiree who contributed to the cost of an annuity can exclude from income a part of each payment received as a tax-free return of the retiree's investment. Sc tax forms 1040ez If the retiree dies before the entire investment is recovered tax free, any unrecovered investment can be deducted on the retiree's final income tax return. Sc tax forms 1040ez See chapter 10 for more information about the tax treatment of pensions and annuities. Sc tax forms 1040ez Nondeductible Expenses Examples of nondeductible expenses are listed next. Sc tax forms 1040ez The list is followed by discussions of additional nondeductible expenses. Sc tax forms 1040ez List of Nondeductible Expenses Broker's commissions that you paid in connection with your IRA or other investment property. Sc tax forms 1040ez Burial or funeral expenses, including the cost of a cemetery lot. Sc tax forms 1040ez Capital expenses. Sc tax forms 1040ez Fees and licenses, such as car licenses, marriage licenses, and dog tags. Sc tax forms 1040ez Hobby losses, but see Hobby Expenses , earlier. Sc tax forms 1040ez Home repairs, insurance, and rent. Sc tax forms 1040ez Illegal bribes and kickbacks. Sc tax forms 1040ez See Bribes and kickbacks in chapter 11 of Publication 535. Sc tax forms 1040ez Losses from the sale of your home, furniture, personal car, etc. Sc tax forms 1040ez Personal disability insurance premiums. Sc tax forms 1040ez Personal, living, or family expenses. Sc tax forms 1040ez The value of wages never received or lost vacation time. Sc tax forms 1040ez Adoption Expenses You cannot deduct the expenses of adopting a child, but you may be able to take a credit for those expenses. Sc tax forms 1040ez See chapter 37. Sc tax forms 1040ez Campaign Expenses You cannot deduct campaign expenses of a candidate for any office, even if the candidate is running for reelection to the office. Sc tax forms 1040ez These include qualification and registration fees for primary elections. Sc tax forms 1040ez Legal fees. Sc tax forms 1040ez   You cannot deduct legal fees paid to defend charges that arise from participation in a political campaign. Sc tax forms 1040ez Check-Writing Fees on Personal Account If you have a personal checking account, you cannot deduct fees charged by the bank for the privilege of writing checks, even if the account pays interest. Sc tax forms 1040ez Club Dues Generally, you cannot deduct the cost of membership in any club organized for business, pleasure, recreation, or other social purpose. Sc tax forms 1040ez This includes business, social, athletic, luncheon, sporting, airline, hotel, golf, and country clubs. Sc tax forms 1040ez You cannot deduct dues paid to an organization if one of its main purposes is to: Conduct entertainment activities for members or their guests, or Provide members or their guests with access to entertainment facilities. Sc tax forms 1040ez Dues paid to airline, hotel, and luncheon clubs are not deductible. Sc tax forms 1040ez Commuting Expenses You cannot deduct commuting expenses (the cost of transportation between your home and your main or regular place of work). Sc tax forms 1040ez If you haul tools, instruments, or other items, in your car to and from work, you can deduct only the additional cost of hauling the items such as the rent on a trailer to carry the items. Sc tax forms 1040ez Fines or Penalties You cannot deduct fines or penalties you pay to a governmental unit for violating a law. Sc tax forms 1040ez This includes an amount paid in settlement of your actual or potential liability for a fine or penalty (civil or criminal). Sc tax forms 1040ez Fines or penalties include parking tickets, tax penalties, and penalties deducted from teachers' paychecks after an illegal strike. Sc tax forms 1040ez Health Spa Expenses You cannot deduct health spa expenses, even if there is a job requirement to stay in excellent physical condition, such as might be required of a law enforcement officer. Sc tax forms 1040ez Home Security System You cannot deduct the cost of a home security system as a miscellaneous deduction. Sc tax forms 1040ez However, you may be able to claim a deduction for a home security system as a business expense if you have a home office. Sc tax forms 1040ez See Home Office under Unreimbursed Employee Expenses, earlier, and Security System under Deducting Expenses in Publication 587. Sc tax forms 1040ez Investment-Related Seminars You cannot deduct any expenses for attending a convention, seminar, or similar meeting for investment purposes. Sc tax forms 1040ez Life Insurance Premiums You cannot deduct premiums you pay on your life insurance. Sc tax forms 1040ez You may be able to deduct, as alimony, premiums you pay on life insurance policies assigned to your former spouse. Sc tax forms 1040ez See chapter 18 for information on alimony. Sc tax forms 1040ez Lobbying Expenses You generally cannot deduct amounts paid or incurred for lobbying expenses. Sc tax forms 1040ez These include expenses to: Influence legislation, Participate or intervene in any political campaign for, or against, any candidate for public office, Attempt to influence the general public, or segments of the public, about elections, legislative matters, or referendums, or Communicate directly with covered executive branch officials in any attempt to influence the official actions or positions of those officials. Sc tax forms 1040ez Lobbying expenses also include any amounts paid or incurred for research, preparation, planning, or coordination of any of these activities. Sc tax forms 1040ez Dues used for lobbying. Sc tax forms 1040ez   If a tax-exempt organization notifies you that part of the dues or other amounts you pay to the organization are used to pay nondeductible lobbying expenses, you cannot deduct that part. Sc tax forms 1040ez See Lobbying Expenses in Publication 529 for information on exceptions. Sc tax forms 1040ez Lost or Mislaid Cash or Property You cannot deduct a loss based on the mere disappearance of money or property. Sc tax forms 1040ez However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. Sc tax forms 1040ez See chapter 25. Sc tax forms 1040ez Example. Sc tax forms 1040ez A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. Sc tax forms 1040ez The diamond falls from the ring and is never found. Sc tax forms 1040ez The loss of the diamond is a casualty. Sc tax forms 1040ez Lunches with Co-workers You cannot deduct the expenses of lunches with co-workers, except while traveling away from home on business. Sc tax forms 1040ez See chapter 26 for information on deductible expenses while traveling away from home. Sc tax forms 1040ez Meals While Working Late You cannot deduct the cost of meals while working late. Sc tax forms 1040ez However, you may be able to claim a deduction if the cost of meals is a deductible entertainment expense, or if you are traveling away from home. Sc tax forms 1040ez See chapter 26 for information on deductible entertainment expenses and expenses while traveling away from home. Sc tax forms 1040ez Personal Legal Expenses You cannot deduct personal legal expenses such as those for the following. Sc tax forms 1040ez Custody of children. Sc tax forms 1040ez Breach of promise to marry suit. Sc tax forms 1040ez Civil or criminal charges resulting from a personal relationship. Sc tax forms 1040ez Damages for personal injury, except for certain unlawful discrimination and whistleblower claims. Sc tax forms 1040ez Preparation of a title (or defense or perfection of a title). Sc tax forms 1040ez Preparation of a will. Sc tax forms 1040ez Property claims or property settlement in a divorce. Sc tax forms 1040ez You cannot deduct these expenses even if a result of the legal proceeding is the loss of income-producing property. Sc tax forms 1040ez Political Contributions You cannot deduct contributions made to a political candidate, a campaign committee, or a newsletter fund. Sc tax forms 1040ez Advertisements in convention bulletins and admissions to dinners or programs that benefit a political party or political candidate are not deductible. Sc tax forms 1040ez Professional Accreditation Fees You cannot deduct professional accreditation fees such as the following. Sc tax forms 1040ez Accounting certificate fees paid for the initial right to practice accounting. Sc tax forms 1040ez Bar exam fees and incidental expenses in securing initial admission to the bar. Sc tax forms 1040ez Medical and dental license fees paid to get initial licensing. Sc tax forms 1040ez Professional Reputation You cannot deduct expenses of radio and TV appearances to increase your personal prestige or establish your professional reputation. Sc tax forms 1040ez Relief Fund Contributions You cannot deduct contributions paid to a private plan that pays benefits to any covered employee who cannot work because of any injury or illness not related to the job. Sc tax forms 1040ez Residential Telephone Service You cannot deduct any charge (including taxes) for basic local telephone service for the first telephone line to your residence, even if it is used in a trade or business. Sc tax forms 1040ez Stockholders' Meetings You cannot deduct transportation and other expenses you pay to attend stockholders' meetings of companies in which you own stock but have no other interest. Sc tax forms 1040ez You cannot deduct these expenses even if you are attending the meeting to get information that would be useful in making further investments. Sc tax forms 1040ez Tax-Exempt Income Expenses You cannot deduct expenses to produce tax-exempt income. Sc tax forms 1040ez You cannot deduct interest on a debt incurred or continued to buy or carry  tax-exempt securities. Sc tax forms 1040ez If you have expenses to produce both taxable and tax-exempt income, but you cannot identify the expenses that produce each type of income, you must divide the expenses based on the amount of each type of income to determine the amount that you can deduct. Sc tax forms 1040ez Example. Sc tax forms 1040ez During the year, you received taxable interest of $4,800 and tax-exempt interest of $1,200. Sc tax forms 1040ez In earning this income, you had total expenses of $500 during the year. Sc tax forms 1040ez You cannot identify the amount of each expense item that is for each income item. Sc tax forms 1040ez Therefore, 80% ($4,800/$6,000) of the expense is for the taxable interest and 20% ($1,200/$6,000) is for the tax-exempt interest. Sc tax forms 1040ez You can deduct, subject to the 2% limit, expenses of $400 (80% of $500). Sc tax forms 1040ez Travel Expenses for Another Individual You generally cannot deduct travel expenses you pay or incur for a spouse, dependent, or other individual who accompanies you (or your employee) on business or personal travel unless the spouse, dependent, or other individual is an employee of the taxpayer, the travel is for a bona fide business purpose, and such expenses would otherwise be deductible by the spouse, dependent, or other individual. Sc tax forms 1040ez See chapter 26 for more information on deductible travel expenses. Sc tax forms 1040ez Voluntary Unemployment Benefit Fund Contributions You cannot deduct voluntary unemployment benefit fund contributions you make to a union fund or a private fund. Sc tax forms 1040ez However, you can deduct contributions as taxes if state law requires you to make them to a state unemployment fund that covers you for the loss of wages from unemployment caused by business conditions. Sc tax forms 1040ez Wristwatches You cannot deduct the cost of a wristwatch, even if there is a job requirement that you know the correct time to properly perform your duties. Sc tax forms 1040ez Prev  Up  Next   Home   More Online Publications
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The Sc Tax Forms 1040ez

Sc tax forms 1040ez Publication 334 - Introductory Material Table of Contents IntroductionOrdering forms and publications. Sc tax forms 1040ez Tax questions. Sc tax forms 1040ez Future Developments What's New for 2013 What's New for 2014 Reminders Photographs of Missing Children Introduction The purpose of this publication is to provide general information about the federal tax laws that apply to small business owners who are sole proprietors and to statutory employees. Sc tax forms 1040ez This publication has information on business income, expenses, and tax credits that may help you file your income tax return. Sc tax forms 1040ez Are you self-employed?   You are self-employed if you carry on a trade or business as a sole proprietor or an independent contractor. Sc tax forms 1040ez Sole proprietor. Sc tax forms 1040ez   A sole proprietor is someone who owns an unincorporated business by himself or herself. Sc tax forms 1040ez However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation. Sc tax forms 1040ez Trade or business. Sc tax forms 1040ez    A trade or business is generally an activity carried on to make a profit. Sc tax forms 1040ez The facts and circumstances of each case determine whether or not an activity is a trade or business. Sc tax forms 1040ez You do not need to actually make a profit to be in a trade or business as long as you have a profit motive. Sc tax forms 1040ez You do need to make ongoing efforts to further the interests of your business. Sc tax forms 1040ez   You do not have to carry on regular full-time business activities to be self-employed. Sc tax forms 1040ez Having a part-time business in addition to your regular job or business may be self-employment. Sc tax forms 1040ez Independent contractor. Sc tax forms 1040ez    People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors. Sc tax forms 1040ez However, whether they are independent contractors or employees depends on the facts in each case. Sc tax forms 1040ez The general rule is that an individual is an independent contractor if the payer has the right to control or to direct only the result of the work and not how it will be done. Sc tax forms 1040ez The earnings of a person who is working as an independent contractor are subject to self-employment tax. Sc tax forms 1040ez For more information on determining whether you are an employee or independent contractor, see Publication 15-A, Employer's Supplemental Tax Guide. Sc tax forms 1040ez Statutory employee. Sc tax forms 1040ez   A statutory employee has a checkmark in box 13 of his or her Form W-2, Wage and Tax Statement. Sc tax forms 1040ez Statutory employees use Schedule C or C-EZ to report their wages and expenses. Sc tax forms 1040ez Limited liability company (LLC). Sc tax forms 1040ez   A limited liability company (LLC) is an entity formed under state law by filing articles of organization. Sc tax forms 1040ez Generally, a single-member LLC is disregarded as an entity separate from its owner and reports its income and deductions on its owner's federal income tax return. Sc tax forms 1040ez An owner who is an individual may use Schedule C or C-EZ. Sc tax forms 1040ez Business owned and operated by spouses. Sc tax forms 1040ez   If you and your spouse jointly own and operate an unincorporated business and share in the profits and losses, you are partners in a partnership, whether or not you have a formal partnership agreement. Sc tax forms 1040ez Do not use Schedule C or C-EZ. Sc tax forms 1040ez Instead, file Form 1065, U. Sc tax forms 1040ez S. Sc tax forms 1040ez Return of Partnership Income. Sc tax forms 1040ez For more information, see Publication 541, Partnerships. Sc tax forms 1040ez    Exception—Community income. Sc tax forms 1040ez If you and your spouse wholly own an unincorporated business as community property under the community property laws of a state, foreign country, or U. Sc tax forms 1040ez S. Sc tax forms 1040ez possession, you can treat the business either as a sole proprietorship or a partnership. Sc tax forms 1040ez The only states with community property laws are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Sc tax forms 1040ez A change in your reporting position will be treated as a conversion of the entity. Sc tax forms 1040ez    Exception—Qualified joint venture. Sc tax forms 1040ez If you and your spouse each materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership for the tax year. Sc tax forms 1040ez Making this election will allow you to avoid the complexity of Form 1065 but still give each spouse credit for social security earnings on which retirement benefits are based. Sc tax forms 1040ez For an explanation of "material participation," see the Instructions for Schedule C, line G. Sc tax forms 1040ez   To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Sc tax forms 1040ez Each of you must file a separate Schedule C or C-EZ and a separate Schedule SE. Sc tax forms 1040ez For more information, see Qualified Joint Ventures in the Instructions for Schedule SE. Sc tax forms 1040ez This publication does not cover the topics listed in the following table. Sc tax forms 1040ez    IF you need information about: THEN you should see: Corporations Publication 542 Farming Publication 225 Fishermen (Capital Construction Fund)  Publication 595 Partnerships Publication 541 Passive activities Publication 925 Recordkeeping Publication 583 Rental Publication 527 S corporations Instructions for Form 1120S What you need to know. Sc tax forms 1040ez   Table A provides a list of questions you need to answer to help you meet your federal tax obligations. Sc tax forms 1040ez After each question is the location in this publication where you will find the related discussion. Sc tax forms 1040ez Table A. Sc tax forms 1040ez What You Need To Know About Federal Taxes (Note. Sc tax forms 1040ez The following is a list of questions you may need to answer so you can fill out your federal income tax return. Sc tax forms 1040ez Chapters are given to help you find the related discussion in this publication. Sc tax forms 1040ez ) What must I know   Where to find the answer   What kinds of federal taxes do I have to pay? How do I pay them?   See chapter 1. Sc tax forms 1040ez What forms must I file?   See chapter 1. Sc tax forms 1040ez What must I do if I have employees?   See Employment Taxes in chapter 1. Sc tax forms 1040ez Do I have to start my tax year in January, or can I start it in any other month?   See Accounting Periods in chapter 2. Sc tax forms 1040ez What method can I use to account for my income and expenses?   See Accounting Methods in chapter 2. Sc tax forms 1040ez What kinds of business income do I have to report on my tax return?   See chapter 5. Sc tax forms 1040ez What kinds of business expenses can I deduct on my tax return?   See Business Expenses in chapter 8. Sc tax forms 1040ez What kinds of expenses are not deductible as business expenses?   See Expenses You Cannot Deduct in chapter 8. Sc tax forms 1040ez What happens if I have a business loss? Can I deduct it?   See chapter 9. Sc tax forms 1040ez What must I do if I disposed of business property during the year?   See chapter 3. Sc tax forms 1040ez What are my rights as a taxpayer?   See chapter 11. Sc tax forms 1040ez Where do I go if I need help with federal tax matters?   See chapter 12. Sc tax forms 1040ez IRS mission. Sc tax forms 1040ez   Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. Sc tax forms 1040ez Comments and suggestions. Sc tax forms 1040ez   We welcome your comments about this publication and your suggestions for future editions. Sc tax forms 1040ez   You can write to us at the following address:  Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Sc tax forms 1040ez NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Sc tax forms 1040ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Sc tax forms 1040ez   You can send your comments from www. Sc tax forms 1040ez irs. Sc tax forms 1040ez gov/formspubs/. Sc tax forms 1040ez Click on “More Information” then on “Comment on Tax Forms and Publications. Sc tax forms 1040ez ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Sc tax forms 1040ez Ordering forms and publications. Sc tax forms 1040ez   Visit  www. Sc tax forms 1040ez irs. Sc tax forms 1040ez gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Sc tax forms 1040ez  Internal Revenue Service 1201 N. Sc tax forms 1040ez Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Sc tax forms 1040ez   If you have a tax question, check the information available on IRS. Sc tax forms 1040ez gov or call 1-800-829-1040. Sc tax forms 1040ez We cannot answer tax questions sent to either of the above addresses. Sc tax forms 1040ez Future Developments For the latest information about developments related to Publication 334, such as legislation enacted after it was published, go to www. Sc tax forms 1040ez irs. Sc tax forms 1040ez gov/pub334. Sc tax forms 1040ez What's New for 2013 The following are some of the tax changes for 2013. Sc tax forms 1040ez For information on other changes, go to IRS. Sc tax forms 1040ez gov. Sc tax forms 1040ez Tax rates. Sc tax forms 1040ez . Sc tax forms 1040ez  For tax years beginning in 2013, the social security part of the self-employment tax increases to 12. Sc tax forms 1040ez 4%. Sc tax forms 1040ez The Medicare part of the tax remains at 2. Sc tax forms 1040ez 9%. Sc tax forms 1040ez As a result, the self-employment tax is 15. Sc tax forms 1040ez 3%. Sc tax forms 1040ez Maximum net earnings. Sc tax forms 1040ez  The maximum net self-employment earnings subject to the social security part of the self-employment tax increases to $113,700 for 2013. Sc tax forms 1040ez There is no maximum limit on earnings subject to the Medicare part. Sc tax forms 1040ez Standard mileage rate. Sc tax forms 1040ez  For 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. Sc tax forms 1040ez 5 cents per mile. Sc tax forms 1040ez For more information, see Car and Truck Expenses in chapter 8. Sc tax forms 1040ez Simplified method for business use of home deduction. Sc tax forms 1040ez . Sc tax forms 1040ez  The IRS now provides a simplified method to determine your expenses for business use of your home. Sc tax forms 1040ez For more information, see Business Use of Your Home in chapter 8. Sc tax forms 1040ez What's New for 2014 The following are some of the tax changes for 2014. Sc tax forms 1040ez For information on other changes, go to IRS. Sc tax forms 1040ez gov. Sc tax forms 1040ez Standard mileage rate. Sc tax forms 1040ez  For 2014, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56 cents per mile. Sc tax forms 1040ez Self-employment tax. Sc tax forms 1040ez  The maximum net self-employment earnings subject to the social security part of the self-employment tax is $117,000 for 2014. Sc tax forms 1040ez Reminders Accounting methods. Sc tax forms 1040ez  Certain small business taxpayers may be eligible to adopt or change to the cash method of accounting and may not be required to account for inventories. Sc tax forms 1040ez For more information, see Inventories in chapter 2. Sc tax forms 1040ez Reportable transactions. Sc tax forms 1040ez  You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. Sc tax forms 1040ez You may have to pay a penalty if you are required to file Form 8886 but do not do so. Sc tax forms 1040ez You may also have to pay interest and penalties on any reportable transaction understatements. Sc tax forms 1040ez Reportable transactions include: Transactions the same as or substantially similar to tax avoidance transactions identified by the IRS, Transactions offered to you under conditions of confidentiality for which you paid an advisor a minimum fee, Transactions for which you have, or a related party has, contractual protection against disallowance of the tax benefits, Transactions that result in losses of at least $2 million in any single tax year ($50,000 if from certain foreign currency transactions) or $4 million in any combination of tax years, and Transactions the same or substantially similar to one of the types of transactions the IRS has identified as a transaction of interest. Sc tax forms 1040ez For more information, see the Instructions for Form 8886. Sc tax forms 1040ez Photographs of Missing Children The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Sc tax forms 1040ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Sc tax forms 1040ez You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Sc tax forms 1040ez Prev  Up  Next   Home   More Online Publications