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Self Employment Tax Form

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Self Employment Tax Form

Self employment tax form Index A Abatement of interest and penalties, Abatement of interest and penalties. Self employment tax form Accidents, Deductible losses. Self employment tax form , Nondeductible losses. Self employment tax form Adjusted basis, Adjusted Basis Adjustments to basis, Basis adjustment to corporation's property. Self employment tax form , Adjustments to Basis Amended returns, Amended return. Self employment tax form Appraisals, Appraisal. Self employment tax form , Costs of photographs and appraisals. Self employment tax form Assistance (see Tax help) B Bad debts, Nonbusiness bad debt. Self employment tax form Basis Adjusted, Adjusted Basis Adjustments to, Basis adjustment to corporation's property. Self employment tax form , Adjustments to Basis Replacement property, Basis of replacement property. Self employment tax form Business or income-producing property, Business or income-producing property. Self employment tax form Business purposes, property used partly for, Property used partly for business and partly for personal purposes. Self employment tax form C Cars Accidents, Deductible losses. Self employment tax form Fair market value of, Car value. Self employment tax form Cash gifts, Cash gifts. Self employment tax form Casualty losses, Table 3. Self employment tax form When To Deduct a Casualty or Theft Loss Deductible losses, Deductible losses. Self employment tax form Definition, Casualty Deposits, loss on, Casualty loss or ordinary loss. Self employment tax form Nondeductible losses, Nondeductible losses. Self employment tax form Progressive deterioration, Progressive deterioration. Self employment tax form Proof of, Casualty loss proof. Self employment tax form When to report, Losses. Self employment tax form Workbooks for listing property, Workbooks for casualties and thefts. Self employment tax form Clean up costs, Cost of cleaning up or making repairs. Self employment tax form Condemnation, Condemnations. Self employment tax form Corrosive drywall, Special Procedure for Damage From Corrosive Drywall Costs Appraisals, Costs of photographs and appraisals. Self employment tax form Clean up, Cost of cleaning up or making repairs. Self employment tax form Incidental expenses, Related expenses. Self employment tax form Landscaping, Landscaping. Self employment tax form Photographs taken after loss, Costs of photographs and appraisals. Self employment tax form Protection, Cost of protection. Self employment tax form Repair, Cost of cleaning up or making repairs. Self employment tax form Replacement, Replacement cost. Self employment tax form D Death of taxpayer Postponement of gain, Death of a taxpayer. Self employment tax form Deductible losses, Deductible losses. Self employment tax form Deduction limits, Deduction Limits $100 rule, $100 Rule 10% rule, 10% Rule 2% rule, 2% Rule Deposit losses, Mislaid or lost property. Self employment tax form , Table 3. Self employment tax form When To Deduct a Casualty or Theft Loss Reporting of (Table 1), Table 1. Self employment tax form Reporting Loss on Deposits When to report, Loss on deposits. Self employment tax form Disaster area losses, Lessee's loss. Self employment tax form Claiming on amended return, Claiming a disaster loss on an amended return. Self employment tax form Federal loan canceled, Federal loan canceled. Self employment tax form Federally declared disaster, Business or income-producing property located in a federally declared disaster area. Self employment tax form , Disaster Area Losses Figuring loss deduction, Figuring the loss deduction. Self employment tax form Form 1040X, How to report the loss on Form 1040X. Self employment tax form Home made unsafe, Home made unsafe by disaster. Self employment tax form How to deduct loss in preceding year, How to deduct your loss in the preceding year. Self employment tax form Inventory, Disaster loss to inventory. Self employment tax form Main home rules, Main home in disaster area. Self employment tax form , Gains. Self employment tax form Qualified disaster mitigation payments, Qualified disaster mitigation payments. Self employment tax form Qualified disaster relief payments, Qualified disaster relief payments. Self employment tax form Records to keep, Records. Self employment tax form Tax deadlines postponed, Covered disaster area. Self employment tax form When to deduct, When to deduct the loss. Self employment tax form Table 3, Table 3. Self employment tax form When To Deduct a Casualty or Theft Loss Disaster mitigation payments, Qualified disaster mitigation payments. Self employment tax form Disaster relief grants, Disaster relief. Self employment tax form Drywall, corrosive, Special Procedure for Damage From Corrosive Drywall Due dates Tax deadlines postponed, Postponed Tax Deadlines E Employer's emergency disaster fund, Employer's emergency disaster fund. Self employment tax form F Fair market value (FMV) Decline in value of property in or near casualty area, Decline in market value of property in or near casualty area. Self employment tax form Measuring decrease in, Decrease in Fair Market Value Items not to consider, Figuring Decrease in FMV — Items Not To Consider Items to consider, Figuring Decrease in FMV — Items To Consider Federal disaster relief grants, Federal disaster relief grants. Self employment tax form Federal Emergency Management Agency (FEMA), contacting, Contacting the Federal Emergency Management Agency (FEMA) Federally declared disasters, Business or income-producing property located in a federally declared disaster area. Self employment tax form , Disaster Area Losses Figuring gain, Property used partly for business and partly for personal purposes. Self employment tax form Figuring loss, Theft loss proof. Self employment tax form , Figuring the Deduction Adjusted basis, Adjusted Basis Disaster area losses, Figuring the loss deduction. Self employment tax form Insurance and other reimbursements, Insurance and Other Reimbursements Form 1040, Schedule A, Personal-use property. Self employment tax form Form 1040, Schedule D, Personal-use property. Self employment tax form Form 1040X Disaster area losses, How to report the loss on Form 1040X. Self employment tax form Form 4684 Reporting gains and losses on personal-use property, Personal-use property. Self employment tax form Free tax services, Free help with your tax return. Self employment tax form G Gains Figuring, Figuring a Gain Postponement of, Postponement of Gain, How To Postpone a Gain Reimbursements, Gain from reimbursement. Self employment tax form Reporting of, Contacting the Federal Emergency Management Agency (FEMA) When to report, Changing your mind. Self employment tax form H Help (see Tax help) I Incidental expenses, Related expenses. Self employment tax form Insurance, Insurance and Other Reimbursements Living expenses, payments for, Insurance payments for living expenses. Self employment tax form Interest abatement, Abatement of interest and penalties. Self employment tax form Inventory losses, Loss of inventory. Self employment tax form Disaster area losses, Disaster loss to inventory. Self employment tax form L Landscaping, Landscaping. Self employment tax form Leased property, Leased property. Self employment tax form When to report, Lessee's loss. Self employment tax form Losses Casualty (see Casualty losses) Deposits (see Deposit losses) Disaster areas (see Disaster area losses) Figuring amount (see Figuring loss) Proof of, Deducted loss recovered. Self employment tax form Records of, Theft loss proof. Self employment tax form Reporting of, Contacting the Federal Emergency Management Agency (FEMA) Theft (see Theft losses) When to report, Changing your mind. Self employment tax form (Table 3), Table 3. Self employment tax form When To Deduct a Casualty or Theft Loss M Married taxpayers Deduction limits, Married taxpayers. Self employment tax form , Married taxpayers. Self employment tax form Mislaid or lost property, Mislaid or lost property. Self employment tax form Missing children, photographs of, Reminders N Nonbusiness bad debts, Nonbusiness bad debt. Self employment tax form Nondeductible losses, Nondeductible losses. Self employment tax form P Payments for living expenses, Insurance payments for living expenses. Self employment tax form Penalty abatement, Abatement of interest and penalties. Self employment tax form Personal property Loss deduction, figuring of, Personal property. Self employment tax form Personal-use property Reporting gains and losses, Personal-use property. Self employment tax form Personal-use real property, Exception for personal-use real property. Self employment tax form Photographs Documentation of loss, Costs of photographs and appraisals. Self employment tax form Ponzi-type investment schemes, Losses from Ponzi-type investment schemes. Self employment tax form Postponed tax deadlines, Postponed Tax Deadlines Postponement of gain, Postponement of Gain, How To Postpone a Gain Amended return, Amended return. Self employment tax form Changing mind, Changing your mind. Self employment tax form Replacement property acquired after return filed, Replacement property acquired after return filed. Self employment tax form Replacement property acquired before return filed, Replacement property acquired before return filed. Self employment tax form Required statement, Required statement. Self employment tax form Substituting replacement property, Substituting replacement property. Self employment tax form Three-year limit, Three-year limit. Self employment tax form Proof of loss, Proof of Loss Protection costs, Cost of protection. Self employment tax form Publications (see Tax help) R Records of loss, Theft loss proof. Self employment tax form Recovered stolen property, Recovered stolen property. Self employment tax form Reimbursements Cash gifts, Cash gifts. Self employment tax form Disaster relief, Disaster relief. Self employment tax form Employer's emergency disaster fund, Employer's emergency disaster fund. Self employment tax form Failure to file a claim, Failure to file a claim for reimbursement. Self employment tax form Received after deducting loss, Reimbursement Received After Deducting Loss Types of, Types of Reimbursements Related expenses, Related expenses. Self employment tax form Related person, replacement property bought from, Buying replacement property from a related person. Self employment tax form Repair costs, Cost of cleaning up or making repairs. Self employment tax form Replacement cost, Replacement cost. Self employment tax form Replacement period, Replacement Period Extension of, Extension. Self employment tax form Replacement property, Replacement Property Advance payment, Advance payment. Self employment tax form Basis adjustment to corporation's property, Basis adjustment to corporation's property. Self employment tax form Basis of, Basis of replacement property. Self employment tax form Main home, Main home replaced. Self employment tax form In disaster area, Main home in disaster area. Self employment tax form Postponement of gain, Replacement property acquired before return filed. Self employment tax form Reporting gains and losses, Reporting a gain. Self employment tax form , How To Report Gains and Losses Basis, adjustments to, Adjustments to Basis Business and income-producing property, Business and income-producing property. Self employment tax form Deductions exceeding income, If Deductions Are More Than Income Deposits, How to report. Self employment tax form Table 1, Table 1. Self employment tax form Reporting Loss on Deposits Disaster area losses, How to report the loss on Form 1040X. Self employment tax form Personal-use property, Personal-use property. Self employment tax form Timing of, When To Report Gains and Losses S Sentimental value, Sentimental value. Self employment tax form State disaster relief grants for businesses, State disaster relief grants for businesses. Self employment tax form Stolen property (see Theft losses) T Tables and figures Reporting loss on deposits (Table 1), Table 1. Self employment tax form Reporting Loss on Deposits When to deduct losses (Table 3), Table 3. Self employment tax form When To Deduct a Casualty or Theft Loss Tax help, How To Get Tax Help Theft losses, Theft FMV of stolen property, FMV of stolen property. Self employment tax form Mislaid or lost property, Mislaid or lost property. Self employment tax form Proof of, Theft loss proof. Self employment tax form When to deduct (Table 3), Table 3. Self employment tax form When To Deduct a Casualty or Theft Loss When to report, Losses. Self employment tax form Workbooks for listing property, Workbooks for casualties and thefts. Self employment tax form Timber loss, Timber loss. Self employment tax form W Workbooks for property lost due to casualties and thefts, Workbooks for casualties and thefts. Self employment tax form Prev  Up     Home   More Online Publications
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Tax Relief for Victims of Severe Storms, Straight-line Winds and Flooding in Illinois

Updated 7/03/2013 to include Putnam and Warren counties.

Updated 5/31/2013 to include Brown, Calhoun, Clark,  Douglas, Henry, Pike, Whiteside, and Winnebago counties.

Updated 5/23/2013 to include Bureau, Crawford, Henderson, Knox, Livingston, Marshall, Mason, McDonough, Peoria, Rock Island, Schuyler, Stark, Tazewell and Woodford counties.

IL/KS/MO 2013-28, May. 14, 2013

CHICAGO — Victims of severe storms, straight-line winds, and flooding that began on April 16, 2013 in parts of Illinois may qualify for tax relief from the Internal Revenue Service.

The President has declared Brown, Bureau, Calhoun, Clark, Cook, Crawford, DeKalb, Douglas, DuPage, Fulton, Grundy, Henderson, Henry, Kane, Kendall, Knox, Lake, LaSalle, Livingston, Marshall, Mason, McDonough, McHenry, Peoria, Pike, Putnam, Rock Island, Schuyler, Stark, Tazewell,  Warren, Whiteside, Will, Winnebago and Woodford  counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after April 16, and on or before July 1, have been postponed to July 1, 2013. This includes the June 17 deadline for second quarter estimated tax payments.

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after April 16, and on or before May 1, as long as the deposits are made by May 1, 2013.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until July 1 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after April 16 and on or before July 1.

The IRS also gives affected taxpayers until July 1 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after April 16 and on or before July 1.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after April 16 and on or before May 1provided the taxpayer makes these deposits by May 1.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Illinois/Severe Storms, Straight-line Winds, and Flooding” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

 

Related Information

Disaster Assistance and Emergency Relief for Individuals and Businesses

Recent IRS Disaster Relief Announcements

 

Page Last Reviewed or Updated: 03-Jul-2013

The Self Employment Tax Form

Self employment tax form Publication 1544 - Main Content Table of Contents Why Report These Payments? Who Must File Form 8300?What Payments Must Be Reported? What Is Cash? Taxpayer Identification Number (TIN) What Is a Related Transaction? What About Suspicious Transactions? When, Where, and What To File Examples Penalties How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Self employment tax form Why Report These Payments? Drug dealers and smugglers often use large cash payments to “launder” money from illegal activities. Self employment tax form Laundering means converting “dirty” or illegally-gained money to “clean” money. Self employment tax form The government can often trace this laundered money through the payments you report. Self employment tax form Laws passed by Congress require you to report these payments. Self employment tax form Your compliance with these laws provides valuable information that can stop those who evade taxes and those who profit from the drug trade and other criminal activities. Self employment tax form The USA PATRIOT Act of 2001 increased the scope of these laws to help trace funds used for terrorism. Self employment tax form Who Must File Form 8300? Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file Form 8300. Self employment tax form For example, you may have to file Form 8300 if you are a dealer in jewelry, furniture, boats, aircraft, or automobiles; a pawnbroker; an attorney; a real estate broker; an insurance company; or a travel agency. Self employment tax form Special rules for clerks of federal or state courts are discussed later under Bail received by court clerks. Self employment tax form However, you do not have to file Form 8300 if the transaction is not related to your trade or business. Self employment tax form For example, if you own a jewelry store and sell your personal automobile for more than $10,000 in cash, you would not submit a Form 8300 for that transaction. Self employment tax form Transaction defined. Self employment tax form    A “transaction” occurs when: Goods, services, or property are sold; Property is rented; Cash is exchanged for other cash; A contribution is made to a trust or escrow account; A loan is made or repaid; or Cash is converted to a negotiable instrument, such as a check or a bond. Self employment tax form Person defined. Self employment tax form   A “person” includes an individual, a company, a corporation, a partnership, an association, a trust, or an estate. Self employment tax form   Exempt organizations, including employee plans, are also “persons. Self employment tax form ” However, exempt organizations do not have to file Form 8300 for a more-than-$10,000 charitable cash contribution they receive since it is not received in the course of a trade or business. Self employment tax form Foreign transactions. Self employment tax form   You do not have to file Form 8300 if the entire transaction (including the receipt of cash) takes place outside of: The 50 states, The District of Columbia, Puerto Rico, or A possession or territory of the United States. Self employment tax form However, you must file Form 8300 if any part of the transaction (including the receipt of cash) occurs in Puerto Rico or a possession or territory of the United States and you are subject to the Internal Revenue Code. Self employment tax form Bail received by court clerks. Self employment tax form   Any clerk of a federal or state court who receives more than $10,000 in cash as bail for an individual charged with any of the following criminal offenses must file Form 8300: Any federal offense involving a controlled substance, Racketeering, Money laundering, and Any state offense substantially similar to (1), (2), or (3) above. Self employment tax form For more information about the rules that apply to court clerks, see Section 1. Self employment tax form 6050I-2 of the Income Tax Regulations. Self employment tax form What Payments Must Be Reported? You must file Form 8300 to report cash paid to you if it is: Over $10,000, Received as: One lump sum of over $10,000, Installment payments that cause the total cash received within 1 year of the initial payment to total more than $10,000, or Other previously unreportable payments that cause the total cash received within a 12-month period to total more than $10,000, Received in the course of your trade or business, Received from the same buyer (or agent), and Received in a single transaction or in related transactions (defined later). Self employment tax form What Is Cash? Cash is: The coins and currency of the United States (and any other country), and A cashier's check, bank draft, traveler's check, or money order you receive, if it has a face amount of $10,000 or less and you receive it in: A designated reporting transaction (defined later), or Any transaction in which you know the payer is trying to avoid the reporting of the transaction on Form 8300. Self employment tax form Cash may include a cashier's check even if it is called a “treasurer's check” or “bank check. Self employment tax form ” Cash does not include a check drawn on an individual's personal account. Self employment tax form A cashier's check, bank draft, traveler's check, or money order with a face amount of more than $10,000 is not treated as cash. Self employment tax form These items are not defined as cash and you do not have to file Form 8300 when you receive them because, if they were bought with currency, the bank or other financial institution that issued them must file a report on FinCEN Form 104. Self employment tax form Example 1. Self employment tax form You are a coin dealer. Self employment tax form Bob Green buys gold coins from you for $13,200. Self employment tax form He pays for them with $6,200 in U. Self employment tax form S. Self employment tax form currency and a cashier's check having a face amount of $7,000. Self employment tax form The cashier's check is treated as cash. Self employment tax form You have received more than $10,000 cash and must file Form 8300 for this transaction. Self employment tax form Example 2. Self employment tax form You are a retail jeweler. Self employment tax form Mary North buys an item of jewelry from you for $12,000. Self employment tax form She pays for it with a personal check payable to you in the amount of $9,600 and traveler's checks totaling $2,400. Self employment tax form Because the personal check is not treated as cash, you have not received more than $10,000 cash in the transaction. Self employment tax form You do not have to file Form 8300. Self employment tax form Example 3. Self employment tax form You are a boat dealer. Self employment tax form Emily Jones buys a boat from you for $16,500. Self employment tax form She pays for it with a cashier's check payable to you in the amount of $16,500. Self employment tax form The cashier's check is not treated as cash because its face amount is more than $10,000. Self employment tax form You do not have to file Form 8300 for this transaction. Self employment tax form Designated Reporting Transaction A designated reporting transaction is the retail sale of any of the following: A consumer durable, such as an automobile or boat. Self employment tax form A consumer durable is property, other than land or buildings, that: Is suitable for personal use, Can reasonably be expected to last at least 1 year under ordinary use, Has a sales price of more than $10,000, and Can be seen or touched (tangible property). Self employment tax form For example, a $20,000 car is a consumer durable, but a $20,000 dump truck or factory machine is not. Self employment tax form The car is a consumer durable even if you sell it to a buyer who will use it in a business. Self employment tax form A collectible (for example, a work of art, rug, antique, metal, gem, stamp, or coin). Self employment tax form Travel or entertainment, if the total sales price of all items sold for the same trip or entertainment event in one transaction (or related transactions) is more than $10,000. Self employment tax form To figure the total sales price of all items sold for a trip or entertainment event, you include the sales price of items such as airfare, hotel rooms, and admission tickets. Self employment tax form Example. Self employment tax form You are a travel agent. Self employment tax form Ed Johnson asks you to charter a passenger airplane to take a group to a sports event in another city. Self employment tax form He also asks you to book hotel rooms and admission tickets for the group. Self employment tax form In payment, he gives you two money orders, each for $6,000. Self employment tax form You have received more than $10,000 cash in this designated reporting transaction. Self employment tax form You must file Form 8300. Self employment tax form Retail sale. Self employment tax form   The term “retail sale” means any sale made in the course of a trade or business that consists mainly of making sales to ultimate consumers. Self employment tax form   Thus, if your business consists mainly of making sales to ultimate consumers, all sales you make in the course of that business are retail sales. Self employment tax form This includes any sales of items that will be resold. Self employment tax form Broker or intermediary. Self employment tax form   A designated reporting transaction includes the retail sale of items (1), (2), or (3) of the preceding list, even if the funds are received by a broker or other intermediary, rather than directly by the seller. Self employment tax form Exceptions to Definition of Cash A cashier's check, bank draft, traveler's check, or money order you received in a designated reporting transaction is not treated as cash if one of the following exceptions applies. Self employment tax form Exception for certain bank loans. Self employment tax form   A cashier's check, bank draft, traveler's check, or money order is not treated as cash if it is the proceeds from a bank loan. Self employment tax form As proof that it is from a bank loan, you may rely on a copy of the loan document, a written statement or lien instruction from the bank, or similar proof. Self employment tax form Example. Self employment tax form You are a car dealer. Self employment tax form Mandy White buys a new car from you for $11,500. Self employment tax form She pays you with $2,000 of U. Self employment tax form S. Self employment tax form currency and a cashier's check for $9,500 payable to you and her. Self employment tax form You can tell that the cashier's check is the proceeds of a bank loan because it includes instructions to you to have a lien put on the car as security for the loan. Self employment tax form For this reason, the cashier's check is not treated as cash. Self employment tax form You do not have to file Form 8300 for the transaction. Self employment tax form Exception for certain installment sales. Self employment tax form   A cashier's check, bank draft, traveler's check, or money order is not treated as cash if it is received in payment on a promissory note or an installment sales contract (including a lease that is considered a sale for federal tax purposes). Self employment tax form However, this exception applies only if: You use similar notes or contracts in other sales to ultimate consumers in the ordinary course of your trade or business, and The total payments for the sale that you receive on or before the 60th day after the sale are 50% or less of the purchase price. Self employment tax form Exception for certain down payment plans. Self employment tax form   A cashier's check, bank draft, traveler's check, or money order is not treated as cash if you received it in payment for a consumer durable or collectible, and all three of the following statements are true. Self employment tax form You receive it under a payment plan requiring: One or more down payments, and Payment of the rest of the purchase price by the date of sale. Self employment tax form You receive it more than 60 days before the date of sale. Self employment tax form You use payment plans with the same or substantially similar terms when selling to ultimate consumers in the ordinary course of your trade or business. Self employment tax form Exception for travel and entertainment. Self employment tax form   A cashier's check, bank draft, traveler's check, or money order received for travel or entertainment is not treated as cash if all three of the following statements are true. Self employment tax form You receive it under a payment plan requiring: One or more down payments, and Payment of the rest of the purchase price by the earliest date that any travel or entertainment item (such as airfare) is furnished for the trip or entertainment event. Self employment tax form You receive it more than 60 days before the date on which the final payment is due. Self employment tax form You use payment plans with the same or substantially similar terms when selling to ultimate consumers in the ordinary course of your trade or business. Self employment tax form Taxpayer Identification Number (TIN) You must furnish the correct TIN of the person or persons from whom you receive the cash. Self employment tax form If the transaction is conducted on the behalf of another person or persons, you must furnish the TIN of that person or persons. Self employment tax form If you do not know a person's TIN, you have to ask for it. Self employment tax form You may be subject to penalties for an incorrect or missing TIN. Self employment tax form There are three types of TINs. Self employment tax form The TIN for an individual, including a sole proprietor, is the individual's social security number (SSN). Self employment tax form The TIN for a nonresident alien individual who needs a TIN but is not eligible to get an SSN is an IRS individual taxpayer identification number (ITIN). Self employment tax form An ITIN has nine digits, similar to an SSN. Self employment tax form The TIN for other persons, including corporations, partnerships, and estates, is the employer identification number (EIN). Self employment tax form Exception. Self employment tax form   You are not required to provide the TIN of a person who is a nonresident alien individual or a foreign organization if that person or foreign organization: Does not have income effectively connected with the conduct of a U. Self employment tax form S. Self employment tax form trade or business; Does not have an office or place of business, or a fiscal or paying agent in the United States; Does not file a federal tax return; Does not furnish a withholding certificate described in §1. Self employment tax form 1441-1(e)(2) or (3) or 1. Self employment tax form 1441-5(c)(2)(iv) or (3)(iii) to the extent required under 1. Self employment tax form 1441-1(e)(4)(vii); Does not have to furnish a TIN on any return, statement, or other document as required by the income tax regulations under section 897 or 1445; or In the case of a nonresident alien individual, the individual has not chosen to file a joint federal income tax return with a spouse who is a U. Self employment tax form S. Self employment tax form citizen or resident. Self employment tax form What Is a Related Transaction? Any transactions between a buyer (or an agent of the buyer) and a seller that occur within a 24-hour period are related transactions. Self employment tax form If you receive over $10,000 in cash during two or more transactions with one buyer in a 24-hour period, you must treat the transactions as one transaction and report the payments on Form 8300. Self employment tax form For example, if you sell two products for $6,000 each to the same customer in 1 day and the customer pays you in cash, these are related transactions. Self employment tax form Because they total $12,000 (more than $10,000), you must file Form 8300. Self employment tax form More than 24 hours between transactions. Self employment tax form   Transactions are related even if they are more than 24 hours apart if you know, or have reason to know, that each is one of a series of connected transactions. Self employment tax form   For example, you are a travel agent. Self employment tax form A client pays you $8,000 in cash for a trip. Self employment tax form Two days later, the same client pays you $3,000 more in cash to include another person on the trip. Self employment tax form These are related transactions, and you must file Form 8300 to report them. Self employment tax form What About Suspicious Transactions? If you receive $10,000 or less in cash, you may voluntarily file Form 8300 if the transaction appears to be suspicious. Self employment tax form A transaction is suspicious if it appears that a person is trying to cause you not to file Form 8300 or is trying to cause you to file a false or incomplete Form 8300, or if there is a sign of possible illegal activity. Self employment tax form If you are suspicious, you are encouraged to call the local IRS Criminal Investigation Division as soon as possible. Self employment tax form Or, you can call the FinCEN Financial Institution Hotline toll free at 1-866-556-3974. Self employment tax form When, Where, and What To File The amount you receive and when you receive it determine when you must file. Self employment tax form Generally, you must file Form 8300 within 15 days after receiving a payment. Self employment tax form If the Form 8300 due date (the 15th or last day you can timely file the form) falls on a Saturday, Sunday, or legal holiday, it is delayed until the next day that is not a Saturday, Sunday, or legal holiday. Self employment tax form More than one payment. Self employment tax form   In some transactions, the buyer may arrange to pay you in cash installment payments. Self employment tax form If the first payment is more than $10,000, you must file Form 8300 within 15 days. Self employment tax form If the first payment is not more than $10,000, you must add the first payment and any later payments made within 1 year of the first payment. Self employment tax form When the total cash payments are more than $10,000, you must file Form 8300 within 15 days. Self employment tax form   After you file Form 8300, you must start a new count of cash payments received from that buyer. Self employment tax form If you receive more than $10,000 in additional cash payments from that buyer within a 12-month period, you must file another Form 8300. Self employment tax form You must file the form within 15 days of the payment that causes the additional payments to total more than $10,000. Self employment tax form   If you are already required to file Form 8300 and you receive additional payments within the 15 days before you must file, you can report all the payments on one form. Self employment tax form Example. Self employment tax form On January 10, you receive a cash payment of $11,000. Self employment tax form You receive additional cash payments on the same transaction of $4,000 on February 15, $5,000 on March 20, and $6,000 on May 12. Self employment tax form By January 25, you must file a Form 8300 for the $11,000 payment. Self employment tax form By May 27, you must file an additional Form 8300 for the additional payments that total $15,000. Self employment tax form Amending a Report?   If you are amending a report, check box 1a at the top of Form 8300. Self employment tax form Complete the form in its entirety (Parts I-IV) and include the amended information. Self employment tax form Do not attach a copy of the original report. Self employment tax form Where to file. Self employment tax form   Mail the form to the address given in the Form 8300 instructions. Self employment tax form Required statement to buyer. Self employment tax form   You must give a written or electronic statement to each person named on any Form 8300 you must file. Self employment tax form You can give the statement electronically only if the recipient agrees to receive it in that format. Self employment tax form The statement must show the name and address of your business, the name and phone number of a contact person, and the total amount of reportable cash you received from the person during the year. Self employment tax form It must state that you are also reporting this information to the IRS. Self employment tax form   You must send this statement to the buyer by January 31 of the year after the year in which you received the cash that caused you to file the form. Self employment tax form    You must keep a copy of every Form 8300 you file for 5 years. Self employment tax form Examples Example 1. Self employment tax form Pat Brown is the sales manager for Small Town Cars. Self employment tax form On January 6, 2009, Jane Smith buys a new car from Pat and pays $18,000 in cash. Self employment tax form Pat asks for identification from Jane to get the necessary information to complete Form 8300. Self employment tax form A filled-in form is shown in this publication. Self employment tax form Pat must mail the form to the address shown in the form's instructions by January 21, 2009. Self employment tax form He must also send a statement to Jane by January 31, 2010. Self employment tax form Example 2. Self employment tax form Using the same facts given in Example 1, suppose Jane had arranged to make cash payments of $6,000 each on January 6, February 6, and March 6. Self employment tax form Pat would have to file a Form 8300 by February 26 (17 days after receiving total cash payments within 1 year over $10,000 because February 21, 2009, is a Saturday). Self employment tax form Pat would not have to report the remaining $6,000 cash payment because it is not more than $10,000. Self employment tax form However, he could report it if he felt it was a suspicious transaction. Self employment tax form Penalties There are civil penalties for failure to: File a correct Form 8300 by the date it is due, and Provide the required statement to those named in the Form 8300. Self employment tax form If you intentionally disregard the requirement to file a correct Form 8300 by the date it is due, the penalty is the greater of: $25,000, or The amount of cash you received and were required to report (up to $100,000). Self employment tax form There are criminal penalties for: Willful failure to file Form 8300, Willfully filing a false or fraudulent Form 8300, Stopping or trying to stop Form 8300 from being filed, and Setting up, helping to set up, or trying to set up a transaction in a way that would make it seem unnecessary to file Form 8300. Self employment tax form If you willfully fail to file Form 8300, you can be fined up to $250,000 for individuals ($500,000 for corporations) or sentenced to up to 5 years in prison, or both. Self employment tax form These dollar amounts are based on Section 3571 of Title 18 of the U. Self employment tax form S. Self employment tax form Code. Self employment tax form The penalties for failure to file may also apply to any person (including a payer) who attempts to interfere with or prevent the seller (or business) from filing a correct Form 8300. Self employment tax form This includes any attempt to structure the transaction in a way that would make it seem unnecessary to file Form 8300. Self employment tax form Structuring means breaking up a large cash transaction into small cash transactions. Self employment tax form How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Self employment tax form By selecting the method that is best for you, you will have quick and easy access to tax help. Self employment tax form Free help with your return. Self employment tax form   Free help in preparing your return is available nationwide from IRS-certified volunteers. Self employment tax form The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Self employment tax form 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. Self employment tax form To find the nearest VITA or TCE site, visit IRS. Self employment tax form gov or call 1-800-906-9887 or 1-800-829-1040. Self employment tax form   As part of the TCE program, AARP offers the Tax-Aide counseling program. Self employment tax form To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. Self employment tax form aarp. Self employment tax form org/money/taxaide. Self employment tax form   For more information on these programs, go to IRS. Self employment tax form gov and enter keyword “VITA” in the upper right-hand corner. Self employment tax form Internet. Self employment tax form You can access the IRS website at IRS. Self employment tax form gov 24 hours a day, 7 days a week to: Check the status of your 2011 refund. Self employment tax form Go to IRS. Self employment tax form gov and click on Where's My Refund. Self employment tax form Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Self employment tax form If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Self employment tax form Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Self employment tax form E-file your return. Self employment tax form Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Self employment tax form Download forms, including talking tax forms, instructions, and publications. Self employment tax form Order IRS products online. Self employment tax form Research your tax questions online. Self employment tax form Search publications online by topic or keyword. Self employment tax form Use the online Internal Revenue Code, regulations, or other official guidance. Self employment tax form View Internal Revenue Bulletins (IRBs) published in the last few years. Self employment tax form Figure your withholding allowances using the withholding calculator online at  www. Self employment tax form irs. Self employment tax form gov/individuals. Self employment tax form Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at  www. Self employment tax form irs. Self employment tax form gov/individuals. Self employment tax form Sign up to receive local and national tax news by email. Self employment tax form Get information on starting and operating a small business. Self employment tax form Phone. Self employment tax form Many services are available by phone. Self employment tax form   Ordering forms, instructions, and publications. Self employment tax form Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. Self employment tax form You should receive your order within 10 days. Self employment tax form Asking tax questions. Self employment tax form Call the IRS with your tax questions at 1-800-829-1040. Self employment tax form Solving problems. Self employment tax form You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Self employment tax form An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Self employment tax form Call your local Taxpayer Assistance Center for an appointment. Self employment tax form To find the number, go to www. Self employment tax form irs. Self employment tax form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Self employment tax form TTY/TDD equipment. Self employment tax form If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Self employment tax form TeleTax topics. Self employment tax form Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. Self employment tax form Refund information. Self employment tax form You can check the status of your refund on the new IRS phone app. Self employment tax form Download the free IRS2Go app by visiting the iTunes app store or the Android Marketplace. Self employment tax form IRS2Go is a new way to provide you with information and tools. Self employment tax form To check the status of your refund by phone, call 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). Self employment tax form Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Self employment tax form If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Self employment tax form Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Self employment tax form If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. Self employment tax form Other refund information. Self employment tax form To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. Self employment tax form Evaluating the quality of our telephone services. Self employment tax form To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Self employment tax form One method is for a second IRS representative to listen in on or record random telephone calls. Self employment tax form Another is to ask some callers to complete a short survey at the end of the call. Self employment tax form Walk-in. Self employment tax form Many products and services are available on a walk-in basis. Self employment tax form   Products. Self employment tax form You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Self employment tax form Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. Self employment tax form Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Self employment tax form Services. Self employment tax form You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Self employment tax form An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Self employment tax form If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Self employment tax form No appointment is necessary—just walk in. Self employment tax form If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Self employment tax form A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Self employment tax form If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. Self employment tax form All other issues will be handled without an appointment. Self employment tax form To find the number of your local office, go to www. Self employment tax form irs. Self employment tax form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Self employment tax form Mail. Self employment tax form You can send your order for forms, instructions, and publications to the address below. Self employment tax form You should receive a response within 10 days after your request is received. Self employment tax form  Internal Revenue Service 1201 N. Self employment tax form Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. Self employment tax form   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Self employment tax form Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. Self employment tax form We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. Self employment tax form Remember, the worst thing you can do is nothing at all. Self employment tax form   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. Self employment tax form You face (or your business is facing) an immediate threat of adverse action. Self employment tax form You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. Self employment tax form   If you qualify for our help, we’ll do everything we can to get your problem resolved. Self employment tax form You will be assigned to one advocate who will be with you at every turn. Self employment tax form We have offices in every state, the District of Columbia, and Puerto Rico. Self employment tax form Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. Self employment tax form And our services are always free. Self employment tax form   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Self employment tax form Our tax toolkit at www. Self employment tax form TaxpayerAdvocate. Self employment tax form irs. Self employment tax form gov can help you understand these rights. Self employment tax form   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. Self employment tax form irs. Self employment tax form gov/advocate. Self employment tax form You can also call our toll-free number at 1-877-777-4778. Self employment tax form   TAS also handles large-scale or systemic problems that affect many taxpayers. Self employment tax form If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Self employment tax form irs. Self employment tax form gov/advocate. Self employment tax form Low Income Taxpayer Clinics (LITCs). Self employment tax form   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. Self employment tax form Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. Self employment tax form These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. Self employment tax form Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. Self employment tax form For more information and to find a clinic near you, see the LITC page on www. Self employment tax form irs. Self employment tax form gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. Self employment tax form This publication is also available by calling 1-800-829-3676 or at your local IRS office. Self employment tax form Free tax services. Self employment tax form   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. Self employment tax form Learn about free tax information from the IRS, including publications, services, and education and assistance programs. Self employment tax form The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. Self employment tax form The majority of the information and services listed in this publication are available to you free of charge. Self employment tax form If there is a fee associated with a resource or service, it is listed in the publication. Self employment tax form   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. Self employment tax form DVD for tax products. Self employment tax form You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. Self employment tax form Prior-year forms, instructions, and publications. Self employment tax form Tax Map: an electronic research tool and finding aid. Self employment tax form Tax law frequently asked questions. Self employment tax form Tax Topics from the IRS telephone response system. Self employment tax form Internal Revenue Code—Title 26 of the U. Self employment tax form S. Self employment tax form Code. Self employment tax form Links to other Internet based Tax Research Materials. Self employment tax form Fill-in, print, and save features for most tax forms. Self employment tax form Internal Revenue Bulletins. Self employment tax form Toll-free and email technical support. Self employment tax form Two releases during the year. Self employment tax form  – The first release will ship the beginning of January. Self employment tax form  – The final release will ship the beginning of March. Self employment tax form Purchase the DVD from National Technical Information Service (NTIS) at www. Self employment tax form irs. Self employment tax form gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). Self employment tax form This image is too large to be displayed in the current screen. Self employment tax form Please click the link to view the image. Self employment tax form Fill-in Form 8300 Prev  Up  Next   Home   More Online Publications