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Taxact 2013 Free

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Taxact 2013 Free

Taxact 2013 free 6. Taxact 2013 free   How To Figure Cost of Goods Sold Table of Contents Introduction Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42Line 35 Inventory at Beginning of Year Line 36 Purchases Less Cost of Items Withdrawn for Personal Use Line 37 Cost of Labor Line 38 Materials and Supplies Line 39 Other Costs Line 40 Add Lines 35 through 39 Line 41 Inventory at End of Year Line 42 Cost of Goods Sold Introduction If you make or buy goods to sell, you can deduct the cost of goods sold from your gross receipts on Schedule C. Taxact 2013 free However, to determine these costs, you must value your inventory at the beginning and end of each tax year. Taxact 2013 free This chapter applies to you if you are a manufacturer, wholesaler, or retailer or if you are engaged in any business that makes, buys, or sells goods to produce income. Taxact 2013 free This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. Taxact 2013 free However, if you work in a personal service business and also sell or charge for the materials and supplies normally used in your business, this chapter applies to you. Taxact 2013 free If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. Taxact 2013 free For more information, see chapter 2. Taxact 2013 free Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42 Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. Taxact 2013 free These lines are reproduced below and are explained in the discussion that follows. Taxact 2013 free 35 Inventory at beginning of year. Taxact 2013 free If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. Taxact 2013 free Do not include any amounts paid to yourself   38 Materials and supplies   39 Other costs   40 Add lines 35 through 39   41 Inventory at end of year   42 Cost of goods sold. Taxact 2013 free Subtract line 41 from line 40. Taxact 2013 free  Enter the result here and on line 4   Line 35 Inventory at Beginning of Year If you are a merchant, beginning inventory is the cost of merchandise on hand at the beginning of the year that you will sell to customers. Taxact 2013 free If you are a manufacturer or producer, it includes the total cost of raw materials, work in process, finished goods, and materials and supplies used in manufacturing the goods (see Inventories in chapter 2). Taxact 2013 free Opening inventory usually will be identical to the closing inventory of the year before. Taxact 2013 free You must explain any difference in a schedule attached to your return. Taxact 2013 free Donation of inventory. Taxact 2013 free   If you contribute inventory (property that you sell in the course of your business), the amount you can claim as a contribution deduction is the smaller of its fair market value on the day you contributed it or its basis. Taxact 2013 free The basis of donated inventory is any cost incurred for the inventory in an earlier year that you would otherwise include in your opening inventory for the year of the contribution. Taxact 2013 free You must remove the amount of your contribution deduction from your opening inventory. Taxact 2013 free It is not part of the cost of goods sold. Taxact 2013 free   If the cost of donated inventory is not included in your opening inventory, the inventory's basis is zero and you cannot claim a charitable contribution deduction. Taxact 2013 free Treat the inventory's cost as you would ordinarily treat it under your method of accounting. Taxact 2013 free For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. Taxact 2013 free   A special rule may apply to certain donations of food inventory. Taxact 2013 free See Publication 526, Charitable Contributions. Taxact 2013 free Example 1. Taxact 2013 free You are a calendar year taxpayer who uses an accrual method of accounting. Taxact 2013 free In 2013, you contributed property from inventory to a church. Taxact 2013 free It had a fair market value of $600. Taxact 2013 free The closing inventory at the end of 2012 properly included $400 of costs due to the acquisition of the property, and in 2012, you properly deducted $50 of administrative and other expenses attributable to the property as business expenses. Taxact 2013 free The charitable contribution allowed for 2013 is $400 ($600 − $200). Taxact 2013 free The $200 is the amount that would be ordinary income if you had sold the contributed inventory at fair market value on the date of the gift. Taxact 2013 free The cost of goods sold you use in determining gross income for 2013 must not include the $400. Taxact 2013 free You remove that amount from opening inventory for 2013. Taxact 2013 free Example 2. Taxact 2013 free If, in Example 1, you acquired the contributed property in 2013 at a cost of $400, you would include the $400 cost of the property in figuring the cost of goods sold for 2013 and deduct the $50 of administrative and other expenses attributable to the property for that year. Taxact 2013 free You would not be allowed any charitable contribution deduction for the contributed property. Taxact 2013 free Line 36 Purchases Less Cost of Items Withdrawn for Personal Use If you are a merchant, use the cost of all merchandise you bought for sale. Taxact 2013 free If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. Taxact 2013 free Trade discounts. Taxact 2013 free   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. Taxact 2013 free You must use the prices you pay (not the stated prices) in figuring your cost of purchases. Taxact 2013 free Do not show the discount amount separately as an item in gross income. Taxact 2013 free   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. Taxact 2013 free Cash discounts. Taxact 2013 free   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. Taxact 2013 free There are two methods of accounting for cash discounts. Taxact 2013 free You can either credit them to a separate discount account or deduct them from total purchases for the year. Taxact 2013 free Whichever method you use, you must be consistent. Taxact 2013 free If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. Taxact 2013 free For more information, see Change in Accounting Method in chapter 2. Taxact 2013 free   If you credit cash discounts to a separate account, you must include this credit balance in your business income at the end of the tax year. Taxact 2013 free If you use this method, do not reduce your cost of goods sold by the cash discounts. Taxact 2013 free Purchase returns and allowances. Taxact 2013 free   You must deduct all returns and allowances from your total purchases during the year. Taxact 2013 free Merchandise withdrawn from sale. Taxact 2013 free   If you withdraw merchandise for your personal or family use, you must exclude this cost from the total amount of merchandise you bought for sale. Taxact 2013 free Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. Taxact 2013 free You must also charge the amount to your drawing account. Taxact 2013 free   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. Taxact 2013 free As stated above, you also use it to record withdrawals of merchandise for personal or family use. Taxact 2013 free This account is also known as a “withdrawals account” or “personal account. Taxact 2013 free ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. Taxact 2013 free Small merchandisers (wholesalers, retailers, etc. Taxact 2013 free ) usually do not have labor costs that can properly be charged to cost of goods sold. Taxact 2013 free In a manufacturing business, labor costs properly allocable to the cost of goods sold include both the direct and indirect labor used in fabricating the raw material into a finished, saleable product. Taxact 2013 free Direct labor. Taxact 2013 free   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. Taxact 2013 free They also include a part of the wages you pay to employees who work directly on the product part time if you can determine that part of their wages. Taxact 2013 free Indirect labor. Taxact 2013 free   Indirect labor costs are the wages you pay to employees who perform a general factory function that does not have any immediate or direct connection with making the saleable product, but that is a necessary part of the manufacturing process. Taxact 2013 free Other labor. Taxact 2013 free   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. Taxact 2013 free Generally, the only kinds of labor costs properly chargeable to your cost of goods sold are the direct or indirect labor costs and certain other costs treated as overhead expenses properly charged to the manufacturing process, as discussed later under Line 39 Other Costs. Taxact 2013 free Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. Taxact 2013 free Those that are not used in the manufacturing process are treated as deferred charges. Taxact 2013 free You deduct them as a business expense when you use them. Taxact 2013 free Business expenses are discussed in chapter 8. Taxact 2013 free Line 39 Other Costs Examples of other costs incurred in a manufacturing or mining process that you charge to your cost of goods sold are as follows. Taxact 2013 free Containers. Taxact 2013 free   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. Taxact 2013 free If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. Taxact 2013 free Freight-in. Taxact 2013 free   Freight-in, express-in, and cartage-in on raw materials, supplies you use in production, and merchandise you purchase for sale are all part of cost of goods sold. Taxact 2013 free Overhead expenses. Taxact 2013 free   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. Taxact 2013 free The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. Taxact 2013 free Line 40 Add Lines 35 through 39 The total of lines 35 through 39 equals the cost of the goods available for sale during the year. Taxact 2013 free Line 41 Inventory at End of Year Subtract the value of your closing inventory (including, as appropriate, the allocable parts of the cost of raw materials and supplies, direct labor, and overhead expenses) from line 40. Taxact 2013 free Inventory at the end of the year is also known as closing or ending inventory. Taxact 2013 free Your ending inventory will usually become the beginning inventory of your next tax year. Taxact 2013 free Line 42 Cost of Goods Sold When you subtract your closing inventory (inventory at the end of the year) from the cost of goods available for sale, the remainder is your cost of goods sold during the tax year. 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Where to File Paper Tax Returns - With or Without a Payment

Where to File Tax Returns - Addresses Listed by Return Type
Where to file addresses listed by return type for use during calendar year 2013.

Where to File Certain Elections, Statements, Returns and Other Documents
This page provides up-to-date information on filing addresses for certain elections, statements, returns and other documents required by the Code of Federal Regulations (CFR) Title 26

Where to Send Non-Return Forms (Applications and Payments)
Where to send certain payments and applications other than tax returns. This page provides a quick guide for where to send certain non-return forms, applications, and payments.

Where to File - Tax Exempt and Government Entities
Where to file addresses for tax exempt and government entities.

Private Delivery Services (PDS)
Use these addresses ONLY IF you are using a private delivery service to send your returns to IRS. If you are not using a private delivery service, use the links above to find the correct mailing address to mail your return.

Page Last Reviewed or Updated: 13-Feb-2014

The Taxact 2013 Free

Taxact 2013 free Index A Accounting methods Accrual method, Accrual Method Cash method, Cash Method Change in, Change in Accounting Method Methods you can use, Methods you can use. Taxact 2013 free Accounting periods 52-53 week tax year, 52-53-Week Tax Year Business purpose tax year, Business Purpose Tax Year Calendar year, Calendar Year Improper tax year, Improper Tax Year Partnerships, Partnership Accrual method Expenses, Expenses Income, Income Advance payments, Advance Payment for Services Sales, Advance Payment for Sales Services, Advance Payment for Services Assistance (see Tax help) B Business purpose tax year, Business Purpose Tax Year C Calendar year, Calendar Year Cash method, Income Expenses, Expenses Income, Income Change, accounting method, Change to accrual method. Taxact 2013 free , Change in Accounting Method Comments on publication, Comments and suggestions. Taxact 2013 free Constructive receipt of income, Constructive receipt. Taxact 2013 free Corporation tax periods, Corporations (Other Than S Corporations and PSCs) Cost identification, Identifying Cost D Death of individual, short period return, Death of individual. Taxact 2013 free E Economic performance, Economic Performance Excluded entities, cash method, Excluded Entities F Fiscal year, Fiscal Year Form 1128, Improper Tax Year, Change in Tax Year 8716, Making the election. Taxact 2013 free , Making back-up election. Taxact 2013 free 8752, Required payment for partnership or S corporation. Taxact 2013 free , Activating election. Taxact 2013 free 970, Adopting LIFO method. Taxact 2013 free Free tax services, How To Get Tax Help H Help (see Tax help) I Inventories Cost identification, Identifying Cost FIFO, FIFO Method LIFO, LIFO Method Lower of cost or market, Lower of Cost or Market Method Perpetual or book, Perpetual or Book Inventory Retail method, Retail Method Specific identification, Specific Identification Method Uniform capitalization rules, Inventories. Taxact 2013 free Valuing, Valuing Inventory M More information (see Tax help) P Partnerships, Partnership Personal service corporation, Partnerships, S Corporations, and Personal Service Corporations (PSCs) Limit, use of cash method, Qualified PSC. Taxact 2013 free Required tax year, Partnerships, S Corporations, and Personal Service Corporations (PSCs), Personal Service Corporation (PSC) Publications (see Tax help) R Related persons, Related Persons S S corporations, S Corporation Section 444 election, Section 444 Election Short period return, Short period return. Taxact 2013 free Short tax year, Short Tax Year Suggestions for publication, Comments and suggestions. Taxact 2013 free T Tax help, How To Get Tax Help Tax year Change in, Change in Tax Year Corporations, Corporations (Other Than S Corporations and PSCs) Fiscal year, Fiscal Year Personal service corporation, Personal Service Corporation (PSC) S corporations, S Corporation Section 444 election, Section 444 Election Short tax year, Short Tax Year Taxpayer Advocate, Taxpayer Advocate Service. Taxact 2013 free TTY/TDD information, How To Get Tax Help U Uniform capitalization rules Exceptions, Exceptions. Taxact 2013 free General rules, Uniform Capitalization Rules Prev  Up     Home   More Online Publications