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Turbotax 2011 download Publication 536 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. Turbotax 2011 download Tax questions. Turbotax 2011 download Useful Items - You may want to see: Reminders Future developments. Turbotax 2011 download  For the latest developments related to Publication 536, such as legislation enacted after we release it, go to www. Turbotax 2011 download irs. Turbotax 2011 download gov/pub536. Turbotax 2011 download Photographs of missing children. Turbotax 2011 download  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Turbotax 2011 download Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Turbotax 2011 download 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. Turbotax 2011 download Introduction If your deductions for the year are more than your income for the year, you may have a net operating loss (NOL). Turbotax 2011 download An NOL year is the year in which an NOL occurs. Turbotax 2011 download You can use an NOL by deducting it from your income in another year or years. Turbotax 2011 download What this publication covers. Turbotax 2011 download   This publication discusses NOLs for individuals, estates, and trusts. Turbotax 2011 download It covers: How to figure an NOL, When to use an NOL, How to claim an NOL deduction, and How to figure an NOL carryover. Turbotax 2011 download To have an NOL, your loss must generally be caused by deductions from your: Trade or business, Work as an employee, Casualty and theft losses, Moving expenses, or Rental property. Turbotax 2011 download A loss from operating a business is the most common reason for an NOL. Turbotax 2011 download Partnerships and S corporations generally cannot use an NOL. Turbotax 2011 download However, partners or shareholders can use their separate shares of the partnership's or S corporation's business income and business deductions to figure their individual NOLs. Turbotax 2011 download Keeping records. Turbotax 2011 download   You should keep records for any tax year that generates an NOL for 3 years after you have used the carryback/carryforward or 3 years after the carryforward expires. Turbotax 2011 download    You should attach all required documents to the Form 1045 or Form 1040X. Turbotax 2011 download For details, see the instructions for Form 1045 or Form 1040X. Turbotax 2011 download What is not covered in this publication?   The following topics are not covered in this publication. Turbotax 2011 download Bankruptcies. Turbotax 2011 download See Publication 908, Bankruptcy Tax Guide. Turbotax 2011 download NOLs of corporations. Turbotax 2011 download See Publication 542, Corporations. Turbotax 2011 download Section references. Turbotax 2011 download   Section references are to the Internal Revenue Code unless otherwise noted. Turbotax 2011 download Comments and suggestions. Turbotax 2011 download   We welcome your comments about this publication and your suggestions for future editions. Turbotax 2011 download   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Turbotax 2011 download NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Turbotax 2011 download Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Turbotax 2011 download   You can send your comments from www. Turbotax 2011 download irs. Turbotax 2011 download gov/formspubs/. Turbotax 2011 download Click on “More Information. Turbotax 2011 download ” and then on “Comment on Tax Forms and Publications. Turbotax 2011 download ”   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. Turbotax 2011 download Ordering forms and publications. Turbotax 2011 download   Visit www. Turbotax 2011 download irs. Turbotax 2011 download 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. Turbotax 2011 download Internal Revenue Service 1201 N. Turbotax 2011 download Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Turbotax 2011 download   If you have a tax question, check the information available on IRS. Turbotax 2011 download gov or call 1-800-829-1040. Turbotax 2011 download We cannot answer tax questions sent to either of the above addresses. Turbotax 2011 download Useful Items - You may want to see: Form (and Instructions) 1040X Amended U. Turbotax 2011 download S. Turbotax 2011 download Individual Income Tax Return 1045 Application for Tentative Refund   See How To Get Tax Help near the end of this publication for information about getting these forms. Turbotax 2011 download Prev  Up  Next   Home   More Online Publications
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Turbotax 2011 download 2. Turbotax 2011 download   Employees' Pay Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Tests for Deducting PayTest 1—Reasonableness Test 2—For Services Performed Kinds of PayAwards Bonuses Education Expenses Fringe Benefits Loans or Advances Property Reimbursements for Business Expenses Sick and Vacation Pay Introduction You can generally deduct the amount you pay your employees for the services they perform. Turbotax 2011 download The pay may be in cash, property, or services. Turbotax 2011 download It may include wages, salaries, bonuses, commissions, or other non-cash compensation such as vacation allowances and fringe benefits. Turbotax 2011 download For information about deducting employment taxes, see chapter 5. Turbotax 2011 download You can claim employment credits, such as the following, if you hire individuals who meet certain requirements. Turbotax 2011 download Empowerment zone employment credit (Form 8844). Turbotax 2011 download Indian employment credit (Form 8845). Turbotax 2011 download Work opportunity credit (Form 5884). Turbotax 2011 download Credit for employer differential wage payments (Form 8932). Turbotax 2011 download Reduce your deduction for employee wages by the amount of employment credits you claim. Turbotax 2011 download For more information about these credits, see the form on which the credit is claimed. Turbotax 2011 download Topics - This chapter discusses: Tests for deducting pay Kinds of pay Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits See chapter 12 for information about getting publications and forms. Turbotax 2011 download Tests for Deducting Pay To be deductible, your employees' pay must be an ordinary and necessary business expense and you must pay or incur it. Turbotax 2011 download These and other requirements that apply to all business expenses are explained in chapter 1. Turbotax 2011 download In addition, the pay must meet both of the following tests. Turbotax 2011 download Test 1. Turbotax 2011 download It must be reasonable. Turbotax 2011 download Test 2. Turbotax 2011 download It must be for services performed. Turbotax 2011 download The form or method of figuring the pay does not affect its deductibility. Turbotax 2011 download For example, bonuses and commissions based on sales or earnings, and paid under an agreement made before the services were performed, are both deductible. Turbotax 2011 download Test 1—Reasonableness You must be able to prove that the pay is reasonable. Turbotax 2011 download Whether the pay is reasonable depends on the circumstances that existed when you contracted for the services, not those that exist when reasonableness is questioned. Turbotax 2011 download If the pay is excessive, the excess pay is disallowed as a deduction. Turbotax 2011 download Factors to consider. Turbotax 2011 download   Determine the reasonableness of pay by the facts and circumstances. Turbotax 2011 download Generally, reasonable pay is the amount that a similar business would pay for the same or similar services. Turbotax 2011 download   To determine if pay is reasonable, also consider the following items and any other pertinent facts. Turbotax 2011 download The duties performed by the employee. Turbotax 2011 download The volume of business handled. Turbotax 2011 download The character and amount of responsibility. Turbotax 2011 download The complexities of your business. Turbotax 2011 download The amount of time required. Turbotax 2011 download The cost of living in the locality. Turbotax 2011 download The ability and achievements of the individual employee performing the service. Turbotax 2011 download The pay compared with the gross and net income of the business, as well as with distributions to shareholders if the business is a corporation. Turbotax 2011 download Your policy regarding pay for all your employees. Turbotax 2011 download The history of pay for each employee. Turbotax 2011 download Test 2—For Services Performed You must be able to prove the payment was made for services actually performed. Turbotax 2011 download Employee-shareholder salaries. Turbotax 2011 download   If a corporation pays an employee who is also a shareholder a salary that is unreasonably high considering the services actually performed, the excessive part of the salary may be treated as a constructive dividend to the employee-shareholder. Turbotax 2011 download The excessive part of the salary would not be allowed as a salary deduction by the corporation. Turbotax 2011 download For more information on corporate distributions to shareholders, see Publication 542, Corporations. Turbotax 2011 download Kinds of Pay Some of the ways you may provide pay to your employees in addition to regular wages or salaries are discussed next. Turbotax 2011 download For specialized and detailed information on employees' pay and the employment tax treatment of employees' pay, see Publications 15, 15-A, and 15-B. Turbotax 2011 download Awards You can generally deduct amounts you pay to your employees as awards, whether paid in cash or property. Turbotax 2011 download If you give property to an employee as an employee achievement award, your deduction may be limited. Turbotax 2011 download Achievement awards. Turbotax 2011 download   An achievement award is an item of tangible personal property that meets all the following requirements. Turbotax 2011 download It is given to an employee for length of service or safety achievement. Turbotax 2011 download It is awarded as part of a meaningful presentation. Turbotax 2011 download It is awarded under conditions and circumstances that do not create a significant likelihood of disguised pay. Turbotax 2011 download Length-of-service award. Turbotax 2011 download    An award will qualify as a length-of-service award only if either of the following applies. Turbotax 2011 download The employee receives the award after his or her first 5 years of employment. Turbotax 2011 download The employee did not receive another length-of-service award (other than one of very small value) during the same year or in any of the prior 4 years. Turbotax 2011 download Safety achievement award. Turbotax 2011 download    An award for safety achievement will qualify as an achievement award unless one of the following applies. Turbotax 2011 download It is given to a manager, administrator, clerical employee, or other professional employee. Turbotax 2011 download During the tax year, more than 10% of your employees, excluding those listed in (1), have already received a safety achievement award (other than one of very small value). Turbotax 2011 download Deduction limit. Turbotax 2011 download   Your deduction for the cost of employee achievement awards given to any one employee during the tax year is limited to the following. Turbotax 2011 download $400 for awards that are not qualified plan awards. Turbotax 2011 download $1,600 for all awards, whether or not qualified plan awards. Turbotax 2011 download   A qualified plan award is an achievement award given as part of an established written plan or program that does not favor highly compensated employees as to eligibility or benefits. Turbotax 2011 download   A highly compensated employee is an employee who meets either of the following tests. Turbotax 2011 download The employee was a 5% owner at any time during the year or the preceding year. Turbotax 2011 download The employee received more than $115,000 in pay for the preceding year. Turbotax 2011 download You can choose to ignore test (2) if the employee was not also in the top 20% of employees ranked by pay for the preceding year. Turbotax 2011 download   An award is not a qualified plan award if the average cost of all the employee achievement awards given during the tax year (that would be qualified plan awards except for this limit) is more than $400. Turbotax 2011 download To figure this average cost, ignore awards of nominal value. Turbotax 2011 download Deduct achievement awards as a nonwage business expense on your return or business schedule. Turbotax 2011 download You may not owe employment taxes on the value of some achievement awards you provide to an employee. Turbotax 2011 download See Publication 15-B. Turbotax 2011 download Bonuses You can generally deduct a bonus paid to an employee if you intended the bonus as additional pay for services, not as a gift, and the services were performed. Turbotax 2011 download However, the total bonuses, salaries, and other pay must be reasonable for the services performed. Turbotax 2011 download If the bonus is paid in property, see Property , later. Turbotax 2011 download Gifts of nominal value. Turbotax 2011 download    If, to promote employee goodwill, you distribute food or merchandise of nominal value to your employees at holidays, you can deduct the cost of these items as a nonwage business expense. Turbotax 2011 download Your deduction for de minimis gifts of food or drink are not subject to the 50% deduction limit that generally applies to meals. Turbotax 2011 download For more information on this deduction limit, see Meals and lodging , later. Turbotax 2011 download Education Expenses If you pay or reimburse education expenses for an employee, you can deduct the payments if they are part of a qualified educational assistance program. Turbotax 2011 download Deduct them on the “Employee benefit programs” or other appropriate line of your tax return. Turbotax 2011 download For information on educational assistance programs, see Educational Assistance in section 2 of Publication 15-B. Turbotax 2011 download Fringe Benefits A fringe benefit is a form of pay for the performance of services. Turbotax 2011 download You can generally deduct the cost of fringe benefits. Turbotax 2011 download You may be able to exclude all or part of the value of some fringe benefits from your employees' pay. Turbotax 2011 download You also may not owe employment taxes on the value of the fringe benefits. Turbotax 2011 download See Table 2-1, Special Rules for Various Types of Fringe Benefits, in Publication 15-B for details. Turbotax 2011 download Your deduction for the cost of fringe benefits for activities generally considered entertainment, amusement, or recreation, or for a facility used in connection with such an activity (for example, a company aircraft) for certain officers, directors, and more-than-10% shareholders is limited. Turbotax 2011 download Certain fringe benefits are discussed next. Turbotax 2011 download See Publication 15-B for more details on these and other fringe benefits. Turbotax 2011 download Meals and lodging. Turbotax 2011 download   You can usually deduct the cost of furnishing meals and lodging to your employees. Turbotax 2011 download Deduct the cost in whatever category the expense falls. Turbotax 2011 download For example, if you operate a restaurant, deduct the cost of the meals you furnish to employees as part of the cost of goods sold. Turbotax 2011 download If you operate a nursing home, motel, or rental property, deduct the cost of furnishing lodging to an employee as expenses for utilities, linen service, salaries, depreciation, etc. Turbotax 2011 download Deduction limit on meals. Turbotax 2011 download   You can generally deduct only 50% of the cost of furnishing meals to your employees. Turbotax 2011 download However, you can deduct the full cost of the following meals. Turbotax 2011 download Meals whose value you include in an employee's wages. Turbotax 2011 download Meals that qualify as a de minimis fringe benefit as discussed in section 2 of Publication 15-B. Turbotax 2011 download This generally includes meals you furnish to employees at your place of business if more than half of these employees are provided the meals for your convenience. Turbotax 2011 download Meals you furnish to your employees at the work site when you operate a restaurant or catering service. Turbotax 2011 download Meals you furnish to your employees as part of the expense of providing recreational or social activities, such as a company picnic. Turbotax 2011 download Meals you are required by federal law to furnish to crew members of certain commercial vessels (or would be required to furnish if the vessels were operated at sea). Turbotax 2011 download This does not include meals you furnish on vessels primarily providing luxury water transportation. Turbotax 2011 download Meals you furnish on an oil or gas platform or drilling rig located offshore or in Alaska. Turbotax 2011 download This includes meals you furnish at a support camp that is near and integral to an oil or gas drilling rig located in Alaska. Turbotax 2011 download Employee benefit programs. Turbotax 2011 download   Employee benefit programs include the following. Turbotax 2011 download Accident and health plans. Turbotax 2011 download Adoption assistance. Turbotax 2011 download Cafeteria plans. Turbotax 2011 download Dependent care assistance. Turbotax 2011 download Education assistance. Turbotax 2011 download Life insurance coverage. Turbotax 2011 download Welfare benefit funds. Turbotax 2011 download   You can generally deduct amounts you spend on employee benefit programs on the applicable line of your tax return. Turbotax 2011 download For example, if you provide dependent care by operating a dependent care facility for your employees, deduct your costs in whatever categories they fall (utilities, salaries, etc. Turbotax 2011 download ). Turbotax 2011 download Life insurance coverage. Turbotax 2011 download   You cannot deduct the cost of life insurance coverage for you, an employee, or any person with a financial interest in your business, if you are directly or indirectly the beneficiary of the policy. Turbotax 2011 download See Regulations section 1. Turbotax 2011 download 264-1 for more information. Turbotax 2011 download Welfare benefit funds. Turbotax 2011 download   A welfare benefit fund is a funded plan (or a funded arrangement having the effect of a plan) that provides welfare benefits to your employees, independent contractors, or their beneficiaries. Turbotax 2011 download Welfare benefits are any benefits other than deferred compensation or transfers of restricted property. Turbotax 2011 download   Your deduction for contributions to a welfare benefit fund is limited to the fund's qualified cost for the tax year. Turbotax 2011 download If your contributions to the fund are more than its qualified cost, carry the excess over to the next tax year. Turbotax 2011 download   Generally, the fund's “qualified cost” is the total of the following amounts, reduced by the after-tax income of the fund. Turbotax 2011 download The cost you would have been able to deduct using the cash method of accounting if you had paid for the benefits directly. Turbotax 2011 download The contributions added to a reserve account that are needed to fund claims incurred but not paid as of the end of the year. Turbotax 2011 download These claims can be for supplemental unemployment benefits, severance pay, or disability, medical, or life insurance benefits. Turbotax 2011 download   For more information, see sections 419(c) and 419A of the Internal Revenue Code and the related regulations. Turbotax 2011 download Loans or Advances You generally can deduct as wages an advance you make to an employee for services performed if you do not expect the employee to repay the advance. Turbotax 2011 download However, if the employee performs no services, treat the amount you advanced as a loan. Turbotax 2011 download If the employee does not repay the loan, treat it as income to the employee. Turbotax 2011 download Below-market interest rate loans. Turbotax 2011 download   On certain loans you make to an employee or shareholder, you are treated as having received interest income and as having paid compensation or dividends equal to that interest. Turbotax 2011 download See Below-Market Loans in chapter 4. Turbotax 2011 download Property If you transfer property (including your company's stock) to an employee as payment for services, you can generally deduct it as wages. Turbotax 2011 download The amount you can deduct is the property's fair market value on the date of the transfer less any amount the employee paid for the property. Turbotax 2011 download You can claim the deduction only for the tax year in which your employee includes the property's value in income. Turbotax 2011 download Your employee is deemed to have included the value in income if you report it on Form W-2, Wage and Tax Statement, in a timely manner. Turbotax 2011 download You treat the deductible amount as received in exchange for the property, and you must recognize any gain or loss realized on the transfer, unless it is the company's stock transferred as payment for services. Turbotax 2011 download Your gain or loss is the difference between the fair market value of the property and its adjusted basis on the date of transfer. Turbotax 2011 download These rules also apply to property transferred to an independent contractor for services, generally reported on Form 1099-MISC, Miscellaneous Income. Turbotax 2011 download Restricted property. Turbotax 2011 download   If the property you transfer for services is subject to restrictions that affect its value, you generally cannot deduct it and do not report gain or loss until it is substantially vested in the recipient. Turbotax 2011 download However, if the recipient pays for the property, you must report any gain at the time of the transfer up to the amount paid. Turbotax 2011 download    “Substantially vested” means the property is not subject to a substantial risk of forfeiture. Turbotax 2011 download This means that the recipient is not likely to have to give up his or her rights in the property in the future. Turbotax 2011 download Reimbursements for Business Expenses You can generally deduct the amount you pay or reimburse employees for business expenses incurred for your business. Turbotax 2011 download However, your deduction may be limited. Turbotax 2011 download If you make the payment under an accountable plan, deduct it in the category of the expense paid. Turbotax 2011 download For example, if you pay an employee for travel expenses incurred on your behalf, deduct this payment as a travel expense. Turbotax 2011 download If you make the payment under a nonaccountable plan, deduct it as wages and include it in the employee's Form W-2. Turbotax 2011 download See Reimbursement of Travel, Meals, and Entertainment in chapter 11 for more information about deducting reimbursements and an explanation of accountable and nonaccountable plans. Turbotax 2011 download Sick and Vacation Pay Sick pay. Turbotax 2011 download   You can deduct amounts you pay to your employees for sickness and injury, including lump-sum amounts, as wages. Turbotax 2011 download However, your deduction is limited to amounts not compensated by insurance or other means. Turbotax 2011 download Vacation pay. Turbotax 2011 download   Vacation pay is an employee benefit. Turbotax 2011 download It includes amounts paid for unused vacation leave. Turbotax 2011 download You can deduct vacation pay only in the tax year in which the employee actually receives it. Turbotax 2011 download This rule applies regardless of whether you use the cash or accrual method of accounting. Turbotax 2011 download Prev  Up  Next   Home   More Online Publications