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2011 Income Tax Forms 1040ez

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2011 Income Tax Forms 1040ez

2011 income tax forms 1040ez Publication 536 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. 2011 income tax forms 1040ez Tax questions. 2011 income tax forms 1040ez Useful Items - You may want to see: Reminders Future developments. 2011 income tax forms 1040ez  For the latest developments related to Publication 536, such as legislation enacted after we release it, go to www. 2011 income tax forms 1040ez irs. 2011 income tax forms 1040ez gov/pub536. 2011 income tax forms 1040ez Photographs of missing children. 2011 income tax forms 1040ez  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2011 income tax forms 1040ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2011 income tax forms 1040ez You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 2011 income tax forms 1040ez Introduction If your deductions for the year are more than your income for the year, you may have a net operating loss (NOL). 2011 income tax forms 1040ez An NOL year is the year in which an NOL occurs. 2011 income tax forms 1040ez You can use an NOL by deducting it from your income in another year or years. 2011 income tax forms 1040ez What this publication covers. 2011 income tax forms 1040ez   This publication discusses NOLs for individuals, estates, and trusts. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez A loss from operating a business is the most common reason for an NOL. 2011 income tax forms 1040ez Partnerships and S corporations generally cannot use an NOL. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez Keeping records. 2011 income tax forms 1040ez   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. 2011 income tax forms 1040ez    You should attach all required documents to the Form 1045 or Form 1040X. 2011 income tax forms 1040ez For details, see the instructions for Form 1045 or Form 1040X. 2011 income tax forms 1040ez What is not covered in this publication?   The following topics are not covered in this publication. 2011 income tax forms 1040ez Bankruptcies. 2011 income tax forms 1040ez See Publication 908, Bankruptcy Tax Guide. 2011 income tax forms 1040ez NOLs of corporations. 2011 income tax forms 1040ez See Publication 542, Corporations. 2011 income tax forms 1040ez Section references. 2011 income tax forms 1040ez   Section references are to the Internal Revenue Code unless otherwise noted. 2011 income tax forms 1040ez Comments and suggestions. 2011 income tax forms 1040ez   We welcome your comments about this publication and your suggestions for future editions. 2011 income tax forms 1040ez   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 2011 income tax forms 1040ez NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2011 income tax forms 1040ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2011 income tax forms 1040ez   You can send your comments from www. 2011 income tax forms 1040ez irs. 2011 income tax forms 1040ez gov/formspubs/. 2011 income tax forms 1040ez Click on “More Information. 2011 income tax forms 1040ez ” and then on “Comment on Tax Forms and Publications. 2011 income tax forms 1040ez ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 2011 income tax forms 1040ez Ordering forms and publications. 2011 income tax forms 1040ez   Visit www. 2011 income tax forms 1040ez irs. 2011 income tax forms 1040ez gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 2011 income tax forms 1040ez Internal Revenue Service 1201 N. 2011 income tax forms 1040ez Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2011 income tax forms 1040ez   If you have a tax question, check the information available on IRS. 2011 income tax forms 1040ez gov or call 1-800-829-1040. 2011 income tax forms 1040ez We cannot answer tax questions sent to either of the above addresses. 2011 income tax forms 1040ez Useful Items - You may want to see: Form (and Instructions) 1040X Amended U. 2011 income tax forms 1040ez S. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez Prev  Up  Next   Home   More Online Publications
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Funeral Planning Checklist

  • Plan ahead.
  • Shop around and compare prices in advance.
  • Ask for a price list.
  • Resist pressure.
  • Avoid emotional overspending.
  • Recognize your rights.
  • Apply the smart shopping techniques you'd use for other major purchases.

Planning a Funeral

One of the most expensive purchases many consumers will ever make is the arrangement of a funeral. A traditional burial, including a casket and vault, costs about $7,000. Extras such as flowers, obituary notices, cards, and limousines can add thousands of dollars more. At such a highly emotional time, many people are easily swayed to believe that their decisions reflect how they feel about the deceased and wind up spending more than necessary.

Most funeral providers are professionals who work to serve their clients' needs and best interests. Unfortunately, some do not. They may take advantage of clients by insisting on unnecessary services, marking up prices and overcharging. That's why there is a federal law, called the Funeral Rule, which regulates the actions of funeral directors, homes and services.

Comparison shopping, either in person or by phone, can save you money and is much easier when done in advance. Many funeral homes will also send you a price list by mail, but this is not required by law.

If you have a problem concerning funeral matters, it's best to try to resolve it first with the funeral director. If you are dissatisfied, the Funeral Consumer's Alliance may be able to advise you on how best to resolve your issue. You can also contact your state or local consumer protection agencies; or the Funeral Service Consumer Assistance Program at 1-800-662-7666. Most states have a licensing board that regulates the funeral industry. You can contact the board in your state for information or help.

Many funeral providers offer a variety of package plans that include products and services that are most commonly sold. Keep in mind, you are not obligated to buy a package plan; you have the right to buy the individual products and services you prefer. As outlined by the Funeral Rule:

  • You have the right to choose the funeral goods and services you want (with some exceptions).
  • The funeral provider must state this "Rule" in writing on the general price list.
  • If state or local law requires you to buy any particular item, the funeral provider must disclose it on the price list, with a reference to the specific law.
  • The funeral provider may not refuse, or charge a fee, to handle a casket that you bought elsewhere.
  • A funeral provider that offers cremations must make alternative containers available.

Planning ahead is the best way to make informed decisions about funeral arrangements. An advanced plan also spares your family from having to make choices while grieving and under time constraints. Every family is different, and funeral arrangements are influenced by religious and cultural traditions, budgets and personal preferences.

You are not legally required to use a funeral home to plan and conduct a funeral. But most people find that the services of a professional funeral home make it easier.

Prepaying for a Funeral

Millions of Americans have entered into contracts to prearrange their funerals and prepay some or all of the expenses involved. Various states have laws to help ensure that these advance payments are available to pay for the funeral products and services when they're needed; however, protections vary widely from state to state. Some state laws require the funeral home or cemetery to place a percentage of the prepayment in a state-regulated trust or to purchase a life insurance policy with the death benefits assigned to the funeral home or cemetery.

The 2011 Income Tax Forms 1040ez

2011 income tax forms 1040ez 6. 2011 income tax forms 1040ez   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. 2011 income tax forms 1040ez However, to determine these costs, you must value your inventory at the beginning and end of each tax year. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. 2011 income tax forms 1040ez For more information, see chapter 2. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez These lines are reproduced below and are explained in the discussion that follows. 2011 income tax forms 1040ez 35 Inventory at beginning of year. 2011 income tax forms 1040ez If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez Subtract line 41 from line 40. 2011 income tax forms 1040ez  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. 2011 income tax forms 1040ez 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). 2011 income tax forms 1040ez Opening inventory usually will be identical to the closing inventory of the year before. 2011 income tax forms 1040ez You must explain any difference in a schedule attached to your return. 2011 income tax forms 1040ez Donation of inventory. 2011 income tax forms 1040ez   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. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez You must remove the amount of your contribution deduction from your opening inventory. 2011 income tax forms 1040ez It is not part of the cost of goods sold. 2011 income tax forms 1040ez   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. 2011 income tax forms 1040ez Treat the inventory's cost as you would ordinarily treat it under your method of accounting. 2011 income tax forms 1040ez For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. 2011 income tax forms 1040ez   A special rule may apply to certain donations of food inventory. 2011 income tax forms 1040ez See Publication 526, Charitable Contributions. 2011 income tax forms 1040ez Example 1. 2011 income tax forms 1040ez You are a calendar year taxpayer who uses an accrual method of accounting. 2011 income tax forms 1040ez In 2013, you contributed property from inventory to a church. 2011 income tax forms 1040ez It had a fair market value of $600. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez The charitable contribution allowed for 2013 is $400 ($600 − $200). 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez The cost of goods sold you use in determining gross income for 2013 must not include the $400. 2011 income tax forms 1040ez You remove that amount from opening inventory for 2013. 2011 income tax forms 1040ez Example 2. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez You would not be allowed any charitable contribution deduction for the contributed property. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. 2011 income tax forms 1040ez Trade discounts. 2011 income tax forms 1040ez   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. 2011 income tax forms 1040ez You must use the prices you pay (not the stated prices) in figuring your cost of purchases. 2011 income tax forms 1040ez Do not show the discount amount separately as an item in gross income. 2011 income tax forms 1040ez   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. 2011 income tax forms 1040ez Cash discounts. 2011 income tax forms 1040ez   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. 2011 income tax forms 1040ez There are two methods of accounting for cash discounts. 2011 income tax forms 1040ez You can either credit them to a separate discount account or deduct them from total purchases for the year. 2011 income tax forms 1040ez Whichever method you use, you must be consistent. 2011 income tax forms 1040ez If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. 2011 income tax forms 1040ez For more information, see Change in Accounting Method in chapter 2. 2011 income tax forms 1040ez   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. 2011 income tax forms 1040ez If you use this method, do not reduce your cost of goods sold by the cash discounts. 2011 income tax forms 1040ez Purchase returns and allowances. 2011 income tax forms 1040ez   You must deduct all returns and allowances from your total purchases during the year. 2011 income tax forms 1040ez Merchandise withdrawn from sale. 2011 income tax forms 1040ez   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. 2011 income tax forms 1040ez Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. 2011 income tax forms 1040ez You must also charge the amount to your drawing account. 2011 income tax forms 1040ez   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. 2011 income tax forms 1040ez As stated above, you also use it to record withdrawals of merchandise for personal or family use. 2011 income tax forms 1040ez This account is also known as a “withdrawals account” or “personal account. 2011 income tax forms 1040ez ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. 2011 income tax forms 1040ez Small merchandisers (wholesalers, retailers, etc. 2011 income tax forms 1040ez ) usually do not have labor costs that can properly be charged to cost of goods sold. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez Direct labor. 2011 income tax forms 1040ez   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez Indirect labor. 2011 income tax forms 1040ez   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. 2011 income tax forms 1040ez Other labor. 2011 income tax forms 1040ez   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. 2011 income tax forms 1040ez Those that are not used in the manufacturing process are treated as deferred charges. 2011 income tax forms 1040ez You deduct them as a business expense when you use them. 2011 income tax forms 1040ez Business expenses are discussed in chapter 8. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez Containers. 2011 income tax forms 1040ez   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. 2011 income tax forms 1040ez If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. 2011 income tax forms 1040ez Freight-in. 2011 income tax forms 1040ez   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. 2011 income tax forms 1040ez Overhead expenses. 2011 income tax forms 1040ez   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. 2011 income tax forms 1040ez The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez Inventory at the end of the year is also known as closing or ending inventory. 2011 income tax forms 1040ez Your ending inventory will usually become the beginning inventory of your next tax year. 2011 income tax forms 1040ez 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. 2011 income tax forms 1040ez Prev  Up  Next   Home   More Online Publications