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2011 Tax

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2011 Tax

2011 tax Publication 561 - Additional Material Table of Contents Tax Publications for Individual Taxpayers and Commonly Used Tax Forms Tax Publications for Individual Taxpayers and Commonly Used Tax Forms. 2011 tax  Summary: This is a listing of tax publications and commonly used tax forms. 2011 tax The text states:Tax Publications for Individual Taxpayers. 2011 tax  See How to Get Tax Help for a variety of ways to get publications, including by computer, phone, and mail. 2011 tax General Guides. 2011 tax   1--Your Rights as a Taxpayer 17--Your Federal Income Tax (For Individuals) 334--Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 509--Tax Calendars for 2007 553--Highlights of 2006 Tax Changes 910--IRS Guide to Free Tax Services Specialized Publications. 2011 tax   3--Armed Forces' Tax Guide 54--Tax Guide for U. 2011 tax S. 2011 tax Citizens and Residents Aliens Abroad 225--Farmer's Tax Guide 463--Travel, Entertainment, Gift, and Car Expenses 501--Exemptions, Standard Deduction, and Filing Information 502--Medical and Dental Expenses 503--Child and Dependent Care Expenses 504--Divorced or Separated Individuals 505--Tax Withholding and Estimated Tax 514--Foreign Tax Credit for Individuals 516--U. 2011 tax S. 2011 tax Government Civilian Employees Stationed Abroad 517--Social Security and Other Information for Members of the Clergy and Religious Workers 519--U. 2011 tax S. 2011 tax Tax Guide for Aliens 520--Scholarships and Fellowships 521--Moving Expenses 523--Selling Your Home 524--Credit for the Elderly or the Disabled 525--Taxable and Nontaxable Income 526--Charitable Contributions 527--Residential Rental Property 529--Miscellaneous Deductions 530--Tax Information for First-Time Homeowners 531--Reporting Tip Income 536--Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 537--Installment Sales 541--Partnerships 544--Sales and Other Dispositions of Assets 547--Casualties, Disasters, and Thefts 550--Investment Income and Expenses 551--Basis of Assets 552--Recordkeeping for Individuals 554--Older Americans' Tax Guide 555--Community Property 556--Examination of Returns, Appeal Rights, and Claims for Refund 559--Survivors, Executors, and Administrators 561--Determining the Value of Donated Property 564--Mutual Fund Distributions 570--Tax Guide for Individuals With Income From U. 2011 tax S. 2011 tax Possessions 571--Tax-Sheltered Annuity Plans (403(b) Plans) 575--Pension and Annuity Income 584--Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) 587--Business Use of Your Home (Including Use by Daycare Providers) 590--Individual Retirement Arrangements (IRAs) 593--Tax Highlights for U. 2011 tax S. 2011 tax Citizens and Residents Going Abroad 594--What You Should Know About the IRS Collection Process 596--Earned Income Credit (EIC) 721--Tax Guide to U. 2011 tax S. 2011 tax Civil Service Retirement Benefits 901--U. 2011 tax S. 2011 tax Tax Treaties 907--Tax Highlights for Persons with Disabilities 908--Bankruptcy Tax Guide 915--Social Security and Equivalent Railroad Retirement Benefits 919--How Do I Adjust My Tax Withholding? 925--Passive Activity and At-Risk Rules 926--Household Employer's Tax Guide 929--Tax Rules for Children and Dependents 936--Home Mortgage Interest Deduction 946--How to Depreciate Property 947--Practice Before the IRS and Power of Attorney 950--Introduction to Estate and Gift Taxes 967--The IRS Will Figure Your Tax 969--Health Savings Accounts and Other Tax-Favored Health Plans 970--Tax Benefits for Education 971--Innocent Spouse Relief 972--Child Tax Credit 1542--Per Diem Rates 1544--Reporting Cash Payments of Over $10,000 (Received in a Trade or Business) 1546--The Taxpayer Advocate Service of the IRS - How to Get Help With Unresolved Tax Problems Spanish Language Publications. 2011 tax   1SP--Derechos del Contribuyente 579SP--Cómo Preparar la Declaración de Impuesto Federal 594SP--Que es lo que Debemos Saber sobre el Proceso de Cobro del IRS 596SP--Crédito por Ingreso del Trabajo 850--English-Spanish Glossary of Words and Phrases Used in Publications Issued by the Internal Revenue Service 1544SP--Informe de Pagos en Efectivo en Exceso de $10,000 (Recibidos en una Ocupación o Negocio) Commonly Used Tax Forms. 2011 tax  See How To Get Tax Help for a variety of ways to get forms, including by computer, fax, phone, and mail. 2011 tax 1040--U. 2011 tax S. 2011 tax Individual Income Tax Return Schedule A&B--Itemized Deductions & Interest and Ordinary Dividends Schedule C--Profit or Loss From Business Schedule C-EZ--Net Profit From Business Schedule D--Capital Gains and Losses Schedule D-1--Continuation Sheet for Schedule D Schedule E--Supplemental Income and Loss Schedule EIC--Earned Income Credit Schedule F--Profit or Loss From Farming Schedule H--Household Employment Taxes Schedule J--Income Averaging for Farmers and Fishermen Schedule R--Credit for the Elderly or the Disabled Schedule SE--Self-Employment Tax 1040A--U. 2011 tax S. 2011 tax Individual Income Tax Return Schedule 1--Interest and Ordinary Dividends for Form 1040A Filers Schedule 2--Child and Dependent Care Expenses for Form 1040A Filers Schedule 3--Credit for the Elderly or the Disabled for Form 1040A Filers 1040EZ--Income Tax Return for Single and Joint Filers With No Dependents 1040-ES--Estimated Tax for Individuals 1040X--Amended U. 2011 tax S. 2011 tax Individual Income Tax Return 2106--Employee Business Expenses 2106-EZ--Unreimbursed Employee Business Expenses 2210--Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2441--Child and Dependent Care Expenses 2848--Power of Attorney and Declaration of Representative 3903--Moving Expenses 4562--Depreciation and Amortization 4868--Application for Automatic Extension of Time To File U. 2011 tax S. 2011 tax Individual Income Tax Return 4952--Investment Interest Expense Deduction 5329--Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 6251--Alternative Minimum Tax--Individuals 8283--Noncash Charitable Contributions 8582--Passive Activity Loss Limitations 8606--Nondeductible IRAs 8812--Additional Child Tax Credit 8822--Change of Address 8829--Expenses for Business Use of Your Home 8863--Education Credits 9465--Installment Agreement Request Prev  Up  Next   Home   More Online Publications
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Bureau of Indian Affairs (BIA)

The Bureau of Indian Affairs’ mission is to enhance the quality of life, to promote economic opportunity, and to carry out the responsibility to protect and improve the trust assets of American Indians, Indian tribes and Alaska Natives.

Contact the Agency or Department

Website: Bureau of Indian Affairs (BIA)

Contact In-Person: Regional Offices

Address: MS-4606-MIB
1849 C Street, NW

Washington, DC 20240

Phone Number: (202) 208-5116

Parent Agency

The 2011 Tax

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