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2012income Tax

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2012income Tax

2012income tax Tax Changes for Businesses Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Electronic Form 1099 Tax Incentives for New York Liberty Zone Other 2001 Changes 2002 ChangesNonaccrual-Experience Method Issuance of Qualified Zone Academy Bonds Depletion Work Opportunity Credit Expanded in New York Liberty Zone Credit For Pension Plan Startup Costs Welfare-to-Work Credit Extended Work Opportunity Credit Extended Electric and Clean-Fuel Vehicles Renewable Electricity Production Credit Later ChangesSpecial Depreciation Allowance Extension of Placed in Service Date Special Liberty Zone Depreciation Allowance for New and Used Property Depreciation of Property Used on Indian Reservations Indian Employment Credit Extended 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). 2012income tax However, you can still choose to use the previous carryback period. 2012income tax You also can choose not to carry back an NOL and only carry it forward. 2012income tax Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. 2012income tax Corporations can file Form 1139, Corporation Application for Tentative Refund. 2012income tax The instructions for these forms will be revised to reflect the new law. 2012income tax Electronic Form 1099 For tax years ending after March 9, 2002, most Forms 1099 can be furnished electronically if the recipient consents, according to IRS regulations, to receive it that way. 2012income tax Tax Incentives for New York Liberty Zone New tax benefits are provided for the parts of New York City damaged in the terrorist attacks on September 11, 2001. 2012income tax These benefits apply to the newly created New York Liberty Zone, which is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway), in the Borough of Manhattan. 2012income tax Tax benefits for the New York Liberty Zone include the following. 2012income tax A special depreciation allowance equal to 30% of the adjusted basis of qualified Liberty Zone property. 2012income tax It is allowed for the year the property is placed in service. 2012income tax No alternative minimum tax depreciation adjustment for qualified Liberty Zone property. 2012income tax Classification of Liberty Zone leasehold improvement property as 5-year property. 2012income tax Authorization of the issuance of tax-exempt New York Liberty bonds to finance the acquisition, construction, reconstruction, and renovation of nonresidential real property, residential rental property, and public utility property in the Liberty Zone. 2012income tax An increased section 179 deduction for certain Liberty Zone property. 2012income tax Extension of the replacement period from 2 years to 5 years for certain property involuntarily converted as a result of the terrorist attacks on September 11, 2001, but only if substantially all of the use of the replacement property is in New York City. 2012income tax For more information about involuntary conversions, see Postponement of Gain in Publication 547, Casualties, Disasters, and Thefts. 2012income tax In addition, for 2002 and 2003, the work opportunity credit is expanded by creating a new targeted group, consisting generally of employees who work in the Liberty Zone or, in certain cases, in New York City outside the Liberty Zone. 2012income tax For more information, see Work Opportunity Credit Expanded in New York Liberty Zone under 2002 Changes, later. 2012income tax For more information about the 30% special depreciation allowance, Liberty Zone leasehold improvement property, or increased section 179 deduction, see New York Liberty Zone Benefits, in chapter 5. 2012income tax In addition, the tax benefits for the Liberty Zone will be covered in a new edition of Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities, available later in 2002. 2012income tax Other 2001 Changes Other changes are discussed in the following chapters. 2012income tax Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Nonaccrual-Experience Method Under current law, if you perform services and use an accrual method of accounting, you do not accrue income which, based on experience, you expect to be uncollectible. 2012income tax Beginning in 2002, this rule only applies if you perform services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, and consulting, or your average annual gross receipts for the 3 prior tax years does not exceed $5,000,000. 2012income tax As under current law, the nonaccrual-experience method will not apply to amounts on which you charge interest or a late payment penalty. 2012income tax For more information, see Nonaccrual-Experience Method in chapter 11 of Publication 535, Business Expenses. 2012income tax Issuance of Qualified Zone Academy Bonds State and local governments issue qualified zone academy bonds to raise funds for the use of qualified zone academies. 2012income tax The amount of bonds that may be issued was limited to $400 million each year for 1998, 1999, 2000, and 2001. 2012income tax This provision has been extended to provide for an additional $400 million of bonds to be issued each year for 2002 and 2003. 2012income tax For more information about qualified zone academy bonds, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. 2012income tax Depletion The suspension of the taxable income limit on percentage depletion from the marginal production of oil and natural gas that was scheduled to expire for tax years beginning after 2001 has been extended to tax years beginning before 2004. 2012income tax For more information on marginal production, see section 613A(c) of the Internal Revenue Code. 2012income tax Work Opportunity Credit Expanded in New York Liberty Zone The work opportunity credit is expanded to include a new targeted group consisting generally of employees who perform substantially all their services: In the New York Liberty Zone (defined earlier under Tax Incentives for New York Liberty Zone, under 2001 Changes), or Elsewhere in New York City for a business that relocated from the Liberty Zone due to the destruction or damage of its place of business by the September 11, 2001, terrorist attack. 2012income tax The credit is available to employers for wages paid to new employees and existing employees for work performed during 2002 or 2003. 2012income tax Certain limits apply. 2012income tax For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. 2012income tax Credit For Pension Plan Startup Costs The credit for pension plan startup costs is now allowed for plans that become effective after December 31, 2001. 2012income tax Previously, the credit was only allowed for plans established after December 31, 2001. 2012income tax For more information on the credit, see Important Changes for 2002 in Publication 560, Retirement Plans for Small Business. 2012income tax Welfare-to-Work Credit Extended The welfare-to-work credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. 2012income tax For more information on the welfare-to-work credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. 2012income tax Work Opportunity Credit Extended The work opportunity credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. 2012income tax For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. 2012income tax Electric and Clean-Fuel Vehicles The maximum clean-fuel vehicle deduction and qualified electric vehicle credit were scheduled to be 25% lower for 2002 and both were scheduled to be phased out completely by 2005. 2012income tax The full deduction and credit are now allowed for qualified property placed in service in 2002 and 2003. 2012income tax The phaseout of the deduction and the credit will begin in 2004, and no deduction or credit will be allowed for property placed in service after 2006. 2012income tax For more information about electric and clean-fuel vehicles, see chapter 12 in Publication 535, Business Expenses. 2012income tax Renewable Electricity Production Credit The renewable electricity production credit is extended to include electricity produced by facilities placed in service after 2001 and before 2004. 2012income tax Later Changes Special Depreciation Allowance You can claim the special depreciation allowance (an additional 30% depreciation deduction) for new property that you acquire before September 11, 2004, and place in service for your business generally before January 1, 2005, if you meet the other requirements for qualified property covered in chapter 5. 2012income tax Accordingly, you will generally no longer be able to claim the special depreciation allowance for the qualified property if you acquire it after September 10, 2004, or place it in service for your business after December 31, 2004. 2012income tax However, you will be able to claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for most qualified property if you place it in service in the Liberty Zone after December 31, 2004, and generally before January 1, 2007, provided you meet the other requirements for qualified Liberty Zone property covered in chapter 5. 2012income tax Extension of Placed in Service Date To qualify for the special depreciation allowance, your property must meet certain tests, including the placed in service date test, as well as the other requirements covered in chapter 5 of this publication. 2012income tax To meet the placed in service date test, your property must generally be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. 2012income tax However, certain property placed in service before January 1, 2006, may meet this test. 2012income tax Transportation property and property with a recovery period of 10 years or longer meet the test if one of the following applies. 2012income tax The property has an estimated production period of more than 2 years. 2012income tax The property has an estimated production period of more than 1 year and it costs more than $1 million. 2012income tax Transportation property is any tangible personal property used in the trade or business of transporting persons or property. 2012income tax For property that qualifies for the special depreciation allowance solely because of the one-year extension of the placed in service date, only the part of the basis attributable to manufacture, construction, or production before September 11, 2004, is eligible for the special depreciation allowance. 2012income tax Special Liberty Zone Depreciation Allowance for New and Used Property You can claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for used property that you acquire after September 10, 2001, if the property meets the requirements listed under Qualified Liberty Zone Property in chapter 5 of this publication. 2012income tax You will be able to claim the allowance for both new and used property that you acquire after September 10, 2004, provided the property meets the other requirements for qualified Liberty Zone property. 2012income tax Depreciation of Property Used on Indian Reservations The special depreciation rules that apply to qualified property used on an Indian reservation were scheduled to expire for property placed in service after 2003. 2012income tax These special rules have been extended to include property placed in service in 2004. 2012income tax For more information about these rules, see Publication 946, How To Depreciate Property. 2012income tax Indian Employment Credit Extended The Indian employment credit that was scheduled to expire for tax years beginning after 2003 has been extended to include a tax year beginning in 2004. 2012income tax For more information about this credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. 2012income tax Prev  Up  Next   Home   More Online Publications
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The 2012income Tax

2012income tax Publication 505 - Introductory Material Table of Contents IntroductionNonresident aliens. 2012income tax Ordering forms and publications. 2012income tax Tax questions. 2012income tax What's New for 2014 Reminders Introduction The federal income tax is a pay-as-you-go tax. 2012income tax You must pay the tax as you earn or receive income during the year. 2012income tax There are two ways to pay as you go. 2012income tax Withholding. 2012income tax If you are an employee, your employer probably withholds income tax from your pay. 2012income tax In addition, tax may be withheld from certain other income, such as pensions, bonuses, commissions, and gambling winnings. 2012income tax The amount withheld is paid to the Internal Revenue Service (IRS) in your name. 2012income tax Estimated tax. 2012income tax If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. 2012income tax People who are in business for themselves generally will have to pay their tax this way. 2012income tax You may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rents, and royalties. 2012income tax Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. 2012income tax This publication explains both of these methods. 2012income tax It also explains how to take credit on your return for the tax that was withheld and for your estimated tax payments. 2012income tax If you did not pay enough tax during the year, either through withholding or by making estimated tax payments, you may have to pay a penalty. 2012income tax Generally, the IRS can figure this penalty for you. 2012income tax This underpayment penalty, and the exceptions to it, are discussed in chapter 4. 2012income tax Nonresident aliens. 2012income tax    Before completing Form W-4, nonresident alien employees should see the Instructions for Form 8233, Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual. 2012income tax Also see chapter 8 of Publication 519, U. 2012income tax S. 2012income tax Tax Guide for Aliens, for important information on withholding. 2012income tax What's new for 2013 and 2014. 2012income tax   See What's New for 2014 in this Introduction, and What's New for 2013 in chapter 4. 2012income tax Comments and suggestions. 2012income tax   We welcome your comments about this publication and your suggestions for future editions. 2012income tax   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 2012income tax NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2012income tax Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2012income tax   You can send your comments from www. 2012income tax irs. 2012income tax gov/formspubs/. 2012income tax Click on “More Information” and then on Give us feedback on forms and publications. 2012income tax   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. 2012income tax Ordering forms and publications. 2012income tax   Visit www. 2012income tax irs. 2012income tax 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 business days after your request is received. 2012income tax Internal Revenue Service 1201 N. 2012income tax Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2012income tax   If you have a tax question, check the information available on IRS. 2012income tax gov or call 1-800-829-1040. 2012income tax We cannot answer tax questions sent to either of the above addresses. 2012income tax What's New for 2014 Use your 2013 tax return as a guide in figuring your 2014 estimated tax, but be sure to consider the following. 2012income tax Standard mileage rates. 2012income tax  The 2014 rate for business use of your vehicle is 56 cents per mile. 2012income tax The rate for use of your vehicle to get medical care or move is 23½ cents per mile. 2012income tax The rate of 14 cents per mile for charitable use is unchanged. 2012income tax Personal exemption increased for certain taxpayers. 2012income tax  For 2014, the personal exemption amount is increased to $3,950 for taxpayers with adjusted gross income at or below $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, or $152,525 if married filing separately. 2012income tax The personal exemption amount for taxpayers with adjusted gross income above these thresholds may be reduced. 2012income tax Limitation on itemized deductions. 2012income tax  For 2014, itemized deductions for taxpayers with adjusted gross income above $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, and $152,525 if married filing separately may be reduced. 2012income tax Health care coverage. 2012income tax  When you file your 2014 tax return in 2015, you will need to either (1) indicate on your return that you and your family had health care coverage throughout 2014, (2) claim an exemption from the health care coverage requirement for some or all of 2014, or (3) make a payment if you do not have coverage or an exemption(s) for all 12 months of 2014. 2012income tax For examples on how this payment works, go to www. 2012income tax IRS. 2012income tax gov/aca and click under the “Individuals & Families” section. 2012income tax You may want to consider this when figuring your “Other taxes” on Line 12 of the 2014 Estimated Tax Worksheet (Worksheet 2-1). 2012income tax For general information on these requirements, go to www. 2012income tax IRS. 2012income tax gov/aca. 2012income tax Advance payments of the Premium Tax Credit. 2012income tax  If you buy health care insurance through the Health Insurance Marketplace, you may be eligible for advance payments of the Premium Tax Credit to help pay for your insurance coverage. 2012income tax Receiving too little or too much in advance will affect your refund or balance due. 2012income tax Promptly report changes in your income or family size to your Marketplace. 2012income tax You may want to consider this when figuring your estimated taxes for 2014. 2012income tax For more information, go to www. 2012income tax IRS. 2012income tax gov/aca and see Publication 5120 and Publication 5121. 2012income tax http://www. 2012income tax IRS. 2012income tax gov/pub5120 Alternative minimum tax (AMT) exemption amount increased. 2012income tax  The AMT exemption amount is increased to $52,800 ($82,100 if married filing jointly or qualifying widow(er); $41,050 if married filing separately). 2012income tax Lifetime learning credit income limits. 2012income tax  In order to claim a lifetime learning credit, your MAGI must be less than $54,000 ($108,000 if married filing jointly). 2012income tax Retirement savings contribution credit income limits increased. 2012income tax  In order to claim this credit for 2014, your MAGI must be less than $30,000 ($60,000 if married filing jointly; $45,000 if head of household). 2012income tax Adoption credit or exclusion. 2012income tax  The maximum adoption credit or exclusion for employer-provided adoption benefits has increased to $13,190. 2012income tax In order to claim either the credit or exclusion, your MAGI must be less than $237,880. 2012income tax Earned income credit (EIC). 2012income tax  You may be able to take the EIC in 2014 if: Three or more children lived with you and you earned less than $46,997 ($52,427 if married filing jointly), Two children lived with you and you earned less than $43,756 ($49,186 if married filing jointly), One child lived with you and you earned less than $38,511 ($43,941 if married filing jointly), or A child did not live with you and you earned less than $14,590 ($20,020 if married filing jointly). 2012income tax Also, the maximum MAGI you can have and still get the credit has increased. 2012income tax You may be able to take the credit if your MAGI is less than the amount in the above list that applies to you. 2012income tax The maximum investment income you can have and get the credit has increased to $3,350. 2012income tax Reminders Future developments. 2012income tax  The IRS has created a page on IRS. 2012income tax gov for information about Publication 505 at www. 2012income tax irs. 2012income tax gov/pub505. 2012income tax Information about any future developments affecting Publication 505 (such as legislation enacted after we release it) will be posted on that page. 2012income tax Social security tax. 2012income tax   Generally, each employer for whom you work during the tax year must withhold social security tax up to the annual limit. 2012income tax The annual limit is $117,000 in 2014. 2012income tax Photographs of missing children. 2012income tax  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2012income tax Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. 2012income tax 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. 2012income tax Additional Medicare Tax. 2012income tax  Beginning in 2013, a 0. 2012income tax 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act compensation, and self-employment income over a threshold amount based on your filing status. 2012income tax You may need to include this amount when figuring your estimated tax. 2012income tax See the instructions for line 12 of the 2014 Estimated Tax Worksheet. 2012income tax You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4, Employee's Withholding Allowance Certificate. 2012income tax For more information on Additional Medicare Tax, go to IRS. 2012income tax gov and enter “Additional Medicare Tax” in the search box. 2012income tax Net Investment Income Tax. 2012income tax  Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). 2012income tax NIIT is a 3. 2012income tax 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. 2012income tax NIIT may need to be included when figuring estimated tax. 2012income tax See the instructions for line 12 of the 2014 Estimated Tax Worksheet. 2012income tax You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4. 2012income tax For more information on NIIT, go to IRS. 2012income tax gov and enter “Net Investment Income Tax” in the search box. 2012income tax Prev  Up  Next   Home   More Online Publications