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Amend Tax

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Amend Tax

Amend tax Index A Abatement of interest and penalties, Abatement of interest and penalties. Amend tax Accidents, Deductible losses. Amend tax , Nondeductible losses. Amend tax Adjusted basis, Adjusted Basis Adjustments to basis, Basis adjustment to corporation's property. Amend tax , Adjustments to Basis Amended returns, Amended return. Amend tax Appraisals, Appraisal. Amend tax , Costs of photographs and appraisals. Amend tax Assistance (see Tax help) B Bad debts, Nonbusiness bad debt. Amend tax Basis Adjusted, Adjusted Basis Adjustments to, Basis adjustment to corporation's property. Amend tax , Adjustments to Basis Replacement property, Basis of replacement property. Amend tax Business or income-producing property, Business or income-producing property. Amend tax Business purposes, property used partly for, Property used partly for business and partly for personal purposes. Amend tax C Cars Accidents, Deductible losses. Amend tax Fair market value of, Car value. Amend tax Cash gifts, Cash gifts. Amend tax Casualty losses, Table 3. Amend tax When To Deduct a Casualty or Theft Loss Deductible losses, Deductible losses. Amend tax Definition, Casualty Deposits, loss on, Casualty loss or ordinary loss. Amend tax Nondeductible losses, Nondeductible losses. Amend tax Progressive deterioration, Progressive deterioration. Amend tax Proof of, Casualty loss proof. Amend tax When to report, Losses. Amend tax Workbooks for listing property, Workbooks for casualties and thefts. Amend tax Clean up costs, Cost of cleaning up or making repairs. Amend tax Condemnation, Condemnations. Amend tax Corrosive drywall, Special Procedure for Damage From Corrosive Drywall Costs Appraisals, Costs of photographs and appraisals. Amend tax Clean up, Cost of cleaning up or making repairs. Amend tax Incidental expenses, Related expenses. Amend tax Landscaping, Landscaping. Amend tax Photographs taken after loss, Costs of photographs and appraisals. Amend tax Protection, Cost of protection. Amend tax Repair, Cost of cleaning up or making repairs. Amend tax Replacement, Replacement cost. Amend tax D Death of taxpayer Postponement of gain, Death of a taxpayer. Amend tax Deductible losses, Deductible losses. Amend tax Deduction limits, Deduction Limits $100 rule, $100 Rule 10% rule, 10% Rule 2% rule, 2% Rule Deposit losses, Mislaid or lost property. Amend tax , Table 3. Amend tax When To Deduct a Casualty or Theft Loss Reporting of (Table 1), Table 1. Amend tax Reporting Loss on Deposits When to report, Loss on deposits. Amend tax Disaster area losses, Lessee's loss. Amend tax Claiming on amended return, Claiming a disaster loss on an amended return. Amend tax Federal loan canceled, Federal loan canceled. Amend tax Federally declared disaster, Business or income-producing property located in a federally declared disaster area. Amend tax , Disaster Area Losses Figuring loss deduction, Figuring the loss deduction. Amend tax Form 1040X, How to report the loss on Form 1040X. Amend tax Home made unsafe, Home made unsafe by disaster. Amend tax How to deduct loss in preceding year, How to deduct your loss in the preceding year. Amend tax Inventory, Disaster loss to inventory. Amend tax Main home rules, Main home in disaster area. Amend tax , Gains. Amend tax Qualified disaster mitigation payments, Qualified disaster mitigation payments. Amend tax Qualified disaster relief payments, Qualified disaster relief payments. Amend tax Records to keep, Records. Amend tax Tax deadlines postponed, Covered disaster area. Amend tax When to deduct, When to deduct the loss. Amend tax Table 3, Table 3. Amend tax When To Deduct a Casualty or Theft Loss Disaster mitigation payments, Qualified disaster mitigation payments. Amend tax Disaster relief grants, Disaster relief. Amend tax Drywall, corrosive, Special Procedure for Damage From Corrosive Drywall Due dates Tax deadlines postponed, Postponed Tax Deadlines E Employer's emergency disaster fund, Employer's emergency disaster fund. Amend tax F Fair market value (FMV) Decline in value of property in or near casualty area, Decline in market value of property in or near casualty area. Amend tax Measuring decrease in, Decrease in Fair Market Value Items not to consider, Figuring Decrease in FMV — Items Not To Consider Items to consider, Figuring Decrease in FMV — Items To Consider Federal disaster relief grants, Federal disaster relief grants. Amend tax Federal Emergency Management Agency (FEMA), contacting, Contacting the Federal Emergency Management Agency (FEMA) Federally declared disasters, Business or income-producing property located in a federally declared disaster area. Amend tax , Disaster Area Losses Figuring gain, Property used partly for business and partly for personal purposes. Amend tax Figuring loss, Theft loss proof. Amend tax , Figuring the Deduction Adjusted basis, Adjusted Basis Disaster area losses, Figuring the loss deduction. Amend tax Insurance and other reimbursements, Insurance and Other Reimbursements Form 1040, Schedule A, Personal-use property. Amend tax Form 1040, Schedule D, Personal-use property. Amend tax Form 1040X Disaster area losses, How to report the loss on Form 1040X. Amend tax Form 4684 Reporting gains and losses on personal-use property, Personal-use property. Amend tax Free tax services, Free help with your tax return. Amend tax G Gains Figuring, Figuring a Gain Postponement of, Postponement of Gain, How To Postpone a Gain Reimbursements, Gain from reimbursement. Amend tax Reporting of, Contacting the Federal Emergency Management Agency (FEMA) When to report, Changing your mind. Amend tax H Help (see Tax help) I Incidental expenses, Related expenses. Amend tax Insurance, Insurance and Other Reimbursements Living expenses, payments for, Insurance payments for living expenses. Amend tax Interest abatement, Abatement of interest and penalties. Amend tax Inventory losses, Loss of inventory. Amend tax Disaster area losses, Disaster loss to inventory. Amend tax L Landscaping, Landscaping. Amend tax Leased property, Leased property. Amend tax When to report, Lessee's loss. Amend tax Losses Casualty (see Casualty losses) Deposits (see Deposit losses) Disaster areas (see Disaster area losses) Figuring amount (see Figuring loss) Proof of, Deducted loss recovered. Amend tax Records of, Theft loss proof. Amend tax Reporting of, Contacting the Federal Emergency Management Agency (FEMA) Theft (see Theft losses) When to report, Changing your mind. Amend tax (Table 3), Table 3. Amend tax When To Deduct a Casualty or Theft Loss M Married taxpayers Deduction limits, Married taxpayers. Amend tax , Married taxpayers. Amend tax Mislaid or lost property, Mislaid or lost property. Amend tax Missing children, photographs of, Reminders N Nonbusiness bad debts, Nonbusiness bad debt. Amend tax Nondeductible losses, Nondeductible losses. Amend tax P Payments for living expenses, Insurance payments for living expenses. Amend tax Penalty abatement, Abatement of interest and penalties. Amend tax Personal property Loss deduction, figuring of, Personal property. Amend tax Personal-use property Reporting gains and losses, Personal-use property. Amend tax Personal-use real property, Exception for personal-use real property. Amend tax Photographs Documentation of loss, Costs of photographs and appraisals. Amend tax Ponzi-type investment schemes, Losses from Ponzi-type investment schemes. Amend tax Postponed tax deadlines, Postponed Tax Deadlines Postponement of gain, Postponement of Gain, How To Postpone a Gain Amended return, Amended return. Amend tax Changing mind, Changing your mind. Amend tax Replacement property acquired after return filed, Replacement property acquired after return filed. Amend tax Replacement property acquired before return filed, Replacement property acquired before return filed. Amend tax Required statement, Required statement. Amend tax Substituting replacement property, Substituting replacement property. Amend tax Three-year limit, Three-year limit. Amend tax Proof of loss, Proof of Loss Protection costs, Cost of protection. Amend tax Publications (see Tax help) R Records of loss, Theft loss proof. Amend tax Recovered stolen property, Recovered stolen property. Amend tax Reimbursements Cash gifts, Cash gifts. Amend tax Disaster relief, Disaster relief. Amend tax Employer's emergency disaster fund, Employer's emergency disaster fund. Amend tax Failure to file a claim, Failure to file a claim for reimbursement. Amend tax Received after deducting loss, Reimbursement Received After Deducting Loss Types of, Types of Reimbursements Related expenses, Related expenses. Amend tax Related person, replacement property bought from, Buying replacement property from a related person. Amend tax Repair costs, Cost of cleaning up or making repairs. Amend tax Replacement cost, Replacement cost. Amend tax Replacement period, Replacement Period Extension of, Extension. Amend tax Replacement property, Replacement Property Advance payment, Advance payment. Amend tax Basis adjustment to corporation's property, Basis adjustment to corporation's property. Amend tax Basis of, Basis of replacement property. Amend tax Main home, Main home replaced. Amend tax In disaster area, Main home in disaster area. Amend tax Postponement of gain, Replacement property acquired before return filed. Amend tax Reporting gains and losses, Reporting a gain. Amend tax , How To Report Gains and Losses Basis, adjustments to, Adjustments to Basis Business and income-producing property, Business and income-producing property. Amend tax Deductions exceeding income, If Deductions Are More Than Income Deposits, How to report. Amend tax Table 1, Table 1. Amend tax Reporting Loss on Deposits Disaster area losses, How to report the loss on Form 1040X. Amend tax Personal-use property, Personal-use property. Amend tax Timing of, When To Report Gains and Losses S Sentimental value, Sentimental value. Amend tax State disaster relief grants for businesses, State disaster relief grants for businesses. Amend tax Stolen property (see Theft losses) T Tables and figures Reporting loss on deposits (Table 1), Table 1. Amend tax Reporting Loss on Deposits When to deduct losses (Table 3), Table 3. Amend tax When To Deduct a Casualty or Theft Loss Tax help, How To Get Tax Help Theft losses, Theft FMV of stolen property, FMV of stolen property. Amend tax Mislaid or lost property, Mislaid or lost property. Amend tax Proof of, Theft loss proof. Amend tax When to deduct (Table 3), Table 3. Amend tax When To Deduct a Casualty or Theft Loss When to report, Losses. Amend tax Workbooks for listing property, Workbooks for casualties and thefts. Amend tax Timber loss, Timber loss. Amend tax W Workbooks for property lost due to casualties and thefts, Workbooks for casualties and thefts. Amend tax Prev  Up     Home   More Online Publications
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The Amend Tax

Amend tax 8. Amend tax   Business Expenses Table of Contents Introduction Useful Items - You may want to see: Bad DebtsAccrual method. Amend tax Cash method. Amend tax Car and Truck ExpensesOffice in the home. Amend tax Methods for Deducting Car and Truck Expenses Reimbursing Your Employees for Expenses Depreciation Employees' PayFringe benefits. Amend tax InsuranceHow to figure the deduction. Amend tax Interest Legal and Professional FeesTax preparation fees. Amend tax Pension Plans Rent Expense Taxes Travel, Meals, and EntertainmentTransportation. Amend tax Taxi, commuter bus, and limousine. Amend tax Baggage and shipping. Amend tax Car or truck. Amend tax Meals and lodging. Amend tax Cleaning. Amend tax Telephone. Amend tax Tips. Amend tax More information. Amend tax Business Use of Your HomeExceptions to exclusive use. Amend tax Other Expenses You Can Deduct Expenses You Cannot Deduct Introduction You can deduct the costs of operating your business. Amend tax These costs are known as business expenses. Amend tax These are costs you do not have to capitalize or include in the cost of goods sold but can deduct in the current year. Amend tax To be deductible, a business expense must be both ordinary and necessary. Amend tax An ordinary expense is one that is common and accepted in your field of business. Amend tax A necessary expense is one that is helpful and appropriate for your business. Amend tax An expense does not have to be indispensable to be considered necessary. Amend tax For more information about the general rules for deducting business expenses, see chapter 1 in Publication 535, Business Expenses. Amend tax If you have an expense that is partly for business and partly personal, separate the personal part from the business part. Amend tax The personal part is not deductible. Amend tax Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 535 Business Expenses 946 How To Depreciate Property See chapter 12 for information about getting publications and forms. Amend tax Bad Debts If someone owes you money you cannot collect, you have a bad debt. Amend tax There are two kinds of bad debts, business bad debts and nonbusiness bad debts. Amend tax A business bad debt is generally one that comes from operating your trade or business. Amend tax You may be able to deduct business bad debts as an expense on your business tax return. Amend tax Business bad debt. Amend tax   A business bad debt is a loss from the worthlessness of a debt that was either of the following. Amend tax Created or acquired in your business. Amend tax Closely related to your business when it became partly or totally worthless. Amend tax A debt is closely related to your business if your primary motive for incurring the debt is a business reason. Amend tax   Business bad debts are mainly the result of credit sales to customers. Amend tax They can also be the result of loans to suppliers, clients, employees, or distributors. Amend tax Goods and services customers have not paid for are shown in your books as either accounts receivable or notes receivable. Amend tax If you are unable to collect any part of these accounts or notes receivable, the uncollectible part is a business bad debt. Amend tax    You can take a bad debt deduction for these accounts and notes receivable only if the amount you were owed was included in your gross income either for the year the deduction is claimed or for a prior year. Amend tax Accrual method. Amend tax   If you use an accrual method of accounting, you normally report income as you earn it. Amend tax You can take a bad debt deduction for an uncollectible receivable if you have included the uncollectible amount in income. Amend tax Cash method. Amend tax   If you use the cash method of accounting, you normally report income when you receive payment. Amend tax You cannot take a bad debt deduction for amounts owed to you that you have not received and cannot collect if you never included those amounts in income. Amend tax More information. Amend tax   For more information about business bad debts, see chapter 10 in Publication 535. Amend tax Nonbusiness bad debts. Amend tax   All other bad debts are nonbusiness bad debts and are deductible as short-term capital losses on Form 8949 and Schedule D (Form 1040). Amend tax For more information on nonbusiness bad debts, see Publication 550, Investment Income and Expenses. Amend tax Car and Truck Expenses If you use your car or truck in your business, you may be able to deduct the costs of operating and maintaining your vehicle. Amend tax You also may be able to deduct other costs of local transportation and traveling away from home overnight on business. Amend tax You may qualify for a tax credit for qualified plug-in electric vehicles, qualified plug-in electric drive motor vehicles, and alternative motor vehicles you place in service during the year. Amend tax See Form 8936 and Form 8910 for more information. Amend tax Local transportation expenses. Amend tax   Local transportation expenses include the ordinary and necessary costs of all the following. Amend tax Getting from one workplace to another in the course of your business or profession when you are traveling within the city or general area that is your tax home. Amend tax Tax home is defined later. Amend tax Visiting clients or customers. Amend tax Going to a business meeting away from your regular workplace. Amend tax Getting from your home to a temporary workplace when you have one or more regular places of work. Amend tax These temporary workplaces can be either within the area of your tax home or outside that area. Amend tax Local business transportation does not include expenses you have while traveling away from home overnight. Amend tax Those expenses are deductible as travel expenses and are discussed later under Travel, Meals, and Entertainment. Amend tax However, if you use your car while traveling away from home overnight, use the rules in this section to figure your car expense deduction. Amend tax   Generally, your tax home is your regular place of business, regardless of where you maintain your family home. Amend tax It includes the entire city or general area in which your business or work is located. Amend tax Example. Amend tax You operate a printing business out of rented office space. Amend tax You use your van to deliver completed jobs to your customers. Amend tax You can deduct the cost of round-trip transportation between your customers and your print shop. Amend tax    You cannot deduct the costs of driving your car or truck between your home and your main or regular workplace. Amend tax These costs are personal commuting expenses. Amend tax Office in the home. Amend tax   Your workplace can be your home if you have an office in your home that qualifies as your principal place of business. Amend tax For more information, see Business Use of Your Home, later. Amend tax Example. Amend tax You are a graphics designer. Amend tax You operate your business out of your home. Amend tax Your home qualifies as your principal place of business. Amend tax You occasionally have to drive to your clients to deliver your completed work. Amend tax You can deduct the cost of the round-trip transportation between your home and your clients. Amend tax Methods for Deducting Car and Truck Expenses For local transportation or overnight travel by car or truck, you generally can use one of the following methods to figure your expenses. Amend tax Standard mileage rate. Amend tax Actual expenses. Amend tax Standard mileage rate. Amend tax   You may be able to use the standard mileage rate to figure the deductible costs of operating your car, van, pickup, or panel truck for business purposes. Amend tax For 2013, the standard mileage rate is 56. Amend tax 5 cents per mile. Amend tax    If you choose to use the standard mileage rate for a year, you cannot deduct your actual expenses for that year except for business-related parking fees and tolls. Amend tax Choosing the standard mileage rate. Amend tax   If you want to use the standard mileage rate for a car or truck you own, you must choose to use it in the first year the car is available for use in your business. Amend tax In later years, you can choose to use either the standard mileage rate or actual expenses. Amend tax   If you use the standard mileage rate for a car you lease, you must choose to use it for the entire lease period (including renewals). Amend tax Standard mileage rate not allowed. Amend tax   You cannot use the standard mileage rate if you: Operate five or more cars at the same time, Claimed a depreciation deduction using any method other than straight line, for example, ACRS or MACRS, Claimed a section 179 deduction on the car, Claimed the special depreciation allowance on the car, Claimed actual car expenses for a car you leased, or Are a rural mail carrier who received a qualified reimbursement. Amend tax Parking fees and tolls. Amend tax   In addition to using the standard mileage rate, you can deduct any business-related parking fees and tolls. Amend tax (Parking fees you pay to park your car at your place of work are nondeductible commuting expenses. Amend tax ) Actual expenses. Amend tax   If you do not choose to use the standard mileage rate, you may be able to deduct your actual car or truck expenses. Amend tax    If you qualify to use both methods, figure your deduction both ways to see which gives you a larger deduction. Amend tax   Actual car expenses include the costs of the following items. Amend tax Depreciation Lease payments Registration Garage rent Licenses Repairs Gas Oil Tires Insurance Parking fees Tolls   If you use your vehicle for both business and personal purposes, you must divide your expenses between business and personal use. Amend tax You can divide your expenses based on the miles driven for each purpose. Amend tax Example. Amend tax You are the sole proprietor of a flower shop. Amend tax You drove your van 20,000 miles during the year. Amend tax 16,000 miles were for delivering flowers to customers and 4,000 miles were for personal use (including commuting miles). Amend tax You can claim only 80% (16,000 ÷ 20,000) of the cost of operating your van as a business expense. Amend tax More information. Amend tax   For more information about the rules for claiming car and truck expenses, see Publication 463. Amend tax Reimbursing Your Employees for Expenses You generally can deduct the amount you reimburse your employees for car and truck expenses. Amend tax The reimbursement you deduct and the manner in which you deduct it depend in part on whether you reimburse the expenses under an accountable plan or a nonaccountable plan. Amend tax For details, see chapter 11 in Publication 535. Amend tax That chapter explains accountable and nonaccountable plans and tells you whether to report the reimbursement on your employee's Form W-2, Wage and Tax Statement. Amend tax Depreciation If property you acquire to use in your business is expected to last more than 1 year, you generally cannot deduct the entire cost as a business expense in the year you acquire it. Amend tax You must spread the cost over more than 1 tax year and deduct part of it each year on Schedule C. Amend tax This method of deducting the cost of business property is called depreciation. Amend tax The discussion here is brief. Amend tax You will find more information about depreciation in Publication 946. Amend tax What property can be depreciated?   You can depreciate property if it meets all the following requirements. Amend tax It must be property you own. Amend tax It must be used in business or held to produce income. Amend tax You never can depreciate inventory (explained in chapter 2) because it is not held for use in your business. Amend tax It must have a useful life that extends substantially beyond the year it is placed in service. Amend tax It must have a determinable useful life, which means that it must be something that wears out, decays, gets used up, becomes obsolete, or loses its value from natural causes. Amend tax You never can depreciate the cost of land because land does not wear out, become obsolete, or get used up. Amend tax It must not be excepted property. Amend tax This includes property placed in service and disposed of in the same year. Amend tax Repairs. Amend tax    You cannot depreciate repairs and replacements that do not increase the value of your property, make it more useful, or lengthen its useful life. Amend tax You can deduct these amounts on line 21 of Schedule C or line 2 of Schedule C-EZ. Amend tax Depreciation method. Amend tax   The method for depreciating most business and investment property placed in service after 1986 is called the Modified Accelerated Cost Recovery System (MACRS). Amend tax MACRS is discussed in detail in Publication 946. Amend tax Section 179 deduction. Amend tax   You can elect to deduct a limited amount of the cost of certain depreciable property in the year you place the property in service. Amend tax This deduction is known as the “section 179 deduction. Amend tax ” The maximum amount you can elect to deduct during 2013 is generally $500,000 (higher limits apply to certain property). Amend tax See IRC 179(e). Amend tax   This limit is generally reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2 million. Amend tax The total amount of depreciation (including the section 179 deduction) you can take for a passenger automobile you use in your business and first place in service in 2013 is $3,160 ($11,160 if you take the special depreciation allowance for qualified passenger automobiles placed in service in 2013). Amend tax Special rules apply to trucks and vans. Amend tax For more information, see Publication 946. Amend tax It explains what property qualifies for the deduction, what limits apply to the deduction, and when and how to recapture the deduction. Amend tax    Your section 179 election for the cost of any sport utility vehicle (SUV) and certain other vehicles is limited to $25,000. Amend tax For more information, see the Instructions for Form 4562 or Publication 946. Amend tax Listed property. Amend tax   You must follow special rules and recordkeeping requirements when depreciating listed property. Amend tax Listed property is any of the following. Amend tax Most passenger automobiles. Amend tax Most other property used for transportation. Amend tax Any property of a type generally used for entertainment, recreation, or amusement. Amend tax Certain computers and related peripheral equipment. Amend tax   For more information about listed property, see Publication 946. Amend tax Form 4562. Amend tax   Use Form 4562, Depreciation and Amortization, if you are claiming any of the following. Amend tax Depreciation on property placed in service during the current tax year. Amend tax A section 179 deduction. Amend tax Depreciation on any listed property (regardless of when it was placed in service). Amend tax    If you have to use Form 4562, you must file Schedule C. Amend tax You cannot use Schedule C-EZ. Amend tax   Employees' Pay You can generally deduct on Schedule C the pay you give your employees for the services they perform for your business. Amend tax The pay may be in cash, property, or services. Amend tax To be deductible, your employees' pay must be an ordinary and necessary expense and you must pay or incur it in the tax year. Amend tax In addition, the pay must meet both the following tests. Amend tax The pay must be reasonable. Amend tax The pay must be for services performed. Amend tax Chapter 2 in Publication 535 explains and defines these requirements. Amend tax You cannot deduct your own salary or any personal withdrawals you make from your business. Amend tax As a sole proprietor, you are not an employee of the business. Amend tax If you had employees during the year, you must use Schedule C. Amend tax You cannot use Schedule C-EZ. Amend tax Kinds of pay. Amend tax   Some of the ways you may provide pay to your employees are listed below. Amend tax For an explanation of each of these items, see chapter 2 in Publication 535. Amend tax Awards. Amend tax Bonuses. Amend tax Education expenses. Amend tax Fringe benefits (discussed later). Amend tax Loans or advances you do not expect the employee to repay if they are for personal services actually performed. Amend tax Property you transfer to an employee as payment for services. Amend tax Reimbursements for employee business expenses. Amend tax Sick pay. Amend tax Vacation pay. Amend tax Fringe benefits. Amend tax   A fringe benefit is a form of pay for the performance of services. Amend tax The following are examples of fringe benefits. Amend tax Benefits under qualified employee benefit programs. Amend tax Meals and lodging. Amend tax The use of a car. Amend tax Flights on airplanes. Amend tax Discounts on property or services. Amend tax Memberships in country clubs or other social clubs. Amend tax Tickets to entertainment or sporting events. Amend tax   Employee benefit programs include the following. Amend tax Accident and health plans. Amend tax Adoption assistance. Amend tax Cafeteria plans. Amend tax Dependent care assistance. Amend tax Educational assistance. Amend tax Group-term life insurance coverage. Amend tax Welfare benefit funds. Amend tax   You can generally deduct the cost of fringe benefits you provide on your Schedule C in whatever category the cost falls. Amend tax For example, if you allow an employee to use a car or other property you lease, deduct the cost of the lease as a rent or lease expense. Amend tax If you own the property, include your deduction for its cost or other basis as a section 179 deduction or a depreciation deduction. Amend tax    You may be able to exclude all or part of the fringe benefits you provide from your employees' wages. Amend tax For more information about fringe benefits and the exclusion of benefits, see Publication 15-B, Employer's Tax Guide to Fringe Benefits. Amend tax Insurance You can generally deduct premiums you pay for the following kinds of insurance related to your business. Amend tax Fire, theft, flood, or similar insurance. Amend tax Credit insurance that covers losses from business bad debts. Amend tax Group hospitalization and medical insurance for employees, including long-term care insurance. Amend tax Liability insurance. Amend tax Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients. Amend tax Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault. Amend tax Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law. Amend tax Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness. Amend tax Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. Amend tax If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. Amend tax If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums. Amend tax Life insurance covering your employees if you are not directly or indirectly the beneficiary under the contract. Amend tax Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause. Amend tax Nondeductible premiums. Amend tax   You cannot deduct premiums on the following kinds of insurance. Amend tax Self-insurance reserve funds. Amend tax You cannot deduct amounts credited to a reserve set up for self-insurance. Amend tax This applies even if you cannot get business insurance coverage for certain business risks. Amend tax However, your actual losses may be deductible. Amend tax For more information, see Publication 547, Casualties, Disasters, and Thefts. Amend tax Loss of earnings. Amend tax You cannot deduct premiums for a policy that pays for your lost earnings due to sickness or disability. Amend tax However, see item (8) in the previous list. Amend tax Certain life insurance and annuities. Amend tax For contracts issued before June 9, 1997, you cannot deduct the premiums on a life insurance policy covering you, an employee, or any person with a financial interest in your business if you are directly or indirectly a beneficiary of the policy. Amend tax You are included among possible beneficiaries of the policy if the policy owner is obligated to repay a loan from you using the proceeds of the policy. Amend tax A person has a financial interest in your business if the person is an owner or part owner of the business or has lent money to the business. Amend tax For contracts issued after June 8, 1997, you generally cannot deduct the premiums on any life insurance policy, endowment contract, or annuity contract if you are directly or indirectly a beneficiary. Amend tax The disallowance applies without regard to whom the policy covers. Amend tax Insurance to secure a loan. Amend tax If you take out a policy on your life or on the life of another person with a financial interest in your business to get or protect a business loan, you cannot deduct the premiums as a business expense. Amend tax Nor can you deduct the premiums as interest on business loans or as an expense of financing loans. Amend tax In the event of death, the proceeds of the policy are not taxed as income even if they are used to liquidate the debt. Amend tax Self-employed health insurance deduction. Amend tax   You may be able to deduct the amount you paid for medical and dental insurance and qualified long-term care insurance for you and your family. Amend tax How to figure the deduction. Amend tax   Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. Amend tax However, if any of the following apply, you must use the worksheet in chapter 6 of Publication 535. Amend tax You have more than one source of income subject to self-employment tax. Amend tax You file Form 2555 or Form 2555-EZ (relating to foreign earned income). Amend tax You are using amounts paid for qualified long-term care insurance to figure the deduction. Amend tax Prepayment. Amend tax   You cannot deduct expenses in advance, even if you pay them in advance. Amend tax This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. Amend tax Example. Amend tax In 2013, you signed a 3-year insurance contract. Amend tax Even though you paid the premiums for 2013, 2014, and 2015 when you signed the contract, you can only deduct the premium for 2013 on your 2013 tax return. Amend tax You can deduct in 2014 and 2015 the premium allocable to those years. Amend tax More information. Amend tax   For more information about deducting insurance, see chapter 6 in Publication 535. Amend tax Interest You can generally deduct as a business expense all interest you pay or accrue during the tax year on debts related to your business. Amend tax Interest relates to your business if you use the proceeds of the loan for a business expense. Amend tax It does not matter what type of property secures the loan. Amend tax You can deduct interest on a debt only if you meet all of the following requirements. Amend tax You are legally liable for that debt. Amend tax Both you and the lender intend that the debt be repaid. Amend tax You and the lender have a true debtor-creditor relationship. Amend tax You cannot deduct on Schedule C or C-EZ the interest you paid on personal loans. Amend tax If a loan is part business and part personal, you must divide the interest between the personal part and the business part. Amend tax Example. Amend tax In 2013, you paid $600 interest on a car loan. Amend tax During 2013, you used the car 60% for business and 40% for personal purposes. Amend tax You are claiming actual expenses on the car. Amend tax You can only deduct $360 (60% × $600) for 2013 on Schedule C or C-EZ. Amend tax The remaining interest of $240 is a nondeductible personal expense. Amend tax More information. Amend tax   For more information about deducting interest, see chapter 4 in Publication 535. Amend tax That chapter explains the following items. Amend tax Interest you can deduct. Amend tax Interest you cannot deduct. Amend tax How to allocate interest between personal and business use. Amend tax When to deduct interest. Amend tax The rules for a below-market interest rate loan. Amend tax (This is generally a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Amend tax ) Legal and Professional Fees Legal and professional fees, such as fees charged by accountants, that are ordinary and necessary expenses directly related to operating your business are deductible on Schedule C or C-EZ. Amend tax However, you usually cannot deduct legal fees you pay to acquire business assets. Amend tax Add them to the basis of the property. Amend tax If the fees include payments for work of a personal nature (such as making a will), you can take a business deduction only for the part of the fee related to your business. Amend tax The personal part of legal fees for producing or collecting taxable income, doing or keeping your job, or for tax advice may be deductible on Schedule A (Form 1040) if you itemize deductions. Amend tax For more information, see Publication 529, Miscellaneous Deductions. Amend tax Tax preparation fees. Amend tax   You can deduct on Schedule C or C-EZ the cost of preparing that part of your tax return relating to your business as a sole proprietor or statutory employee. Amend tax You can deduct the remaining cost on Schedule A (Form 1040) if you itemize your deductions. Amend tax   You can also deduct on Schedule C or C-EZ the amount you pay or incur in resolving asserted tax deficiencies for your business as a sole proprietor or statutory employee. Amend tax Pension Plans You can set up and maintain the following small business retirement plans for yourself and your employees. Amend tax SEP (Simplified Employee Pension) plans. Amend tax SIMPLE (Savings Incentive Match Plan for Employees) plans. Amend tax Qualified plans (including Keogh or H. Amend tax R. Amend tax 10 plans). Amend tax SEP, SIMPLE, and qualified plans offer you and your employees a tax favored way to save for retirement. Amend tax You can deduct contributions you make to the plan for your employees on line 19 of Schedule C. Amend tax If you are a sole proprietor, you can deduct contributions you make to the plan for yourself on line 28 of Form 1040. Amend tax You can also deduct trustees' fees if contributions to the plan do not cover them. Amend tax Earnings on the contributions are generally tax free until you or your employees receive distributions from the plan. Amend tax You may also be able to claim a tax credit of 50% of the first $1,000 of qualified startup costs if you begin a new qualified defined benefit or defined contribution plan (including a 401(k) plan), SIMPLE plan, or simplified employee pension. Amend tax Under certain plans, employees can have you contribute limited amounts of their before-tax pay to a plan. Amend tax These amounts (and earnings on them) are generally tax free until your employees receive distributions from the plan. Amend tax For more information on retirement plans for small business, see Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). Amend tax Publication 590, Individual Retirement Arrangements (IRAs), discusses other tax favored ways to save for retirement. Amend tax Rent Expense Rent is any amount you pay for the use of property you do not own. Amend tax In general, you can deduct rent as a business expense only if the rent is for property you use in your business. Amend tax If you have or will receive equity in or title to the property, you cannot deduct the rent. Amend tax Unreasonable rent. Amend tax   You cannot take a rental deduction for unreasonable rents. Amend tax Ordinarily, the issue of reasonableness arises only if you and the lessor are related. Amend tax Rent paid to a related person is reasonable if it is the same amount you would pay to a stranger for use of the same property. Amend tax Rent is not unreasonable just because it is figured as a percentage of gross receipts. Amend tax   Related persons include members of your immediate family, including only brothers and sisters (either whole or half), your spouse, ancestors, and lineal descendants. Amend tax For a list of the other related persons, see section 267 of the Internal Revenue Code. Amend tax Rent on your home. Amend tax   If you rent your home and use part of it as your place of business, you may be able to deduct the rent you pay for that part. Amend tax You must meet the requirements for business use of your home. Amend tax For more information, see Business Use of Your Home , later. Amend tax Rent paid in advance. Amend tax   Generally, rent paid in your business is deductible in the year paid or accrued. Amend tax If you pay rent in advance, you can deduct only the amount that applies to your use of the rented property during the tax year. Amend tax You can deduct the rest of your payment only over the period to which it applies. Amend tax More information. Amend tax   For more information about rent, see chapter 3 in Publication 535. Amend tax Taxes You can deduct on Schedule C or C-EZ various federal, state, local, and foreign taxes directly attributable to your business. Amend tax Income taxes. Amend tax   You can deduct on Schedule C or C-EZ a state tax on gross income (as distinguished from net income) directly attributable to your business. Amend tax You can deduct other state and local income taxes on Schedule A (Form 1040) if you itemize your deductions. Amend tax Do not deduct federal income tax. Amend tax Employment taxes. Amend tax   You can deduct the social security, Medicare, and federal unemployment (FUTA) taxes you paid out of your own funds as an employer. Amend tax Employment taxes are discussed briefly in chapter 1. Amend tax You can also deduct payments you made as an employer to a state unemployment compensation fund or to a state disability benefit fund. Amend tax Deduct these payments as taxes. Amend tax Self-employment tax. Amend tax   You can deduct one-half of your self-employment tax on line 27 of Form 1040. Amend tax Self-employment tax is discussed in chapters 1 and 10. Amend tax Personal property tax. Amend tax   You can deduct on Schedule C or C-EZ any tax imposed by a state or local government on personal property used in your business. Amend tax   You can also deduct registration fees for the right to use property within a state or local area. Amend tax Example. Amend tax May and Julius Winter drove their car 7,000 business miles out of a total of 10,000 miles. Amend tax They had to pay $25 for their annual state license tags and $20 for their city registration sticker. Amend tax They also paid $235 in city personal property tax on the car, for a total of $280. Amend tax They are claiming their actual car expenses. Amend tax Because they used the car 70% for business, they can deduct 70% of the $280, or $196, as a business expense. Amend tax Real estate taxes. Amend tax   You can deduct on Schedule C or C-EZ the real estate taxes you pay on your business property. Amend tax Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. Amend tax The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. Amend tax   For more information about real estate taxes, see chapter 5 in Publication 535. Amend tax That chapter explains special rules for deducting the following items. Amend tax Taxes for local benefits, such as those for sidewalks, streets, water mains, and sewer lines. Amend tax Real estate taxes when you buy or sell property during the year. Amend tax Real estate taxes if you use an accrual method of accounting and choose to accrue real estate tax related to a definite period ratably over that period. Amend tax Sales tax. Amend tax   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. Amend tax If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. Amend tax If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. Amend tax If the property is depreciable, add the sales tax to the basis for depreciation. Amend tax For information on the basis of property, see Publication 551, Basis of Assets. Amend tax    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. Amend tax Do not include these taxes in gross receipts or sales. Amend tax Excise taxes. Amend tax   You can deduct on Schedule C or C-EZ all excise taxes that are ordinary and necessary expenses of carrying on your business. Amend tax Excise taxes are discussed briefly in chapter 1. Amend tax Fuel taxes. Amend tax   Taxes on gasoline, diesel fuel, and other motor fuels you use in your business are usually included as part of the cost of the fuel. Amend tax Do not deduct these taxes as a separate item. Amend tax   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. Amend tax For more information, see Publication 510, Excise Taxes. Amend tax Travel, Meals, and Entertainment This section briefly explains the kinds of travel and entertainment expenses you can deduct on Schedule C or C-EZ. Amend tax Table 8-1. Amend tax When Are Entertainment Expenses Deductible? (Note. Amend tax The following is a summary of the rules for deducting entertainment expenses. Amend tax For more details about these rules, see Publication 463. Amend tax ) General rule You can deduct ordinary and necessary expenses to entertain a client, customer, or employee if the expenses meet the directly-related test or the associated test. Amend tax Definitions Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation, and includes meals provided to a customer or client. Amend tax An ordinary expense is one that is common and accepted in your field of business, trade, or profession. Amend tax A necessary expense is one that is helpful and appropriate, although not necessarily required, for your business. Amend tax Tests to be met Directly-related test Entertainment took place in a clear business setting, or Main purpose of entertainment was the active conduct of business, and You did engage in business with the person during the entertainment period, and You had more than a general expectation of getting income or some other specific business benefit. Amend tax   Associated test Entertainment is associated with your trade or business, and Entertainment directly precedes or follows a substantial business discussion. Amend tax Other rules You cannot deduct the cost of your meal as an entertainment expense if you are claiming the meal as a travel expense. Amend tax You cannot deduct expenses that are lavish or extravagant under the circumstances. Amend tax You generally can deduct only 50% of your unreimbursed entertainment expenses. Amend tax Travel expenses. Amend tax   These are the ordinary and necessary expenses of traveling away from home for your business. Amend tax You are traveling away from home if both the following conditions are met. Amend tax Your duties require you to be away from the general area of your tax home (defined later) substantially longer than an ordinary day's work. Amend tax You need to get sleep or rest to meet the demands of your work while away from home. Amend tax Generally, your tax home is your regular place of business, regardless of where you maintain your family home. Amend tax It includes the entire city or general area in which your business is located. Amend tax See Publication 463 for more information. Amend tax   The following is a brief discussion of the expenses you can deduct. Amend tax Transportation. Amend tax   You can deduct the cost of travel by airplane, train, bus, or car between your home and your business destination. Amend tax Taxi, commuter bus, and limousine. Amend tax   You can deduct fares for these and other types of transportation between the airport or station and your hotel, or between the hotel and your work location away from home. Amend tax Baggage and shipping. Amend tax   You can deduct the cost of sending baggage and sample or display material between your regular and temporary work locations. Amend tax Car or truck. Amend tax   You can deduct the costs of operating and maintaining your vehicle when traveling away from home on business. Amend tax You can deduct actual expenses or the standard mileage rate (discussed earlier under Car and Truck Expenses), as well as business-related tolls and parking. Amend tax If you rent a car while away from home on business, you can deduct only the business-use portion of the expenses. Amend tax Meals and lodging. Amend tax   You can deduct the cost of meals and lodging if your business trip is overnight or long enough that you need to stop for sleep or rest to properly perform your duties. Amend tax In most cases, you can deduct only 50% of your meal expenses. Amend tax Cleaning. Amend tax   You can deduct the costs of dry cleaning and laundry while on your business trip. Amend tax Telephone. Amend tax   You can deduct the cost of business calls while on your business trip, including business communication by fax machine or other communication devices. Amend tax Tips. Amend tax   You can deduct the tips you pay for any expense in this list. Amend tax More information. Amend tax   For more information about travel expenses, see Publication 463. Amend tax Entertainment expenses. Amend tax   You may be able to deduct business-related entertainment expenses for entertaining a client, customer, or employee. Amend tax In most cases, you can deduct only 50% of these expenses. Amend tax   The following are examples of entertainment expenses. Amend tax Entertaining guests at nightclubs, athletic clubs, theaters, or sporting events. Amend tax Providing meals, a hotel suite, or a car to business customers or their families. Amend tax To be deductible, the expenses must meet the rules listed in Table 8-1. Amend tax For details about these rules, see Publication 463. Amend tax Reimbursing your employees for expenses. Amend tax   You generally can deduct the amount you reimburse your employees for travel and entertainment expenses. Amend tax The reimbursement you deduct and the manner in which you deduct it depend in part on whether you reimburse the expenses under an accountable plan or a nonaccountable plan. Amend tax For details, see chapter 11 in Publication 535. Amend tax That chapter explains accountable and nonaccountable plans and tells you whether to report the reimbursement on your employee's Form W-2, Wage and Tax Statement. Amend tax Business Use of Your Home To deduct expenses related to the part of your home used for business, you must meet specific requirements. Amend tax Even then, your deduction may be limited. Amend tax To qualify to claim expenses for business use of your home, you must meet the following tests. Amend tax Your use of the business part of your home must be: Exclusive (however, see Exceptions to exclusive use , later), Regular, For your business, and The business part of your home must be one of the following: Your principal place of business (defined later), A place where you meet or deal with patients, clients, or customers in the normal course of your business, or A separate structure (not attached to your home) you use in connection with your business. Amend tax Exclusive use. Amend tax   To qualify under the exclusive use test, you must use a specific area of your home only for your trade or business. Amend tax The area used for business can be a room or other separately identifiable space. Amend tax The space does not need to be marked off by a permanent partition. Amend tax   You do not meet the requirements of the exclusive use test if you use the area in question both for business and for personal purposes. Amend tax Example. Amend tax You are an attorney and use a den in your home to write legal briefs and prepare clients' tax returns. Amend tax Your family also uses the den for recreation. Amend tax The den is not used exclusively in your profession, so you cannot claim a business deduction for its use. Amend tax Exceptions to exclusive use. Amend tax   You do not have to meet the exclusive use test if you use part of your home in either of the following ways. Amend tax For the storage of inventory or product samples. Amend tax As a daycare facility. Amend tax For an explanation of these exceptions, see Publication 587, Business Use of Your Home (Including Use by Daycare Providers). Amend tax Regular use. Amend tax   To qualify under the regular use test, you must use a specific area of your home for business on a continuing basis. Amend tax You do not meet the test if your business use of the area is only occasional or incidental, even if you do not use that area for any other purpose. Amend tax Principal place of business. Amend tax   You can have more than one business location, including your home, for a single trade or business. Amend tax To qualify to deduct the expenses for the business use of your home under the principal place of business test, your home must be your principal place of business for that business. Amend tax To determine your principal place of business, you must consider all the facts and circumstances. Amend tax   Your home office will qualify as your principal place of business for deducting expenses for its use if you meet the following requirements. Amend tax You use it exclusively and regularly for administrative or management activities of your business. Amend tax You have no other fixed location where you conduct substantial administrative or management activities of your business. Amend tax   Alternatively, if you use your home exclusively and regularly for your business, but your home office does not qualify as your principal place of business based on the previous rules, you determine your principal place of business based on the following factors. Amend tax The relative importance of the activities performed at each location. Amend tax If the relative importance factor does not determine your principal place of business, you can also consider the time spent at each location. Amend tax   If, after considering your business locations, your home cannot be identified as your principal place of business, you cannot deduct home office expenses. Amend tax However, for other ways to qualify to deduct home office expenses, see Publication 587. Amend tax Deduction limit. Amend tax   If your gross income from the business use of your home equals or exceeds your total business expenses (including depreciation), you can deduct all your business expenses related to the use of your home. Amend tax If your gross income from the business use is less than your total business expenses, your deduction for certain expenses for the business use of your home is limited. Amend tax   Your deduction of otherwise nondeductible expenses, such as insurance, utilities, and depreciation (with depreciation taken last), allocable to the business is limited to the gross income from the business use of your home minus the sum of the following. Amend tax The business part of expenses you could deduct even if you did not use your home for business (such as mortgage interest, real estate taxes, and casualty and theft losses that are allowable as itemized deductions on Schedule A (Form 1040)). Amend tax The business expenses that relate to the business activity in the home (for example, business phone, supplies, and depreciation on equipment), but not to the use of the home itself. Amend tax Do not include in (2) above your deduction for one-half of your self-employment tax. Amend tax   Use Form 8829, Expenses for Business Use of Your Home, to figure your deduction. Amend tax New simplified method. Amend tax    The IRS now provides a simplified method to determine your expenses for business use of your home. Amend tax The simplified method is an alternative to calculating and substantiating actual expenses. Amend tax In most cases, you will figure your deduction by multiplying $5 by the area of your home used for a qualified business use. Amend tax The area you use to figure your deduction is limited to 300 square feet. Amend tax For more information, see the Instructions for Schedule C. Amend tax More information. Amend tax   For more information on deducting expenses for the business use of your home, see Publication 587. Amend tax Other Expenses You Can Deduct You may also be able to deduct the following expenses. Amend tax See Publication 535 to find out whether you can deduct them. Amend tax Advertising. Amend tax Bank fees. Amend tax Donations to business organizations. Amend tax Education expenses. Amend tax Energy efficient commercial buildings deduction expenses. Amend tax Impairment-related expenses. Amend tax Interview expense allowances. Amend tax Licenses and regulatory fees. Amend tax Moving machinery. Amend tax Outplacement services. Amend tax Penalties and fines you pay for late performance or nonperformance of a contract. Amend tax Repairs that keep your property in a normal efficient operating condition. Amend tax Repayments of income. Amend tax Subscriptions to trade or professional publications. Amend tax Supplies and materials. Amend tax Utilities. Amend tax Expenses You Cannot Deduct You usually cannot deduct the following as business expenses. Amend tax For more information, see Publication 535. Amend tax Bribes and kickbacks. Amend tax Charitable contributions. Amend tax Demolition expenses or losses. Amend tax Dues to business, social, athletic, luncheon, sporting, airline, and hotel clubs. Amend tax Lobbying expenses. Amend tax Penalties and fines you pay to a governmental agency or instrumentality because you broke the law. Amend tax Personal, living, and family expenses. Amend tax Political contributions. Amend tax Repairs that add to the value of your property or significantly increase its life. 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