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Bankruptcy Back Taxes

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Bankruptcy Back Taxes

Bankruptcy back taxes Publication 587 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Bankruptcy back taxes Tax questions. Bankruptcy back taxes Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 587, such as legislation enacted after it was published, go to www. Bankruptcy back taxes irs. Bankruptcy back taxes gov/pub587. Bankruptcy back taxes What's New The IRS now provides a simplified method to determine your expenses for business use of your home. Bankruptcy back taxes The simplified method is an alternative to calculating and substantiating actual expenses. Bankruptcy back taxes For more information, see Using the Simplified Method under Figuring the Deduction, later. Bankruptcy back taxes Reminders Photographs of missing children. Bankruptcy back taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Bankruptcy back taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Bankruptcy back taxes 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. Bankruptcy back taxes Introduction The purpose of this publication is to provide information on figuring and claiming the deduction for business use of your home. Bankruptcy back taxes The term “home” includes a house, apartment, condominium, mobile home, boat, or similar property which provides basic living accommodations. Bankruptcy back taxes It also includes structures on the property, such as an unattached garage, studio, barn, or greenhouse. Bankruptcy back taxes However, it does not include any part of your property used exclusively as a hotel, motel, inn, or similar establishment. Bankruptcy back taxes Qualifying for a Deduction gives the requirements for qualifying to deduct expenses for the business use of your home (including special rules for employees and special rules for storing inventory or product samples). Bankruptcy back taxes For special rules that apply to daycare providers, see Daycare Facility . Bankruptcy back taxes After you determine that you qualify for the deduction, Figuring the Deduction explains the expenses you can deduct using either your actual expenses or the simplified method. Bankruptcy back taxes The simplified method is an alternative to calculating and substantiating actual expenses. Bankruptcy back taxes Where To Deduct explains where a self-employed person, employee, or partner will report the deduction. Bankruptcy back taxes This publication also includes information on the following. Bankruptcy back taxes Selling a home that was used partly for business. Bankruptcy back taxes Deducting expenses for furniture and equipment used in your business. Bankruptcy back taxes Records you should keep. Bankruptcy back taxes Finally, this publication contains worksheets to help you figure the amount of your deduction if you use your home in your farming business and you are filing Schedule F (Form 1040), you use your home for work as an employee, or you are a partner and the use of your home resulted in unreimbursed ordinary and necessary expenses that you are required to pay under the partnership agreement. Bankruptcy back taxes If you used your home for business and you are filing Schedule C (Form 1040), you will use either Form 8829 or the Simplified Method Worksheet in your Instructions for Schedule C. Bankruptcy back taxes The rules in this publication apply to individuals. Bankruptcy back taxes If you need information on deductions for renting out your property, see Publication 527, Residential Rental Property. Bankruptcy back taxes Comments and suggestions. Bankruptcy back taxes   We welcome your comments about this publication and your suggestions for future editions. Bankruptcy back taxes   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Bankruptcy back taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Bankruptcy back taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Bankruptcy back taxes   You can send your comments from www. Bankruptcy back taxes irs. Bankruptcy back taxes gov/formspubs/. Bankruptcy back taxes Click on “More Information” and then on “Comment on Tax Forms and Publications. Bankruptcy back taxes ”   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. Bankruptcy back taxes Ordering forms and publications. Bankruptcy back taxes   Visit www. Bankruptcy back taxes irs. Bankruptcy back taxes gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Bankruptcy back taxes Internal Revenue Service 1201 N. Bankruptcy back taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Bankruptcy back taxes   If you have a tax question, check the information available on IRS. Bankruptcy back taxes gov or call 1-800-829-1040. Bankruptcy back taxes We cannot answer tax questions sent to either of the above addresses. Bankruptcy back taxes Useful Items - You may want to see: Publications 523 Selling Your Home 551 Basis of Assets 583 Starting a Business and Keeping Records 946 How To Depreciate Property Forms (and Instructions) Schedule C (Form 1040) Profit or Loss from Business 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 4562 Depreciation and Amortization 8829 Expenses for Business Use of Your Home  See How To Get Tax Help , near the end of this publication for information about getting publications and forms. Bankruptcy back taxes Prev  Up  Next   Home   More Online Publications
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American Job Center Resources APIs
American Job Center partners with O'Net to provide a variety of APIs that are useful for jobseekers.
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BusinessUSA Resource Access API
BusinessUSA connects businesses to government services and information. The API provides access to resource abstracts including programs, services, data, events, and more.
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Citizen Topics API
This API lists the topics that we use to organize content on USA.gov. You can access it via the /tags call to the Social Media Registry.
Style: RESTful API
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DigitalGov Search API (formerly USASearch)
Provides DigitalGov Search customers with results. This API is only available for use on official government websites. Sign in is required.
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Federal Agency Directory API
This API contains directory information about federal agencies, such as contact methods, in English and Spanish.
Style: RESTful API
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Go.USA.gov API
Go.USA.gov is a URL shortener for government employees. The API can shorten, preview, and show clicks on short URLs.
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Return Format: JSON, JSONP, XML, plain text
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Government Jobs API
This API returns job openings across the federal government and includes all current openings posted on USAJobs.gov that are open to the public and located in the United States. It also includes some state and local government jobs.
Style: RESTful API
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MyUSA APIs
Project MyUSA re-imagines how citizens interact with government. Use the MyUSA API to build apps that integrate with MyUSA.
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Product Recall Data API
This API returns food recalls from FoodSafety.gov, car recalls from the National Highway Traffic Safety Administration, and product safety recalls from the Consumer Product Safety Commission.
Style: RESTful API
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Social Media Registry API
The Social Media Registry is an official source of information about federal government social media accounts.
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1.USA.gov Data
1.USA.gov URLs are created whenever anyone shortens a .gov or .mil URL using bitly.
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Frequently Asked Questions XML
The contents of our frequently asked questions are available in English and Spanish.
Style: XML data file
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List of Non-.gov URLs in Our Search
We search across all federal, state, local, tribal, and territorial government websites. Most government websites end in .gov or .mil, but many do not. This is a list of all government URLs that do not end in .gov or .mil.
Style: TXT file
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Find feeds from across government.
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The Bankruptcy Back Taxes

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