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Can I File 2011 Tax Return Online

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Can I File 2011 Tax Return Online

Can i file 2011 tax return online 14. Can i file 2011 tax return online   Excise Taxes Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Fuels Used in FarmingBuyer of fuel, including undyed diesel fuel or undyed kerosene. Can i file 2011 tax return online Undyed diesel fuel, undyed kerosene, and Other Fuels (including alternative fuel). Can i file 2011 tax return online Custom application of fertilizer and pesticide. Can i file 2011 tax return online Fuel not used for farming. Can i file 2011 tax return online Dyed Diesel Fuel and Dyed Kerosene Fuels Used in Off-Highway Business Use Fuels Used for Household Purposes or Other Than as a Fuel for Propulsion Engines How To Claim a Credit or RefundCredit only. Can i file 2011 tax return online Claiming a Credit Claiming a Refund Including the Credit or Refund in Income Introduction You may be eligible to claim a credit on your income tax return for the federal excise tax on certain fuels. Can i file 2011 tax return online You may also be eligible to claim a quarterly refund of the fuel taxes during the year, instead of waiting to claim a credit on your income tax return. Can i file 2011 tax return online Whether you can claim a credit or refund depends on whether the fuel was taxed and the purpose (nontaxable use) for which you used the fuel. Can i file 2011 tax return online The nontaxable uses of fuel for which a farmer may claim a credit or refund are generally the following. Can i file 2011 tax return online Use on a farm for farming purposes. Can i file 2011 tax return online Off-highway business use. Can i file 2011 tax return online Uses other than as a fuel in a propulsion engine, such as home use. Can i file 2011 tax return online Table 14-1 presents an overview of credits and refunds that may be claimed for fuels used for the nontaxable uses listed above. Can i file 2011 tax return online See Publication 510, Excise Taxes, for more information. Can i file 2011 tax return online Topics - This chapter discusses: Fuels used in farming Dyed diesel fuel and dyed kerosene Fuels used in off-highway business use Fuels used for household purposes How to claim a credit or refund Including the credit or refund in income Useful Items - You may want to see: Publication 510 Excise Taxes Form (and Instructions) 720 Quarterly Federal Excise Tax Return 4136 Credit for Federal Tax Paid on Fuels 8849 Claim for Refund of Excise Taxes See chapter 16 for information about getting publications and forms. Can i file 2011 tax return online Fuels Used in Farming Owners, operators, and tenants of farms and certain other persons may be eligible to claim a credit or refund of excise taxes on fuel used in the trade or business of farming, when used on a farm in the United States for farming purposes. Can i file 2011 tax return online See Table 14-1 for a list of available fuel tax credits and refunds. Can i file 2011 tax return online Fuel is used on a farm for farming purposes only if used in carrying on a trade or business of farming, on a farm in the United States, and for farming purposes. Can i file 2011 tax return online Farm. Can i file 2011 tax return online   A farm includes livestock, dairy, fish, poultry, fruit, fur-bearing animals, and truck farms, orchards, plantations, ranches, nurseries, ranges, and feed yards for finishing cattle. Can i file 2011 tax return online It also includes structures such as greenhouses used primarily for raising agricultural or horticultural commodities. Can i file 2011 tax return online A fish farm is an area where fish are grown or raised and not merely caught or harvested. Can i file 2011 tax return online Table 14-1. Can i file 2011 tax return online Fuel Tax Credits and Refunds at a Glance Use this table to see if you can take a credit or refund for a nontaxable use of the fuel listed. Can i file 2011 tax return online Fuel Used On a Farm for Farming Purposes Off-Highway Business Use Household Use or Use Other Than as a Fuel1 Gasoline Credit only Credit or refund None Aviation gasoline Credit only None None Undyed diesel fuel and undyed kerosene Credit or refund Credit or refund2 Credit or refund2 Kerosene for use in aviation Credit or refund None None Dyed diesel fuel and dyed kerosene None None None Other Fuels (including alternative fuels)3 Credit or refund Credit or refund None 1For a use other than as fuel in a propulsion engine. Can i file 2011 tax return online 2Applies to undyed kerosene not sold from a blocked pump or, under certain circumstances, for blending with undyed diesel fuel to be used for heating purposes. Can i file 2011 tax return online See Reg. Can i file 2011 tax return online 48. Can i file 2011 tax return online 6427-10 (b)(1) for the definition of a blocked pump. Can i file 2011 tax return online 3Other Fuels means any liquid except gas oil, fuel oil, or any product taxable under Internal Revenue Code section 4081. Can i file 2011 tax return online It includes the alternative fuels: liquefied petroleum gas (LPG),“P” Series fuels, compressed natural gas (CNG), liquefied hydrogen, any liquid fuel derived from coal (including peat) through the Fischer-Tropsch process, liquid fuel derived from biomass, liquid natural gas (LNG), liquefied gas derived from biomass, and compressed gas derived from biomass. Can i file 2011 tax return online Farming purposes. Can i file 2011 tax return online   As the owner, tenant, or operator and the ultimate purchaser of fuel that you purchased, you use the fuel on a farm for farming purposes if you use it in any of the following ways. Can i file 2011 tax return online To cultivate the soil or to raise or harvest any agricultural or horticultural commodity. Can i file 2011 tax return online To raise, shear, feed, care for, train, or manage livestock, bees, poultry, fur-bearing animals, or wildlife. Can i file 2011 tax return online To operate, manage, conserve, improve, or maintain your farm and its tools and equipment. Can i file 2011 tax return online To handle, dry, pack, grade, or store any raw agricultural or horticultural commodity. Can i file 2011 tax return online For this use to qualify, you must have produced more than half the commodity so treated during the tax year. Can i file 2011 tax return online The more-than-one-half test applies separately to each commodity. Can i file 2011 tax return online Commodity means a single raw product. Can i file 2011 tax return online For example, apples and peaches are two separate commodities. Can i file 2011 tax return online To plant, cultivate, care for, or cut trees or to prepare (other than sawing logs into lumber, chipping, or other milling) trees for market, but only if these activities are incidental to your farming operations. Can i file 2011 tax return online Your tree operations are incidental only if they are minor in nature when compared to the total farming operations. Can i file 2011 tax return online   If any other person, such as a neighbor or custom operator (independent contractor), performs a service for you on your farm for any of the purposes included in list items (1) or (2), above, you are considered to be the ultimate purchaser who used the fuel on a farm for farming purposes. Can i file 2011 tax return online Therefore, you can still claim the credit or refund for the fuel so used. Can i file 2011 tax return online However, see Custom application of fertilizer and pesticide, later. Can i file 2011 tax return online If the other person performs any other services for you on your farm for purposes not included in list items (1) or (2) above, no one can claim the credit or refund for fuel used on your farm for those other services. Can i file 2011 tax return online Buyer of fuel, including undyed diesel fuel or undyed kerosene. Can i file 2011 tax return online   If doubt exists whether the owner, tenant, or operator of the farm bought the fuel, determine who actually bore the cost of the fuel. Can i file 2011 tax return online For example, if the owner of a farm and his or her tenant equally share the cost of gasoline used on the farm, each can claim a credit for the tax on half the fuel used. Can i file 2011 tax return online Undyed diesel fuel, undyed kerosene, and Other Fuels (including alternative fuel). Can i file 2011 tax return online   Usually, the farmer is the only person who can make a claim for credit or refund for the tax on undyed diesel fuel, undyed kerosene, or other fuels (including alternative fuel) used for farming purposes. Can i file 2011 tax return online However, see Custom application of fertilizer and pesticide, next. Can i file 2011 tax return online Also see Dyed Diesel Fuel and Dyed Kerosene, later. Can i file 2011 tax return online Example. Can i file 2011 tax return online Farm owner Haleigh Blue hired custom operator Tyler Steele to cultivate the soil on her farm. Can i file 2011 tax return online Tyler used 200 gallons of undyed diesel fuel that he purchased to perform the work on Haleigh's farm. Can i file 2011 tax return online In addition, Haleigh hired contractor Lee Brown to pack and store her apple crop. Can i file 2011 tax return online Lee bought 25 gallons of undyed diesel fuel to use in packing the apples. Can i file 2011 tax return online Haleigh can claim the credit for the 200 gallons of undyed diesel fuel used by Tyler on her farm because it qualifies as fuel used on the farm for farming purposes. Can i file 2011 tax return online No one can claim a credit for the 25 gallons used by Lee because that fuel was not used for a farming purpose included in list items (1) or (2), above. Can i file 2011 tax return online In the above example, both Tyler Steele and Lee Brown could have purchased dyed (untaxed) diesel fuel for their tasks. Can i file 2011 tax return online Custom application of fertilizer and pesticide. Can i file 2011 tax return online   Fuel used on a farm for farming purposes includes fuel used in the application (including aerial application) of fertilizer, pesticides, or other substances. Can i file 2011 tax return online Generally, the applicator is treated as having used the fuel on a farm for farming purposes. Can i file 2011 tax return online For applicators using highway vehicles, only the fuel used on the farm is exempt. Can i file 2011 tax return online Fuel used traveling on the highway to and from the farm is taxable. Can i file 2011 tax return online Fuel used by an aerial applicator for the direct flight between the airfield and one or more farms is treated as used for a farming purpose. Can i file 2011 tax return online For aviation gasoline, the aerial applicator makes the claim as the ultimate purchaser. Can i file 2011 tax return online For kerosene used in aviation, the ultimate purchaser may make the claim or waive the right to make the claim to the registered ultimate vendor. Can i file 2011 tax return online A sample waiver is included as Model Waiver L in the appendix of Publication 510. Can i file 2011 tax return online A registered ultimate vendor is the person who sells undyed diesel fuel, undyed kerosene, or kerosene for use in aviation to the user (ultimate purchaser) of the fuel for use on a farm for farming purposes. Can i file 2011 tax return online To claim a credit or refund of tax, the ultimate vendor must be registered with the Internal Revenue Service at the time the claim is made. Can i file 2011 tax return online However, registered ultimate vendors cannot make claims for undyed diesel fuel and undyed kerosene sold for use on a farm for farming purposes. Can i file 2011 tax return online Fuel not used for farming. Can i file 2011 tax return online   You do not use fuel on a farm for farming purposes when you use it in any of the following ways. Can i file 2011 tax return online Off the farm, such as on the highway or in noncommercial aviation, even if the fuel is used in transporting livestock, feed, crops, or equipment. Can i file 2011 tax return online For personal use, such as lawn mowing. Can i file 2011 tax return online In processing, packaging, freezing, or canning operations. Can i file 2011 tax return online In processing crude gum into gum spirits of turpentine or gum resin or in processing maple sap into maple syrup or maple sugar. Can i file 2011 tax return online All-terrain vehicles (ATVs). Can i file 2011 tax return online   Fuel used in ATVs on a farm for farming purposes, discussed earlier, is eligible for a credit or refund of excise taxes on the fuel. Can i file 2011 tax return online Fuel used in ATVs for nonfarming purposes is not eligible for a credit or refund of the taxes. Can i file 2011 tax return online If ATVs are used both for farming and nonfarming purposes, only that portion of the fuel used for farming purposes is eligible for the credit or refund. Can i file 2011 tax return online Dyed Diesel Fuel and Dyed Kerosene If you purchase dyed diesel fuel or dyed kerosene for a nontaxable use, you must use it only on a farm for farming purposes or for other nontaxable purposes. Can i file 2011 tax return online For example, you should not use dyed diesel fuel in a truck that is used both on the farm for farming purposes and on the highway, even though the highway use is in connection with farm business. Can i file 2011 tax return online Excise tax applies to the fuel used by the truck on the highways. Can i file 2011 tax return online In this situation, undyed (taxed) fuel should be purchased for the truck. Can i file 2011 tax return online You should keep fuel records of the use of the truck on the farm for farming purposes, and for other uses. Can i file 2011 tax return online You may be eligible for a credit or refund for the excise tax on fuel used on the farm for farming purposes. Can i file 2011 tax return online Penalty. Can i file 2011 tax return online   A penalty is imposed on any person who knowingly uses, sells, or alters dyed diesel fuel or dyed kerosene for any purpose other than a nontaxable use. Can i file 2011 tax return online The penalty is the greater of $1,000 or $10 per gallon of the dyed diesel fuel or dyed kerosene involved. Can i file 2011 tax return online After the first violation, the $1,000 portion of the penalty increases depending on the number of violations. Can i file 2011 tax return online For more information on this penalty, see Publication 510. Can i file 2011 tax return online Fuels Used in Off-Highway Business Use You may be eligible to claim a credit or refund for the excise tax on fuel used in an off-highway business use. Can i file 2011 tax return online Off-highway business use. Can i file 2011 tax return online   This is any use of fuel in a trade or business or in an income-producing activity. Can i file 2011 tax return online The use must not be in a highway vehicle registered or required to be registered for use on public highways. Can i file 2011 tax return online Off-highway business use generally does not include any use in a recreational motorboat. Can i file 2011 tax return online Examples. Can i file 2011 tax return online   Off-highway business use includes the use of fuels in a trade or business in any of the following ways. Can i file 2011 tax return online In stationary machines such as generators, compressors, power saws, and similar equipment; For cleaning ; and In forklift trucks, bulldozers, and earthmovers. Can i file 2011 tax return online   Off-highway nonbusiness (taxable) use of fuel includes: use in minibikes, snowmobiles, power lawn mowers, chain saws, and other yard equipment. Can i file 2011 tax return online For more information, see Publication 510. Can i file 2011 tax return online Fuels Used for Household Purposes or Other Than as a Fuel for Propulsion Engines You may be eligible to claim a credit or refund for the excise tax on undyed diesel fuel or kerosene used for home heating, lighting, and cooking. Can i file 2011 tax return online This also applies to diesel fuel and kerosene used in a home generator to produce electricity for home use. Can i file 2011 tax return online Home use of a fuel does not include use in a propulsion engine and it is not considered an off-highway business use. Can i file 2011 tax return online How To Claim a Credit or Refund You may be able to claim a credit or refund of the excise tax on fuels you use for nontaxable uses. Can i file 2011 tax return online The basic rules for claiming credits and refunds are listed in Table 14-2 . Can i file 2011 tax return online Table 14-2. Can i file 2011 tax return online Claiming a Credit or Refund of Excise Taxes This table gives the basic rules for claiming a credit or refund of excise taxes on fuels used for a nontaxable use. Can i file 2011 tax return online   Credit Refund Which form to use Form 4136, Credit for Federal Tax Paid on Fuels Form 8849, Claim for Refund of Excise Taxes, and Schedule 1 (Form 8849), Nontaxable Use of Fuels Type of form Annual Quarterly When to file With your income tax return By the last day of the quarter following the last quarter included in the claim Amount of tax Any amount $750 or more1 1You may carry over an amount less than $750 to the next quarter. Can i file 2011 tax return online Keep at your principal place of business all records needed to enable the IRS to verify that you are the person entitled to claim a credit or refund and the amount you claimed. Can i file 2011 tax return online You do not have to use any special form, but the records should establish the following information. Can i file 2011 tax return online The total number of gallons bought and used during the period covered by your claim. Can i file 2011 tax return online The dates of the purchases. Can i file 2011 tax return online The names and addresses of suppliers and amounts bought from each during the period covered by your claim. Can i file 2011 tax return online The nontaxable use for which you used the fuel. Can i file 2011 tax return online The number of gallons used for each nontaxable use. Can i file 2011 tax return online It is important that your records separately show the number of gallons used for each nontaxable use that qualifies as a claim. Can i file 2011 tax return online For more information about recordkeeping, see Publication 583, Starting a Business and Keeping Records. Can i file 2011 tax return online Credit or refund. Can i file 2011 tax return online   A credit is an amount that reduces the tax on your income tax return when you file it at the end of the year. Can i file 2011 tax return online If you meet certain requirements, you may claim a refund during the year instead of waiting until you file your income tax return. Can i file 2011 tax return online Credit only. Can i file 2011 tax return online   You can claim the following taxes only as a credit on your income tax return. Can i file 2011 tax return online Tax on gasoline and aviation gasoline you used on a farm for farming purposes. Can i file 2011 tax return online Tax on fuels (including undyed diesel fuel or undyed kerosene) you used for nontaxable uses if the total for the tax year is less than $750. Can i file 2011 tax return online Tax on fuel you did not include in any claim for refund previously filed for any quarter of the tax year. Can i file 2011 tax return online Claiming a Credit You make a claim for a fuel tax credit on Form 4136 and attach it to your income tax return. Can i file 2011 tax return online Do not claim a credit for any excise tax for which you have filed a refund claim. Can i file 2011 tax return online How to claim a credit. Can i file 2011 tax return online   How you claim a credit depends on whether you are an individual, partnership, corporation, S corporation, trust, or farmers' cooperative association. Can i file 2011 tax return online Individuals. Can i file 2011 tax return online   You claim the credit on the “Credit for federal tax on fuels” line of your Form 1040. Can i file 2011 tax return online If you would not otherwise have to file an income tax return, you must do so to get a fuel tax credit. Can i file 2011 tax return online Partnership. Can i file 2011 tax return online   Partnerships (other than electing large partnerships) claim the credit by including a statement on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Can i file 2011 tax return online , showing each partner's share of the number of gallons of each fuel sold or used for a nontaxable use, the type of use, and the applicable credit per gallon. Can i file 2011 tax return online Each partner claims the credit on his or her income tax return for the partner's share of the fuel used by the partnership. Can i file 2011 tax return online An electing large partnership can claim the credit on the “Other payments” line of Form 1065-B, U. Can i file 2011 tax return online S. Can i file 2011 tax return online Return of Income for Electing Large Partnerships. Can i file 2011 tax return online Other entities. Can i file 2011 tax return online   Corporations, S corporations, farmers' cooperative associations, and trusts make the claim on the appropriate line of their income tax return. Can i file 2011 tax return online When to claim a credit. Can i file 2011 tax return online   You can claim a fuel tax credit on your income tax return for the year you used the fuel. Can i file 2011 tax return online You may be able to make a fuel tax claim on an amended income tax return for the year you used the fuel. Can i file 2011 tax return online A claim for credit or refund of an overpayment must generally be filed within the later of: Three years from the date the original return was filed, or Two years from the date the tax was paid. Can i file 2011 tax return online Claiming a Refund Generally, you may claim a refund of excise taxes on Form 8849. Can i file 2011 tax return online Complete and attach to Form 8849 the appropriate Form 8849 schedule(s). Can i file 2011 tax return online The instructions for Form 8849 and the separate instructions for each schedule explain the requirements for making a claim for refund. Can i file 2011 tax return online If you file Form 720, you can use its Schedule C for your refund claims for the quarter. Can i file 2011 tax return online See the Instructions for Form 720. Can i file 2011 tax return online Do not claim a refund on Form 8849 for any amount for which you have filed or will file a claim on Form 720 or Form 4136. Can i file 2011 tax return online You may file a claim for refund for any quarter of your tax year for which you can claim $750 or more. Can i file 2011 tax return online This amount is the excise tax on all fuels used for a nontaxable use during that quarter or any prior quarter (for which no other claim has been filed) during the tax year. Can i file 2011 tax return online If you cannot claim at least $750 at the end of a quarter, you carry the amount over to the next quarter of your tax year to determine if you can claim at least $750 for that quarter. Can i file 2011 tax return online If you cannot claim at least $750 at the end of the fourth quarter of your tax year, you must claim a credit on your income tax return using Form 4136. Can i file 2011 tax return online Only one claim can be filed for a quarter. Can i file 2011 tax return online You cannot claim a refund for excise tax on gasoline and aviation gasoline used on a farm for farming purposes. Can i file 2011 tax return online You must claim a credit on your income tax return for the tax. Can i file 2011 tax return online How to file a quarterly claim. Can i file 2011 tax return online   File the claim for refund by filling out Schedule 1 (Form 8849) and attaching it to Form 8849. Can i file 2011 tax return online Send it to the address shown in the instructions. Can i file 2011 tax return online If you file Form 720, you can use its Schedule C for your refund claims. Can i file 2011 tax return online See the Instructions for Form 720. Can i file 2011 tax return online When to file a quarterly claim. Can i file 2011 tax return online   You must file a quarterly claim by the last day of the first quarter following the last quarter included in the claim. Can i file 2011 tax return online If you do not file a timely refund claim for the fourth quarter of your tax year, you will have to claim a credit for that amount on your income tax return, as discussed earlier. Can i file 2011 tax return online    In most situations, the amount claimed as a credit or refund will be less than the amount deducted as fuel tax expense because the Leaking Underground Storage Tank (LUST) tax of $0. Can i file 2011 tax return online 001 per gallon is generally not subject to credit or refund. Can i file 2011 tax return online Including the Credit or Refund in Income Include any credit or refund of excise taxes on fuels in your gross income if you claimed the total cost of the fuel (including the excise taxes) as an expense deduction that reduced your income tax liability. Can i file 2011 tax return online Which year you include a credit or refund in gross income depends on whether you use the cash or an accrual method of accounting. Can i file 2011 tax return online Cash method. Can i file 2011 tax return online   If you use the cash method and file a claim for refund, include the refund amount in gross income for the tax year in which you receive the refund. Can i file 2011 tax return online If you claim a credit on your income tax return, include the credit amount in gross income for the tax year in which you file Form 4136. Can i file 2011 tax return online If you file an amended return and claim a credit, include the credit amount in gross income for the tax year in which you receive the credit. Can i file 2011 tax return online Example. Can i file 2011 tax return online Sharon Brown, a farmer who uses the cash method, filed her 2012 Form 1040 on March 3, 2013. Can i file 2011 tax return online On her Schedule F, she deducted the total cost of gasoline (including $110 of excise taxes) used on the farm for farming purposes. Can i file 2011 tax return online Then, on Form 4136, she claimed the $110 as a credit. Can i file 2011 tax return online Sharon reports the $110 as other income on line 8b of her 2013 Schedule F. Can i file 2011 tax return online Accrual method. Can i file 2011 tax return online   If you use an accrual method, include the amount of credit or refund in gross income for the tax year in which you used the fuels. Can i file 2011 tax return online It does not matter whether you filed for a quarterly refund or claimed the entire amount as a credit. Can i file 2011 tax return online Example. Can i file 2011 tax return online Patty Green, a farmer who uses the accrual method, files her 2012 Form 1040 on April 15, 2013. Can i file 2011 tax return online On Schedule F, she deducts the total cost of gasoline (including $155 of excise taxes) she used on the farm for farming purposes during 2012. Can i file 2011 tax return online On Form 4136, Patty claims the $155 as a credit. Can i file 2011 tax return online She reports the $155 as other income on line 8b of her 2012 Schedule F. Can i file 2011 tax return online Prev  Up  Next   Home   More Online Publications
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Filing Season Statistics

The tables on this page present information from the population of all Forms 1040 processed by the IRS at two critical points in the annual filing season, mid-July and mid-November. The mid-November tables are presented here for the first time. Those data have been developed as part of a research program to provide authoritative data for use by researchers in cases in which a substantial interest in those data exists and information produced by researchers from incomplete data can lead to inaccuracies.

The first set of tables, those processed by mid-July, primarily reflect income earned in the year preceding the Filing Year and reported to the IRS by the April 15th filing deadline, although they also include some late-filed returns for prior Tax-Years. Importantly, these data exclude taxpayers who requested a 6-month filing extension by filing Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. The data represent approximately 95 percent of all returns that will be processed by the IRS in the calendar year. Because filers requesting an extension generally have more complex finances, on average the data reflect just over 85% of the total AGI and less than 80 percent of the total tax liability that will be reported for all returns filed during the year. The final column in each table indicates the share of income from the sale of capital assets represented in the income presented. By comparing the data presented in these tables over time, these data can be used to develop early estimates of changes in the economy or to update forecasts of economic activity that were developed using older data.   

Data in the mid-November tables update the earlier tables and reflect nearly all returns that will be received and processed by the IRS in a calendar year, including timely-filed returns that had been granted a 6-month extension. Again, the information presented primarily represent income earned in the prior year, but will include some late-filed returns for earlier Tax-Years.


Mid-July filing season statistics by AGI

These tables present information from the population of all Forms 1040 processed by the IRS on or before week 30 of the calendar year. Returns filed primarily reflect income earned in the year preceding the Filing Year, but exclude taxpayers who requested a 6-month filing extension by filing Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.

2010     2011     2012     2013
 


Mid-November filing season statistics by AGI

These tables present information from the population of all Forms 1040 processed by the IRS on or before week 47 of the calendar year. Returns filed primarily reflect income earned in the year preceding the Filing Year.

2010     2011     2012     2013
 


Additional filing season statistics

 

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Page Last Reviewed or Updated: 10-Jan-2014

The Can I File 2011 Tax Return Online

Can i file 2011 tax return online Publication 542 - Main Content Table of Contents Businesses Taxed as CorporationsPersonal services. Can i file 2011 tax return online Employee-owners. Can i file 2011 tax return online Other rules. Can i file 2011 tax return online Other rules. Can i file 2011 tax return online Property Exchanged for StockNonqualified preferred stock. Can i file 2011 tax return online Liabilities. Can i file 2011 tax return online Election to reduce basis. Can i file 2011 tax return online Capital Contributions Filing and Paying Income TaxesIncome Tax Return Penalties Estimated Tax U. Can i file 2011 tax return online S. Can i file 2011 tax return online Real Property Interest Accounting MethodsSection 481(a) adjustment. Can i file 2011 tax return online Accounting Periods Recordkeeping Income, Deductions, and Special ProvisionsCosts of Going Into Business Related Persons Income From Qualifying Shipping Activities Election to Expense Qualified Refinery Property Deduction to Comply With EPA Sulfur Regulations Energy-Efficient Commercial Building Property Deduction Corporate Preference Items Dividends-Received Deduction Extraordinary Dividends Below-Market Loans Charitable Contributions Capital Losses Net Operating Losses At-Risk Limits Passive Activity Limits Figuring TaxTax Rate Schedule Alternative Minimum Tax (AMT) Credits Recapture Taxes Accumulated Earnings Tax Distributions to ShareholdersMoney or Property Distributions Distributions of Stock or Stock Rights Constructive Distributions Reporting Dividends and Other Distributions How To Get Tax Help Businesses Taxed as Corporations The rules you must use to determine whether a business is taxed as a corporation changed for businesses formed after 1996. Can i file 2011 tax return online Business formed before 1997. Can i file 2011 tax return online   A business formed before 1997 and taxed as a corporation under the old rules will generally continue to be taxed as a corporation. Can i file 2011 tax return online Business formed after 1996. Can i file 2011 tax return online   The following businesses formed after 1996 are taxed as corporations. Can i file 2011 tax return online A business formed under a federal or state law that refers to it as a corporation, body corporate, or body politic. Can i file 2011 tax return online A business formed under a state law that refers to it as a joint-stock company or joint-stock association. Can i file 2011 tax return online An insurance company. Can i file 2011 tax return online Certain banks. Can i file 2011 tax return online A business wholly owned by a state or local government. Can i file 2011 tax return online A business specifically required to be taxed as a corporation by the Internal Revenue Code (for example, certain publicly traded partnerships). Can i file 2011 tax return online Certain foreign businesses. Can i file 2011 tax return online Any other business that elects to be taxed as a corporation. Can i file 2011 tax return online For example, a limited liability company (LLC) can elect to be treated as an association taxable as a corporation by filing Form 8832, Entity Classification Election. Can i file 2011 tax return online For more information about LLCs, see Publication 3402, Taxation of Limited Liability Companies. Can i file 2011 tax return online S corporations. Can i file 2011 tax return online   Some corporations may meet the qualifications for electing to be S corporations. Can i file 2011 tax return online For information on S corporations, see the instructions for Form 1120S, U. Can i file 2011 tax return online S. Can i file 2011 tax return online Income Tax Return for an S Corporation. Can i file 2011 tax return online Personal service corporations. Can i file 2011 tax return online   A corporation is a personal service corporation if it meets all of the following requirements. Can i file 2011 tax return online Its principal activity during the “testing period” is performing personal services (defined later). Can i file 2011 tax return online Generally, the testing period for any tax year is the prior tax year. Can i file 2011 tax return online If the corporation has just been formed, the testing period begins on the first day of its tax year and ends on the earlier of: The last day of its tax year, or The last day of the calendar year in which its tax year begins. Can i file 2011 tax return online Its employee-owners substantially perform the services in (1), above. Can i file 2011 tax return online This requirement is met if more than 20% of the corporation's compensation cost for its activities of performing personal services during the testing period is for personal services performed by employee-owners. Can i file 2011 tax return online Its employee-owners own more than 10% of the fair market value of its outstanding stock on the last day of the testing period. Can i file 2011 tax return online Personal services. Can i file 2011 tax return online   Personal services include any activity performed in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts. Can i file 2011 tax return online Employee-owners. Can i file 2011 tax return online   A person is an employee-owner of a personal service corporation if both of the following apply. Can i file 2011 tax return online He or she is an employee of the corporation or performs personal services for, or on behalf of, the corporation (even if he or she is an independent contractor for other purposes) on any day of the testing period. Can i file 2011 tax return online He or she owns any stock in the corporation at any time during the testing period. Can i file 2011 tax return online Other rules. Can i file 2011 tax return online   For other rules that apply to personal service corporations see Accounting Periods, later. Can i file 2011 tax return online Closely held corporations. Can i file 2011 tax return online   A corporation is closely held if all of the following apply. Can i file 2011 tax return online It is not a personal service corporation. Can i file 2011 tax return online At any time during the last half of the tax year, more than 50% of the value of its outstanding stock is, directly or indirectly, owned by or for five or fewer individuals. Can i file 2011 tax return online “Individual” includes certain trusts and private foundations. Can i file 2011 tax return online Other rules. Can i file 2011 tax return online   For the at-risk rules that apply to closely held corporations, seeAt-Risk Limits, later. Can i file 2011 tax return online Property Exchanged for Stock If you transfer property (or money and property) to a corporation in exchange for stock in that corporation (other than nonqualified preferred stock, described later), and immediately afterward you are in control of the corporation, the exchange is usually not taxable. Can i file 2011 tax return online This rule applies both to individuals and to groups who transfer property to a corporation. Can i file 2011 tax return online It also applies whether the corporation is being formed or is already operating. Can i file 2011 tax return online It does not apply in the following situations. Can i file 2011 tax return online The corporation is an investment company. Can i file 2011 tax return online You transfer the property in a bankruptcy or similar proceeding in exchange for stock used to pay creditors. Can i file 2011 tax return online The stock is received in exchange for the corporation's debt (other than a security) or for interest on the corporation's debt (including a security) that accrued while you held the debt. Can i file 2011 tax return online Both the corporation and any person involved in a nontaxable exchange of property for stock must attach to their income tax returns a complete statement of all facts pertinent to the exchange. Can i file 2011 tax return online For more information, see section 1. Can i file 2011 tax return online 351-3 of the Regulations. Can i file 2011 tax return online Control of a corporation. Can i file 2011 tax return online   To be in control of a corporation, you or your group of transferors must own, immediately after the exchange, at least 80% of the total combined voting power of all classes of stock entitled to vote and at least 80% of the outstanding shares of each class of nonvoting stock. Can i file 2011 tax return online Example 1. Can i file 2011 tax return online You and Bill Jones buy property for $100,000. Can i file 2011 tax return online You both organize a corporation when the property has a fair market value of $300,000. Can i file 2011 tax return online You transfer the property to the corporation for all its authorized capital stock, which has a par value of $300,000. Can i file 2011 tax return online No gain is recognized by you, Bill, or the corporation. Can i file 2011 tax return online Example 2. Can i file 2011 tax return online You and Bill transfer the property with a basis of $100,000 to a corporation in exchange for stock with a fair market value of $300,000. Can i file 2011 tax return online This represents only 75% of each class of stock of the corporation. Can i file 2011 tax return online The other 25% was already issued to someone else. Can i file 2011 tax return online You and Bill recognize a taxable gain of $200,000 on the transaction. Can i file 2011 tax return online Services rendered. Can i file 2011 tax return online   The term property does not include services rendered or to be rendered to the issuing corporation. Can i file 2011 tax return online The value of stock received for services is income to the recipient. Can i file 2011 tax return online Example. Can i file 2011 tax return online You transfer property worth $35,000 and render services valued at $3,000 to a corporation in exchange for stock valued at $38,000. Can i file 2011 tax return online Right after the exchange, you own 85% of the outstanding stock. Can i file 2011 tax return online No gain is recognized on the exchange of property. Can i file 2011 tax return online However, you recognize ordinary income of $3,000 as payment for services you rendered to the corporation. Can i file 2011 tax return online Property of relatively small value. Can i file 2011 tax return online   The term property does not include property of a relatively small value when it is compared to the value of stock and securities already owned or to be received for services by the transferor if the main purpose of the transfer is to qualify for the nonrecognition of gain or loss by other transferors. Can i file 2011 tax return online   Property transferred will not be considered to be of relatively small value if its fair market value is at least 10% of the fair market value of the stock and securities already owned or to be received for services by the transferor. Can i file 2011 tax return online Stock received in disproportion to property transferred. Can i file 2011 tax return online   If a group of transferors exchange property for corporate stock, each transferor does not have to receive stock in proportion to his or her interest in the property transferred. Can i file 2011 tax return online If a disproportionate transfer takes place, it will be treated for tax purposes in accordance with its true nature. Can i file 2011 tax return online It may be treated as if the stock were first received in proportion and then some of it used to make gifts, pay compensation for services, or satisfy the transferor's obligations. Can i file 2011 tax return online Money or other property received. Can i file 2011 tax return online   If, in an otherwise nontaxable exchange of property for corporate stock, you also receive money or property other than stock, you may have to recognize gain. Can i file 2011 tax return online You must recognize gain only up to the amount of money plus the fair market value of the other property you receive. Can i file 2011 tax return online The rules for figuring the recognized gain in this situation generally follow those for a partially nontaxable exchange discussed in Publication 544 under Like-Kind Exchanges. Can i file 2011 tax return online If the property you give up includes depreciable property, the recognized gain may have to be reported as ordinary income from depreciation. Can i file 2011 tax return online See chapter 3 of Publication 544. Can i file 2011 tax return online No loss is recognized. Can i file 2011 tax return online Nonqualified preferred stock. Can i file 2011 tax return online   Nonqualified preferred stock is treated as property other than stock. Can i file 2011 tax return online Generally, it is preferred stock with any of the following features. Can i file 2011 tax return online The holder has the right to require the issuer or a related person to redeem or buy the stock. Can i file 2011 tax return online The issuer or a related person is required to redeem or buy the stock. Can i file 2011 tax return online The issuer or a related person has the right to redeem or buy the stock and, on the issue date, it is more likely than not that the right will be exercised. Can i file 2011 tax return online The dividend rate on the stock varies with reference to interest rates, commodity prices, or similar indices. Can i file 2011 tax return online For a detailed definition of nonqualified preferred stock, see section 351(g)(2) of the Internal Revenue Code. Can i file 2011 tax return online Liabilities. Can i file 2011 tax return online   If the corporation assumes your liabilities, the exchange generally is not treated as if you received money or other property. Can i file 2011 tax return online There are two exceptions to this treatment. Can i file 2011 tax return online If the liabilities the corporation assumes are more than your adjusted basis in the property you transfer, gain is recognized up to the difference. Can i file 2011 tax return online However, if the liabilities assumed give rise to a deduction when paid, such as a trade account payable or interest, no gain is recognized. Can i file 2011 tax return online If there is no good business reason for the corporation to assume your liabilities, or if your main purpose in the exchange is to avoid federal income tax, the assumption is treated as if you received money in the amount of the liabilities. Can i file 2011 tax return online For more information on the assumption of liabilities, see section 357(d) of the Internal Revenue Code. Can i file 2011 tax return online Example. Can i file 2011 tax return online You transfer property to a corporation for stock. Can i file 2011 tax return online Immediately after the transfer, you control the corporation. Can i file 2011 tax return online You also receive $10,000 in the exchange. Can i file 2011 tax return online Your adjusted basis in the transferred property is $20,000. Can i file 2011 tax return online The stock you receive has a fair market value (FMV) of $16,000. Can i file 2011 tax return online The corporation also assumes a $5,000 mortgage on the property for which you are personally liable. Can i file 2011 tax return online Gain is realized as follows. Can i file 2011 tax return online FMV of stock received $16,000 Cash received 10,000 Liability assumed by corporation 5,000 Total received $31,000 Minus: Adjusted basis of property transferred 20,000 Realized gain $11,000   The liability assumed is not treated as money or other property. Can i file 2011 tax return online The recognized gain is limited to $10,000, the cash received. Can i file 2011 tax return online Loss on exchange. Can i file 2011 tax return online   If you have a loss from an exchange and own, directly or indirectly, more than 50% of the corporation's stock, you cannot deduct the loss. Can i file 2011 tax return online For more information, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. Can i file 2011 tax return online Basis of stock or other property received. Can i file 2011 tax return online   The basis of the stock you receive is generally the adjusted basis of the property you transfer. Can i file 2011 tax return online Increase this amount by any amount treated as a dividend, plus any gain recognized on the exchange. Can i file 2011 tax return online Decrease this amount by any cash you received, the fair market value of any other property you received, and any loss recognized on the exchange. Can i file 2011 tax return online Also decrease this amount by the amount of any liability the corporation or another party to the exchange assumed from you, unless payment of the liability gives rise to a deduction when paid. Can i file 2011 tax return online    Further decreases may be required when the corporation or another party to the exchange assumes from you a liability that gives rise to a deduction when paid, if the basis of the stock would otherwise be higher than its fair market value on the date of the exchange. Can i file 2011 tax return online This rule does not apply if the entity assuming the liability acquired either substantially all of the assets or the trade or business with which the liability is associated. Can i file 2011 tax return online The basis of any other property you receive is its fair market value on the date of the trade. Can i file 2011 tax return online Basis of property transferred. Can i file 2011 tax return online   A corporation that receives property from you in exchange for its stock generally has the same basis you had in the property, increased by any gain you recognized on the exchange. Can i file 2011 tax return online However, the increase for the gain recognized may be limited. Can i file 2011 tax return online For more information, see section 362 of the Internal Revenue Code. Can i file 2011 tax return online Election to reduce basis. Can i file 2011 tax return online   In a section 351 transaction, if the adjusted basis of the property transferred exceeds the property's fair market value, the transferor and transferee may make an irrevocable election to treat the basis of the stock received by the transferor as having a basis equal to the fair market value of the property transferred. Can i file 2011 tax return online The transferor and transferee make this election by attaching a statement to their tax returns filed by the due date (including extensions) for the tax year in which the transaction occurred. Can i file 2011 tax return online However, if the transferor makes the election by including the certification provided in Notice 2005-70, 2005-41, I. Can i file 2011 tax return online R. Can i file 2011 tax return online B. Can i file 2011 tax return online 694, on or with its tax return filed by the due date (including extensions), then no election need be made by the transferee. Can i file 2011 tax return online    For more information on making this election, see section 362(e)(2)(C) of the Internal Revenue Code, and Notice 2005-70. Can i file 2011 tax return online Capital Contributions This section explains the tax treatment of contributions from shareholders and nonshareholders. Can i file 2011 tax return online Paid-in capital. Can i file 2011 tax return online   Contributions to the capital of a corporation, whether or not by shareholders, are paid-in capital. Can i file 2011 tax return online These contributions are not taxable to the corporation. Can i file 2011 tax return online Basis. Can i file 2011 tax return online   The corporation's basis of property contributed to capital by a shareholder is the same as the basis the shareholder had in the property, increased by any gain the shareholder recognized on the exchange. Can i file 2011 tax return online However, the increase for the gain recognized may be limited. Can i file 2011 tax return online For more information, see Basis of property transferred, above, and section 362 of the Internal Revenue Code. Can i file 2011 tax return online   The basis of property contributed to capital by a person other than a shareholder is zero. Can i file 2011 tax return online   If a corporation receives a cash contribution from a person other than a shareholder, the corporation must reduce the basis of any property acquired with the contribution during the 12-month period beginning on the day it received the contribution by the amount of the contribution. Can i file 2011 tax return online If the amount contributed is more than the cost of the property acquired, then reduce, but not below zero, the basis of the other properties held by the corporation on the last day of the 12-month period in the following order. Can i file 2011 tax return online Depreciable property. Can i file 2011 tax return online Amortizable property. Can i file 2011 tax return online Property subject to cost depletion but not to percentage depletion. Can i file 2011 tax return online All other remaining properties. Can i file 2011 tax return online   Reduce the basis of property in each category to zero before going on to the next category. Can i file 2011 tax return online   There may be more than one piece of property in each category. Can i file 2011 tax return online Base the reduction of the basis of each property on the following ratio:   Basis of each piece of property   Bases of all properties (within that category) If the corporation wishes to make this adjustment in some other way, it must get IRS approval. Can i file 2011 tax return online The corporation files a request for approval with its income tax return for the tax year in which it receives the contribution. Can i file 2011 tax return online Filing and Paying Income Taxes The federal income tax is a pay-as-you-go tax. Can i file 2011 tax return online A corporation generally must make estimated tax payments as it earns or receives income during its tax year. Can i file 2011 tax return online After the end of the year, the corporation must file an income tax return. Can i file 2011 tax return online This section will help you determine when and how to pay and file corporate income taxes. Can i file 2011 tax return online For certain corporations affected by Presidentially declared disasters such as hurricanes, the due dates for filing returns, paying taxes, and performing other time-sensitive acts may be extended. Can i file 2011 tax return online The IRS may also forgive the interest and penalties on any underpaid tax for the length of any extension. Can i file 2011 tax return online For more information, visit www. Can i file 2011 tax return online irs. Can i file 2011 tax return online gov/newsroom/article/0,,id=108362. Can i file 2011 tax return online 00. Can i file 2011 tax return online Income Tax Return This section will help you determine when and how to report a corporation's income tax. Can i file 2011 tax return online Who must file. Can i file 2011 tax return online   Unless exempt under section 501 of the Internal Revenue Code, all domestic corporations in existence for any part of a tax year (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Can i file 2011 tax return online Which form to file. Can i file 2011 tax return online   A corporation generally must file Form 1120, U. Can i file 2011 tax return online S. Can i file 2011 tax return online Corporation Income Tax Return, to report its income, gains, losses, deductions, credits, and to figure its income tax liability. Can i file 2011 tax return online Certain organizations and entities must file special returns. Can i file 2011 tax return online For more information, see Special Returns for Certain Organizations, in the Instructions for Form 1120. Can i file 2011 tax return online Electronic filing. Can i file 2011 tax return online   Corporations can generally electronically file (e-file) Form 1120 and certain related forms, schedules, and attachments. Can i file 2011 tax return online Certain corporations with total assets of $10 million or more, that file at least 250 returns a year must e-file Form 1120. Can i file 2011 tax return online However, in certain instances, these corporations can request a waiver. Can i file 2011 tax return online For more information regarding electronic filing, visit www. Can i file 2011 tax return online irs. Can i file 2011 tax return online gov/efile. Can i file 2011 tax return online When to file. Can i file 2011 tax return online   Generally, a corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. Can i file 2011 tax return online A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. Can i file 2011 tax return online A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved. Can i file 2011 tax return online Example 1. Can i file 2011 tax return online A corporation's tax year ends December 31. Can i file 2011 tax return online It must file its income tax return by March 15th. Can i file 2011 tax return online Example 2. Can i file 2011 tax return online A corporation's tax year ends June 30. Can i file 2011 tax return online It must file its income tax return by September 15th. Can i file 2011 tax return online   If the due date falls on a Saturday, Sunday, or legal holiday, the due date is extended to the next business day. Can i file 2011 tax return online Extension of time to file. Can i file 2011 tax return online   File Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information and Other Returns, to request an extension of time to file a corporation income tax return. Can i file 2011 tax return online The IRS will grant the extension if you complete the form properly, file it, and pay any tax due by the original due date for the return. Can i file 2011 tax return online   Form 7004 does not extend the time for paying the tax due on the return. Can i file 2011 tax return online Interest, and possibly penalties, will be charged on any part of the final tax due not shown as a balance due on Form 7004. Can i file 2011 tax return online The interest is figured from the original due date of the return to the date of payment. Can i file 2011 tax return online   For more information, see the instructions for Form 7004. Can i file 2011 tax return online How to pay your taxes. Can i file 2011 tax return online   A corporation must pay its tax due in full no later than the 15th day of the 3rd month after the end of its tax year. Can i file 2011 tax return online Electronic Federal Tax Payment System (EFTPS). Can i file 2011 tax return online   Corporations generally must use EFTPS to make deposits of all tax liabilities (including social security, Medicare, withheld income, excise, and corporate income taxes). Can i file 2011 tax return online For more information on EFTPS and enrollment, visit www. Can i file 2011 tax return online eftps. Can i file 2011 tax return online gov or call 1-800-555-4477. Can i file 2011 tax return online Also see Publication 966, The Secure Way to Pay Your Federal Taxes. Can i file 2011 tax return online Note. Can i file 2011 tax return online Forms 8109 and 8109-B, Federal Tax Deposit Coupon, can no longer be used to make federal tax deposits. Can i file 2011 tax return online Penalties Generally, if the corporation receives a notice about interest and penalties after it files its return, send the IRS an explanation and we will determine if the corporation meets reasonable-cause criteria. Can i file 2011 tax return online Do not attach an explanation when the corporation's return is filed. Can i file 2011 tax return online See the instructions for your income tax return. Can i file 2011 tax return online Late filing of return. Can i file 2011 tax return online    A corporation that does not file its tax return by the due date, including extensions, may be penalized 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. Can i file 2011 tax return online If the corporation is charged a penalty for late payment of tax (discussed next) for the same period of time, the penalty for late filing is reduced by the amount of the penalty for late payment. Can i file 2011 tax return online The minimum penalty for a return that is over 60 days late is the smaller of the tax due or $100. Can i file 2011 tax return online The penalty will not be imposed if the corporation can show the failure to file on time was due to a reasonable cause. Can i file 2011 tax return online Late payment of tax. Can i file 2011 tax return online    A corporation that does not pay the tax when due may be penalized ½ of 1% of the unpaid tax for each month or part of a month the tax is not paid, up to a maximum of 25% of the unpaid tax. Can i file 2011 tax return online The penalty will not be imposed if the corporation can show that the failure to pay on time was due to a reasonable cause. Can i file 2011 tax return online Trust fund recovery penalty. Can i file 2011 tax return online   If income, social security, and Medicare taxes that a corporation must withhold from employee wages are not withheld or are not deposited or paid to the United States Treasury, the trust fund recovery penalty may apply. Can i file 2011 tax return online The penalty is the full amount of the unpaid trust fund tax. Can i file 2011 tax return online This penalty may apply to you if these unpaid taxes cannot be immediately collected from the business. Can i file 2011 tax return online   The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying these taxes, and who acted willfully in not doing so. Can i file 2011 tax return online   A responsible person can be an officer or employee of a corporation, an accountant, or a volunteer director/trustee. Can i file 2011 tax return online A responsible person also may include one who signs checks for the corporation or otherwise has authority to cause the spending of business funds. Can i file 2011 tax return online   Willfully means voluntarily, consciously, and intentionally. Can i file 2011 tax return online A responsible person acts willfully if the person knows the required actions are not taking place. Can i file 2011 tax return online   For more information on withholding and paying these taxes, see Publication 15 (Circular E), Employer's Tax Guide, and Publication 51, (Circular A), Agricultural Employer's Tax Guide. Can i file 2011 tax return online Other penalties. Can i file 2011 tax return online   Other penalties can be imposed for negligence, substantial understatement of tax, reportable transaction understatements, and fraud. Can i file 2011 tax return online See sections 6662, 6662A, and 6663 of the Internal Revenue Code. Can i file 2011 tax return online Estimated Tax Generally, a corporation must make installment payments if it expects its estimated tax for the year to be $500 or more. Can i file 2011 tax return online If the corporation does not pay the installments when they are due, it could be subject to an underpayment penalty. Can i file 2011 tax return online This section will explain how to avoid this penalty. Can i file 2011 tax return online When to pay estimated tax. Can i file 2011 tax return online   Installment payments are due by the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year. Can i file 2011 tax return online Example 1. Can i file 2011 tax return online Your corporation's tax year ends December 31. Can i file 2011 tax return online Installment payments are due on April 15, June 15, September 15, and December 15. Can i file 2011 tax return online Example 2. Can i file 2011 tax return online Your corporation's tax year ends June 30. Can i file 2011 tax return online Installment payments are due on October 15, December 15, March 15, and June 15. Can i file 2011 tax return online   If any due date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next business day. Can i file 2011 tax return online How to figure each required installment. Can i file 2011 tax return online   Use Form 1120-W, Estimated Tax for Corporations, as a worksheet to figure each required installment of estimated tax. Can i file 2011 tax return online You will generally use one of the following two methods to figure each required installment. Can i file 2011 tax return online You should use the method that yields the smallest installment payments. Can i file 2011 tax return online Note. Can i file 2011 tax return online In these discussions, “return” generally refers to the corporation's original return. Can i file 2011 tax return online However, an amended return is considered the original return if it is filed by the due date (including extensions) of the original return. Can i file 2011 tax return online Method 1. Can i file 2011 tax return online   Each required installment is 25% of the income tax the corporation will show on its return for the current year. Can i file 2011 tax return online Method 2. Can i file 2011 tax return online   Each required installment is 25% of the income tax shown on the corporation's return for the previous year. Can i file 2011 tax return online   To use Method 2: The corporation must have filed a return for the previous year, The return must have been for a full 12 months, and The return must have shown a positive tax liability (not zero). Can i file 2011 tax return online Also, if the corporation is a large corporation, it can use Method 2 to figure the first installment only. Can i file 2011 tax return online   See the Instructions for Form 1120-W, for the definition of a large corporation and other special rules for large corporations. Can i file 2011 tax return online Other methods. Can i file 2011 tax return online   If a corporation's income is expected to vary during the year because, for example, its business is seasonal, it may be able to lower the amount of one or more required installments by using one or both of the following methods. Can i file 2011 tax return online The annualized income installment method. Can i file 2011 tax return online The adjusted seasonal installment method. Can i file 2011 tax return online Use Schedule A of Form 1120-W to determine if using one or both of these methods will lower the amount of any required installments. Can i file 2011 tax return online Refiguring required installments. Can i file 2011 tax return online   If after the corporation figures and deposits its estimated tax it finds that its tax liability for the year will be more or less than originally estimated, it may have to refigure its required installments to see if an underpayment penalty may apply. Can i file 2011 tax return online An immediate catchup payment should be made to reduce any penalty resulting from the underpayment of any earlier installments. Can i file 2011 tax return online Underpayment penalty. Can i file 2011 tax return online   If the corporation does not pay a required installment of estimated tax by its due date, it may be subject to a penalty. Can i file 2011 tax return online The penalty is figured separately for each installment due date. Can i file 2011 tax return online The corporation may owe a penalty for an earlier due date, even if it paid enough tax later to make up the underpayment. Can i file 2011 tax return online This is true even if the corporation is due a refund when its return is filed. Can i file 2011 tax return online Form 2220. Can i file 2011 tax return online   Use Form 2220, Underpayment of Estimated Tax by Corporations, to determine if a corporation is subject to the penalty for underpayment of estimated tax and to figure the amount of the penalty. Can i file 2011 tax return online   If the corporation is charged a penalty, the amount of the penalty depends on the following three factors. Can i file 2011 tax return online The amount of the underpayment. Can i file 2011 tax return online The period during which the underpayment was due and unpaid. Can i file 2011 tax return online The interest rate for underpayments published quarterly by the IRS in the Internal Revenue Bulletin. Can i file 2011 tax return online   A corporation generally does not have to file Form 2220 with its income tax return because the IRS will figure any penalty and bill the corporation. Can i file 2011 tax return online However, even if the corporation does not owe a penalty, complete and attach the form to the corporation's tax return if any of the following apply. Can i file 2011 tax return online The annualized income installment method was used to figure any required installment. Can i file 2011 tax return online The adjusted seasonal installment method was used to figure any required installment. Can i file 2011 tax return online The corporation is a large corporation figuring its first required installment based on the prior year's tax. Can i file 2011 tax return online How to pay estimated tax. Can i file 2011 tax return online   A corporation is generally required to use EFTPS to pay its taxes. Can i file 2011 tax return online See Electronic Federal Tax Payment System (EFTPS), earlier. Can i file 2011 tax return online Also see the Instructions for Form 1120-W. Can i file 2011 tax return online Quick refund of overpayments. Can i file 2011 tax return online   A corporation that has overpaid its estimated tax for the tax year may be able to apply for a quick refund. Can i file 2011 tax return online Use Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax, to apply for a quick refund of an overpayment of estimated tax. Can i file 2011 tax return online A corporation can apply for a quick refund if the overpayment is: At least 10% of its expected tax liability, and At least $500. Can i file 2011 tax return online Use Form 4466 to figure the corporation's expected tax liability and the overpayment of estimated tax. Can i file 2011 tax return online File Form 4466 before the 16th day of the 3rd month after the end of the tax year, but before the corporation files its income tax return. Can i file 2011 tax return online Do not file Form 4466 before the end of the corporation's tax year. Can i file 2011 tax return online An extension of time to file the corporation's income tax return will not extend the time for filing Form 4466. Can i file 2011 tax return online The IRS will act on the form within 45 days from the date you file it. Can i file 2011 tax return online U. Can i file 2011 tax return online S. Can i file 2011 tax return online Real Property Interest If a domestic corporation acquires a U. Can i file 2011 tax return online S. Can i file 2011 tax return online real property interest from a foreign person or firm, the corporation may have to withhold tax on the amount it pays for the property. Can i file 2011 tax return online The amount paid includes cash, the fair market value of other property, and any assumed liability. Can i file 2011 tax return online If a domestic corporation distributes a U. Can i file 2011 tax return online S. Can i file 2011 tax return online real property interest to a foreign person or firm, it may have to withhold tax on the fair market value of the property. Can i file 2011 tax return online A corporation that fails to withhold may be liable for the tax, and any penalties and interest that apply. Can i file 2011 tax return online For more information, see section 1445 of the Internal Revenue Code; Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities; Form 8288, U. Can i file 2011 tax return online S. Can i file 2011 tax return online Withholding Tax Return for Dispositions by Foreign Persons of U. Can i file 2011 tax return online S. Can i file 2011 tax return online Real Property Interests; and Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U. Can i file 2011 tax return online S. Can i file 2011 tax return online Real Property Interests. Can i file 2011 tax return online Accounting Methods An accounting method is a set of rules used to determine when and how income and expenses are reported. Can i file 2011 tax return online Taxable income should be determined using the method of accounting regularly used in keeping the corporation's books and records. Can i file 2011 tax return online In all cases, the method used must clearly show taxable income. Can i file 2011 tax return online Generally, permissible methods include: Cash, Accrual, or Any other method authorized by the Internal Revenue Code. Can i file 2011 tax return online Accrual method. Can i file 2011 tax return online   Generally, a corporation (other than a qualified personal service corporation) must use the accrual method of accounting if its average annual gross receipts exceed $5 million. Can i file 2011 tax return online A corporation engaged in farming operations also must use the accrual method. Can i file 2011 tax return online   If inventories are required, the accrual method generally must be used for sales and purchases of merchandise. Can i file 2011 tax return online However, qualifying taxpayers and eligible businesses of qualifying small business taxpayers are excepted from using the accrual method for eligible trades or businesses and may account for inventoriable items as materials and supplies that are not incidental. Can i file 2011 tax return online   Under the accrual method, an amount is includable in income when: All the events have occurred that fix the right to receive the income, which is the earliest of the date: The required performance takes place, Payment is due, or Payment is received; and The amount can be determined with reasonable accuracy. Can i file 2011 tax return online   Generally, an accrual basis taxpayer can deduct accrued expenses in the tax year when: All events that determine the liability have occurred, The amount of the liability can be figured with reasonable accuracy, and Economic performance takes place with respect to the expense. Can i file 2011 tax return online   There are exceptions to the economic performance rule for certain items, including recurring expenses. Can i file 2011 tax return online See section 461(h) of the Internal Revenue Code and the related regulations for the rules for determining when economic performance takes place. Can i file 2011 tax return online Nonaccrual experience method. Can i file 2011 tax return online   Accrual method corporations are not required to maintain accruals for certain amounts from the performance of services that, on the basis of their experience, will not be collected, if: The services are in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting; or The corporation's average annual gross receipts for the 3 prior tax years does not exceed $5 million. Can i file 2011 tax return online   This provision does not apply if interest is required to be paid on the amount or if there is any penalty for failure to pay the amount timely. Can i file 2011 tax return online Percentage of completion method. Can i file 2011 tax return online   Long-term contracts (except for certain real property construction contracts) must generally be accounted for using the percentage of completion method described in section 460 of the Internal Revenue Code. Can i file 2011 tax return online Mark-to-market accounting method. Can i file 2011 tax return online   Generally, dealers in securities must use the mark-to-market accounting method described in section 475 of the Internal Revenue Code. Can i file 2011 tax return online Under this method any security held by a dealer as inventory must be included in inventory at its FMV. Can i file 2011 tax return online Any security not held as inventory at the close of the tax year is treated as sold at its FMV on the last business day of the tax year. Can i file 2011 tax return online Any gain or loss must be taken into account in determining gross income. Can i file 2011 tax return online The gain or loss taken into account is treated as ordinary gain or loss. Can i file 2011 tax return online   Dealers in commodities and traders in securities and commodities can elect to use the mark-to-market accounting method. Can i file 2011 tax return online Change in accounting method. Can i file 2011 tax return online   A corporation can change its method of accounting used to report taxable income (for income as a whole or for the treatment of any material item). Can i file 2011 tax return online The corporation must file Form 3115, Application for Change in Accounting Method. Can i file 2011 tax return online For more information, see Form 3115 and Publication 538. Can i file 2011 tax return online Section 481(a) adjustment. Can i file 2011 tax return online   The corporation may have to make an adjustment under section 481(a) of the Internal Revenue Code to prevent amounts of income or expense from being duplicated or omitted. Can i file 2011 tax return online The section 481(a) adjustment period is generally 1 year for a net negative adjustment and 4 years for a net positive adjustment. Can i file 2011 tax return online However, a corporation can elect to use a 1-year adjustment period if the net section 481(a) adjustment for the change is less than $25,000. Can i file 2011 tax return online The corporation must complete the appropriate lines of Form 3115 to make the election. Can i file 2011 tax return online See the Instructions for Form 3115. Can i file 2011 tax return online Accounting Periods A corporation must figure its taxable income on the basis of a tax year. Can i file 2011 tax return online A tax year is the annual accounting period a corporation uses to keep its records and report its income and expenses. Can i file 2011 tax return online Generally, corporations can use either a calendar year or a fiscal year as its tax year. Can i file 2011 tax return online Unless special rules apply, a corporation generally adopts a tax year by filing its first federal income tax return using that tax year. Can i file 2011 tax return online For more information, see Publication 538. Can i file 2011 tax return online Personal service corporation. Can i file 2011 tax return online   A personal service corporation must use a calendar year as its tax year unless: It elects to use a 52–53 week tax year that ends with reference to the calendar year; It can establish a business purpose for a different tax year and obtains approval of the IRS. Can i file 2011 tax return online See Form 1128, Application To Adopt, Change, or Retain a Tax Year, and Publication 538; or It elects under section 444 of the Internal Revenue Code to have a tax year other than a calendar year. Can i file 2011 tax return online Use Form 8716, Election to Have a Tax Year Other Than a Required Tax Year, to make the election. Can i file 2011 tax return online   If a personal service corporation makes a section 444 election, its deduction for certain amounts paid to employee-owners may be limited. Can i file 2011 tax return online See Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC), to figure the maximum deduction. Can i file 2011 tax return online Change of tax year. Can i file 2011 tax return online   Generally, a corporation must get the consent of the IRS before changing its tax year by filing Form 1128. Can i file 2011 tax return online However, under certain conditions, a corporation can change its tax year without getting the consent. Can i file 2011 tax return online For more information, see Form 1128 and Publication 538. Can i file 2011 tax return online Recordkeeping A corporation should keep its records for as long as they may be needed for the administration of any provision of the Internal Revenue Code. Can i file 2011 tax return online Usually records that support items of income, deductions, or credits on the return must be kept for 3 years from the date the return is due or filed, whichever is later. Can i file 2011 tax return online Keep records that verify the corporation's basis in property for as long as they are needed to figure the basis of the original or replacement property. Can i file 2011 tax return online The corporation should keep copies of all filed returns. Can i file 2011 tax return online They help in preparing future and amended returns and in the calculation of earnings and profits. Can i file 2011 tax return online Income, Deductions, and Special Provisions Rules on income and deductions that apply to individuals also apply, for the most part, to corporations. Can i file 2011 tax return online However, the following special provisions apply only to corporations. Can i file 2011 tax return online Costs of Going Into Business When you go into business, treat all costs you incur to get your business started as capital expenses. Can i file 2011 tax return online However, a corporation can elect to deduct a limited amount of start-up or organizational costs. Can i file 2011 tax return online Any costs not deducted can be amortized. Can i file 2011 tax return online Start-up costs are costs for creating an active trade or business or investigating the creation or acquisition of an active trade or business. Can i file 2011 tax return online Organizational costs are the direct costs of creating the corporation. Can i file 2011 tax return online For more information on deducting or amortizing start-up and organizational costs, see the instructions for your income tax return. Can i file 2011 tax return online Also see, Publication 535, chapter 7, Costs You Can Deduct or Capitalize, and chapter 8, Amortization. Can i file 2011 tax return online Related Persons A corporation that uses an accrual method of accounting cannot deduct business expenses and interest owed to a related person who uses the cash method of accounting until the corporation makes the payment and the corresponding amount is includible in the related person's gross income. Can i file 2011 tax return online Determine the relationship, for this rule, as of the end of the tax year for which the expense or interest would otherwise be deductible. Can i file 2011 tax return online If a deduction is denied, the rule will continue to apply even if the corporation's relationship with the person ends before the expense or interest is includible in the gross income of that person. Can i file 2011 tax return online These rules also deny the deduction of losses on the sale or exchange of property between related persons. Can i file 2011 tax return online Related persons. Can i file 2011 tax return online   For purposes of this rule, the following persons are related to a corporation. Can i file 2011 tax return online Another corporation, that is a member of the same controlled group (as defined in section 267(f) of the Internal Revenue Code). Can i file 2011 tax return online An individual who owns, directly or indirectly, more than 50% of the value of the outstanding stock of the corporation. Can i file 2011 tax return online A trust fiduciary, when the trust or the grantor of the trust owns, directly or indirectly, more than 50% in value of the outstanding stock of the corporation. Can i file 2011 tax return online An S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Can i file 2011 tax return online A partnership, if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital or profits interest in the partnership. Can i file 2011 tax return online Any employee-owner, if the corporation is a personal service corporation (see Personal service corporation, earlier), regardless of the amount of stock owned by the employee-owner. Can i file 2011 tax return online Ownership of stock. Can i file 2011 tax return online   To determine whether an individual directly or indirectly owns any of the outstanding stock of a corporation, the following apply. Can i file 2011 tax return online Stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust, is treated as being owned proportionately by or for its shareholders, partners, or beneficiaries. Can i file 2011 tax return online An individual is treated as owning the stock owned, directly or indirectly, by or for the individual's family. Can i file 2011 tax return online Family includes only brothers and sisters (including half brothers and half sisters), a spouse, ancestors, and lineal descendants. Can i file 2011 tax return online Any individual owning (other than by applying (2), above) stock in a corporation, is treated as also owning the stock owned directly or indirectly by that individual's partner. Can i file 2011 tax return online To apply (1), (2), or (3), above, stock constructively owned by a person under (1) is treated as actually owned by that person. Can i file 2011 tax return online But stock constructively owned by an individual under (2) or (3) is not treated as actually owned by the individual for applying either (2) or (3) to make another person the constructive owner of that stock. Can i file 2011 tax return online Reallocation of income and deductions. Can i file 2011 tax return online   Where it is necessary to clearly show income or prevent tax evasion, the IRS can reallocate gross income, deductions, credits, or allowances between two or more organizations, trades, or businesses owned or controlled directly, or indirectly, by the same interests. Can i file 2011 tax return online Complete liquidations. Can i file 2011 tax return online   The disallowance of losses from the sale or exchange of property between related persons does not apply to liquidating distributions. Can i file 2011 tax return online More information. Can i file 2011 tax return online   For more information about the related person rules, see Publication 544. Can i file 2011 tax return online Income From Qualifying Shipping Activities A corporation may make an election to be taxed on its notional shipping income at the highest corporate tax rate. Can i file 2011 tax return online If a corporation makes this election it may exclude income from qualifying shipping activities from gross income. Can i file 2011 tax return online Also if the election is made, the corporation generally may not claim any loss, deduction, or credit with respect to qualifying shipping activities. Can i file 2011 tax return online A corporation making this election may also elect to defer gain on the disposition of a qualifying vessel. Can i file 2011 tax return online A corporation uses Form 8902, Alternative Tax on Qualifying Shipping Activities, to make the election and figure the alternative tax. Can i file 2011 tax return online For more information regarding the election, see Form 8902. Can i file 2011 tax return online Election to Expense Qualified Refinery Property A corporation can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct 50% of the cost of qualified refinery property (defined in section 179C(c) of the Internal Revenue Code), placed in service before January 1, 2014. Can i file 2011 tax return online The deduction is allowed for the year in which the property is placed in service. Can i file 2011 tax return online A subchapter T cooperative can make an irrevocable election on its return by the due date (including extensions) to allocate this deduction to its owners based on their ownership interest. Can i file 2011 tax return online For more information, see section 179C of the Internal Revenue Code and the related Regulations. Can i file 2011 tax return online Deduction to Comply With EPA Sulfur Regulations A small business refiner can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct up to 75% of qualified costs paid or incurred to comply with the Highway Diesel Fuel Sulfur Control Requirements of the Environmental Protection Agency (EPA). Can i file 2011 tax return online A subchapter T cooperative can make an irrevocable election on its return filed by the due date (including extensions) to allocate the deduction to its owners based on their ownership interest. Can i file 2011 tax return online For more information, see sections 45H and 179B of the Internal Revenue Code and the related Regulations. Can i file 2011 tax return online Energy-Efficient Commercial Building Property Deduction A corporation can claim a deduction for costs associated with energy-efficient commercial building property, placed in service before January 1, 2014. Can i file 2011 tax return online In order to qualify for the deduction: The costs must be associated with depreciable or amortizable property in a Standard 90. Can i file 2011 tax return online 1-2001 domestic building; The property must be either a part of the interior lighting system, the heating, cooling, ventilation and hot water system, or the building envelope (defined in section 179D(c)(1)(C) of the Internal Revenue Code); and The property must be installed as part of a plan to reduce the total annual energy and power costs of the building by 50% or more. Can i file 2011 tax return online The deduction is limited to $1. Can i file 2011 tax return online 80 per square foot of the building less the total amount of deductions taken for this property in prior tax years. Can i file 2011 tax return online Other rules and limitations apply. Can i file 2011 tax return online The corporation must reduce the basis of any property by any deduction taken. Can i file 2011 tax return online The deduction is subject to recapture if the corporation fails to fully implement an energy savings plan. Can i file 2011 tax return online For more information, see section 179D of the Internal Revenue Code. Can i file 2011 tax return online Also see Notice 2006-52, 2006-26 I. Can i file 2011 tax return online R. Can i file 2011 tax return online B. Can i file 2011 tax return online 1175, clarified and amplified by Notice 2008-40, 2008-14 I. Can i file 2011 tax return online R. Can i file 2011 tax return online B. Can i file 2011 tax return online 725, and any successor. Can i file 2011 tax return online Corporate Preference Items A corporation must make special adjustments to certain items before it takes them into account in determining its taxable income. Can i file 2011 tax return online These items are known as corporate preference items and they include the following. Can i file 2011 tax return online Gain on the disposition of section 1250 property. Can i file 2011 tax return online For more information, see section 1250 Property under Depreciation Recapture in chapter 3 of Publication 544. Can i file 2011 tax return online Percentage depletion for iron ore and coal (including lignite). Can i file 2011 tax return online For more information, see Mines and Geothermal Deposits under Mineral Property in chapter 9 of Publication 535. Can i file 2011 tax return online Amortization of pollution control facilities. Can i file 2011 tax return online For more information, see Pollution Control Facilities in chapter 8 of Publication 535 and section 291(a)(5) of the Internal Revenue Code. Can i file 2011 tax return online Mineral exploration and development costs. Can i file 2011 tax return online For more information, see Exploration Costs and Development Costs in chapter 7 of Publication 535. Can i file 2011 tax return online For more information on corporate preference items, see section 291 of the Internal Revenue Code. Can i file 2011 tax return online Dividends-Received Deduction A corporation can deduct a percentage of certain dividends received during its tax year. Can i file 2011 tax return online This section discusses the general rules that apply. Can i file 2011 tax return online The deduction is figured on Form 1120, Schedule C, or the applicable schedule of your income tax return. Can i file 2011 tax return online For more information, see the Instructions for Form 1120, or the instructions for your applicable income tax return. Can i file 2011 tax return online Dividends from domestic corporations. Can i file 2011 tax return online   A corporation can deduct, within certain limits, 70% of the dividends received if the corporation receiving the dividend owns less than 20% of the corporation distributing the dividend. Can i file 2011 tax return online If the corporation owns 20% or more of the distributing corporation's stock, it can, subject to certain limits, deduct 80% of the dividends received. Can i file 2011 tax return online Ownership. Can i file 2011 tax return online   Determine ownership, for these rules, by the amount of voting power and value of the paying corporation's stock (other than certain preferred stock) the receiving corporation owns. Can i file 2011 tax return online Small business investment companies. Can i file 2011 tax return online   Small business investment companies can deduct 100% of the dividends received from taxable domestic corporations. Can i file 2011 tax return online Dividends from regulated investment companies. Can i file 2011 tax return online   Regulated investment company dividends received are subject to certain limits. Can i file 2011 tax return online Capital gain dividends received from a regulated investment company do not qualify for the deduction. Can i file 2011 tax return online For more information, see section 854 of the Internal Revenue Code. Can i file 2011 tax return online No deduction allowed for certain dividends. Can i file 2011 tax return online   Corporations cannot take a deduction for dividends received from the following entities. Can i file 2011 tax return online A real estate investment trust (REIT). Can i file 2011 tax return online A corporation exempt from tax under section 501 or 521 of the Internal Revenue Code either for the tax year of the distribution or the preceding tax year. Can i file 2011 tax return online A corporation whose stock was held less than 46 days during the 91-day period beginning 45 days before the stock became ex-dividend with respect to the dividend. Can i file 2011 tax return online Ex-dividend means the holder has no rights to the dividend. Can i file 2011 tax return online A corporation whose preferred stock was held less than 91 days during the 181-day period beginning 90 days before the stock became ex-dividend with respect to the dividend if the dividends received are for a period or periods totaling more than 366 days. Can i file 2011 tax return online Any corporation, if your corporation is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Can i file 2011 tax return online Dividends on deposits. Can i file 2011 tax return online   Dividends on deposits or withdrawable accounts in domestic building and loan associations, mutual savings banks, cooperative banks, and similar organizations are interest, not dividends. Can i file 2011 tax return online They do not qualify for this deduction. Can i file 2011 tax return online Limit on deduction for dividends. Can i file 2011 tax return online   The total deduction for dividends received or accrued is generally limited (in the following order) to: 80% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from 20%-owned corporations, then 70% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from less-than-20%-owned corporations (reducing taxable income by the total dividends received from 20%-owned corporations). Can i file 2011 tax return online Figuring the limit. Can i file 2011 tax return online   In figuring the limit, determine taxable income without the following items. Can i file 2011 tax return online The net operating loss deduction. Can i file 2011 tax return online The domestic production activities deduction. Can i file 2011 tax return online The deduction for dividends received. Can i file 2011 tax return online Any adjustment due to the nontaxable part of an extraordinary dividend (see Extraordinary Dividends, below). Can i file 2011 tax return online Any capital loss carryback to the tax year. Can i file 2011 tax return online Effect of net operating loss. Can i file 2011 tax return online   If a corporation has a net operating loss (NOL) for a tax year, the limit of 80% (or 70%) of taxable income does not apply. Can i file 2011 tax return online To determine whether a corporation has an NOL, figure the dividends-received deduction without the 80% (or 70%) of taxable income limit. Can i file 2011 tax return online Example 1. Can i file 2011 tax return online A corporation loses $25,000 from operations. Can i file 2011 tax return online It receives $100,000 in dividends from a 20%-owned corporation. Can i file 2011 tax return online Its taxable income is $75,000 ($100,000 – $25,000) before the deduction for dividends received. Can i file 2011 tax return online If it claims the full dividends-received deduction of $80,000 ($100,000 × 80%) and combines it with an operations loss of $25,000, it will have an NOL of ($5,000). Can i file 2011 tax return online Therefore, the 80% of taxable income limit does not apply. Can i file 2011 tax return online The corporation can deduct the full $80,000. Can i file 2011 tax return online Example 2. Can i file 2011 tax return online Assume the same facts as in Example 1, except that the corporation only loses $15,000 from operations. Can i file 2011 tax return online Its taxable income is $85,000 before the deduction for dividends received. Can i file 2011 tax return online After claiming the dividends-received deduction of $80,000 ($100,000 × 80%), its taxable income is $5,000. Can i file 2011 tax return online Because the corporation will not have an NOL after applying a full dividends-received deduction, its allowable dividends-received deduction is limited to 80% of its taxable income, or $68,000 ($85,000 × 80%). Can i file 2011 tax return online Extraordinary Dividends If a corporation receives an extraordinary dividend on stock held 2 years or less before the dividend announcement date, it generally must reduce its basis in the stock by the nontaxed part of the dividend. Can i file 2011 tax return online The nontaxed part is any dividends-received deduction allowable for the dividends. Can i file 2011 tax return online Extraordinary dividend. Can i file 2011 tax return online   An extraordinary dividend is any dividend on stock that equals or exceeds a certain percentage of the corporation's adjusted basis in the stock. Can i file 2011 tax return online The percentages are: 5% for stock preferred as to dividends, or 10% for other stock. Can i file 2011 tax return online Treat all dividends received that have ex-dividend dates within an 85-consecutive-day period as one dividend. Can i file 2011 tax return online Treat all dividends received that have ex-dividend dates within a 365-consecutive-day period as extraordinary dividends if the total of the dividends exceeds 20% of the corporation's adjusted basis in the stock. Can i file 2011 tax return online Disqualified preferred stock. Can i file 2011 tax return online   Any dividend on disqualified preferred stock is treated as an extraordinary dividend regardless of the period of time the corporation held the stock. Can i file 2011 tax return online   Disqualified preferred stock is any stock preferred as to dividends if any of the following apply. Can i file 2011 tax return online The stock when issued has a dividend rate that declines (or can reasonably be expected to decline) in the future. Can i file 2011 tax return online The issue price of the stock exceeds its liquidation rights or stated redemption price. Can i file 2011 tax return online The stock is otherwise structured to avoid the rules for extraordinary dividends and to enable corporate shareholders to reduce tax through a combination of dividends-received deductions and loss on the disposition of the stock. Can i file 2011 tax return online   These rules apply to stock issued after July 10, 1989, unless it was issued under a written binding contract in effect on that date, and thereafter, before the issuance of the stock. Can i file 2011 tax return online More information. Can i file 2011 tax return online   For more information on extraordinary dividends, see section 1059 of the Internal Revenue Code. Can i file 2011 tax return online Below-Market Loans If a corporation receives a below-market loan and uses the proceeds for its trade or business, it may be able to deduct the forgone interest. Can i file 2011 tax return online A below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Can i file 2011 tax return online A below-market loan generally is treated as an arm's-length transaction in which the borrower is considered as having received both the following: A loan in exchange for a note that requires payment of interest at the applicable federal rate, and An additional payment in an amount equal to the forgone interest. Can i file 2011 tax return online Treat the additional payment as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. Can i file 2011 tax return online Foregone interest. Can i file 2011 tax return online   For any period, forgone interest is equal to: The interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Can i file 2011 tax return online See Below-market loans, in chapter 4 of Publication 535 for more information. Can i file 2011 tax return online Charitable Contributions A corporation can claim a limited deduction for charitable contributions made in cash or other property. Can i file 2011 tax return online The contribution is deductible if made to, or for the use of, a qualified organization. Can i file 2011 tax return online For more information on qualified organizations, see Publication 526, Charitable Contributions. Can i file 2011 tax return online Also see, Exempt Organizations Select Check (EO Select Check) at www. Can i file 2011 tax return online irs. Can i file 2011 tax return online gov/charities, the on-line search tool for finding information on organizations eligible to receive tax-deductible contributions. Can i file 2011 tax return online Note. Can i file 2011 tax return online You cannot take a deduction if any of the net earnings of an organization receiving contributions benefit any private shareholder or individual. Can i file 2011 tax return online Cash method corporation. Can i file 2011 tax return online   A corporation using the cash method of accounting deducts contributions in the tax year paid. Can i file 2011 tax return online Accrual method corporation. Can i file 2011 tax return online   A corporation using an accrual method of accounting can choose to deduct unpaid contributions for the tax year the board of directors authorizes them if it pays them by the 15th day of the 3rd month after the close of that tax year. Can i file 2011 tax return online Make the choice by reporting the contribution on the corporation's return for the tax year. Can i file 2011 tax return online A declaration stating that the board of directors adopted the resolution during the tax year must accompany the return. Can i file 2011 tax return online The declaration must include the date the resolution was adopted. Can i file 2011 tax return online Limitations on deduction. Can i file 2011 tax return online   A corporation cannot deduct charitable contributions that exceed 10% of its taxable income for the tax year. Can i file 2011 tax return online Figure taxable income for this purpose without the following. Can i file 2011 tax return online The deduction for charitable contributions. Can i file 2011 tax return online The dividends-received deduction. Can i file 2011 tax return online The deduction allowed under section 249 of the Internal Revenue Code. Can i file 2011 tax return online The domestic production activities deduction. Can i file 2011 tax return online Any net operating loss carryback to the tax year. Can i file 2011 tax return online Any capital loss carryback to the tax year. Can i file 2011 tax return online Farmers and ranchers. Can i file 2011 tax return online    Corporations that are farmers and ranchers should see section 170(b)(2) of the Internal Revenue Code for special rules that may affect the deduction limit. Can i file 2011 tax return online Carryover of excess contributions. Can i file 2011 tax return online   You can carry over, within certain limits, to each of the subsequent 5 years any charitable contributions made during the current year that exceed the 10% limit. Can i file 2011 tax return online You lose any excess not used within that period. Can i file 2011 tax return online For example, if a corporation has a carryover of excess contributions paid in 2010 and it does not use all the excess on its return for 2011, it can carry any excess over to 2012, 2013, 2014, and 2015, if applicable. Can i file 2011 tax return online Any excess not used in 2015 is lost. Can i file 2011 tax return online Do not deduct a carryover of excess contributions in the carryover year until after you deduct contributions made in that year (subject to the 10% limit). Can i file 2011 tax return online You cannot deduct a carryover of excess contributions to the extent it increases a net operating loss carryover. Can i file 2011 tax return online Cash contributions. Can i file 2011 tax return online   A corporation must maintain a record of any contribution of cash, check, or other monetary contribution, regardless of the amount. Can i file 2011 tax return online The record can be a bank record, receipt, letter, or other written communication from the donee indicating the name of the organization, the date of the contribution, and the amount of the contribution. Can i file 2011 tax return online Keep the record of the contribution with the other corporate records. Can i file 2011 tax return online Do not attach the records to the corporation's return. Can i file 2011 tax return online For more information on cash contributions, see Publication 526. Can i file 2011 tax return online Gifts of $250 or more. Can i file 2011 tax return online   Generally, no deduction is allowed for any contribution of $250 or more unless the corporation gets a written acknowledgement from the donee organization. Can i file 2011 tax return online The acknowledgement should show the amount of cash contributed, a description of the property contributed, and either gives a description and a good faith estimate of the value of any goods or services provided in return for the contribution or states that no goods or services were provided in return for the contribution. Can i file 2011 tax return online The acknowledgement should be received by the due date (including extensions) of the return, or, if earlier, the date the return was filed. Can i file 2011 tax return online Keep the acknowledgement with other corporate records. Can i file 2011 tax return online Do not attach the acknowledgement to the return. Can i file 2011 tax return online Contributions of property other than cash. Can i file 2011 tax return online   If a corporation (other than a closely-held or a personal service corporation) claims a deduction of more than $500 for contributions of property other than cash, a schedule describing the property and the method used to determine its fair market value must be attached to the corporation's return. Can i file 2011 tax return online In addition the corporation should keep a record of: The approximate date and manner of acquisition of the donated property and The cost or other basis of the donated property held by the donor for less than 12 months prior to contribution. Can i file 2011 tax return online   Closely held and personal service corporations must complete and attach Form 8283, Noncash Charitable Contributions, to their returns if they claim a deduction of more than $500 for non-cash contributions. Can i file 2011 tax return online For all other corporations, if the deduction claimed for donated property exceeds $5,000, complete Form 8283 and attach it to the corporation's return. Can i file 2011 tax return online   A corporation must obtain a qualified appraisal for all deductions of property claimed in excess of $5,000. Can i file 2011 tax return online A qualified appraisal is not required for the donation of cash, publicly traded securities, inventory, and any qualified vehicles sold by a donee organization without any significant intervening use or material improvement. Can i file 2011 tax return online The appraisal should be maintained with other corporate records and only attached to the corporation's return when the deduction claimed exceeds $500,000; $20,000 for donated art work. Can i file 2011 tax return online   See Form 8283 for more information. Can i file 2011 tax return online Qualified conservation contributions. Can i file 2011 tax return online   If a corporation makes a qualified conservation contribution, the corporation must provide information regarding the legal interest being donated, the fair market value of the underlying property before and after the donation, and a description of the conservation purpose for which the property will be used. Can i file 2011 tax return online For more information, see section 170(h) of the Internal Revenue Code. Can i file 2011 tax return online Contributions of used vehicles. Can i file 2011 tax return online   A corporation is allowed a deduction for the contribution of used motor vehicles, boats, and airplanes. Can i file 2011 tax return online The deduction is limited, and other special rules apply. Can i file 2011 tax return online For more information, see Publication 526. Can i file 2011 tax return online Reduction for contributions of certain property. Can i file 2011 tax return online   For a charitable contribution of property, the corporation must reduce the contribution by the sum of: The ordinary income and short-term capital gain that would have resulted if the property were sold at its FMV and For certain contributions, the long-term capital gain that would have resulted if the property were sold at its FMV. Can i file 2011 tax return online   The reduction for the long-term capital gain applies to: Contributions of tangible personal property for use by an exempt organization for a purpose or function unrelated to the basis for its exemption; Contributions of any property to or for the use of certain private foundations except for stock for which market quotations are readily available; and Contributions of any patent, certain copyrights, trademark, trade name, trade secret, know-how, software (that is a section 197 intangible), or similar property, or applications or registrations of such property. Can i file 2011 tax return online Larger deduction. Can i file 2011 tax return online   A corporation (other than an S corporation) may be able to claim a deduction equal to the lesser of (a) the basis of the donated inventory or property plus one-half of the inventory or property's appreciation (gain if the donated inventory or property was sold at fair market value on the date of the donation), or (b) two times basis of the donated inventory or property. Can i file 2011 tax return online This deduction may be allowed for certain contributions of: Certain inventory and other property made to a donee organization and used solely for the care of the ill, the needy, and infants. Can i file 2011 tax return online Scientific property constructed by the corporation (other than an S corporation, personal holding company, or personal service corporation) and donated no later than 2 years after substantial completion of the construction. Can i file 2011 tax return online The property must be donated to a qualified organization and its original use must be by the donee for research, experimentation, or research training within the United States in the area of physical or biological science. Can i file 2011 tax return online Computer technology and equipment acquired or constructed and donated no later than 3 years after either acquisition or substantial completion of construction to an educational organization for educational purposes within the United States. Can i file 2011 tax return online Contributions to organizations conducting lobbying activities. Can i file 2011 tax return online   Contributions made to an organization that conducts lobbying activities are not deductible if: The lobbying activities relate to matters of direct financial interest to the donor's trade or business and The principal purpose of the contribution was to avoid federal income tax by obtaining a deduction for activities that would have been nondeductible under the lobbying expense rules if conducted directly by the donor. Can i file 2011 tax return online More information. Can i file 2011 tax return online   For more information on charitable contributions, including substantiation and recordkeeping requirements, see section 170 of the Internal Revenue Code, the related regulations, and Publication 526. Can i file 2011 tax return online Capital Losses A corporation can deduct capital losses only up to the amount of its capital gains. Can i file 2011 tax return online In other words, if a corporation has an excess capital loss, it cannot deduct the loss in the current tax year. Can i file 2011 tax return online Instead, it carries the loss to other tax years and deducts it from any net capital gains that occur in those years. Can i file 2011 tax return online A capital loss is carried to other years in the following order. Can i file 2011 tax return online 3 years prior to the loss year. Can i file 2011 tax return online 2 years prior to the loss year. Can i file 2011 tax return online 1 year prior to the loss year. Can i file 2011 tax return online Any loss remaining is carried forward for 5 years. Can i file 2011 tax return online When you carry a net capital loss to another tax year, treat it as a short-term loss. Can i file 2011 tax return online It does not retain its original identity as long term or short term. Can i file 2011 tax return online Example. Can i file 2011 tax return online A calendar year corporation has a net short-term capital gain of $3,000 and a net long-term capital loss of $9,000. Can i file 2011 tax return online The short-term gain offsets some of the long-term loss, leaving a net capital loss of $6,000. Can i file 2011 tax return online The corporation treats this $6,000 as a short-term loss when carried back or forward. Can i file 2011 tax return online The corporation carries the $6,000 short-term loss back 3 years. Can i file 2011 tax return online In year 1, the corporation had a net short-term capital gain of $8,000 and a net long-term capital gain of $5,000. Can i file 2011 tax return online It subtracts the $6,000 short-term loss first from the net short-term gain. Can i file 2011 tax return online This results in a net capital gain for year 1 of $7,000. Can i file 2011 tax return online This consists of a net short-term capital gain of $2,000 ($8,000 − $6,000) and a net long-term capital gain of $5,000. Can i file 2011 tax return online S corporation status. Can i file 2011 tax return online   A corporation may not carry a capital loss from, or to, a year for which it is an S corporation. Can i file 2011 tax return online Rules for carryover and carryback. Can i file 2011 tax return online   When carrying a capital loss from one year to another, the following rules apply. Can i file 2011 tax return online When figuring the current year's net capital loss, you cannot combine it with a capital loss carried from another year. Can i file 2011 tax return online In other words, you can carry capital losses only to years that would otherwise have a total net capital gain. Can i file 2011 tax return online If you carry capital losses from 2 or more years to the same year, deduct the loss from the earliest year first. Can i file 2011 tax return online You cannot use a capital loss carried from another year to produce or increase a net operating loss in the year to which you carry it back. Can i file 2011 tax return online Refunds. Can i file 2011 tax return online   When you carry back a capital loss to an earlier tax year, refigure your tax for that year. Can i file 2011 tax return online If your corrected tax is less than the tax you originally owed, use either Form 1139, Corporate Application for Tentative Refund, or Form 1120X, Amended U. Can i file 2011 tax return online S. Can i file 2011 tax return online Corporation Income Tax Return, to apply for a refund. Can i file 2011 tax return online Form 1139. Can i file 2011 tax return online    A corporation can get a refund faster by using Form 1139. Can i file 2011 tax return online It cannot file Form 1139 before filing the return for the corporation's capital loss year, but it must file Form 1139 no later than 1 year after the year it sustains the capital loss. Can i file 2011 tax return online Form 1120X. Can i file 2011 tax return online   If the corporation does not file Form 1139, it must file Form 1120X to apply for a refund. Can i file 2011 tax return online The corporation must file the Form 1120X within 3 years of the due date, includin