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Do My 2012 Taxes Online For Free

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Do my 2012 taxes online for free Internal Revenue Bulletin:  2013-12  March 18, 2013  Rev. Do my 2012 taxes online for free Proc. Do my 2012 taxes online for free 2013-21 Table of Contents SECTION 1. Do my 2012 taxes online for free PURPOSE SECTION 2. Do my 2012 taxes online for free BACKGROUND SECTION 3. Do my 2012 taxes online for free SCOPE SECTION 4. Do my 2012 taxes online for free APPLICATION. Do my 2012 taxes online for free 01 Limitations on Depreciation Deductions for Certain Automobiles. Do my 2012 taxes online for free . Do my 2012 taxes online for free 02 Inclusions in Income of Lessees of Passenger Automobiles. Do my 2012 taxes online for free SECTION 5. Do my 2012 taxes online for free EFFECTIVE DATE SECTION 6. Do my 2012 taxes online for free DRAFTING INFORMATION SECTION 1. Do my 2012 taxes online for free PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2013, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2013, including a separate table of inclusion amounts for lessees of trucks and vans. Do my 2012 taxes online for free The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. Do my 2012 taxes online for free SECTION 2. Do my 2012 taxes online for free BACKGROUND . Do my 2012 taxes online for free 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. Do my 2012 taxes online for free For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. Do my 2012 taxes online for free The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. Do my 2012 taxes online for free This change reflects the higher rate of price inflation for trucks and vans since 1988. Do my 2012 taxes online for free . Do my 2012 taxes online for free 02 Section 331(a) of the American Taxpayer Relief Act of 2012, Pub. Do my 2012 taxes online for free L. Do my 2012 taxes online for free No. Do my 2012 taxes online for free 112-240, 126 Stat. Do my 2012 taxes online for free 2313 (Jan. Do my 2012 taxes online for free 2, 2013) (the “Act”) extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2014, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2014. Do my 2012 taxes online for free Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. Do my 2012 taxes online for free . Do my 2012 taxes online for free 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). Do my 2012 taxes online for free Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. Do my 2012 taxes online for free Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2012, that is round 3 extension property (as defined in § 168(k)(4)(J)(iv)). Do my 2012 taxes online for free Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. Do my 2012 taxes online for free This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer: (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2013 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. Do my 2012 taxes online for free . Do my 2012 taxes online for free 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. Do my 2012 taxes online for free The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Do my 2012 taxes online for free Under § 1. Do my 2012 taxes online for free 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. Do my 2012 taxes online for free One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Do my 2012 taxes online for free Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Do my 2012 taxes online for free SECTION 3. Do my 2012 taxes online for free SCOPE . Do my 2012 taxes online for free 01 The limitations on depreciation deductions in section 4. Do my 2012 taxes online for free 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2013, and continue to apply for each taxable year that the passenger automobile remains in service. Do my 2012 taxes online for free . Do my 2012 taxes online for free 02 The tables in section 4. Do my 2012 taxes online for free 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2013. Do my 2012 taxes online for free Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. Do my 2012 taxes online for free See Rev. Do my 2012 taxes online for free Proc. Do my 2012 taxes online for free 2008-22, 2008-1 C. Do my 2012 taxes online for free B. Do my 2012 taxes online for free 658, for passenger automobiles first leased during calendar year 2008; Rev. Do my 2012 taxes online for free Proc. Do my 2012 taxes online for free 2009-24, 2009-17 I. Do my 2012 taxes online for free R. Do my 2012 taxes online for free B. Do my 2012 taxes online for free 885, for passenger automobiles first leased during calendar year 2009; Rev. Do my 2012 taxes online for free Proc. Do my 2012 taxes online for free 2010-18, 2010-09 I. Do my 2012 taxes online for free R. Do my 2012 taxes online for free B. Do my 2012 taxes online for free 427, as amplified and modified by section 4. Do my 2012 taxes online for free 03 of Rev. Do my 2012 taxes online for free Proc. Do my 2012 taxes online for free 2011-21, 2011-12 I. Do my 2012 taxes online for free R. Do my 2012 taxes online for free B. Do my 2012 taxes online for free 560, for passenger automobiles first leased during calendar year 2010; Rev. Do my 2012 taxes online for free Proc. Do my 2012 taxes online for free 2011-21, for passenger automobiles first leased during calendar year 2011; and Rev. Do my 2012 taxes online for free Proc. Do my 2012 taxes online for free 2012-23, 2012-14 I. Do my 2012 taxes online for free R. Do my 2012 taxes online for free B. Do my 2012 taxes online for free 712, for passenger automobiles first leased during calendar year 2012. Do my 2012 taxes online for free SECTION 4. Do my 2012 taxes online for free APPLICATION . Do my 2012 taxes online for free 01 Limitations on Depreciation Deductions for Certain Automobiles. Do my 2012 taxes online for free (1) Amount of the inflation adjustment. Do my 2012 taxes online for free (a) Passenger automobiles (other than trucks or vans). Do my 2012 taxes online for free Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. Do my 2012 taxes online for free Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Do my 2012 taxes online for free The new car component of the CPI was 115. Do my 2012 taxes online for free 2 for October 1987 and 143. Do my 2012 taxes online for free 787 for October 2012. Do my 2012 taxes online for free The October 2012 index exceeded the October 1987 index by 28. Do my 2012 taxes online for free 587. Do my 2012 taxes online for free Therefore, the automobile price inflation adjustment for 2013 for passenger automobiles (other than trucks and vans) is 24. Do my 2012 taxes online for free 8 percent (28. Do my 2012 taxes online for free 587/115. Do my 2012 taxes online for free 2 x 100%). Do my 2012 taxes online for free The dollar limitations in § 280F(a) are multiplied by a factor of 0. Do my 2012 taxes online for free 248, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2013. Do my 2012 taxes online for free This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2013. Do my 2012 taxes online for free (b) Trucks and vans. Do my 2012 taxes online for free To determine the dollar limitations for trucks and vans first placed in service during calendar year 2013, the Service uses the new truck component of the CPI instead of the new car component. Do my 2012 taxes online for free The new truck component of the CPI was 112. Do my 2012 taxes online for free 4 for October 1987 and 149. Do my 2012 taxes online for free 386 for October 2012. Do my 2012 taxes online for free The October 2012 index exceeded the October 1987 index by 36. Do my 2012 taxes online for free 986. Do my 2012 taxes online for free Therefore, the automobile price inflation adjustment for 2013 for trucks and vans is 32. Do my 2012 taxes online for free 9 percent (36. Do my 2012 taxes online for free 986/112. Do my 2012 taxes online for free 4 x 100%). Do my 2012 taxes online for free The dollar limitations in § 280F(a) are multiplied by a factor of 0. Do my 2012 taxes online for free 329, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. Do my 2012 taxes online for free This adjustment applies to all trucks and vans that are first placed in service in calendar year 2013. Do my 2012 taxes online for free (2) Amount of the limitation. Do my 2012 taxes online for free Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2013. Do my 2012 taxes online for free Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction applies. Do my 2012 taxes online for free Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction does not apply. Do my 2012 taxes online for free REV. Do my 2012 taxes online for free PROC. Do my 2012 taxes online for free 2013-21 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Do my 2012 taxes online for free PROC. Do my 2012 taxes online for free 2013-21 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 REV. Do my 2012 taxes online for free PROC. Do my 2012 taxes online for free 2013-21 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Do my 2012 taxes online for free PROC. Do my 2012 taxes online for free 2013-21 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 . Do my 2012 taxes online for free 02 Inclusions in Income of Lessees of Passenger Automobiles. Do my 2012 taxes online for free A taxpayer must follow the procedures in § 1. Do my 2012 taxes online for free 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2013. Do my 2012 taxes online for free In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. Do my 2012 taxes online for free REV. Do my 2012 taxes online for free PROC. Do my 2012 taxes online for free 2013-21 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 2 4 6 7 8 19,500 20,000 2 5 6 9 9 20,000 20,500 2 5 8 9 11 20,500 21,000 3 6 8 10 12 21,000 21,500 3 6 10 11 13 21,500 22,000 3 7 10 13 14 22,000 23,000 4 8 11 14 16 23,000 24,000 4 9 14 16 18 24,000 25,000 5 10 15 18 21 25,000 26,000 5 12 16 21 23 26,000 27,000 6 12 19 23 25 27,000 28,000 6 14 20 25 28 28,000 29,000 7 15 22 27 30 29,000 30,000 7 16 24 29 33 30,000 31,000 8 17 26 31 35 31,000 32,000 8 19 27 33 38 32,000 33,000 9 20 29 35 40 33,000 34,000 10 21 31 37 43 34,000 35,000 10 22 33 39 45 35,000 36,000 11 23 35 41 48 36,000 37,000 11 25 36 43 50 37,000 38,000 12 26 38 45 53 38,000 39,000 12 27 40 47 55 39,000 40,000 13 28 42 49 58 40,000 41,000 13 29 44 52 59 41,000 42,000 14 30 45 54 63 42,000 43,000 14 32 47 56 64 43,000 44,000 15 33 48 59 67 44,000 45,000 15 34 51 60 69 45,000 46,000 16 35 52 63 72 46,000 47,000 17 36 54 65 74 47,000 48,000 17 38 55 67 77 48,000 49,000 18 39 57 69 79 49,000 50,000 18 40 59 71 82 50,000 51,000 19 41 61 73 84 51,000 52,000 19 42 63 75 87 52,000 53,000 20 43 65 77 89 53,000 54,000 20 45 66 79 92 54,000 55,000 21 46 68 81 94 55,000 56,000 21 47 70 84 96 56,000 57,000 22 48 72 85 99 57,000 58,000 22 50 73 88 101 58,000 59,000 23 51 75 90 103 59,000 60,000 24 52 76 92 106 60,000 62,000 24 54 79 95 110 62,000 64,000 25 56 83 99 115 64,000 66,000 27 58 87 103 120 66,000 68,000 28 60 90 108 125 68,000 70,000 29 63 93 112 130 70,000 72,000 30 65 97 117 134 72,000 74,000 31 68 100 121 139 74,000 76,000 32 70 104 125 144 76,000 78,000 33 73 107 129 149 78,000 80,000 34 75 111 133 154 80,000 85,000 36 79 117 141 162 85,000 90,000 39 85 126 151 174 90,000 95,000 41 91 135 162 186 95,000 100,000 44 97 144 172 199 100,000 110,000 48 106 157 188 217 110,000 120,000 53 118 174 210 241 120,000 130,000 59 129 193 230 266 130,000 140,000 64 141 210 252 290 140,000 150,000 70 153 227 273 315 150,000 160,000 75 165 245 294 339 160,000 170,000 80 177 263 315 363 170,000 180,000 86 189 280 336 388 180,000 190,000 91 201 298 357 412 190,000 200,000 97 212 316 378 436 200,000 210,000 102 224 333 400 461 210,000 220,000 107 236 351 420 486 220,000 230,000 113 248 368 442 509 230,000 240,000 118 260 386 463 534 240,000 And up 124 272 403 484 558 REV. Do my 2012 taxes online for free PROC. Do my 2012 taxes online for free 2013-21 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 1 3 4 5 6 19,500 20,000 2 3 5 6 7 20,000 20,500 2 4 6 7 8 20,500 21,000 2 5 7 8 9 21,000 21,500 2 5 8 9 11 21,500 22,000 3 6 8 10 12 22,000 23,000 3 7 10 11 14 23,000 24,000 4 8 11 14 16 24,000 25,000 4 9 14 16 18 25,000 26,000 5 10 15 18 21 26,000 27,000 5 12 17 20 23 27,000 28,000 6 13 18 23 25 28,000 29,000 6 14 20 25 28 29,000 30,000 7 15 22 27 30 30,000 31,000 7 16 24 29 33 31,000 32,000 8 17 26 31 35 32,000 33,000 8 19 27 33 38 33,000 34,000 9 20 29 35 41 34,000 35,000 10 21 31 37 43 35,000 36,000 10 22 33 39 46 36,000 37,000 11 23 35 41 48 37,000 38,000 11 25 36 43 51 38,000 39,000 12 26 38 45 53 39,000 40,000 12 27 40 48 55 40,000 41,000 13 28 42 49 58 41,000 42,000 13 29 44 52 60 42,000 43,000 14 30 46 54 62 43,000 44,000 14 32 47 56 65 44,000 45,000 15 33 48 59 67 45,000 46,000 15 34 51 60 70 46,000 47,000 16 35 52 63 72 47,000 48,000 17 36 54 65 74 48,000 49,000 17 38 55 67 77 49,000 50,000 18 39 57 69 79 50,000 51,000 18 40 59 71 82 51,000 52,000 19 41 61 73 84 52,000 53,000 19 42 63 75 87 53,000 54,000 20 43 65 77 89 54,000 55,000 20 45 66 80 91 55,000 56,000 21 46 68 81 94 56,000 57,000 21 47 70 84 96 57,000 58,000 22 48 72 86 98 58,000 59,000 22 50 73 88 101 59,000 60,000 23 51 75 90 103 60,000 62,000 24 52 78 93 108 62,000 64,000 25 55 81 97 113 64,000 66,000 26 57 85 101 118 66,000 68,000 27 60 88 106 122 68,000 70,000 28 62 92 110 127 70,000 72,000 29 64 96 114 132 72,000 74,000 30 67 99 118 137 74,000 76,000 31 69 103 122 142 76,000 78,000 32 72 105 127 147 78,000 80,000 34 73 110 131 151 80,000 85,000 35 78 116 138 160 85,000 90,000 38 84 124 149 172 90,000 95,000 41 90 133 160 184 95,000 100,000 44 95 142 171 196 100,000 110,000 48 104 156 186 214 110,000 120,000 53 116 173 207 240 120,000 130,000 58 128 191 228 264 130,000 140,000 64 140 208 249 288 140,000 150,000 69 152 226 270 313 150,000 160,000 75 164 243 292 336 160,000 170,000 80 176 261 312 361 170,000 180,000 85 188 278 334 386 180,000 190,000 91 199 296 355 410 190,000 200,000 96 211 314 376 434 200,000 210,000 101 223 332 397 459 210,000 220,000 107 235 349 418 483 220,000 230,000 112 247 367 439 507 230,000 240,000 118 259 384 460 532 240,000 And up 123 271 401 482 556 SECTION 5. Do my 2012 taxes online for free EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2013. Do my 2012 taxes online for free SECTION 6. Do my 2012 taxes online for free DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Do my 2012 taxes online for free Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Do my 2012 taxes online for free For further information regarding this revenue procedure, contact Mr. Do my 2012 taxes online for free Harvey at (202) 622-4930 (not a toll-free call). Do my 2012 taxes online for free Prev  Up  Next   Home   More Internal Revenue Bulletins
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Trusts

It is a common misconception that trusts, or trust funds as they are commonly called, are only useful for wealthy people. When set up properly, trusts can be appropriate for people with minor children or those who want to avoid having their estate go through probate upon death. These are basic facts about trusts – but, be sure to consult a licensed attorney experienced with estate planning and trust matters before making any final decisions about if one is right for you.

How Trusts Work

Creating a trust (or trust fund) establishes a legal entity that holds property or assets for the person who created it. The person who creates the trust can be called a grantor, donor, or settlor. When the grantor creates the trust he or she appoints a person or entity (like the trust department of a bank) to manage the trust. This person or entity is called a trustee. The grantor also chooses someone who will ultimately benefit from the trust, this person is the beneficiary. In some situations the grantor, trustee, and beneficiary are all the same person. In this case, the grantor should also appoint a successor trustee and beneficiary in case he or she dies or becomes incapacitated. A trust is a helpful estate planning tool because after death a trust doesn’t go through the probate process like a will does.

Reasons To Set Up A Trust

Some common reasons for setting up a trust include:

  • Providing for minor children or family members who are inexperienced or unable to handle financial matters
  • Providing for management of personal assets should one become unable to handle them oneself
  • Avoiding probate and immediately transferring assets to beneficiaries upon death
  • Reducing estate taxes and providing liquid assets to help pay for them
  • The terms of a will are public while the terms of a trust are not so privacy makes a trust an attractive option

Types of Trusts

Trusts can be living (inter vivos) or after-death (testamentary). A living trust is one that a grantor sets up while still alive and an after-death trust is usually established by a will after one’s death. Living trusts can be irrevocable (can’t be changed) or revocable (can be changed) although revocable trusts don’t receive the same tax shelter benefits as irrevocable ones do. The most popular type is the revocable living trust. If there’s a specific purpose in mind for the trust, dozens of different options exist. Some examples include charitable trusts, bypass trusts, spendthrift trusts, and life insurance trusts. New laws have even established a trust that will care for a pet after one’s death.

Setting Up A Trust

Once you’ve decided to set up a trust it is important to remember that a trust, by design, can be very flexible and a grantor has the right – and should take advantage of this right - within the law, to tailor it to meet the anticipated the needs of the beneficiary. Working with an experienced attorney that specializes in estate and trust issues and knows the specific state regulations can help get the maximum benefit from the trust.
Some things to consider when setting up the trust include:

  • The grantor has the right to specify exactly how the money in the trust is invested. The grantor and the trustee might have very different ideas about investment strategies, so make sure this gets clearly defined.
  • The grantor has the right to specify exactly how the assets should be divvied up down to details like including an annual cost of living adjustment for the beneficiary or paying for travel expenses for others to visit the beneficiary in the case of illness.
  • Always be sure to include a “trustee removal clause” – trusts that don’t have this clause take away the beneficiary’s right to fire the trustee if unsatisfied with the service being provided. Remember that the grantor can always add a provision that requires the beneficiary to select a new trustee from legitimate bank trust departments. Contact your state Department of Financial Institutions to get a list of licensed trust departments.
  • If the grantor wants to ensure that upon death any assets that remain outside of the trust are transferred to it, he or she should consider having a “pour-over” will to accomplish this.

Upon establishment of the trust the grantor must complete the process of setting up the trust by transferring his or her assets into the trust. Failure to do this properly makes the trust null and void. This means that upon the grantor’s death the state will decide who gets the assets and cares for minor children.

Protect Yourself From Trust Scams and Fraud

If someone approaches you to set up a trust be very cautious. Before signing any papers to create a living trust, will or other kind of trust make sure to explore all options and shop around for this service just as you would for any other. Also:

  • Avoid high-pressure sales tactics and high speed sales pitches.
  • Avoid salespeople who give the impression that AARP is backing or selling the product – AARP does not endorse living trust products.
  • Do your homework and get information about local probate laws from the Clerk or Register of Wills.
  • If someone tries to sell a living trust to you ask if they are an attorney. Some states restrict sales of living trusts by licensed attorneys.
  • If you buy a trust in your home or another location that is not the seller’s permanent place of business remember you are entitled to take advantage of the Cooling Off Rule and cancel the transaction within 3 business days.

The Do My 2012 Taxes Online For Free

Do my 2012 taxes online for free 10. Do my 2012 taxes online for free   Self-Employment (SE) Tax Table of Contents Who Must Pay SE Tax?Special Rules and Exceptions Figuring Earnings Subject to SE Tax Farm Optional Method Using Both Optional Methods Reporting Self-Employment Tax The SE tax rules apply no matter how old you are and even if you are already receiving social security and Medicare benefits. Do my 2012 taxes online for free Who Must Pay SE Tax? Generally, you must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. Do my 2012 taxes online for free Use Schedule SE to figure net earnings from self-employment. Do my 2012 taxes online for free Sole proprietor or independent contractor. Do my 2012 taxes online for free   If you are self-employed as a sole proprietor or independent contractor, you generally use Schedule C or C-EZ (Form 1040) to figure your earnings subject to SE tax. Do my 2012 taxes online for free SE tax rate. Do my 2012 taxes online for free    For 2013, the SE tax rate on net earnings is 15. Do my 2012 taxes online for free 3% (12. Do my 2012 taxes online for free 4% social security tax plus 2. Do my 2012 taxes online for free 9% Medicare tax). Do my 2012 taxes online for free Maximum earnings subject to self-employment tax. Do my 2012 taxes online for free    Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Do my 2012 taxes online for free 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Do my 2012 taxes online for free   All of your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Do my 2012 taxes online for free 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Do my 2012 taxes online for free   If your wages and tips are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Do my 2012 taxes online for free 4% social security part of the SE tax on any of your net earnings. Do my 2012 taxes online for free However, you must pay the 2. Do my 2012 taxes online for free 9% Medicare part of the SE tax on all your net earnings. Do my 2012 taxes online for free Special Rules and Exceptions Aliens. Do my 2012 taxes online for free   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. Do my 2012 taxes online for free S. Do my 2012 taxes online for free citizens. Do my 2012 taxes online for free Nonresident aliens are not subject to SE tax unless an international social security agreement in effect determines that they are covered under the U. Do my 2012 taxes online for free S. Do my 2012 taxes online for free social security system. Do my 2012 taxes online for free However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. Do my 2012 taxes online for free S. Do my 2012 taxes online for free residents for self-employment tax purposes. Do my 2012 taxes online for free For more information on aliens, see Publication 519, U. Do my 2012 taxes online for free S. Do my 2012 taxes online for free Tax Guide for Aliens. Do my 2012 taxes online for free Child employed by parent. Do my 2012 taxes online for free   You are not subject to SE tax if you are under age 18 and you are working for your father or mother. Do my 2012 taxes online for free Church employee. Do my 2012 taxes online for free    If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108. Do my 2012 taxes online for free 28 or more in wages from the church or organization. Do my 2012 taxes online for free For more information, see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. Do my 2012 taxes online for free Fishing crew member. Do my 2012 taxes online for free   If you are a member of the crew on a boat that catches fish or other water life, your earnings are subject to SE tax if all the following conditions apply. Do my 2012 taxes online for free You do not get any pay for the work except your share of the catch or a share of the proceeds from the sale of the catch, unless the pay meets all the following conditions. Do my 2012 taxes online for free The pay is not more than $100 per trip. Do my 2012 taxes online for free The pay is received only if there is a minimum catch. Do my 2012 taxes online for free The pay is solely for additional duties (such as mate, engineer, or cook) for which additional cash pay is traditional in the fishing industry. Do my 2012 taxes online for free You get a share of the catch or a share of the proceeds from the sale of the catch. Do my 2012 taxes online for free Your share depends on the amount of the catch. Do my 2012 taxes online for free The boat's operating crew normally numbers fewer than 10 individuals. Do my 2012 taxes online for free (An operating crew is considered as normally made up of fewer than 10 if the average size of the crew on trips made during the last four calendar quarters is fewer than 10. Do my 2012 taxes online for free ) Notary public. Do my 2012 taxes online for free   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ but are not subject to self-employment tax (see the Instructions for Schedule SE (Form 1040)). Do my 2012 taxes online for free State or local government employee. Do my 2012 taxes online for free   You are subject to SE tax if you are an employee of a state or local government, are paid solely on a fee basis, and your services are not covered under a federal-state social security agreement. Do my 2012 taxes online for free Foreign government or international organization employee. Do my 2012 taxes online for free   You are subject to SE tax if both the following conditions are true. Do my 2012 taxes online for free You are a U. Do my 2012 taxes online for free S. Do my 2012 taxes online for free citizen employed in the United States, Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the Virgin Islands by: A foreign government, A wholly-owned agency of a foreign government, or An international organization. Do my 2012 taxes online for free Your employer is not required to withhold social security and Medicare taxes from your wages. Do my 2012 taxes online for free U. Do my 2012 taxes online for free S. Do my 2012 taxes online for free citizen or resident alien residing abroad. Do my 2012 taxes online for free    If you are a self-employed U. Do my 2012 taxes online for free S. Do my 2012 taxes online for free citizen or resident alien living outside the United States, in most cases you must pay SE tax. Do my 2012 taxes online for free Do not reduce your foreign earnings from self-employment by your foreign earned income exclusion. Do my 2012 taxes online for free Exception. Do my 2012 taxes online for free    The United States has social security agreements with many countries to eliminate double taxation under two social security systems. Do my 2012 taxes online for free Under these agreements, you generally must only pay social security and Medicare taxes to the country in which you live. Do my 2012 taxes online for free The country to which you must pay the tax will issue a certificate which serves as proof of exemption from social security tax in the other country. Do my 2012 taxes online for free   For more information, see the Instructions for Schedule SE (Form 1040). Do my 2012 taxes online for free More Than One Business If you have earnings subject to SE tax from more than one trade, business, or profession, you must combine the net profit (or loss) from each to determine your total earnings subject to SE tax. Do my 2012 taxes online for free A loss from one business reduces your profit from another business. Do my 2012 taxes online for free Community Property Income If any of the income from a trade or business, other than a partnership, is community property income under state law, it is included in the earnings subject to SE tax of the spouse carrying on the trade or business. Do my 2012 taxes online for free Gain or Loss Do not include in earnings subject to SE tax a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Do my 2012 taxes online for free It does not matter whether the disposition is a sale, exchange, or an involuntary conversion. Do my 2012 taxes online for free Lost Income Payments If you are self-employed and reduce or stop your business activities, any payment you receive from insurance or other sources for the lost business income is included in earnings subject to SE tax. Do my 2012 taxes online for free If you are not working when you receive the payment, it still relates to your business and is included in earnings subject to SE tax, even though your business is temporarily inactive. Do my 2012 taxes online for free Figuring Earnings Subject to SE Tax Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. Do my 2012 taxes online for free The regular method. Do my 2012 taxes online for free The nonfarm optional method. Do my 2012 taxes online for free The farm optional method. Do my 2012 taxes online for free You must use the regular method unless you are eligible to use one or both of the optional methods. Do my 2012 taxes online for free Why use an optional method?    You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. Do my 2012 taxes online for free You want to receive credit for social security benefit coverage. Do my 2012 taxes online for free You incurred child or dependent care expenses for which you could claim a credit. Do my 2012 taxes online for free (An optional method may increase your earned income, which could increase your credit. Do my 2012 taxes online for free ) You are entitled to the earned income credit. Do my 2012 taxes online for free (An optional method may increase your earned income, which could increase your credit. Do my 2012 taxes online for free ) You are entitled to the additional child tax credit. Do my 2012 taxes online for free (An optional method may increase your earned income, which could increase your credit. Do my 2012 taxes online for free ) Effects of using an optional method. Do my 2012 taxes online for free   Using an optional method could increase your SE tax. Do my 2012 taxes online for free Paying more SE tax could result in your getting higher benefits when you retire. Do my 2012 taxes online for free   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller tax or no tax using the regular method. Do my 2012 taxes online for free   The optional methods may be used only to figure your SE tax. Do my 2012 taxes online for free To figure your income tax, include your actual earnings in gross income, regardless of which method you use to determine SE tax. Do my 2012 taxes online for free Regular Method Multiply your total earnings subject to SE tax by 92. Do my 2012 taxes online for free 35% (. Do my 2012 taxes online for free 9235) to get your net earnings under the regular method. Do my 2012 taxes online for free See Short Schedule SE, line 4, or Long Schedule SE, line 4a. Do my 2012 taxes online for free Net earnings figured using the regular method are also called actual net earnings. Do my 2012 taxes online for free Nonfarm Optional Method Use the nonfarm optional method only for earnings that do not come from farming. Do my 2012 taxes online for free You may use this method if you meet all the following tests. Do my 2012 taxes online for free You are self-employed on a regular basis. Do my 2012 taxes online for free This means that your actual net earnings from self-employment were $400 or more in at least 2 of the 3 tax years before the one for which you use this method. Do my 2012 taxes online for free The net earnings can be from either farm or nonfarm earnings or both. Do my 2012 taxes online for free You have used this method less than 5 years. Do my 2012 taxes online for free (There is a 5-year lifetime limit. Do my 2012 taxes online for free ) The years do not have to be one after another. Do my 2012 taxes online for free Your net nonfarm profits were: Less than $5,024, and Less than 72. Do my 2012 taxes online for free 189% of your gross nonfarm income. Do my 2012 taxes online for free Net nonfarm profits. Do my 2012 taxes online for free   Net nonfarm profit generally is the total of the amounts from: Line 31, Schedule C (Form 1040), Line 3, Schedule C-EZ (Form 1040), Box 14, code A, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J1, Schedule K-1 (Form 1065-B). Do my 2012 taxes online for free   However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. Do my 2012 taxes online for free Gross nonfarm income. Do my 2012 taxes online for free   Your gross nonfarm income generally is the total of the amounts from: Line 7, Schedule C (Form 1040), Line 1, Schedule C-EZ (Form 1040), Box 14, code C, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J2, Schedule K-1 (Form 1065-B). Do my 2012 taxes online for free Figuring Nonfarm Net Earnings If you meet the three tests explained earlier, use the following table to figure your net earnings from self-employment under the nonfarm optional method. Do my 2012 taxes online for free Table 10-1. Do my 2012 taxes online for free Figuring Nonfarm Net Earnings IF your gross nonfarm income is. Do my 2012 taxes online for free . Do my 2012 taxes online for free . Do my 2012 taxes online for free THEN your net earnings are equal to. Do my 2012 taxes online for free . Do my 2012 taxes online for free . Do my 2012 taxes online for free $6,960 or less Two-thirds of your gross nonfarm income. Do my 2012 taxes online for free More than $6,960 $4,640 Actual net earnings. Do my 2012 taxes online for free   Your actual net earnings are 92. Do my 2012 taxes online for free 35% of your total earnings subject to SE tax (that is, multiply total earnings subject to SE tax by 92. Do my 2012 taxes online for free 35% (. Do my 2012 taxes online for free 9235) to get actual net earnings). Do my 2012 taxes online for free Actual net earnings are equivalent to net earnings figured using the regular method. Do my 2012 taxes online for free Optional net earnings less than actual net earnings. Do my 2012 taxes online for free   You cannot use this method to report an amount less than your actual net earnings from self-employment. Do my 2012 taxes online for free Gross nonfarm income of $6,960 or less. Do my 2012 taxes online for free   The following examples illustrate how to figure net earnings when gross nonfarm income is $6,960 or less. Do my 2012 taxes online for free Example 1. Do my 2012 taxes online for free Net nonfarm profit less than $5,024 and less than 72. Do my 2012 taxes online for free 189% of gross nonfarm income. Do my 2012 taxes online for free Ann Green runs a craft business. Do my 2012 taxes online for free Her actual net earnings from self-employment were $800 in 2011 and $900 in 2012. Do my 2012 taxes online for free She meets the test for being self-employed on a regular basis. Do my 2012 taxes online for free She has used the nonfarm optional method less than 5 years. Do my 2012 taxes online for free Her gross income and net profit in 2013 are as follows: Gross nonfarm income $5,400 Net nonfarm profit $1,200 Ann's actual net earnings for 2013 are $1,108 ($1,200 × . Do my 2012 taxes online for free 9235). Do my 2012 taxes online for free Because her net profit is less than $5,024 and less than 72. Do my 2012 taxes online for free 189% of her gross income, she can use the nonfarm optional method to figure net earnings of $3,600 (2/3 × $5,400). Do my 2012 taxes online for free Because these net earnings are higher than her actual net earnings, she can report net earnings of $3,600 for 2013. Do my 2012 taxes online for free Example 2. Do my 2012 taxes online for free Net nonfarm profit less than $5,024 but not less than 72. Do my 2012 taxes online for free 189% of gross nonfarm income. Do my 2012 taxes online for free Assume that in Example 1 Ann's gross income is $1,000 and her net profit is $800. Do my 2012 taxes online for free She must use the regular method to figure her net earnings. Do my 2012 taxes online for free She cannot use the nonfarm optional method because her net profit is not less than 72. Do my 2012 taxes online for free 189% of her gross income. Do my 2012 taxes online for free Example 3. Do my 2012 taxes online for free Net loss from a nonfarm business. Do my 2012 taxes online for free Assume that in Example 1 Ann has a net loss of $700. Do my 2012 taxes online for free She can use the nonfarm optional method and report $3,600 (2/3 × $5,400) as her net earnings. Do my 2012 taxes online for free Example 4. Do my 2012 taxes online for free Nonfarm net earnings less than $400. Do my 2012 taxes online for free Assume that in Example 1 Ann has gross income of $525 and a net profit of $175. Do my 2012 taxes online for free In this situation, she would not pay any SE tax under either the regular method or the nonfarm optional method because her net earnings under both methods are less than $400. Do my 2012 taxes online for free Gross nonfarm income of more than $6,960. Do my 2012 taxes online for free   The following examples illustrate how to figure net earnings when gross nonfarm income is more than $6,960. Do my 2012 taxes online for free Example 1. Do my 2012 taxes online for free Net nonfarm profit less than $5,024 and less than 72. Do my 2012 taxes online for free 189% of gross nonfarm income. Do my 2012 taxes online for free John White runs an appliance repair shop. Do my 2012 taxes online for free His actual net earnings from self-employment were $10,500 in 2011 and $9,500 in 2012. Do my 2012 taxes online for free He meets the test for being self-employed on a regular basis. Do my 2012 taxes online for free He has used the nonfarm optional method less than 5 years. Do my 2012 taxes online for free His gross income and net profit in 2013 are as follows: Gross nonfarm income $12,000 Net nonfarm profit $1,200 John's actual net earnings for 2013 are $1,108 ($1,200 × . Do my 2012 taxes online for free 9235). Do my 2012 taxes online for free Because his net profit is less than $5,024 and less than 72. Do my 2012 taxes online for free 189% of his gross income, he can use the nonfarm optional method to figure net earnings of $4,640. Do my 2012 taxes online for free Because these net earnings are higher than his actual net earnings, he can report net earnings of $4,640 for 2013. Do my 2012 taxes online for free Example 2. Do my 2012 taxes online for free Net nonfarm profit not less than $5,024. Do my 2012 taxes online for free Assume that in Example 1 John's net profit is $5,400. Do my 2012 taxes online for free He must use the regular method. Do my 2012 taxes online for free He cannot use the nonfarm optional method because his net nonfarm profit is not less than $5,024. Do my 2012 taxes online for free Example 3. Do my 2012 taxes online for free Net loss from a nonfarm business. Do my 2012 taxes online for free Assume that in Example 1 John has a net loss of $700. Do my 2012 taxes online for free He can use the nonfarm optional method and report $4,640 as his net earnings from self-employment. Do my 2012 taxes online for free Farm Optional Method Use the farm optional method only for earnings from a farming business. Do my 2012 taxes online for free See Publication 225 for information about this method. Do my 2012 taxes online for free Using Both Optional Methods If you have both farm and nonfarm earnings, you may be able to use both optional methods to determine your net earnings from self-employment. Do my 2012 taxes online for free To figure your net earnings using both optional methods, you must: Figure your farm and nonfarm net earnings separately under each method. Do my 2012 taxes online for free Do not combine farm earnings with nonfarm earnings to figure your net earnings under either method. Do my 2012 taxes online for free Add the net earnings figured under each method to arrive at your total net earnings from self-employment. Do my 2012 taxes online for free You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. Do my 2012 taxes online for free If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. Do my 2012 taxes online for free Example. Do my 2012 taxes online for free You are a self-employed farmer. Do my 2012 taxes online for free You also operate a retail grocery store. Do my 2012 taxes online for free Your gross income, actual net earnings from self-employment, and optional farm and optional nonfarm net earnings from self-employment are shown in Table 10-2. Do my 2012 taxes online for free Table 10-2. Do my 2012 taxes online for free Example—Farm and Nonfarm Earnings Income and Earnings Farm Nonfarm Gross income $3,000 $6,000 Actual net earnings $900 $500 Optional net earnings (2/3 of gross income) $2,000 $4,000 Table 10-3 shows four methods or combinations of methods you can use to figure net earnings from self-employment using the farm and nonfarm gross income and actual net earnings shown in Table 10-2. Do my 2012 taxes online for free Method 1. Do my 2012 taxes online for free Using the regular method for both farm and nonfarm income. Do my 2012 taxes online for free Method 2. Do my 2012 taxes online for free Using the optional method for farm income and the regular method for nonfarm income. Do my 2012 taxes online for free Method 3. Do my 2012 taxes online for free Using the regular method for farm income and the optional method for nonfarm income. Do my 2012 taxes online for free Method 4. Do my 2012 taxes online for free Using the optional method for both farm and nonfarm income. Do my 2012 taxes online for free Note. Do my 2012 taxes online for free Actual net earnings is the same as net earnings figured using the regular method. Do my 2012 taxes online for free Table 10-3. Do my 2012 taxes online for free Example—Net Earnings Net Earnings 1 2 3 4 Actual  farm $ 900   $ 900   Optional  farm   $ 2,000   $ 2,000 Actual nonfarm $ 500 $ 500     Optional nonfarm     $4,000 $4,000 Amount you can report: $1,400 $2,500 $4,900 $4,640* *Limited to $4,640 because you used both optional methods. Do my 2012 taxes online for free Fiscal Year Filer If you use a tax year other than the calendar year, you must use the tax rate and maximum earnings limit in effect at the beginning of your tax year. Do my 2012 taxes online for free Even if the tax rate or maximum earnings limit changes during your tax year, continue to use the same rate and limit throughout your tax year. Do my 2012 taxes online for free Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. Do my 2012 taxes online for free Then enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. Do my 2012 taxes online for free Most taxpayers can use Section A—Short Schedule SE to figure their SE tax. Do my 2012 taxes online for free However, certain taxpayers must use Section B—Long Schedule SE. Do my 2012 taxes online for free If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. Do my 2012 taxes online for free Joint return. Do my 2012 taxes online for free   Even if you file a joint return, you cannot file a joint Schedule SE. Do my 2012 taxes online for free This is true whether one spouse or both spouses have earnings subject to SE tax. Do my 2012 taxes online for free If both of you have earnings subject to SE tax, each of you must complete a separate Schedule SE. Do my 2012 taxes online for free However, if one spouse uses the Short Schedule SE and the other spouse has to use the Long Schedule SE, both can use the same form. Do my 2012 taxes online for free Attach both schedules to the joint return. Do my 2012 taxes online for free More than one business. Do my 2012 taxes online for free   If you have more than one trade or business, you must combine the net profit (or loss) from each business to figure your SE tax. Do my 2012 taxes online for free A loss from one business will reduce your profit from another business. Do my 2012 taxes online for free File one Schedule SE showing the earnings from self-employment, but file a separate Schedule C, C-EZ, or F for each business. Do my 2012 taxes online for free Example. Do my 2012 taxes online for free You are the sole proprietor of two separate businesses. Do my 2012 taxes online for free You operate a restaurant that made a net profit of $25,000. Do my 2012 taxes online for free You also have a cabinetmaking business that had a net loss of $500. Do my 2012 taxes online for free You must file a Schedule C for the restaurant showing your net profit of $25,000 and another Schedule C for the cabinetmaking business showing your net loss of $500. Do my 2012 taxes online for free You file Schedule SE showing total earnings subject to SE tax of $24,500. Do my 2012 taxes online for free Prev  Up  Next   Home   More Online Publications