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Ez Tax Form 2012

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Ez Tax Form 2012

Ez tax form 2012 5. Ez tax form 2012   Table and Worksheets for the Self-Employed Table of Contents Community property laws. Ez tax form 2012 As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. Ez tax form 2012 First, use either the rate table or rate worksheet to find your reduced contribution rate. Ez tax form 2012 Then complete the deduction worksheet to figure your deduction for contributions. Ez tax form 2012 The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. Ez tax form 2012 A SEP plan is treated as a profit-sharing plan. Ez tax form 2012 However, do not use this worksheet for SARSEPs. Ez tax form 2012 Rate table for self-employed. Ez tax form 2012   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. Ez tax form 2012 Otherwise, use the rate worksheet provided below. Ez tax form 2012   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. Ez tax form 2012 Then read across to the rate under Column B. Ez tax form 2012 Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. Ez tax form 2012    Example. Ez tax form 2012 You are a sole proprietor with no employees. Ez tax form 2012 If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. Ez tax form 2012 090909. Ez tax form 2012 Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. Ez tax form 2012 Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Ez tax form 2012 For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Ez tax form 2012       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Ez tax form 2012       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Ez tax form 2012     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. Ez tax form 2012 Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Ez tax form 2012         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Ez tax form 2012       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Ez tax form 2012 Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Ez tax form 2012         • Otherwise, skip steps 16 through 18 and go to step 19. Ez tax form 2012       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Ez tax form 2012 Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Ez tax form 2012     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. Ez tax form 2012     Step 21           Subtract step 20 from step 19. Ez tax form 2012 This is your maximum deductible contribution. Ez tax form 2012                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Ez tax form 2012   Rate worksheet for self-employed. Ez tax form 2012   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. Ez tax form 2012 Use the following worksheet instead. Ez tax form 2012 Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Ez tax form 2012 105)   2) Rate in line 1 plus 1 (for example, 0. Ez tax form 2012 105 + 1 = 1. Ez tax form 2012 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Ez tax form 2012 105 ÷ 1. Ez tax form 2012 105 = 0. Ez tax form 2012 095)   Figuring your deduction. Ez tax form 2012   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. Ez tax form 2012 Community property laws. Ez tax form 2012   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. Ez tax form 2012 Enter on step 1 the total net profit you actually earned. Ez tax form 2012 Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . Ez tax form 2012 009901 2 . Ez tax form 2012 019608 3 . Ez tax form 2012 029126 4 . Ez tax form 2012 038462 5 . Ez tax form 2012 047619 6 . Ez tax form 2012 056604 7 . Ez tax form 2012 065421 8 . Ez tax form 2012 074074 9 . Ez tax form 2012 082569 10 . Ez tax form 2012 090909 11 . Ez tax form 2012 099099 12 . Ez tax form 2012 107143 13 . Ez tax form 2012 115044 14 . Ez tax form 2012 122807 15 . Ez tax form 2012 130435 16 . Ez tax form 2012 137931 17 . Ez tax form 2012 145299 18 . Ez tax form 2012 152542 19 . Ez tax form 2012 159664 20 . Ez tax form 2012 166667 21 . Ez tax form 2012 173554 22 . Ez tax form 2012 180328 23 . Ez tax form 2012 186992 24 . Ez tax form 2012 193548 25* . Ez tax form 2012 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. Ez tax form 2012 Example. Ez tax form 2012 You are a sole proprietor with no employees. Ez tax form 2012 The terms of your plan provide that you contribute 8½% (. Ez tax form 2012 085) of your compensation to your plan. Ez tax form 2012 Your net profit from line 31, Schedule C (Form 1040) is $200,000. Ez tax form 2012 You have no elective deferrals or catch-up contributions. Ez tax form 2012 Your self-employment tax deduction on line 27 of Form 1040 is $9,728. Ez tax form 2012 See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. Ez tax form 2012 You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. Ez tax form 2012 Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Ez tax form 2012 For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Ez tax form 2012 $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Ez tax form 2012       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Ez tax form 2012     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. Ez tax form 2012 Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. Ez tax form 2012 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Ez tax form 2012         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Ez tax form 2012       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Ez tax form 2012 Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Ez tax form 2012         • Otherwise, skip steps 16 through 18 and go to step 19. Ez tax form 2012       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Ez tax form 2012 Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Ez tax form 2012     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. Ez tax form 2012 This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Ez tax form 2012   See the filled-in Deduction Worksheet for Self-Employed on this page. Ez tax form 2012 Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Ez tax form 2012 105) 0. Ez tax form 2012 085 2) Rate in line 1 plus 1 (for example, 0. Ez tax form 2012 105 + 1 = 1. Ez tax form 2012 105) 1. Ez tax form 2012 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Ez tax form 2012 105 ÷ 1. Ez tax form 2012 105 = 0. Ez tax form 2012 095) 0. Ez tax form 2012 078 This image is too large to be displayed in the current screen. Ez tax form 2012 Please click the link to view the image. Ez tax form 2012 Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications
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Representatives of national, state and local news media outlets may contact the media relations offices listed below for assistance.

*Please note that these offices are established solely for responding to inquiries from the press (news media).  Questions and account inquiries from the general public and businesses cannot be handled by these offices.

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Texas - Southern (includes Austin, Beaumont, College Station, Corpus Christi, El Paso, Houston, Laredo, San Antonio and surrounding areas)

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956-365-5177

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Virginia - (excludes DC Metro Area)

336-574-6040

Virginia - (includes DC Metro Area)

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Washington

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West Virginia

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Wisconsin

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Wyoming

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Pacific Territories - American Samoa, Guam and
Northern Mariana Islands
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Page Last Reviewed or Updated: 27-Jan-2014

The Ez Tax Form 2012

Ez tax form 2012 5. Ez tax form 2012   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. Ez tax form 2012 Making the election. Ez tax form 2012 Form 3115. Ez tax form 2012 Income TaxesAccrual of contested income taxes. Ez tax form 2012 Employment Taxes Other TaxesAdditional Medicare Tax. Ez tax form 2012 What's New Additional Medicare Tax. Ez tax form 2012  Beginning in 2013, you must withhold a 0. Ez tax form 2012 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Ez tax form 2012 Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. Ez tax form 2012 See Employment Taxes , and Self-employment tax , later. Ez tax form 2012 Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. Ez tax form 2012 You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. Ez tax form 2012 Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. Ez tax form 2012 When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. Ez tax form 2012 This applies whether you use the cash method or an accrual method of accounting. Ez tax form 2012 Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. Ez tax form 2012 You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . Ez tax form 2012 Limit on accrual of taxes. Ez tax form 2012   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. Ez tax form 2012 However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. Ez tax form 2012 Example. Ez tax form 2012 Your state imposes a tax on personal property used in a trade or business conducted in the state. Ez tax form 2012 This tax is assessed and becomes a lien as of July 1 (accrual date). Ez tax form 2012 In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. Ez tax form 2012 Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. Ez tax form 2012 You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. Ez tax form 2012 Uniform capitalization rules. Ez tax form 2012   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. Ez tax form 2012 They also apply to certain taxpayers who acquire property for resale. Ez tax form 2012 Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. Ez tax form 2012 For more information, see chapter 1. Ez tax form 2012 Carrying charges. Ez tax form 2012   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. Ez tax form 2012 You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. Ez tax form 2012 For more information, see chapter 7. Ez tax form 2012 Refunds of taxes. Ez tax form 2012   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. Ez tax form 2012 For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. Ez tax form 2012    You must include in income any interest you receive on tax refunds. Ez tax form 2012 Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. Ez tax form 2012 The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. Ez tax form 2012 Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. Ez tax form 2012 See Taxes for local benefits , later. Ez tax form 2012 If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. Ez tax form 2012 However, you can elect to ratably accrue the taxes during the year. Ez tax form 2012 See Electing to ratably accrue , later. Ez tax form 2012 Taxes for local benefits. Ez tax form 2012   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. Ez tax form 2012 These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. Ez tax form 2012 You should increase the basis of your property by the amount of the assessment. Ez tax form 2012   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. Ez tax form 2012 If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. Ez tax form 2012 Example. Ez tax form 2012 To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. Ez tax form 2012 The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. Ez tax form 2012 The city is paying the principal and interest with the annual payments made by the property owners. Ez tax form 2012 The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. Ez tax form 2012 The part of the payments used to pay the interest charges on the bonds is deductible as taxes. Ez tax form 2012 Charges for services. Ez tax form 2012   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. Ez tax form 2012 Purchase or sale of real estate. Ez tax form 2012   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. Ez tax form 2012   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. Ez tax form 2012 Treat the seller as paying the taxes up to but not including the date of sale. Ez tax form 2012 Treat the buyer as paying the taxes beginning with the date of sale. Ez tax form 2012 You can usually find this information on the settlement statement you received at closing. Ez tax form 2012   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. Ez tax form 2012 Example. Ez tax form 2012 Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. Ez tax form 2012 He has not elected to ratably accrue property taxes. Ez tax form 2012 November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. Ez tax form 2012 He sold the property on June 30, 2013. Ez tax form 2012 Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. Ez tax form 2012 He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. Ez tax form 2012 Electing to ratably accrue. Ez tax form 2012   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. Ez tax form 2012 Example. Ez tax form 2012 Juan Sanchez is a calendar year taxpayer who uses an accrual method. Ez tax form 2012 His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. Ez tax form 2012 July 1 is the assessment and lien date. Ez tax form 2012 If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. Ez tax form 2012 Separate elections. Ez tax form 2012   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. Ez tax form 2012 Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. Ez tax form 2012 See Form 3115 , later. Ez tax form 2012 Making the election. Ez tax form 2012   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. Ez tax form 2012 The statement should show all the following items. Ez tax form 2012 The trades or businesses to which the election applies and the accounting method or methods used. Ez tax form 2012 The period to which the taxes relate. Ez tax form 2012 The computation of the real estate tax deduction for that first year. Ez tax form 2012   Generally, you must file your return by the due date (including extensions). Ez tax form 2012 However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). Ez tax form 2012 Attach the statement to the amended return and write “Filed pursuant to section 301. Ez tax form 2012 9100-2” on the statement. Ez tax form 2012 File the amended return at the same address where you filed the original return. Ez tax form 2012 Form 3115. Ez tax form 2012    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. Ez tax form 2012 For more information, including applicable time frames for filing, see the Instructions for Form 3115. Ez tax form 2012 Note. Ez tax form 2012 If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. Ez tax form 2012 R. Ez tax form 2012 B. Ez tax form 2012 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. Ez tax form 2012 R. Ez tax form 2012 B. Ez tax form 2012 689, and Revenue Procedure 2012-20, 2012-14 I. Ez tax form 2012 R. Ez tax form 2012 B. Ez tax form 2012 700, or any successor. Ez tax form 2012 Revenue Procedure 2011-14 is available at  www. Ez tax form 2012 irs. Ez tax form 2012 gov/irb/2011-04IRB/ar08. Ez tax form 2012 html. Ez tax form 2012 Income Taxes This section discusses federal, state, local, and foreign income taxes. Ez tax form 2012 Federal income taxes. Ez tax form 2012   You cannot deduct federal income taxes. Ez tax form 2012 State and local income taxes. Ez tax form 2012   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. Ez tax form 2012 An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). Ez tax form 2012   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. Ez tax form 2012 Accrual of contested income taxes. Ez tax form 2012   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. Ez tax form 2012   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. Ez tax form 2012 You cannot deduct them in the year in which the liability is finally determined. Ez tax form 2012    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. Ez tax form 2012 Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. Ez tax form 2012   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. Ez tax form 2012 You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. Ez tax form 2012 For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. Ez tax form 2012 Foreign income taxes. Ez tax form 2012   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. Ez tax form 2012 S. Ez tax form 2012 possession. Ez tax form 2012 However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. Ez tax form 2012 S. Ez tax form 2012 tax under the foreign earned income exclusion or the foreign housing exclusion. Ez tax form 2012 For information on these exclusions, see Publication 54, Tax Guide for U. Ez tax form 2012 S. Ez tax form 2012 Citizens and Resident Aliens Abroad. Ez tax form 2012 For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. Ez tax form 2012 Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. Ez tax form 2012 Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. Ez tax form 2012 You may also need to pay certain employment taxes from your own funds. Ez tax form 2012 These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. Ez tax form 2012 Note. Ez tax form 2012 Additional Medicare Tax is only imposed on the employee. Ez tax form 2012 There is no employer share of Additional Medicare Tax. Ez tax form 2012 Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. Ez tax form 2012 You can deduct the employment taxes you must pay from your own funds as taxes. Ez tax form 2012 Example. Ez tax form 2012 You pay your employee $18,000 a year. Ez tax form 2012 However, after you withhold various taxes, your employee receives $14,500. Ez tax form 2012 You also pay an additional $1,500 in employment taxes. Ez tax form 2012 You should deduct the full $18,000 as wages. Ez tax form 2012 You can deduct the $1,500 you pay from your own funds as taxes. Ez tax form 2012 For more information on employment taxes, see Publication 15 (Circular E). Ez tax form 2012 Unemployment fund taxes. Ez tax form 2012   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. Ez tax form 2012 Deduct these payments as taxes. Ez tax form 2012 Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. Ez tax form 2012 Excise taxes. Ez tax form 2012   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. Ez tax form 2012 However, see Fuel taxes , later. Ez tax form 2012   For more information on excise taxes, see Publication 510. Ez tax form 2012 Franchise taxes. Ez tax form 2012   You can deduct corporate franchise taxes as a business expense. Ez tax form 2012 Fuel taxes. Ez tax form 2012   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. Ez tax form 2012 Do not deduct these taxes as a separate item. Ez tax form 2012   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. Ez tax form 2012 For more information, see Publication 510. Ez tax form 2012 Occupational taxes. Ez tax form 2012   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. Ez tax form 2012 Personal property tax. Ez tax form 2012   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. Ez tax form 2012 Sales tax. Ez tax form 2012   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. Ez tax form 2012 If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. Ez tax form 2012 If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. Ez tax form 2012 If the property is depreciable, add the sales tax to the basis for depreciation. Ez tax form 2012 For more information on basis, see Publication 551. Ez tax form 2012    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. Ez tax form 2012 Also, do not include these taxes in gross receipts or sales. Ez tax form 2012 Self-employment tax. Ez tax form 2012   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. Ez tax form 2012 This deduction only affects your income tax. Ez tax form 2012 It does not affect your net earnings from self-employment or your self-employment tax. Ez tax form 2012   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). Ez tax form 2012   For more information on self-employment tax, see Publication 334. Ez tax form 2012 Additional Medicare Tax. Ez tax form 2012   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. Ez tax form 2012 See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. Ez tax form 2012 Prev  Up  Next   Home   More Online Publications