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Federal Tax Amendment

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Federal Tax Amendment

Federal tax amendment 2. Federal tax amendment   Accounting Periods and Methods Table of Contents Introduction Useful Items - You may want to see: Accounting Periods Accounting MethodsCash Method Accrual Method Combination Method Inventories Uniform Capitalization Rules Special Methods Change in Accounting Method Introduction You must figure your taxable income and file an income tax return for an annual accounting period called a tax year. Federal tax amendment Also, you must consistently use an accounting method that clearly shows your income and expenses for the tax year. Federal tax amendment Useful Items - You may want to see: Publication 538 Accounting Periods and Methods See chapter 12 for information about getting publications and forms. Federal tax amendment Accounting Periods When preparing a statement of income and expenses (generally your income tax return), you must use your books and records for a specific interval of time called an accounting period. Federal tax amendment The annual accounting period for your income tax return is called a tax year. Federal tax amendment You can use one of the following tax years. Federal tax amendment A calendar tax year. Federal tax amendment A fiscal tax year. Federal tax amendment Unless you have a required tax year, you adopt a tax year by filing your first income tax return using that tax year. Federal tax amendment A required tax year is a tax year required under the Internal Revenue Code or the Income Tax Regulations. Federal tax amendment Calendar tax year. Federal tax amendment   A calendar tax year is 12 consecutive months beginning January 1 and ending December 31. Federal tax amendment   You must adopt the calendar tax year if any of the following apply. Federal tax amendment You do not keep books. Federal tax amendment You have no annual accounting period. Federal tax amendment Your present tax year does not qualify as a fiscal year. Federal tax amendment Your use of the calendar tax year is required under the Internal Revenue Code or the Income Tax Regulations. Federal tax amendment   If you filed your first income tax return using the calendar tax year and you later begin business as a sole proprietor, you must continue to use the calendar tax year unless you get IRS approval to change it or are otherwise allowed to change it without IRS approval. Federal tax amendment For more information, see Change in tax year, later. Federal tax amendment   If you adopt the calendar tax year, you must maintain your books and records and report your income and expenses for the period from January 1 through December 31 of each year. Federal tax amendment Fiscal tax year. Federal tax amendment   A fiscal tax year is 12 consecutive months ending on the last day of any month except December. Federal tax amendment A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month. Federal tax amendment   If you adopt a fiscal tax year, you must maintain your books and records and report your income and expenses using the same tax year. Federal tax amendment   For more information on a fiscal tax year, including a 52-53-week tax year, see Publication 538. Federal tax amendment Change in tax year. Federal tax amendment   Generally, you must file Form 1128, Application To Adopt, Change, or Retain a Tax Year, to request IRS approval to change your tax year. Federal tax amendment See the Instructions for Form 1128 for exceptions. Federal tax amendment If you qualify for an automatic approval request, a user fee is not required. Federal tax amendment If you do not qualify for automatic approval, a ruling must be requested. Federal tax amendment See the instructions for Form 1128 for information about user fees if you are requesting a ruling. Federal tax amendment Accounting Methods An accounting method is a set of rules used to determine when and how income and expenses are reported. Federal tax amendment Your accounting method includes not only the overall method of accounting you use, but also the accounting treatment you use for any material item. Federal tax amendment You choose an accounting method for your business when you file your first income tax return that includes a Schedule C for the business. Federal tax amendment After that, if you want to change your accounting method, you must generally get IRS approval. Federal tax amendment See Change in Accounting Method, later. Federal tax amendment Kinds of methods. Federal tax amendment   Generally, you can use any of the following accounting methods. Federal tax amendment Cash method. Federal tax amendment An accrual method. Federal tax amendment Special methods of accounting for certain items of income and expenses. Federal tax amendment Combination method using elements of two or more of the above. Federal tax amendment You must use the same accounting method to figure your taxable income and to keep your books. Federal tax amendment Also, you must use an accounting method that clearly shows your income. Federal tax amendment Business and personal items. Federal tax amendment   You can account for business and personal items under different accounting methods. Federal tax amendment For example, you can figure your business income under an accrual method, even if you use the cash method to figure personal items. Federal tax amendment Two or more businesses. Federal tax amendment   If you have two or more separate and distinct businesses, you can use a different accounting method for each if the method clearly reflects the income of each business. Federal tax amendment They are separate and distinct only if you maintain complete and separate books and records for each business. Federal tax amendment Cash Method Most individuals and many sole proprietors with no inventory use the cash method because they find it easier to keep cash method records. Federal tax amendment However, if an inventory is necessary to account for your income, you must generally use an accrual method of accounting for sales and purchases. Federal tax amendment For more information, see Inventories, later. Federal tax amendment Income Under the cash method, include in your gross income all items of income you actually or constructively receive during your tax year. Federal tax amendment If you receive property or services, you must include their fair market value in income. Federal tax amendment Example. Federal tax amendment On December 30, 2012, Mrs. Federal tax amendment Sycamore sent you a check for interior decorating services you provided to her. Federal tax amendment You received the check on January 2, 2013. Federal tax amendment You must include the amount of the check in income for 2013. Federal tax amendment Constructive receipt. Federal tax amendment   You have constructive receipt of income when an amount is credited to your account or made available to you without restriction. Federal tax amendment You do not need to have possession of it. Federal tax amendment If you authorize someone to be your agent and receive income for you, you are treated as having received it when your agent received it. Federal tax amendment Example. Federal tax amendment Interest is credited to your bank account in December 2013. Federal tax amendment You do not withdraw it or enter it into your passbook until 2014. Federal tax amendment You must include it in your gross income for 2013. Federal tax amendment Delaying receipt of income. Federal tax amendment   You cannot hold checks or postpone taking possession of similar property from one tax year to another to avoid paying tax on the income. Federal tax amendment You must report the income in the year the property is received or made available to you without restriction. Federal tax amendment Example. Federal tax amendment Frances Jones, a service contractor, was entitled to receive a $10,000 payment on a contract in December 2013. Federal tax amendment She was told in December that her payment was available. Federal tax amendment At her request, she was not paid until January 2014. Federal tax amendment She must include this payment in her 2013 income because it was constructively received in 2013. Federal tax amendment Checks. Federal tax amendment   Receipt of a valid check by the end of the tax year is constructive receipt of income in that year, even if you cannot cash or deposit the check until the following year. Federal tax amendment Example. Federal tax amendment Dr. Federal tax amendment Redd received a check for $500 on December 31, 2013, from a patient. Federal tax amendment She could not deposit the check in her business account until January 2, 2014. Federal tax amendment She must include this fee in her income for 2013. Federal tax amendment Debts paid by another person or canceled. Federal tax amendment   If your debts are paid by another person or are canceled by your creditors, you may have to report part or all of this debt relief as income. Federal tax amendment If you receive income in this way, you constructively receive the income when the debt is canceled or paid. Federal tax amendment For more information, see Canceled Debt under Kinds of Income in chapter 5. Federal tax amendment Repayment of income. Federal tax amendment   If you include an amount in income and in a later year you have to repay all or part of it, you can usually deduct the repayment in the year in which you make it. Federal tax amendment If the amount you repay is over $3,000, a special rule applies. Federal tax amendment For details about the special rule, see Repayments in chapter 11 of Publication 535, Business Expenses. Federal tax amendment Expenses Under the cash method, you generally deduct expenses in the tax year in which you actually pay them. Federal tax amendment This includes business expenses for which you contest liability. Federal tax amendment However, you may not be able to deduct an expense paid in advance or you may be required to capitalize certain costs, as explained later under Uniform Capitalization Rules. Federal tax amendment Expenses paid in advance. Federal tax amendment   You can deduct an expense you pay in advance only in the year to which it applies. Federal tax amendment Example. Federal tax amendment You are a calendar year taxpayer and you pay $1,000 in 2013 for a business insurance policy effective for one year, beginning July 1. Federal tax amendment You can deduct $500 in 2013 and $500 in 2014. Federal tax amendment Accrual Method Under an accrual method of accounting, you generally report income in the year earned and deduct or capitalize expenses in the year incurred. Federal tax amendment The purpose of an accrual method of accounting is to match income and expenses in the correct year. Federal tax amendment Income—General Rule Under an accrual method, you generally include an amount in your gross income for the tax year in which all events that fix your right to receive the income have occurred and you can determine the amount with reasonable accuracy. Federal tax amendment Example. Federal tax amendment You are a calendar year accrual method taxpayer. Federal tax amendment You sold a computer on December 28, 2013. Federal tax amendment You billed the customer in the first week of January 2014, but you did not receive payment until February 2014. Federal tax amendment You must include the amount received for the computer in your 2013 income. Federal tax amendment Income—Special Rules The following are special rules that apply to advance payments, estimating income, and changing a payment schedule for services. Federal tax amendment Estimated income. Federal tax amendment   If you include a reasonably estimated amount in gross income, and later determine the exact amount is different, take the difference into account in the tax year in which you make the determination. Federal tax amendment Change in payment schedule for services. Federal tax amendment   If you perform services for a basic rate specified in a contract, you must accrue the income at the basic rate, even if you agree to receive payments at a lower rate until you complete the services and then receive the difference. Federal tax amendment Advance payments for services. Federal tax amendment   Generally, you report an advance payment for services to be performed in a later tax year as income in the year you receive the payment. Federal tax amendment However, if you receive an advance payment for services you agree to perform by the end of the next tax year, you can elect to postpone including the advance payment in income until the next tax year. Federal tax amendment However, you cannot postpone including any payment beyond that tax year. Federal tax amendment   For more information, see Advance Payment for Services under Accrual Method in Publication 538. Federal tax amendment That publication also explains special rules for reporting the following types of income. Federal tax amendment Advance payments for service agreements. Federal tax amendment Prepaid rent. Federal tax amendment Advance payments for sales. Federal tax amendment   Special rules apply to including income from advance payments on agreements for future sales or other dispositions of goods you hold primarily for sale to your customers in the ordinary course of your business. Federal tax amendment If the advance payments are for contracts involving both the sale and service of goods, it may be necessary to treat them as two agreements. Federal tax amendment An agreement includes a gift certificate that can be redeemed for goods. Federal tax amendment Treat amounts that are due and payable as amounts you received. Federal tax amendment   You generally include an advance payment in income for the tax year in which you receive it. Federal tax amendment However, you can use an alternative method. Federal tax amendment For information about the alternative method, see Publication 538. Federal tax amendment Expenses Under an accrual method of accounting, you generally deduct or capitalize a business expense when both the following apply. Federal tax amendment The all-events test has been met. Federal tax amendment The test has been met when: All events have occurred that fix the fact of liability, and The liability can be determined with reasonable accuracy. Federal tax amendment Economic performance has occurred. Federal tax amendment Economic performance. Federal tax amendment   You generally cannot deduct or capitalize a business expense until economic performance occurs. Federal tax amendment If your expense is for property or services provided to you, or for your use of property, economic performance occurs as the property or services are provided or as the property is used. Federal tax amendment If your expense is for property or services you provide to others, economic performance occurs as you provide the property or services. Federal tax amendment An exception allows certain recurring items to be treated as incurred during a tax year even though economic performance has not occurred. Federal tax amendment For more information on economic performance, see Economic Performance under Accrual Method in Publication 538. Federal tax amendment Example. Federal tax amendment You are a calendar year taxpayer and use an accrual method of accounting. Federal tax amendment You buy office supplies in December 2013. Federal tax amendment You receive the supplies and the bill in December, but you pay the bill in January 2014. Federal tax amendment You can deduct the expense in 2013 because all events that fix the fact of liability have occurred, the amount of the liability could be reasonably determined, and economic performance occurred in that year. Federal tax amendment Your office supplies may qualify as a recurring expense. Federal tax amendment In that case, you can deduct them in 2013 even if the supplies are not delivered until 2014 (when economic performance occurs). Federal tax amendment Keeping inventories. Federal tax amendment   When the production, purchase, or sale of merchandise is an income-producing factor in your business, you must generally take inventories into account at the beginning and the end of your tax year. Federal tax amendment If you must account for an inventory, you must generally use an accrual method of accounting for your purchases and sales. Federal tax amendment For more information, see Inventories , later. Federal tax amendment Special rule for related persons. Federal tax amendment   You cannot deduct business expenses and interest owed to a related person who uses the cash method of accounting until you make the payment and the corresponding amount is includible in the related person's gross income. Federal tax amendment Determine the relationship, for this rule, as of the end of the tax year for which the expense or interest would otherwise be deductible. Federal tax amendment If a deduction is not allowed under this rule, the rule will continue to apply even if your relationship with the person ends before the expense or interest is includible in the gross income of that person. Federal tax amendment   Related persons include members of your immediate family, including only brothers and sisters (either whole or half), your spouse, ancestors, and lineal descendants. Federal tax amendment For a list of other related persons, see section 267 of the Internal Revenue Code. Federal tax amendment Combination Method You can generally use any combination of cash, accrual, and special methods of accounting if the combination clearly shows your income and expenses and you use it consistently. Federal tax amendment However, the following restrictions apply. Federal tax amendment If an inventory is necessary to account for your income, you must generally use an accrual method for purchases and sales. Federal tax amendment (See, however, Inventories, later. Federal tax amendment ) You can use the cash method for all other items of income and expenses. Federal tax amendment If you use the cash method for figuring your income, you must use the cash method for reporting your expenses. Federal tax amendment If you use an accrual method for reporting your expenses, you must use an accrual method for figuring your income. Federal tax amendment If you use a combination method that includes the cash method, treat that combination method as the cash method. Federal tax amendment Inventories Generally, if you produce, purchase, or sell merchandise in your business, you must keep an inventory and use the accrual method for purchases and sales of merchandise. Federal tax amendment However, the following taxpayers can use the cash method of accounting even if they produce, purchase, or sell merchandise. Federal tax amendment These taxpayers can also account for inventoriable items as materials and supplies that are not incidental (discussed later). Federal tax amendment A qualifying taxpayer under Revenue Procedure 2001-10 in Internal Revenue Bulletin 2001-2. Federal tax amendment A qualifying small business taxpayer under Revenue Procedure 2002-28 in Internal Revenue Bulletin 2002-18. Federal tax amendment Qualifying taxpayer. Federal tax amendment   You are a qualifying taxpayer if: Your average annual gross receipts for each prior tax year ending on or after December 17, 1998, is $1 million or less. Federal tax amendment (Your average annual gross receipts for a tax year is figured by adding the gross receipts for that tax year and the 2 preceding tax years and dividing by 3. Federal tax amendment ) Your business is not a tax shelter, as defined under section 448(d)(3) of the Internal Revenue Code. Federal tax amendment Qualifying small business taxpayer. Federal tax amendment   You are a qualifying small business taxpayer if: Your average annual gross receipts for each prior tax year ending on or after December 31, 2000, is more than $1 million but not more than $10 million. Federal tax amendment (Your average annual gross receipts for a tax year is figured by adding the gross receipts for that tax year and the 2 preceding tax years and dividing the total by 3. Federal tax amendment ) You are not prohibited from using the cash method under section 448 of the Internal Revenue Code. Federal tax amendment Your principal business activity is an eligible business (described in Publication 538 and Revenue Procedure 2002-28). Federal tax amendment Business not owned or not in existence for 3 years. Federal tax amendment   If you did not own your business for all of the 3-tax-year period used in figuring your average annual gross receipts, include the period of any predecessor. Federal tax amendment If your business has not been in existence for the 3-tax-year period, base your average on the period it has existed including any short tax years, annualizing the short tax year's gross receipts. Federal tax amendment Materials and supplies that are not incidental. Federal tax amendment   If you account for inventoriable items as materials and supplies that are not incidental, you will deduct the cost of the items you would otherwise include in inventory in the year you sell the items, or the year you pay for them, whichever is later. Federal tax amendment If you are a producer, you can use any reasonable method to estimate the raw material in your work in process and finished goods on hand at the end of the year to determine the raw material used to produce finished goods that were sold during the year. Federal tax amendment Changing accounting method. Federal tax amendment   If you are a qualifying taxpayer or qualifying small business taxpayer and want to change to the cash method or to account for inventoriable items as non-incidental materials and supplies, you must file Form 3115, Application for Change in Accounting Method. Federal tax amendment See Change in Accounting Method, later. Federal tax amendment More information. Federal tax amendment    For more information about the qualifying taxpayer exception, see Revenue Procedure 2001-10 in Internal Revenue Bulletin 2001-2. Federal tax amendment For more information about the qualifying small business taxpayer exception, see Revenue Procedure 2002-28 in Internal Revenue Bulletin 2002-18. Federal tax amendment Items included in inventory. Federal tax amendment   If you are required to account for inventories, include the following items when accounting for your inventory. Federal tax amendment Merchandise or stock in trade. Federal tax amendment Raw materials. Federal tax amendment Work in process. Federal tax amendment Finished products. Federal tax amendment Supplies that physically become a part of the item intended for sale. Federal tax amendment Valuing inventory. Federal tax amendment   You must value your inventory at the beginning and end of each tax year to determine your cost of goods sold (Schedule C, line 42). Federal tax amendment To determine the value of your inventory, you need a method for identifying the items in your inventory and a method for valuing these items. Federal tax amendment   Inventory valuation rules cannot be the same for all kinds of businesses. Federal tax amendment The method you use to value your inventory must conform to generally accepted accounting principles for similar businesses and must clearly reflect income. Federal tax amendment Your inventory practices must be consistent from year to year. Federal tax amendment More information. Federal tax amendment   For more information about inventories, see Publication 538. Federal tax amendment Uniform Capitalization Rules Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for production or resale activities. Federal tax amendment Include these costs in the basis of property you produce or acquire for resale, rather than claiming them as a current deduction. Federal tax amendment You recover the costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. Federal tax amendment Activities subject to the uniform capitalization rules. Federal tax amendment   You may be subject to the uniform capitalization rules if you do any of the following, unless the property is produced for your use other than in a business or an activity carried on for profit. Federal tax amendment Produce real or tangible personal property. Federal tax amendment For this purpose, tangible personal property includes a film, sound recording, video tape, book, or similar property. Federal tax amendment Acquire property for resale. Federal tax amendment Exceptions. Federal tax amendment   These rules do not apply to the following property. Federal tax amendment Personal property you acquire for resale if your average annual gross receipts are $10 million or less. Federal tax amendment Property you produce if you meet either of the following conditions. Federal tax amendment Your indirect costs of producing the property are $200,000 or less. Federal tax amendment You use the cash method of accounting and do not account for inventories. Federal tax amendment For more information, see Inventories, earlier. Federal tax amendment Special Methods There are special methods of accounting for certain items of income or expense. Federal tax amendment These include the following. Federal tax amendment Amortization, discussed in chapter 8 of Publication 535, Business Expenses. Federal tax amendment Bad debts, discussed in chapter 10 of Publication 535. Federal tax amendment Depletion, discussed in chapter 9 of Publication 535. Federal tax amendment Depreciation, discussed in Publication 946, How To Depreciate Property. Federal tax amendment Installment sales, discussed in Publication 537, Installment Sales. Federal tax amendment Change in Accounting Method Once you have set up your accounting method, you must generally get IRS approval before you can change to another method. Federal tax amendment A change in your accounting method includes a change in: Your overall method, such as from cash to an accrual method, and Your treatment of any material item. Federal tax amendment To get approval, you must file Form 3115, Application for Change in Accounting Method. Federal tax amendment You can get IRS approval to change an accounting method under either the automatic change procedures or the advance consent request procedures. Federal tax amendment You may have to pay a user fee. Federal tax amendment For more information, see the form instructions. Federal tax amendment Automatic change procedures. Federal tax amendment   Certain taxpayers can presume to have IRS approval to change their method of accounting. Federal tax amendment The approval is granted for the tax year for which the taxpayer requests a change (year of change), if the taxpayer complies with the provisions of the automatic change procedures. Federal tax amendment No user fee is required for an application filed under an automatic change procedure generally covered in Revenue Procedure 2002-9. Federal tax amendment   Generally, you must use Form 3115 to request an automatic change. Federal tax amendment For more information, see the Instructions for Form 3115. Federal tax amendment Prev  Up  Next   Home   More Online Publications
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Federal Financial Institutions Examination Council

The Federal Financial Institutions Examination Council is an interagency body that seeks to standardize the oversight criteria and methods of the various financial regulatory bodies.

The Federal Tax Amendment

Federal tax amendment Index A Accounting methods Accrual method, Accrual Method Cash method, Cash Method Change in, Change in Accounting Method Methods you can use, Methods you can use. Federal tax amendment Accounting periods 52-53 week tax year, 52-53-Week Tax Year Business purpose tax year, Business Purpose Tax Year Calendar year, Calendar Year Improper tax year, Improper Tax Year Partnerships, Partnership Accrual method Expenses, Expenses Income, Income Advance payments, Advance Payment for Services Sales, Advance Payment for Sales Services, Advance Payment for Services Assistance (see Tax help) B Business purpose tax year, Business Purpose Tax Year C Calendar year, Calendar Year Cash method, Income Expenses, Expenses Income, Income Change, accounting method, Change to accrual method. Federal tax amendment , Change in Accounting Method Comments on publication, Comments and suggestions. Federal tax amendment Constructive receipt of income, Constructive receipt. Federal tax amendment Corporation tax periods, Corporations (Other Than S Corporations and PSCs) Cost identification, Identifying Cost D Death of individual, short period return, Death of individual. Federal tax amendment E Economic performance, Economic Performance Excluded entities, cash method, Excluded Entities F Fiscal year, Fiscal Year Form 1128, Improper Tax Year, Change in Tax Year 8716, Making the election. Federal tax amendment , Making back-up election. Federal tax amendment 8752, Required payment for partnership or S corporation. Federal tax amendment , Activating election. Federal tax amendment 970, Adopting LIFO method. Federal tax amendment Free tax services, How To Get Tax Help H Help (see Tax help) I Inventories Cost identification, Identifying Cost FIFO, FIFO Method LIFO, LIFO Method Lower of cost or market, Lower of Cost or Market Method Perpetual or book, Perpetual or Book Inventory Retail method, Retail Method Specific identification, Specific Identification Method Uniform capitalization rules, Inventories. Federal tax amendment Valuing, Valuing Inventory M More information (see Tax help) P Partnerships, Partnership Personal service corporation, Partnerships, S Corporations, and Personal Service Corporations (PSCs) Limit, use of cash method, Qualified PSC. Federal tax amendment Required tax year, Partnerships, S Corporations, and Personal Service Corporations (PSCs), Personal Service Corporation (PSC) Publications (see Tax help) R Related persons, Related Persons S S corporations, S Corporation Section 444 election, Section 444 Election Short period return, Short period return. Federal tax amendment Short tax year, Short Tax Year Suggestions for publication, Comments and suggestions. Federal tax amendment T Tax help, How To Get Tax Help Tax year Change in, Change in Tax Year Corporations, Corporations (Other Than S Corporations and PSCs) Fiscal year, Fiscal Year Personal service corporation, Personal Service Corporation (PSC) S corporations, S Corporation Section 444 election, Section 444 Election Short tax year, Short Tax Year Taxpayer Advocate, Taxpayer Advocate Service. Federal tax amendment TTY/TDD information, How To Get Tax Help U Uniform capitalization rules Exceptions, Exceptions. Federal tax amendment General rules, Uniform Capitalization Rules Prev  Up     Home   More Online Publications