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Federal Tax Return Amendment

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Federal Tax Return Amendment

Federal tax return amendment Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. Federal tax return amendment Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Federal tax return amendment However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Federal tax return amendment The new provisions are in the Supplement to Publication 463, which is reprinted below. Federal tax return amendment Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. Federal tax return amendment After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Federal tax return amendment Certain provisions of this new law may reduce your taxes for 2001. Federal tax return amendment The new law contains the following provisions. Federal tax return amendment A new depreciation deduction, the special depreciation allowance. Federal tax return amendment An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Federal tax return amendment If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Federal tax return amendment See Amended Return, later. Federal tax return amendment Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. Federal tax return amendment However, there is a limit on the depreciation deduction you can take for your car each year. Federal tax return amendment See Depreciation Limit later. Federal tax return amendment Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Federal tax return amendment This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Federal tax return amendment You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). Federal tax return amendment See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Federal tax return amendment You can claim the special depreciation allowance only for the year the qualified property is placed in service. Federal tax return amendment Qualified property. Federal tax return amendment   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. Federal tax return amendment You bought it new. Federal tax return amendment You bought it after September 10, 2001. Federal tax return amendment (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. Federal tax return amendment ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Federal tax return amendment Example. Federal tax return amendment Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Federal tax return amendment Bob's car is qualified property. Federal tax return amendment Bob chooses not to take a section 179 deduction for the car. Federal tax return amendment He does claim the new special depreciation allowance. Federal tax return amendment Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Federal tax return amendment 75). Federal tax return amendment He then figures the special depreciation allowance of $4,500 ($15,000 × . Federal tax return amendment 30). Federal tax return amendment The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . Federal tax return amendment 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Federal tax return amendment However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Federal tax return amendment 75), as discussed next. Federal tax return amendment Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. Federal tax return amendment The limit is increased to $23,080 if the car is an electric car. Federal tax return amendment The section 179 deduction is treated as depreciation for purposes of this limit. Federal tax return amendment If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. Federal tax return amendment For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). Federal tax return amendment Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. Federal tax return amendment S. Federal tax return amendment Individual Income Tax Return, by April 15, 2003. Federal tax return amendment At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Federal tax return amendment ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Federal tax return amendment If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Federal tax return amendment Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Federal tax return amendment For details, see Revenue Procedure 2002–33. Federal tax return amendment (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Federal tax return amendment ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. Federal tax return amendment Example. Federal tax return amendment The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . Federal tax return amendment 75 x . Federal tax return amendment 20) depreciation deduction for his new car using MACRS. Federal tax return amendment Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Federal tax return amendment Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. Federal tax return amendment Bob's new filled-in Form 2106 is shown later. Federal tax return amendment Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. Federal tax return amendment As a general rule, you must make this election by the due date (including extensions) of your return. Federal tax return amendment You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. Federal tax return amendment To get this extension, you must have filed your original return by the due date (including extensions). Federal tax return amendment At the top of the statement, print “Filed pursuant to section 301. Federal tax return amendment 9100–2. Federal tax return amendment ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. Federal tax return amendment Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. Federal tax return amendment Deemed election for return filed before June 1, 2002. Federal tax return amendment   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. Federal tax return amendment You filed your 2001 return before June 1, 2002. Federal tax return amendment You claimed depreciation on your return but did not claim the special depreciation allowance. Federal tax return amendment You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. Federal tax return amendment Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications
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The Federal Tax Return Amendment

Federal tax return amendment 1. Federal tax return amendment   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. Federal tax return amendment This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Federal tax return amendment Tax records are not the only type of records you need to keep for your farming business. Federal tax return amendment You should also keep records that measure your farm's financial performance. Federal tax return amendment This publication only discusses tax records. Federal tax return amendment The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. Federal tax return amendment For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Federal tax return amendment ffsc. Federal tax return amendment org. Federal tax return amendment For more information, contact Countryside Marketing, Inc. Federal tax return amendment in the following manner. Federal tax return amendment Call 262-253-6902. Federal tax return amendment Send a fax to 262-253-6903. Federal tax return amendment Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Federal tax return amendment , #287 Menomonee Falls, WI 53051. Federal tax return amendment Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. Federal tax return amendment Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Federal tax return amendment Recordkeeping will help you do the following. Federal tax return amendment Monitor the progress of your farming business. Federal tax return amendment   You need records to monitor the progress of your farming business. Federal tax return amendment Records can show whether your business is improving, which items are selling, or what changes you need to make. Federal tax return amendment Records can help you make better decisions that may increase the likelihood of business success. Federal tax return amendment Prepare your financial statements. Federal tax return amendment   You need records to prepare accurate financial statements. Federal tax return amendment These include income (profit and loss) statements and balance sheets. Federal tax return amendment These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Federal tax return amendment Identify source of receipts. Federal tax return amendment   You will receive money or property from many sources. Federal tax return amendment Your records can identify the source of your receipts. Federal tax return amendment You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Federal tax return amendment Keep track of deductible expenses. Federal tax return amendment   You may forget expenses when you prepare your tax return unless you record them when they occur. Federal tax return amendment Prepare your tax returns. Federal tax return amendment   You need records to prepare your tax return. Federal tax return amendment For example, your records must support the income, expenses, and credits you report. Federal tax return amendment Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Federal tax return amendment Support items reported on tax returns. Federal tax return amendment   You must keep your business records available at all times for inspection by the IRS. Federal tax return amendment If the IRS examines any of your tax returns, you may be asked to explain the items reported. Federal tax return amendment A complete set of records will speed up the examination. Federal tax return amendment Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Federal tax return amendment You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Federal tax return amendment You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Federal tax return amendment See  chapter 2. Federal tax return amendment If you are in more than one business, you should keep a complete and separate set of records for each business. Federal tax return amendment A corporation should keep minutes of board of directors' meetings. Federal tax return amendment Your recordkeeping system should include a summary of your business transactions. Federal tax return amendment This summary is ordinarily made in accounting journals and ledgers. Federal tax return amendment For example, they must show your gross income, as well as your deductions and credits. Federal tax return amendment In addition, you must keep supporting documents. Federal tax return amendment Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Federal tax return amendment These documents contain the information you need to record in your journals and ledgers. Federal tax return amendment It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Federal tax return amendment Keep them in an orderly fashion and in a safe place. Federal tax return amendment For instance, organize them by year and type of income or expense. Federal tax return amendment Electronic records. Federal tax return amendment   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Federal tax return amendment When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. Federal tax return amendment An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. Federal tax return amendment The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Federal tax return amendment All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Federal tax return amendment Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Federal tax return amendment The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. Federal tax return amendment You still have the responsibility of retaining any other books and records that are required to be retained. Federal tax return amendment The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Federal tax return amendment This test is not considered an examination and the results must be shared with you. Federal tax return amendment If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Federal tax return amendment If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. Federal tax return amendment For details on electronic storage system requirements, see Rev. Federal tax return amendment Proc. Federal tax return amendment 97-22. Federal tax return amendment You can find Rev. Federal tax return amendment Proc. Federal tax return amendment 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. Federal tax return amendment irs. Federal tax return amendment gov/pub/irs-irbs/irb97-13. Federal tax return amendment pdf. Federal tax return amendment Travel, transportation, entertainment, and gift expenses. Federal tax return amendment   Specific recordkeeping rules apply to these expenses. Federal tax return amendment For more information, see Publication 463. Federal tax return amendment Employment taxes. Federal tax return amendment   There are specific employment tax records you must keep. Federal tax return amendment For a list, see Publication 51 (Circular A). Federal tax return amendment Excise taxes. Federal tax return amendment   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. Federal tax return amendment Assets. Federal tax return amendment   Assets are the property, such as machinery and equipment, you own and use in your business. Federal tax return amendment You must keep records to verify certain information about your business assets. Federal tax return amendment You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Federal tax return amendment Your records should show all the following. Federal tax return amendment When and how you acquired the asset. Federal tax return amendment Purchase price. Federal tax return amendment Cost of any improvements. Federal tax return amendment Section 179 deduction taken. Federal tax return amendment Deductions taken for depreciation. Federal tax return amendment Deductions taken for casualty losses, such as losses resulting from fires or storms. Federal tax return amendment How you used the asset. Federal tax return amendment When and how you disposed of the asset. Federal tax return amendment Selling price. Federal tax return amendment Expenses of sale. Federal tax return amendment   The following are examples of records that may show this information. Federal tax return amendment Purchase and sales invoices. Federal tax return amendment Real estate closing statements. Federal tax return amendment Canceled checks. Federal tax return amendment Bank statements. Federal tax return amendment Financial account statements as proof of payment. Federal tax return amendment   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Federal tax return amendment These include account statements prepared for the financial institution by a third party. Federal tax return amendment These account statements must be legible. Federal tax return amendment The following table lists acceptable account statements. Federal tax return amendment IF payment is by. Federal tax return amendment . Federal tax return amendment . Federal tax return amendment THEN the statement must show the. Federal tax return amendment . Federal tax return amendment . Federal tax return amendment Check Check number. Federal tax return amendment Amount. Federal tax return amendment Payee's name. Federal tax return amendment Date the check amount was posted to the account by the financial institution. Federal tax return amendment Electronic funds  transfer Amount transferred. Federal tax return amendment Payee's name. Federal tax return amendment Date the transfer was posted to the account by the financial institution. Federal tax return amendment Credit card Amount charged. Federal tax return amendment Payee's name. Federal tax return amendment Transaction date. Federal tax return amendment    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Federal tax return amendment You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Federal tax return amendment Tax returns. Federal tax return amendment   Keep copies of your filed tax returns. Federal tax return amendment They help in preparing future tax returns and making computations if you file an amended return. Federal tax return amendment Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Federal tax return amendment How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Federal tax return amendment Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. Federal tax return amendment A period of limitations is the period of time after which no legal action can be brought. Federal tax return amendment Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. Federal tax return amendment However, certain records must be kept for a longer period of time, as discussed below. Federal tax return amendment Employment taxes. Federal tax return amendment   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Federal tax return amendment Assets. Federal tax return amendment   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. Federal tax return amendment You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. Federal tax return amendment   You may need to keep records relating to the basis of property longer than the period of limitation. Federal tax return amendment Keep those records as long as they are important in figuring the basis of the original or replacement property. Federal tax return amendment Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. Federal tax return amendment For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. Federal tax return amendment For more information on basis, see chapter 6. Federal tax return amendment Records for nontax purposes. Federal tax return amendment   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. Federal tax return amendment For example, your insurance company or creditors may require you to keep them longer than the IRS does. Federal tax return amendment Prev  Up  Next   Home   More Online Publications