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File Tax Amendment Online

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File Tax Amendment Online

File tax amendment online 6. File tax amendment online   How To Figure Cost of Goods Sold Table of Contents Introduction Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42Line 35 Inventory at Beginning of Year Line 36 Purchases Less Cost of Items Withdrawn for Personal Use Line 37 Cost of Labor Line 38 Materials and Supplies Line 39 Other Costs Line 40 Add Lines 35 through 39 Line 41 Inventory at End of Year Line 42 Cost of Goods Sold Introduction If you make or buy goods to sell, you can deduct the cost of goods sold from your gross receipts on Schedule C. File tax amendment online However, to determine these costs, you must value your inventory at the beginning and end of each tax year. File tax amendment online This chapter applies to you if you are a manufacturer, wholesaler, or retailer or if you are engaged in any business that makes, buys, or sells goods to produce income. File tax amendment online This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. File tax amendment online However, if you work in a personal service business and also sell or charge for the materials and supplies normally used in your business, this chapter applies to you. File tax amendment online If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. File tax amendment online For more information, see chapter 2. File tax amendment online Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42 Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. File tax amendment online These lines are reproduced below and are explained in the discussion that follows. File tax amendment online 35 Inventory at beginning of year. File tax amendment online If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. File tax amendment online Do not include any amounts paid to yourself   38 Materials and supplies   39 Other costs   40 Add lines 35 through 39   41 Inventory at end of year   42 Cost of goods sold. File tax amendment online Subtract line 41 from line 40. File tax amendment online  Enter the result here and on line 4   Line 35 Inventory at Beginning of Year If you are a merchant, beginning inventory is the cost of merchandise on hand at the beginning of the year that you will sell to customers. File tax amendment online If you are a manufacturer or producer, it includes the total cost of raw materials, work in process, finished goods, and materials and supplies used in manufacturing the goods (see Inventories in chapter 2). File tax amendment online Opening inventory usually will be identical to the closing inventory of the year before. File tax amendment online You must explain any difference in a schedule attached to your return. File tax amendment online Donation of inventory. File tax amendment online   If you contribute inventory (property that you sell in the course of your business), the amount you can claim as a contribution deduction is the smaller of its fair market value on the day you contributed it or its basis. File tax amendment online The basis of donated inventory is any cost incurred for the inventory in an earlier year that you would otherwise include in your opening inventory for the year of the contribution. File tax amendment online You must remove the amount of your contribution deduction from your opening inventory. File tax amendment online It is not part of the cost of goods sold. File tax amendment online   If the cost of donated inventory is not included in your opening inventory, the inventory's basis is zero and you cannot claim a charitable contribution deduction. File tax amendment online Treat the inventory's cost as you would ordinarily treat it under your method of accounting. File tax amendment online For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. File tax amendment online   A special rule may apply to certain donations of food inventory. File tax amendment online See Publication 526, Charitable Contributions. File tax amendment online Example 1. File tax amendment online You are a calendar year taxpayer who uses an accrual method of accounting. File tax amendment online In 2013, you contributed property from inventory to a church. File tax amendment online It had a fair market value of $600. File tax amendment online The closing inventory at the end of 2012 properly included $400 of costs due to the acquisition of the property, and in 2012, you properly deducted $50 of administrative and other expenses attributable to the property as business expenses. File tax amendment online The charitable contribution allowed for 2013 is $400 ($600 − $200). File tax amendment online The $200 is the amount that would be ordinary income if you had sold the contributed inventory at fair market value on the date of the gift. File tax amendment online The cost of goods sold you use in determining gross income for 2013 must not include the $400. File tax amendment online You remove that amount from opening inventory for 2013. File tax amendment online Example 2. File tax amendment online If, in Example 1, you acquired the contributed property in 2013 at a cost of $400, you would include the $400 cost of the property in figuring the cost of goods sold for 2013 and deduct the $50 of administrative and other expenses attributable to the property for that year. File tax amendment online You would not be allowed any charitable contribution deduction for the contributed property. File tax amendment online Line 36 Purchases Less Cost of Items Withdrawn for Personal Use If you are a merchant, use the cost of all merchandise you bought for sale. File tax amendment online If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. File tax amendment online Trade discounts. File tax amendment online   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. File tax amendment online You must use the prices you pay (not the stated prices) in figuring your cost of purchases. File tax amendment online Do not show the discount amount separately as an item in gross income. File tax amendment online   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. File tax amendment online Cash discounts. File tax amendment online   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. File tax amendment online There are two methods of accounting for cash discounts. File tax amendment online You can either credit them to a separate discount account or deduct them from total purchases for the year. File tax amendment online Whichever method you use, you must be consistent. File tax amendment online If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. File tax amendment online For more information, see Change in Accounting Method in chapter 2. File tax amendment online   If you credit cash discounts to a separate account, you must include this credit balance in your business income at the end of the tax year. File tax amendment online If you use this method, do not reduce your cost of goods sold by the cash discounts. File tax amendment online Purchase returns and allowances. File tax amendment online   You must deduct all returns and allowances from your total purchases during the year. File tax amendment online Merchandise withdrawn from sale. File tax amendment online   If you withdraw merchandise for your personal or family use, you must exclude this cost from the total amount of merchandise you bought for sale. File tax amendment online Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. File tax amendment online You must also charge the amount to your drawing account. File tax amendment online   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. File tax amendment online As stated above, you also use it to record withdrawals of merchandise for personal or family use. File tax amendment online This account is also known as a “withdrawals account” or “personal account. File tax amendment online ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. File tax amendment online Small merchandisers (wholesalers, retailers, etc. File tax amendment online ) usually do not have labor costs that can properly be charged to cost of goods sold. File tax amendment online In a manufacturing business, labor costs properly allocable to the cost of goods sold include both the direct and indirect labor used in fabricating the raw material into a finished, saleable product. File tax amendment online Direct labor. File tax amendment online   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. File tax amendment online They also include a part of the wages you pay to employees who work directly on the product part time if you can determine that part of their wages. File tax amendment online Indirect labor. File tax amendment online   Indirect labor costs are the wages you pay to employees who perform a general factory function that does not have any immediate or direct connection with making the saleable product, but that is a necessary part of the manufacturing process. File tax amendment online Other labor. File tax amendment online   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. File tax amendment online Generally, the only kinds of labor costs properly chargeable to your cost of goods sold are the direct or indirect labor costs and certain other costs treated as overhead expenses properly charged to the manufacturing process, as discussed later under Line 39 Other Costs. File tax amendment online Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. File tax amendment online Those that are not used in the manufacturing process are treated as deferred charges. File tax amendment online You deduct them as a business expense when you use them. File tax amendment online Business expenses are discussed in chapter 8. File tax amendment online Line 39 Other Costs Examples of other costs incurred in a manufacturing or mining process that you charge to your cost of goods sold are as follows. File tax amendment online Containers. File tax amendment online   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. File tax amendment online If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. File tax amendment online Freight-in. File tax amendment online   Freight-in, express-in, and cartage-in on raw materials, supplies you use in production, and merchandise you purchase for sale are all part of cost of goods sold. File tax amendment online Overhead expenses. File tax amendment online   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. File tax amendment online The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. File tax amendment online Line 40 Add Lines 35 through 39 The total of lines 35 through 39 equals the cost of the goods available for sale during the year. File tax amendment online Line 41 Inventory at End of Year Subtract the value of your closing inventory (including, as appropriate, the allocable parts of the cost of raw materials and supplies, direct labor, and overhead expenses) from line 40. File tax amendment online Inventory at the end of the year is also known as closing or ending inventory. File tax amendment online Your ending inventory will usually become the beginning inventory of your next tax year. File tax amendment online Line 42 Cost of Goods Sold When you subtract your closing inventory (inventory at the end of the year) from the cost of goods available for sale, the remainder is your cost of goods sold during the tax year. File tax amendment online Prev  Up  Next   Home   More Online Publications
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Employment-Related Identity Theft

If you have experienced one of the following, this may be an indication your Social Security number or other personal information may have been used by another person without your permission for employment purposes.    

  1. You received a letter 4491C from the Internal Revenue Service stating that you were the victim of employment related identity theft or
  2. You received a notice from the Internal Revenue Service stating that you received wages that you did not earn or
  3. You receive a Form W-2 or 1099 from an employer for whom you did not work or
  4. You receive your annual “Notice of Earnings” statement from the Social Security Administration and the income showing on the statement is more than you have earned or
  5. Your Social Security benefits have been adjusted/denied because of wages that you did not earn

What you should do:

  • Contact the IRS at the number or fax listed on the letter or notice if you received an IRS letter or notice.
  • Contact the Social Security Administration if you received a Form W-2 from an unknown employer, your “Annual Notice of Earnings” from the Social Security Administration shows more wages than you earned or you had your Social Security benefits adjusted/denied. They will review your earnings with you to ensure their records are correct.
  • Review earnings posted to your record on your Social Security Statement. Workers, age 18 and older, may create an account to get their Statement

Additional steps you should take if you suspect that you are the victim of employment related identity theft

  • File a report with your local police department. 
  • Place a fraud alert on your credit reports by contacting any one of the three nationwide credit reporting companies: 

                        Equifax: 800-525-6285  www.equifax.com

                        Experian: 888-397-3742  www.experian.com

                        Trans Union: 800-916-8800  www.transunion.com

                            Federal Trade Commission
                            600 Pennsylvania Avenue NW
                            Washington, DC  20580  

  • Contact any banks or other financial institutions to close any accounts that are unused, have been tampered with or opened without your permission. 
  • If you have information about the identity thief that impacted your personal information negatively, file an online complaint with the Internet Crime Complaint Center (IC3). The IC3 gives victims of cyber-crime a convenient and easy-to-use reporting mechanism that alerts authorities of suspected criminal or civil violations. IC3 sends every complaint to one or more law enforcement or regulatory agencies that have jurisdiction over the matter.

If you are unable to file your tax return because another person has already filed a return under your SSN

  • You are encouraged to contact the IRS at the Identity Theft Specialized Unit (IPSU), toll free at 1-800-908-4490 so we can take steps to further secure your compromised tax account.  Assistors in this unit are specially trained in Identity Theft issues. 
  • Complete Form 14039  or Form 14039SP (Española) to report the identity theft incident, and have an identity theft indicator placed on your account to allow IRS to take protective actions.  

The IPSU hours of Operation:  Monday – Friday 7 a.m. – 7 p.m. your local time (Alaska & Hawaii follow Pacific Time)

For Additional Information

Page Last Reviewed or Updated: 07-Jan-2014

The File Tax Amendment Online

File tax amendment online Part One -   The Income Tax Return The four chapters in this part provide basic information on the tax system. File tax amendment online They take you through the first steps of filling out a tax return—such as deciding what your filing status is, how many exemptions you can take, and what form to file. File tax amendment online They also discuss recordkeeping requirements, IRS e-file (electronic filing), certain penalties, and the two methods used to pay tax during the year: withholding and estimated tax. File tax amendment online Table of Contents 1. File tax amendment online   Filing InformationWhat's New Reminders Introduction Do I Have To File a Return?Individuals—In General Dependents Certain Children Under Age 19 or Full-Time Students Self-Employed Persons Aliens Who Should File Which Form Should I Use?Form 1040EZ Form 1040A Form 1040 Does My Return Have To Be on Paper?IRS e-file When Do I Have To File?Private delivery services. File tax amendment online Extensions of Time To File How Do I Prepare My Return?When Do I Report My Income and Expenses? Social Security Number (SSN) Presidential Election Campaign Fund Computations Attachments Third Party Designee Signatures Paid Preparer Refunds Amount You Owe Gift To Reduce Debt Held by the Public Name and Address Where Do I File? What Happens After I File?What Records Should I Keep? Why Keep Records? Kinds of Records to Keep Basic Records How Long to Keep Records Refund Information Interest on Refunds Change of Address What If I Made a Mistake?Amended Returns and Claims for Refund Penalties Identity Theft 2. File tax amendment online   Filing StatusWhat's New Introduction Useful Items - You may want to see: Marital StatusDivorced persons. File tax amendment online Divorce and remarriage. File tax amendment online Annulled marriages. File tax amendment online Head of household or qualifying widow(er) with dependent child. File tax amendment online Considered married. File tax amendment online Same-sex marriage. File tax amendment online Spouse died during the year. File tax amendment online Married persons living apart. File tax amendment online Single Married Filing JointlyFiling a Joint Return Married Filing SeparatelySpecial Rules Head of HouseholdConsidered Unmarried Keeping Up a Home Qualifying Person Qualifying Widow(er) With Dependent Child 3. File tax amendment online   Personal Exemptions and DependentsWhat's New Introduction Useful Items - You may want to see: ExemptionsPersonal Exemptions Exemptions for Dependents Qualifying Child Qualifying Relative Phaseout of Exemptions Social Security Numbers for DependentsBorn and died in 2013. File tax amendment online Taxpayer identification numbers for aliens. File tax amendment online Taxpayer identification numbers for adoptees. File tax amendment online 4. File tax amendment online   Tax Withholding and Estimated TaxWhat's New for 2014 Reminders Introduction Useful Items - You may want to see: Tax Withholding for 2014Salaries and Wages Tips Taxable Fringe Benefits Sick Pay Pensions and Annuities Gambling Winnings Unemployment Compensation Federal Payments Backup Withholding Estimated Tax for 2014Who Does Not Have To Pay Estimated Tax Who Must Pay Estimated Tax How To Figure Estimated Tax When To Pay Estimated Tax How To Figure Each Payment How To Pay Estimated Tax Credit for Withholding and Estimated Tax for 2013Withholding Estimated Tax Underpayment Penalty for 2013 Prev  Up  Next   Home   More Online Publications