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Filelate 6. Filelate Estimated Tax Table of Contents Who Must Make Estimated Tax Payments Estimated tax is a method used to pay tax on income that is not subject to withholding. Filelate This income includes self-employment income, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. Filelate Income tax generally is withheld from pensions and annuity payments you receive. Filelate However, if the tax withheld from your pension (or other) income is not enough, you may have to pay estimated tax. Filelate If you do not pay enough tax through withholding, by making estimated tax payments, or both, you may be charged a penalty. Filelate Who Must Make Estimated Tax Payments If you had a tax liability for 2013, you may have to pay estimated tax for 2014. Filelate In most cases, you must pay estimated tax for 2014 if both of the following apply. Filelate You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. Filelate You expect your withholding and refundable credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return. Filelate The 2013 tax return must cover all 12 months. Filelate If all of your income will be subject to income tax withholding, you probably do not need to make estimated tax payments. Filelate For more information on estimated tax, see Publication 505. Filelate Prev Up Next Home More Online Publications
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Filelate 1. Filelate 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. Filelate 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. Filelate Tax records are not the only type of records you need to keep for your farming business. Filelate You should also keep records that measure your farm's financial performance. Filelate This publication only discusses tax records. Filelate 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. Filelate For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Filelate ffsc. Filelate org. Filelate For more information, contact Countryside Marketing, Inc. Filelate in the following manner. Filelate Call 262-253-6902. Filelate Send a fax to 262-253-6903. Filelate Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Filelate , #287 Menomonee Falls, WI 53051. Filelate 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. Filelate Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Filelate Recordkeeping will help you do the following. Filelate Monitor the progress of your farming business. Filelate You need records to monitor the progress of your farming business. Filelate Records can show whether your business is improving, which items are selling, or what changes you need to make. Filelate Records can help you make better decisions that may increase the likelihood of business success. Filelate Prepare your financial statements. Filelate You need records to prepare accurate financial statements. Filelate These include income (profit and loss) statements and balance sheets. Filelate These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Filelate Identify source of receipts. Filelate You will receive money or property from many sources. Filelate Your records can identify the source of your receipts. Filelate You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Filelate Keep track of deductible expenses. Filelate You may forget expenses when you prepare your tax return unless you record them when they occur. Filelate Prepare your tax returns. Filelate You need records to prepare your tax return. Filelate For example, your records must support the income, expenses, and credits you report. Filelate Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Filelate Support items reported on tax returns. Filelate You must keep your business records available at all times for inspection by the IRS. Filelate If the IRS examines any of your tax returns, you may be asked to explain the items reported. Filelate A complete set of records will speed up the examination. Filelate Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Filelate You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Filelate You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Filelate See chapter 2. Filelate If you are in more than one business, you should keep a complete and separate set of records for each business. Filelate A corporation should keep minutes of board of directors' meetings. Filelate Your recordkeeping system should include a summary of your business transactions. Filelate This summary is ordinarily made in accounting journals and ledgers. Filelate For example, they must show your gross income, as well as your deductions and credits. Filelate In addition, you must keep supporting documents. Filelate Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Filelate These documents contain the information you need to record in your journals and ledgers. Filelate It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Filelate Keep them in an orderly fashion and in a safe place. Filelate For instance, organize them by year and type of income or expense. Filelate Electronic records. Filelate All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Filelate 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. Filelate 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. Filelate The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Filelate All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Filelate Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Filelate 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. Filelate You still have the responsibility of retaining any other books and records that are required to be retained. Filelate The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Filelate This test is not considered an examination and the results must be shared with you. Filelate If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Filelate 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. Filelate For details on electronic storage system requirements, see Rev. Filelate Proc. Filelate 97-22. Filelate You can find Rev. Filelate Proc. Filelate 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at www. Filelate irs. Filelate gov/pub/irs-irbs/irb97-13. Filelate pdf. Filelate Travel, transportation, entertainment, and gift expenses. Filelate Specific recordkeeping rules apply to these expenses. Filelate For more information, see Publication 463. Filelate Employment taxes. Filelate There are specific employment tax records you must keep. Filelate For a list, see Publication 51 (Circular A). Filelate Excise taxes. Filelate 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. Filelate Assets. Filelate Assets are the property, such as machinery and equipment, you own and use in your business. Filelate You must keep records to verify certain information about your business assets. Filelate You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Filelate Your records should show all the following. Filelate When and how you acquired the asset. Filelate Purchase price. Filelate Cost of any improvements. Filelate Section 179 deduction taken. Filelate Deductions taken for depreciation. Filelate Deductions taken for casualty losses, such as losses resulting from fires or storms. Filelate How you used the asset. Filelate When and how you disposed of the asset. Filelate Selling price. Filelate Expenses of sale. Filelate The following are examples of records that may show this information. Filelate Purchase and sales invoices. Filelate Real estate closing statements. Filelate Canceled checks. Filelate Bank statements. Filelate Financial account statements as proof of payment. Filelate If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Filelate These include account statements prepared for the financial institution by a third party. Filelate These account statements must be legible. Filelate The following table lists acceptable account statements. Filelate IF payment is by. Filelate . Filelate . Filelate THEN the statement must show the. Filelate . Filelate . Filelate Check Check number. Filelate Amount. Filelate Payee's name. Filelate Date the check amount was posted to the account by the financial institution. Filelate Electronic funds transfer Amount transferred. Filelate Payee's name. Filelate Date the transfer was posted to the account by the financial institution. Filelate Credit card Amount charged. Filelate Payee's name. Filelate Transaction date. Filelate Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Filelate You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Filelate Tax returns. Filelate Keep copies of your filed tax returns. Filelate They help in preparing future tax returns and making computations if you file an amended return. Filelate Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Filelate 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. Filelate 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. Filelate A period of limitations is the period of time after which no legal action can be brought. Filelate 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. Filelate However, certain records must be kept for a longer period of time, as discussed below. Filelate Employment taxes. Filelate 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. Filelate Assets. Filelate 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. Filelate 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. Filelate You may need to keep records relating to the basis of property longer than the period of limitation. Filelate Keep those records as long as they are important in figuring the basis of the original or replacement property. Filelate 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. Filelate 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. Filelate For more information on basis, see chapter 6. Filelate Records for nontax purposes. Filelate 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. Filelate For example, your insurance company or creditors may require you to keep them longer than the IRS does. Filelate Prev Up Next Home More Online Publications