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Filing 2012 Tax Returns

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Filing 2012 Tax Returns

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

Filing 2012 tax returns Index A Additional Medicare Tax, Reminders, Additional Medicare Tax withholding. Filing 2012 tax returns Aliens, nonresident, Withholding income taxes on the wages of nonresident alien employees. Filing 2012 tax returns , Withholding adjustment for nonresident alien employees. Filing 2012 tax returns Assistance (see Tax help) C COBRA premium assistance credit, Reminders COBRA Premium Assistance Credit, COBRA premium assistance credit. Filing 2012 tax returns Commodity wages, Commodity wages. Filing 2012 tax returns Crew leaders, Crew Leaders, 10. Filing 2012 tax returns Federal Unemployment (FUTA) Tax D Deposit Penalties, Deposit Penalties Deposit rules Electronic funds transfer, 7. Filing 2012 tax returns Depositing Taxes Lookback period, Lookback period. Filing 2012 tax returns Differential wage payments, Reminders Disregarded entities, Reminders E Electronic deposits, Electronic deposit requirement. Filing 2012 tax returns Electronic payment, Reminders Electronic reporting, Calendar Employee defined, 2. Filing 2012 tax returns Who Are Employees? Employer identification number (EIN), Employer identification number (EIN). Filing 2012 tax returns Employers of farmworkers, 2. Filing 2012 tax returns Who Are Employees? Exemption from withholding, Exemption from federal income tax withholding. Filing 2012 tax returns F Farmworkers Crew leaders, Crew Leaders Defined, 2. Filing 2012 tax returns Who Are Employees? Federal unemployment (FUTA) taxes, 10. Filing 2012 tax returns Federal Unemployment (FUTA) Tax Forms 843, Form 843. Filing 2012 tax returns 940, 10. Filing 2012 tax returns Federal Unemployment (FUTA) Tax 943, 8. Filing 2012 tax returns Form 943 943-X, Prior Year Adjustments I-9, Reminders W-2, Filing corrections to Forms W-2 and W-3. Filing 2012 tax returns W-4, Reminders, Form W-4. Filing 2012 tax returns W-4(SP), Reminders, Form W-4. Filing 2012 tax returns H H-2A visa holders, Compensation paid to H-2A visa holders. Filing 2012 tax returns Household employees Employment tax withholding, Household employees. Filing 2012 tax returns I Income tax withholding How to figure, How To Figure Federal Income Tax Withholding Percentage method, 13. Filing 2012 tax returns Federal Income Tax Withholding Methods Wage bracket method, 13. Filing 2012 tax returns Federal Income Tax Withholding Methods Who must withhold, 5. Filing 2012 tax returns Federal Income Tax Withholding Independent contractor, 2. Filing 2012 tax returns Who Are Employees? L Lookback period, Lookback period. Filing 2012 tax returns N Noncash wages, Commodity wages. Filing 2012 tax returns P Penalties, Deposit Penalties Prior year adjustments, Prior Year Adjustments Publications (see Tax help) Q Qualified subchapter S subsidiaries (QSubs), Reminders R Reconciling Forms W-2, W-3, and 943, 11. Filing 2012 tax returns Reconciling Wage Reporting Forms Reconciling wage reporting forms, 11. Filing 2012 tax returns Reconciling Wage Reporting Forms S Share farmers, Share farmers. Filing 2012 tax returns Social security and Medicare withholding, 4. Filing 2012 tax returns Social Security and Medicare Taxes Social security number (SSN), Social security number (SSN). Filing 2012 tax returns Spouses who own and operate a business together , Business Owned and Operated by Spouses Supplemental wages, Supplemental wages. Filing 2012 tax returns T Tax help, How To Get Tax Help Taxpayer identification number, 1. Filing 2012 tax returns Taxpayer Identification Numbers Trust fund recovery penalty, Trust fund recovery penalty. Filing 2012 tax returns TTY/TDD information, How To Get Tax Help W Withholding Income tax, 5. Filing 2012 tax returns Federal Income Tax Withholding Nonresident aliens, Withholding adjustment for nonresident alien employees. Filing 2012 tax returns Supplemental wages, Supplemental wages. Filing 2012 tax returns Prev  Up     Home   More Online Publications