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Filing Amended Tax Return 2013

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Filing Amended Tax Return 2013

Filing amended tax return 2013 Publication 3 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Filing amended tax return 2013 Tax questions. Filing amended tax return 2013 Useful Items - You may want to see: What's New Earned income credit. Filing amended tax return 2013  The maximum income you can earn and still claim the earned income credit has increased. Filing amended tax return 2013 You may be able to take the earned income credit if you earned less than $46,227 ($51,567 for married filing jointly) if you have three or more qualifying children; $43,038 ($48,378 for married filing jointly) if you have two qualifying children; $37,870 ($43,210 for married filing jointly) if you have one qualifying child; and $14,340 ($19,680 for married filing jointly) if you do not have any qualifying children. Filing amended tax return 2013 See Earned Income Credit , later, under Credits. Filing amended tax return 2013 Standard mileage rate. Filing amended tax return 2013  The standard mileage rate for the cost of operating your car for business use in 2013 is 56. Filing amended tax return 2013 5 cents a mile. Filing amended tax return 2013 The standard mileage rate for operating your car during 2013 to get medical care or to move is 24 cents a mile. Filing amended tax return 2013 The standard mileage rate for charitable use of your vehicle is 14 cents a mile. Filing amended tax return 2013 Filing status for same-sex married couples. Filing amended tax return 2013  If you have a same-sex spouse whom you legally married in a state (or foreign country) that recognizes same-sex marriage, you and your spouse generally must use the married filing jointly or married filing separately filing status on your 2013 return, even if you and your spouse now live in a state (or foreign country) that does not recognize same-sex marriage. Filing amended tax return 2013 See Filing Returns , later. Filing amended tax return 2013 Reminders Change of address. Filing amended tax return 2013  If you change your mailing address, be sure to notify the Internal Revenue Service (IRS) using Form 8822, Change of Address. Filing amended tax return 2013 Mail it to the Internal Revenue Service Center for your old address. Filing amended tax return 2013 (Addresses for the Service Centers are on the back of the form. Filing amended tax return 2013 ) Use Form 8822-B, Change of Address or Responsible Party—Business, if you are changing a business address. Filing amended tax return 2013 Third party designee. Filing amended tax return 2013  You can check the “Yes” box in the Third Party Designee area of your return to authorize the IRS to discuss your return with your preparer, a friend, a family member, or any other person you choose. Filing amended tax return 2013 This allows the IRS to call the person you identified as your designee to answer any questions that may arise during the processing of your tax return. Filing amended tax return 2013 It also allows your designee to perform certain actions. Filing amended tax return 2013 See your income tax instructions for details. Filing amended tax return 2013 Future developments. Filing amended tax return 2013  For the latest information about developments related to Publication 3, such as legislation enacted after it was published, go to www. Filing amended tax return 2013 irs. Filing amended tax return 2013 gov/pub3. Filing amended tax return 2013 Photographs of missing children. Filing amended tax return 2013  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Filing amended tax return 2013 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Filing amended tax return 2013 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Filing amended tax return 2013 Introduction This publication covers the special tax situations of active members of the U. Filing amended tax return 2013 S. Filing amended tax return 2013 Armed Forces. Filing amended tax return 2013 It does not cover military pensions or veterans' benefits or give the basic tax rules that apply to all taxpayers. Filing amended tax return 2013 For information on military pensions or veterans' benefits, see Publication 525, Taxable and Nontaxable Income. Filing amended tax return 2013 If you need the basic tax rules or information on another subject not covered here, you can check our other free publications. Filing amended tax return 2013 See Publication 910, IRS Guide to Free Tax Services, for a list and descriptions of the different tax publications. Filing amended tax return 2013 For federal tax purposes, the U. Filing amended tax return 2013 S. Filing amended tax return 2013 Armed Forces includes commissioned officers, warrant officers, and enlisted personnel in all regular and reserve units under control of the Secretaries of the Defense, Army, Navy, and Air Force. Filing amended tax return 2013 The U. Filing amended tax return 2013 S. Filing amended tax return 2013 Armed Forces also includes the Coast Guard. Filing amended tax return 2013 It does not include the U. Filing amended tax return 2013 S. Filing amended tax return 2013 Merchant Marine or the American Red Cross. Filing amended tax return 2013 Members serving in an area designated or treated as a combat zone are granted special tax benefits. Filing amended tax return 2013 In the event an area ceases to be a combat zone, the IRS will do its best to notify you. Filing amended tax return 2013 Many of the relief provisions will end at that time. Filing amended tax return 2013 Comments and suggestions. Filing amended tax return 2013   We welcome your comments about this publication and your suggestions for future editions. Filing amended tax return 2013   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Filing amended tax return 2013 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Filing amended tax return 2013 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Filing amended tax return 2013   You can send your comments from www. Filing amended tax return 2013 irs. Filing amended tax return 2013 gov/formspubs. Filing amended tax return 2013 Click on “More Information” and then on “Comment on Tax Forms and Publications. Filing amended tax return 2013 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Filing amended tax return 2013 Ordering forms and publications. Filing amended tax return 2013   Visit www. Filing amended tax return 2013 irs. Filing amended tax return 2013 gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Filing amended tax return 2013 Internal Revenue Service 1201 N. Filing amended tax return 2013 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Filing amended tax return 2013   If you have a tax question, check the information available on IRS. Filing amended tax return 2013 gov or call 1-800-829-1040. Filing amended tax return 2013 We cannot answer tax questions sent to either of the above addresses. Filing amended tax return 2013 Useful Items - You may want to see: Publication 54 Tax Guide for U. Filing amended tax return 2013 S. Filing amended tax return 2013 Citizens and Resident Aliens Abroad 463 Travel, Entertainment, Gift, and Car Expenses 501 Exemptions, Standard Deduction, and Filing Information 503 Child and Dependent Care Expenses 505 Tax Withholding and Estimated Tax 516 U. Filing amended tax return 2013 S. Filing amended tax return 2013 Government Civilian Employees Stationed Abroad 519 U. Filing amended tax return 2013 S. Filing amended tax return 2013 Tax Guide for Aliens 521 Moving Expenses 523 Selling Your Home 525 Taxable and Nontaxable Income 527 Residential Rental Property 529 Miscellaneous Deductions 559 Survivors, Executors, and Administrators 590 Individual Retirement Arrangements (IRAs) 596 Earned Income Credit (EIC) 970 Tax Benefits for Education 3920 Tax Relief for Victims of Terrorist Attacks Form (and Instructions) 1040X Amended U. Filing amended tax return 2013 S. Filing amended tax return 2013 Individual Income Tax Return 1310 Statement of Person Claiming Refund Due a Deceased Taxpayer 2848 Power of Attorney and Declaration of Representative 3903 Moving Expenses 4868 Application for Automatic Extension of Time To File U. Filing amended tax return 2013 S. Filing amended tax return 2013 Individual Income Tax Return 8822 Change of Address 8822-B Change of Address or Responsible Party—Business 9465 Installment Agreement Request See How To Get Tax Help near the end of this publication, for information about getting IRS publications and forms. Filing amended tax return 2013 Prev  Up  Next   Home   More Online Publications
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The Filing Amended Tax Return 2013

Filing amended tax return 2013 7. Filing amended tax return 2013   Costs You Can Deduct or Capitalize Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Carrying Charges Research and Experimental CostsProduct. Filing amended tax return 2013 Costs not included. Filing amended tax return 2013 Intangible Drilling Costs Exploration CostsPartnerships and S corporations. Filing amended tax return 2013 Development Costs Circulation Costs Business Start-Up and Organizational Costs Reforestation Costs Retired Asset Removal Costs Barrier Removal CostsOther barrier removals. Filing amended tax return 2013 Film and Television Production Costs What's New Film and television productions costs. Filing amended tax return 2013  The election to expense film and television production costs does not apply to productions that begin after December 31, 2013. Filing amended tax return 2013 See Film and Television Production Costs , later. Filing amended tax return 2013 Introduction This chapter discusses costs you can elect to deduct or capitalize. Filing amended tax return 2013 You generally deduct a cost as a current business expense by subtracting it from your income in either the year you incur it or the year you pay it. Filing amended tax return 2013 If you capitalize a cost, you may be able to recover it over a period of years through periodic deductions for amortization, depletion, or depreciation. Filing amended tax return 2013 When you capitalize a cost, you add it to the basis of property to which it relates. Filing amended tax return 2013 A partnership, corporation, estate, or trust makes the election to deduct or capitalize the costs discussed in this chapter except for exploration costs for mineral deposits. Filing amended tax return 2013 Each individual partner, shareholder, or beneficiary elects whether to deduct or capitalize exploration costs. Filing amended tax return 2013 You may be subject to the alternative minimum tax (AMT) if you deduct research and experimental, intangible drilling, exploration, development, circulation, or business organizational costs. Filing amended tax return 2013 For more information on the alternative minimum tax, see the instructions for the following forms. Filing amended tax return 2013 Form 6251, Alternative Minimum Tax—Individuals. Filing amended tax return 2013 Form 4626, Alternative Minimum Tax—Corporations. Filing amended tax return 2013 Topics - This chapter discusses: Carrying charges Research and experimental costs Intangible drilling costs Exploration costs Development costs Circulation costs Qualified disaster expenses Business start-up and organizational costs Reforestation costs Retired asset removal costs Barrier removal costs Film and television production costs Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 3468 Investment Credit 8826 Disabled Access Credit See chapter 12 for information about getting publications and forms. Filing amended tax return 2013 Carrying Charges Carrying charges include the taxes and interest you pay to carry or develop real property or to carry, transport, or install personal property. Filing amended tax return 2013 Certain carrying charges must be capitalized under the uniform capitalization rules. Filing amended tax return 2013 (For information on capitalization of interest, see chapter 4 . Filing amended tax return 2013 ) You can elect to capitalize carrying charges not subject to the uniform capitalization rules, but only if they are otherwise deductible. Filing amended tax return 2013 You can elect to capitalize carrying charges separately for each project you have and for each type of carrying charge. Filing amended tax return 2013 For unimproved and unproductive real property, your election is good for only 1 year. Filing amended tax return 2013 You must decide whether to capitalize carrying charges each year the property remains unimproved and unproductive. Filing amended tax return 2013 For other real property, your election to capitalize carrying charges remains in effect until construction or development is completed. Filing amended tax return 2013 For personal property, your election is effective until the date you install or first use it, whichever is later. Filing amended tax return 2013 How to make the election. Filing amended tax return 2013   To make the election to capitalize a carrying charge, attach a statement to your original tax return for the year the election is to be effective indicating which charges you are electing to capitalize. Filing amended tax return 2013 However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Filing amended tax return 2013 Attach the statement to the amended return and write “Filed pursuant to section 301. Filing amended tax return 2013 9100-2” on the statement. Filing amended tax return 2013 File the amended return at the same address you filed the original return. Filing amended tax return 2013 Research and Experimental Costs The costs of research and experimentation are generally capital expenses. Filing amended tax return 2013 However, you can elect to deduct these costs as a current business expense. Filing amended tax return 2013 Your election to deduct these costs is binding for the year it is made and for all later years unless you get IRS approval to make a change. Filing amended tax return 2013 If you meet certain requirements, you may elect to defer and amortize research and experimental costs. Filing amended tax return 2013 For information on electing to defer and amortize these costs, see Research and Experimental Costs in chapter 8. Filing amended tax return 2013 Research and experimental costs defined. Filing amended tax return 2013   Research and experimental costs are reasonable costs you incur in your trade or business for activities intended to provide information that would eliminate uncertainty about the development or improvement of a product. Filing amended tax return 2013 Uncertainty exists if the information available to you does not establish how to develop or improve a product or the appropriate design of a product. Filing amended tax return 2013 Whether costs qualify as research and experimental costs depends on the nature of the activity to which the costs relate rather than on the nature of the product or improvement being developed or the level of technological advancement. Filing amended tax return 2013      The costs of obtaining a patent, including attorneys' fees paid or incurred in making and perfecting a patent application, are research and experimental costs. Filing amended tax return 2013 However, costs paid or incurred to obtain another's patent are not research and experimental costs. Filing amended tax return 2013 Product. Filing amended tax return 2013   The term “product” includes any of the following items. Filing amended tax return 2013 Formula. Filing amended tax return 2013 Invention. Filing amended tax return 2013 Patent. Filing amended tax return 2013 Pilot model. Filing amended tax return 2013 Process. Filing amended tax return 2013 Technique. Filing amended tax return 2013 Property similar to the items listed above. Filing amended tax return 2013 It also includes products used by you in your trade or business or held for sale, lease, or license. Filing amended tax return 2013 Costs not included. Filing amended tax return 2013   Research and experimental costs do not include expenses for any of the following activities. Filing amended tax return 2013 Advertising or promotions. Filing amended tax return 2013 Consumer surveys. Filing amended tax return 2013 Efficiency surveys. Filing amended tax return 2013 Management studies. Filing amended tax return 2013 Quality control testing. Filing amended tax return 2013 Research in connection with literary, historical, or similar projects. Filing amended tax return 2013 The acquisition of another's patent, model, production, or process. Filing amended tax return 2013 When and how to elect. Filing amended tax return 2013   You make the election to deduct research and experimental costs by deducting them on your tax return for the year in which you first pay or incur research and experimental costs. Filing amended tax return 2013 If you do not make the election to deduct research and experimental costs in the first year in which you pay or incur the costs, you can deduct the costs in a later year only with approval from the IRS. Filing amended tax return 2013 Deducting or Amortizing Research and Experimentation Costs IF you . Filing amended tax return 2013 . Filing amended tax return 2013 . Filing amended tax return 2013 THEN . Filing amended tax return 2013 . Filing amended tax return 2013 . Filing amended tax return 2013 Elect to deduct research and experimental costs as a current business expense Deduct all research and experimental costs in the first year you pay or incur the costs and all later years. Filing amended tax return 2013 Do not deduct research and experimental costs as a current business expense If you meet the requirements, amortize them over at least 60 months, starting with the month you first receive an economic benefit from the research. Filing amended tax return 2013 See Research and Experimental Costs in chapter 8. Filing amended tax return 2013 Research credit. Filing amended tax return 2013   If you pay or incur qualified research expenses, you may be able to take the research credit. Filing amended tax return 2013 For more information see Form 6765, Credit for Increasing Research Activities and its instructions. Filing amended tax return 2013 Intangible Drilling Costs The costs of developing oil, gas, or geothermal wells are ordinarily capital expenditures. Filing amended tax return 2013 You can usually recover them through depreciation or depletion. Filing amended tax return 2013 However, you can elect to deduct intangible drilling costs (IDCs) as a current business expense. Filing amended tax return 2013 These are certain drilling and development costs for wells in the United States in which you hold an operating or working interest. Filing amended tax return 2013 You can deduct only costs for drilling or preparing a well for the production of oil, gas, or geothermal steam or hot water. Filing amended tax return 2013 You can elect to deduct only the costs of items with no salvage value. Filing amended tax return 2013 These include wages, fuel, repairs, hauling, and supplies related to drilling wells and preparing them for production. Filing amended tax return 2013 Your cost for any drilling or development work done by contractors under any form of contract is also an IDC. Filing amended tax return 2013 However, see Amounts paid to contractor that must be capitalized , later. Filing amended tax return 2013 You can also elect to deduct the cost of drilling exploratory bore holes to determine the location and delineation of offshore hydrocarbon deposits if the shaft is capable of conducting hydrocarbons to the surface on completion. Filing amended tax return 2013 It does not matter whether there is any intent to produce hydrocarbons. Filing amended tax return 2013 If you do not elect to deduct your IDCs as a current business expense, you can elect to deduct them over the 60-month period beginning with the month they were paid or incurred. Filing amended tax return 2013 Amounts paid to contractor that must be capitalized. Filing amended tax return 2013   Amounts paid to a contractor must be capitalized if they are either: Amounts properly allocable to the cost of depreciable property, or Amounts paid only out of production or proceeds from production if these amounts are depletable income to the recipient. Filing amended tax return 2013 How to make the election. Filing amended tax return 2013   You elect to deduct IDCs as a current business expense by taking the deduction on your income tax return for the first tax year you have eligible costs. Filing amended tax return 2013 No formal statement is required. Filing amended tax return 2013 If you file Schedule C (Form 1040), enter these costs under “Other expenses. Filing amended tax return 2013 ”   For oil and gas wells, your election is binding for the year it is made and for all later years. Filing amended tax return 2013 For geothermal wells, your election can be revoked by the filing of an amended return on which you do not take the deduction. Filing amended tax return 2013 You can file the amended return for the year up to the normal time of expiration for filing a claim for credit or refund, generally, within 3 years after the date you filed the original return or within 2 years after the date you paid the tax, whichever is later. Filing amended tax return 2013 Energy credit for costs of geothermal wells. Filing amended tax return 2013   If you capitalize the drilling and development costs of geothermal wells that you place in service during the tax year, you may be able to claim a business energy credit. Filing amended tax return 2013 See the Instructions for Form 3468 for more information. Filing amended tax return 2013 Nonproductive well. Filing amended tax return 2013   If you capitalize your IDCs, you have another option if the well is nonproductive. Filing amended tax return 2013 You can deduct the IDCs of the nonproductive well as an ordinary loss. Filing amended tax return 2013 You must indicate and clearly state your election on your tax return for the year the well is completed. Filing amended tax return 2013 Once made, the election for oil and gas wells is binding for all later years. Filing amended tax return 2013 You can revoke your election for a geothermal well by filing an amended return that does not claim the loss. Filing amended tax return 2013 Costs incurred outside the United States. Filing amended tax return 2013   You cannot deduct as a current business expense all the IDCs paid or incurred for an oil, gas, or geothermal well located outside the United States. Filing amended tax return 2013 However, you can elect to include the costs in the adjusted basis of the well to figure depletion or depreciation. Filing amended tax return 2013 If you do not make this election, you can deduct the costs over the 10-year period beginning with the tax year in which you paid or incurred them. Filing amended tax return 2013 These rules do not apply to a nonproductive well. Filing amended tax return 2013 Exploration Costs The costs of determining the existence, location, extent, or quality of any mineral deposit are ordinarily capital expenditures if the costs lead to the development of a mine. Filing amended tax return 2013 You recover these costs through depletion as the mineral is removed from the ground. Filing amended tax return 2013 However, you can elect to deduct domestic exploration costs paid or incurred before the beginning of the development stage of the mine (except those for oil and gas wells). Filing amended tax return 2013 How to make the election. Filing amended tax return 2013   You elect to deduct exploration costs by taking the deduction on your income tax return, or on an amended income tax return, for the first tax year for which you wish to deduct the costs paid or incurred during the tax year. Filing amended tax return 2013 Your return must adequately describe and identify each property or mine, and clearly state how much is being deducted for each one. Filing amended tax return 2013 The election applies to the tax year you make this election and all later tax years. Filing amended tax return 2013 Partnerships and S corporations. Filing amended tax return 2013   Each partner, not the partnership, elects whether to capitalize or to deduct that partner's share of exploration costs. Filing amended tax return 2013 Each shareholder, not the S corporation, elects whether to capitalize or to deduct that shareholder's share of exploration costs. Filing amended tax return 2013 Reduced corporate deductions for exploration costs. Filing amended tax return 2013   A corporation (other than an S corporation) can deduct only 70% of its domestic exploration costs. Filing amended tax return 2013 It must capitalize the remaining 30% of costs and amortize them over the 60-month period starting with the month the exploration costs are paid or incurred. Filing amended tax return 2013 A corporation may also elect to capitalize and amortize mining exploration costs over a 10-year period. Filing amended tax return 2013 For more information on this method of amortization, see Internal Revenue Code section 59(e). Filing amended tax return 2013   The 30% the corporation capitalizes cannot be added to its basis in the property to figure cost depletion. Filing amended tax return 2013 However, the amount amortized is treated as additional depreciation and is subject to recapture as ordinary income on a disposition of the property. Filing amended tax return 2013 See Section 1250 Property under Depreciation Recapture in chapter 3 of Publication 544. Filing amended tax return 2013   These rules also apply to the deduction of development costs by corporations. Filing amended tax return 2013 See Development Costs , later. Filing amended tax return 2013 Recapture of exploration expenses. Filing amended tax return 2013   When your mine reaches the producing stage, you must recapture any exploration costs you elected to deduct. Filing amended tax return 2013 Use either of the following methods. Filing amended tax return 2013 Method 1—Include the deducted costs in gross income for the tax year the mine reaches the producing stage. Filing amended tax return 2013 Your election must be clearly indicated on the return. Filing amended tax return 2013 Increase your adjusted basis in the mine by the amount included in income. Filing amended tax return 2013 Generally, you must elect this recapture method by the due date (including extensions) of your return. Filing amended tax return 2013 However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Filing amended tax return 2013 Make the election on your amended return and write “Filed pursuant to section 301. Filing amended tax return 2013 9100-2” on the form where you are including the income. Filing amended tax return 2013 File the amended return at the same address you filed the original return. Filing amended tax return 2013 Method 2—Do not claim any depletion deduction for the tax year the mine reaches the producing stage and any later tax years until the depletion you would have deducted equals the exploration costs you deducted. Filing amended tax return 2013   You also must recapture deducted exploration costs if you receive a bonus or royalty from mine property before it reaches the producing stage. Filing amended tax return 2013 Do not claim any depletion deduction for the tax year you receive the bonus or royalty and any later tax years until the depletion you would have deducted equals the exploration costs you deducted. Filing amended tax return 2013   Generally, if you dispose of the mine before you have fully recaptured the exploration costs you deducted, recapture the balance by treating all or part of your gain as ordinary income. Filing amended tax return 2013 Under these circumstances, you generally treat as ordinary income all of your gain if it is less than your adjusted exploration costs with respect to the mine. Filing amended tax return 2013 If your gain is more than your adjusted exploration costs, treat as ordinary income only a part of your gain, up to the amount of your adjusted exploration costs. Filing amended tax return 2013 Foreign exploration costs. Filing amended tax return 2013   If you pay or incur exploration costs for a mine or other natural deposit located outside the United States, you cannot deduct all the costs in the current year. Filing amended tax return 2013 You can elect to include the costs (other than for an oil, gas, or geothermal well) in the adjusted basis of the mineral property to figure cost depletion. Filing amended tax return 2013 (Cost depletion is discussed in chapter 9 . Filing amended tax return 2013 ) If you do not make this election, you must deduct the costs over the 10-year period beginning with the tax year in which you pay or incur them. Filing amended tax return 2013 These rules also apply to foreign development costs. Filing amended tax return 2013 Development Costs You can deduct costs paid or incurred during the tax year for developing a mine or any other natural deposit (other than an oil or gas well) located in the United States. Filing amended tax return 2013 These costs must be paid or incurred after the discovery of ores or minerals in commercially marketable quantities. Filing amended tax return 2013 Development costs also include depreciation on improvements used in the development of ores or minerals and costs incurred for you by a contractor. Filing amended tax return 2013 Development costs do not include the costs for the acquisition or improvement of depreciable property. Filing amended tax return 2013 Instead of deducting development costs in the year paid or incurred, you can elect to treat the cost as deferred expenses and deduct them ratably as the units of produced ores or minerals benefited by the expenses are sold. Filing amended tax return 2013 This election applies each tax year to expenses paid or incurred in that year. Filing amended tax return 2013 Once made, the election is binding for the year and cannot be revoked for any reason. Filing amended tax return 2013 How to make the election. Filing amended tax return 2013   The election to deduct development costs ratably as the ores or minerals are sold must be made for each mine or other natural deposit by a clear indication on your return or by a statement filed with the IRS office where you file your return. Filing amended tax return 2013 Generally, you must make the election by the due date of the return (including extensions). Filing amended tax return 2013 However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Filing amended tax return 2013 Clearly indicate the election on your amended return and write “Filed pursuant to section 301. Filing amended tax return 2013 9100-2. Filing amended tax return 2013 ” File the amended return at the same address you filed the original return. Filing amended tax return 2013 Foreign development costs. Filing amended tax return 2013   The rules discussed earlier for foreign exploration costs apply to foreign development costs. Filing amended tax return 2013 Reduced corporate deductions for development costs. Filing amended tax return 2013   The rules discussed earlier for reduced corporate deductions for exploration costs also apply to corporate deductions for development costs. Filing amended tax return 2013 Circulation Costs A publisher can deduct as a current business expense the costs of establishing, maintaining, or increasing the circulation of a newspaper, magazine, or other periodical. Filing amended tax return 2013 For example, a publisher can deduct the cost of hiring extra employees for a limited time to get new subscriptions through telephone calls. Filing amended tax return 2013 Circulation costs are deductible even if they normally would be capitalized. Filing amended tax return 2013 This rule does not apply to the following costs that must be capitalized. Filing amended tax return 2013 The purchase of land or depreciable property. Filing amended tax return 2013 The acquisition of circulation through the purchase of any part of the business of another publisher of a newspaper, magazine, or other periodical, including the purchase of another publisher's list of subscribers. Filing amended tax return 2013 Other treatment of circulation costs. Filing amended tax return 2013   If you do not want to deduct circulation costs as a current business expense, you can elect one of the following ways to recover these costs. Filing amended tax return 2013 Capitalize all circulation costs that are properly chargeable to a capital account (see chapter 1 ). Filing amended tax return 2013 Amortize circulation costs over the 3-year period beginning with the tax year they were paid or incurred. Filing amended tax return 2013 How to make the election. Filing amended tax return 2013   You elect to capitalize circulation costs by attaching a statement to your return for the first tax year the election applies. Filing amended tax return 2013 Your election is binding for the year it is made and for all later years, unless you get IRS approval to revoke it. Filing amended tax return 2013 Business Start-Up and Organizational Costs Business start-up and organizational costs are generally capital expenditures. Filing amended tax return 2013 However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. Filing amended tax return 2013 The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Filing amended tax return 2013 Any remaining costs must be amortized. Filing amended tax return 2013 For information about amortizing start-up and organizational costs, see chapter 8 . Filing amended tax return 2013 Start-up costs include any amounts paid or incurred in connection with creating an active trade or business or investigating the creation or acquisition of an active trade or business. Filing amended tax return 2013 Organizational costs include the costs of creating a corporation. Filing amended tax return 2013 For more information on start-up and organizational costs, see chapter 8 . Filing amended tax return 2013 How to make the election. Filing amended tax return 2013   You elect to deduct the start-up or organizational costs by claiming the deduction on your income tax return (filed by the due date including extensions) for the tax year in which the active trade or business begins. Filing amended tax return 2013 However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Filing amended tax return 2013 Clearly indicate the election on your amended return and write “Filed pursuant to section 301. Filing amended tax return 2013 9100-2. Filing amended tax return 2013 ” File the amended return at the same address you filed the original return. Filing amended tax return 2013 The election applies when computing taxable income for the current tax year and all subsequent years. Filing amended tax return 2013 Reforestation Costs Reforestation costs are generally capital expenditures. Filing amended tax return 2013 However, you can elect to deduct up to $10,000 ($5,000 if married filing separately; $0 for a trust) of qualifying reforestation costs paid or incurred after October 22, 2004, for each qualified timber property. Filing amended tax return 2013 The remaining costs can be amortized over an 84-month period. Filing amended tax return 2013 For information about amortizing reforestation costs, see chapter 8 . Filing amended tax return 2013 Qualifying reforestation costs are the direct costs of planting or seeding for forestation or reforestation. Filing amended tax return 2013 Qualified timber property is property that contains trees in significant commercial quantities. Filing amended tax return 2013 See chapter 8 for more information on qualifying reforestation costs and qualified timber property. Filing amended tax return 2013 If you elect to deduct qualified reforestation costs, create and maintain separate timber accounts for each qualified timber property and include all reforestation costs and the dates each was applied. Filing amended tax return 2013 Do not include this qualified timber property in any account (for example, depletion block) for which depletion is allowed. Filing amended tax return 2013 How to make the election. Filing amended tax return 2013   You elect to deduct qualifying reforestation costs by claiming the deduction on your timely filed income tax return (including extensions) for the tax year the expenses were paid or incurred. Filing amended tax return 2013 If Form T (Timber), Forest Activities Schedule, is required, complete Part IV of Form T. Filing amended tax return 2013 If Form T is not required, attach a statement containing the following information for each qualified timber property for which an election is being made. Filing amended tax return 2013 The unique stand identification numbers. Filing amended tax return 2013 The total number of acres reforested during the tax year. Filing amended tax return 2013 The nature of the reforestation treatments. Filing amended tax return 2013 The total amounts of qualified reforestation expenditures eligible to be amortized or deducted. Filing amended tax return 2013   If you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Filing amended tax return 2013 Clearly indicate the election on your amended return and write “Filed pursuant to section 301. Filing amended tax return 2013 9100-2. Filing amended tax return 2013 ” File the amended return at the same address you filed the original return. Filing amended tax return 2013 The election applies when computing taxable income for the current tax year and all subsequent years. Filing amended tax return 2013   For additional information on reforestation costs, see chapter 8 . Filing amended tax return 2013 Recapture. Filing amended tax return 2013   This deduction may have to be recaptured as ordinary income under section 1245 when you sell or otherwise dispose of the property that would have received an addition to basis if you had not elected to deduct the expenditure. Filing amended tax return 2013 For more information on recapturing the deduction, see Depreciation Recapture in Publication 544. Filing amended tax return 2013 Retired Asset Removal Costs If you retire and remove a depreciable asset in connection with the installation or production of a replacement asset, you can deduct the costs of removing the retired asset. Filing amended tax return 2013 However, if you replace a component (part) of a depreciable asset, capitalize the removal costs if the replacement is an improvement and deduct the costs if the replacement is a repair. Filing amended tax return 2013 Barrier Removal Costs The cost of an improvement to a business asset is normally a capital expense. Filing amended tax return 2013 However, you can elect to deduct the costs of making a facility or public transportation vehicle more accessible to and usable by those who are disabled or elderly. Filing amended tax return 2013 You must own or lease the facility or vehicle for use in connection with your trade or business. Filing amended tax return 2013 A facility is all or any part of buildings, structures, equipment, roads, walks, parking lots, or similar real or personal property. Filing amended tax return 2013 A public transportation vehicle is a vehicle, such as a bus or railroad car, that provides transportation service to the public (including service for your customers, even if you are not in the business of providing transportation services). Filing amended tax return 2013 You cannot deduct any costs that you paid or incurred to completely renovate or build a facility or public transportation vehicle or to replace depreciable property in the normal course of business. Filing amended tax return 2013 Deduction limit. Filing amended tax return 2013   The most you can deduct as a cost of removing barriers to the disabled and the elderly for any tax year is $15,000. Filing amended tax return 2013 However, you can add any costs over this limit to the basis of the property and depreciate these excess costs. Filing amended tax return 2013 Partners and partnerships. Filing amended tax return 2013   The $15,000 limit applies to a partnership and also to each partner in the partnership. Filing amended tax return 2013 A partner can allocate the $15,000 limit in any manner among the partner's individually incurred costs and the partner's distributive share of partnership costs. Filing amended tax return 2013 If the partner cannot deduct the entire share of partnership costs, the partnership can add any costs not deducted to the basis of the improved property. Filing amended tax return 2013   A partnership must be able to show that any amount added to basis was not deducted by the partner and that it was over a partner's $15,000 limit (as determined by the partner). Filing amended tax return 2013 If the partnership cannot show this, it is presumed that the partner was able to deduct the distributive share of the partnership's costs in full. Filing amended tax return 2013 Example. Filing amended tax return 2013 Emilio Azul's distributive share of ABC partnership's deductible expenses for the removal of architectural barriers was $14,000. Filing amended tax return 2013 Emilio had $12,000 of similar expenses in his sole proprietorship. Filing amended tax return 2013 He elected to deduct $7,000 of them. Filing amended tax return 2013 Emilio allocated the remaining $8,000 of the $15,000 limit to his share of ABC's expenses. Filing amended tax return 2013 Emilio can add the excess $5,000 of his own expenses to the basis of the property used in his business. Filing amended tax return 2013 Also, if ABC can show that Emilio could not deduct $6,000 ($14,000 – $8,000) of his share of the partnership's expenses because of how Emilio applied the limit, ABC can add $6,000 to the basis of its property. Filing amended tax return 2013 Qualification standards. Filing amended tax return 2013   You can deduct your costs as a current expense only if the barrier removal meets the guidelines and requirements issued by the Architectural and Transportation Barriers Compliance Board under the Americans with Disabilities Act (ADA) of 1990. Filing amended tax return 2013 You can view the Americans with Disabilities Act at www. Filing amended tax return 2013 ada. Filing amended tax return 2013 gov/pubs/ada. Filing amended tax return 2013 htm. Filing amended tax return 2013   The following is a list of some architectural barrier removal costs that can be deducted. Filing amended tax return 2013 Ground and floor surfaces. Filing amended tax return 2013 Walks. Filing amended tax return 2013 Parking lots. Filing amended tax return 2013 Ramps. Filing amended tax return 2013 Entrances. Filing amended tax return 2013 Doors and doorways. Filing amended tax return 2013 Stairs. Filing amended tax return 2013 Floors. Filing amended tax return 2013 Toilet rooms. Filing amended tax return 2013 Water fountains. Filing amended tax return 2013 Public telephones. Filing amended tax return 2013 Elevators. Filing amended tax return 2013 Controls. Filing amended tax return 2013 Signage. Filing amended tax return 2013 Alarms. Filing amended tax return 2013 Protruding objects. Filing amended tax return 2013 Symbols of accessibility. Filing amended tax return 2013 You can find the ADA guidelines and requirements for architectural barrier removal at www. Filing amended tax return 2013 usdoj. Filing amended tax return 2013 gov/crt/ada/reg3a. Filing amended tax return 2013 html. Filing amended tax return 2013   The costs for removal of transportation barriers from rail facilities, buses, and rapid and light rail vehicles are deductible. Filing amended tax return 2013 You can find the guidelines and requirements for transportation barrier removal at www. Filing amended tax return 2013 fta. Filing amended tax return 2013 dot. Filing amended tax return 2013 gov. Filing amended tax return 2013   Also, you can access the ADA website at www. Filing amended tax return 2013 ada. Filing amended tax return 2013 gov for additional information. Filing amended tax return 2013 Other barrier removals. Filing amended tax return 2013   To be deductible, expenses of removing any barrier not covered by the above standards must meet all three of the following tests. Filing amended tax return 2013 The removed barrier must be a substantial barrier to access or use of a facility or public transportation vehicle by persons who have a disability or are elderly. Filing amended tax return 2013 The removed barrier must have been a barrier for at least one major group of persons who have a disability or are elderly (such as people who are blind, deaf, or wheelchair users). Filing amended tax return 2013 The barrier must be removed without creating any new barrier that significantly impairs access to or use of the facility or vehicle by a major group of persons who have a disability or are elderly. Filing amended tax return 2013 How to make the election. Filing amended tax return 2013   If you elect to deduct your costs for removing barriers to the disabled or the elderly, claim the deduction on your income tax return (partnership return for partnerships) for the tax year the expenses were paid or incurred. Filing amended tax return 2013 Identify the deduction as a separate item. Filing amended tax return 2013 The election applies to all the qualifying costs you have during the year, up to the $15,000 limit. Filing amended tax return 2013 If you make this election, you must maintain adequate records to support your deduction. Filing amended tax return 2013   For your election to be valid, you generally must file your return by its due date, including extensions. Filing amended tax return 2013 However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Filing amended tax return 2013 Clearly indicate the election on your amended return and write “Filed pursuant to section 301. Filing amended tax return 2013 9100-2. Filing amended tax return 2013 ” File the amended return at the same address you filed the original return. Filing amended tax return 2013 Your election is irrevocable after the due date, including extensions, of your return. Filing amended tax return 2013 Disabled access credit. Filing amended tax return 2013   If you make your business accessible to persons with disabilities and your business is an eligible small business, you may be able to claim the disabled access credit. Filing amended tax return 2013 If you choose to claim the credit, you must reduce the amount you deduct or capitalize by the amount of the credit. Filing amended tax return 2013   For more information, see Form 8826, Disabled Access Credit. Filing amended tax return 2013 Film and Television Production Costs Film and television production costs are generally capital expenses. Filing amended tax return 2013 However, you can elect to deduct costs paid or incurred for certain productions commencing before January 1, 2014. Filing amended tax return 2013 For more information, see section 181 of the Internal Revenue Code and the related Treasury Regulations. Filing amended tax return 2013 Prev  Up  Next   Home   More Online Publications