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Free 2007 Taxes Online

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Free 2007 Taxes Online

Free 2007 taxes online Index A Allowances, Foreign areas allowances. Free 2007 taxes online American Institute in Taiwan, American Institute in Taiwan. Free 2007 taxes online Away from home, Traveling away from home. Free 2007 taxes online B Business expenses, how to report, How To Report Business Expenses C Combat zone, Reminders Commuting expenses, Commuting. Free 2007 taxes online Contributions, Contributions. Free 2007 taxes online Cost-of-living allowances, Cost-of-living allowances. Free 2007 taxes online Credit for foreign taxes, Foreign tax credit. Free 2007 taxes online Currency conversion, loss on, Loss on conversion of U. Free 2007 taxes online S. Free 2007 taxes online dollars into foreign currency. Free 2007 taxes online D Danger pay (see Pay differentials) Death due to terrorist action, Reminders Deduction for foreign taxes, Foreign tax deduction. Free 2007 taxes online , Deduction for other foreign taxes. Free 2007 taxes online Differential pay, Pay differentials. Free 2007 taxes online Dues, Membership dues. Free 2007 taxes online E Educational expenses, Educational expenses. Free 2007 taxes online Employee business expenses, Other Employee Business Expenses Entertainment expenses, Limit on meals and entertainment. Free 2007 taxes online Expenses, deductible, Other Employee Business Expenses Extension of time to file return, When To File and Pay F Federal court employees, Federal court employees. Free 2007 taxes online Federal crime investigations, Exception for federal crime investigations or prosecutions. Free 2007 taxes online Filing information, Filing Information, When To File and Pay Foreign areas allowances, Foreign areas allowances. Free 2007 taxes online Foreign bank accounts, Foreign Bank Accounts Foreign earned income and housing exclusions, Foreign Earned Income Exclusion Foreign income, U. Free 2007 taxes online S. Free 2007 taxes online Government Payments Foreign service representation expenses, Foreign service representation expenses. Free 2007 taxes online Foreign taxes, Foreign Taxes Forms 1116, Foreign tax credit. Free 2007 taxes online 2106, Form 2106 or Form 2106-EZ. Free 2007 taxes online 2106-EZ, Form 2106 or Form 2106-EZ. Free 2007 taxes online 3903, How to report moving expenses. Free 2007 taxes online TD F 90-22. Free 2007 taxes online 1, Foreign Bank Accounts H Home leave, Home leave. Free 2007 taxes online Home mortgage interest, Real estate tax and home mortgage interest. Free 2007 taxes online Home, sale of, Sale of your home. Free 2007 taxes online Hours of service limits, Individuals subject to hours of service limits. Free 2007 taxes online I Impairment-related work expenses, Impairment-related work expenses. Free 2007 taxes online Interest on home mortgage, Real estate tax and home mortgage interest. Free 2007 taxes online International organization, U. Free 2007 taxes online S. Free 2007 taxes online reemployment after serving with, Federal reemployment payments after serving with an international organization. Free 2007 taxes online Itemized deductions Contributions, Contributions. Free 2007 taxes online Employee business expenses, Other Employee Business Expenses Home mortgage interest, Real estate tax and home mortgage interest. Free 2007 taxes online Real estate tax, Real estate tax and home mortgage interest. Free 2007 taxes online L Lodging, Lodging furnished to a principal representative of the United States. Free 2007 taxes online Loss on currency conversion, Loss on conversion of U. Free 2007 taxes online S. Free 2007 taxes online dollars into foreign currency. Free 2007 taxes online M Meal expenses, Limit on meals and entertainment. Free 2007 taxes online More information (see Tax help) Mortgage interest, Real estate tax and home mortgage interest. Free 2007 taxes online Moving expenses, Moving Expenses, Closely related to the start of work. Free 2007 taxes online , Distance test. Free 2007 taxes online , Time test. Free 2007 taxes online , Reimbursements. Free 2007 taxes online P Pay differentials, Pay differentials. Free 2007 taxes online Peace Corps volunteers, Peace Corps. Free 2007 taxes online Personal property, sale of, Sale of personal property. Free 2007 taxes online Post differentials (see Pay differentials) Post exchanges, Employees of post exchanges, etc. Free 2007 taxes online Principal representative, Lodging furnished to a principal representative of the United States. Free 2007 taxes online Proving expenses, Recordkeeping Rules R Real estate tax, Real estate tax and home mortgage interest. Free 2007 taxes online Recordkeeping, business expenses, Recordkeeping Rules Reemployed by federal agency, Federal reemployment payments after serving with an international organization. Free 2007 taxes online Reporting Business expenses, How To Report Business Expenses Moving expenses, Moving Expenses, How to report moving expenses. Free 2007 taxes online Representation expenses, Foreign service representation expenses. Free 2007 taxes online S Sale of home, Sale of your home. Free 2007 taxes online Sale of personal property, Sale of personal property. Free 2007 taxes online Subscriptions, Subscriptions. Free 2007 taxes online T Taiwan, American Institute in, American Institute in Taiwan. Free 2007 taxes online Tax credit for foreign taxes, Foreign tax credit. Free 2007 taxes online Taxpayer Advocate, Taxpayer Advocate Service. Free 2007 taxes online Temporary assignment, Temporary assignment. Free 2007 taxes online Terrorist action, Reminders Transportation expenses, Transportation Expenses Travel expenses, Travel Expenses W When to file return, When To File and Pay Prev  Up     Home   More Online Publications
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The Free 2007 Taxes Online

Free 2007 taxes online 10. Free 2007 taxes online   Self-Employment (SE) Tax Table of Contents Who Must Pay SE Tax?Special Rules and Exceptions Figuring Earnings Subject to SE Tax Farm Optional Method Using Both Optional Methods Reporting Self-Employment Tax The SE tax rules apply no matter how old you are and even if you are already receiving social security and Medicare benefits. Free 2007 taxes online Who Must Pay SE Tax? Generally, you must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. Free 2007 taxes online Use Schedule SE to figure net earnings from self-employment. Free 2007 taxes online Sole proprietor or independent contractor. Free 2007 taxes online   If you are self-employed as a sole proprietor or independent contractor, you generally use Schedule C or C-EZ (Form 1040) to figure your earnings subject to SE tax. Free 2007 taxes online SE tax rate. Free 2007 taxes online    For 2013, the SE tax rate on net earnings is 15. Free 2007 taxes online 3% (12. Free 2007 taxes online 4% social security tax plus 2. Free 2007 taxes online 9% Medicare tax). Free 2007 taxes online Maximum earnings subject to self-employment tax. Free 2007 taxes online    Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Free 2007 taxes online 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Free 2007 taxes online   All of your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Free 2007 taxes online 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Free 2007 taxes online   If your wages and tips are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Free 2007 taxes online 4% social security part of the SE tax on any of your net earnings. Free 2007 taxes online However, you must pay the 2. Free 2007 taxes online 9% Medicare part of the SE tax on all your net earnings. Free 2007 taxes online Special Rules and Exceptions Aliens. Free 2007 taxes online   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. Free 2007 taxes online S. Free 2007 taxes online citizens. Free 2007 taxes online Nonresident aliens are not subject to SE tax unless an international social security agreement in effect determines that they are covered under the U. Free 2007 taxes online S. Free 2007 taxes online social security system. Free 2007 taxes online However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. Free 2007 taxes online S. Free 2007 taxes online residents for self-employment tax purposes. Free 2007 taxes online For more information on aliens, see Publication 519, U. Free 2007 taxes online S. Free 2007 taxes online Tax Guide for Aliens. Free 2007 taxes online Child employed by parent. Free 2007 taxes online   You are not subject to SE tax if you are under age 18 and you are working for your father or mother. Free 2007 taxes online Church employee. Free 2007 taxes online    If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108. Free 2007 taxes online 28 or more in wages from the church or organization. Free 2007 taxes online For more information, see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. Free 2007 taxes online Fishing crew member. Free 2007 taxes online   If you are a member of the crew on a boat that catches fish or other water life, your earnings are subject to SE tax if all the following conditions apply. Free 2007 taxes online You do not get any pay for the work except your share of the catch or a share of the proceeds from the sale of the catch, unless the pay meets all the following conditions. Free 2007 taxes online The pay is not more than $100 per trip. Free 2007 taxes online The pay is received only if there is a minimum catch. Free 2007 taxes online The pay is solely for additional duties (such as mate, engineer, or cook) for which additional cash pay is traditional in the fishing industry. Free 2007 taxes online You get a share of the catch or a share of the proceeds from the sale of the catch. Free 2007 taxes online Your share depends on the amount of the catch. Free 2007 taxes online The boat's operating crew normally numbers fewer than 10 individuals. Free 2007 taxes online (An operating crew is considered as normally made up of fewer than 10 if the average size of the crew on trips made during the last four calendar quarters is fewer than 10. Free 2007 taxes online ) Notary public. Free 2007 taxes online   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ but are not subject to self-employment tax (see the Instructions for Schedule SE (Form 1040)). Free 2007 taxes online State or local government employee. Free 2007 taxes online   You are subject to SE tax if you are an employee of a state or local government, are paid solely on a fee basis, and your services are not covered under a federal-state social security agreement. Free 2007 taxes online Foreign government or international organization employee. Free 2007 taxes online   You are subject to SE tax if both the following conditions are true. Free 2007 taxes online You are a U. Free 2007 taxes online S. Free 2007 taxes online citizen employed in the United States, Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the Virgin Islands by: A foreign government, A wholly-owned agency of a foreign government, or An international organization. Free 2007 taxes online Your employer is not required to withhold social security and Medicare taxes from your wages. Free 2007 taxes online U. Free 2007 taxes online S. Free 2007 taxes online citizen or resident alien residing abroad. Free 2007 taxes online    If you are a self-employed U. Free 2007 taxes online S. Free 2007 taxes online citizen or resident alien living outside the United States, in most cases you must pay SE tax. Free 2007 taxes online Do not reduce your foreign earnings from self-employment by your foreign earned income exclusion. Free 2007 taxes online Exception. Free 2007 taxes online    The United States has social security agreements with many countries to eliminate double taxation under two social security systems. Free 2007 taxes online Under these agreements, you generally must only pay social security and Medicare taxes to the country in which you live. Free 2007 taxes online The country to which you must pay the tax will issue a certificate which serves as proof of exemption from social security tax in the other country. Free 2007 taxes online   For more information, see the Instructions for Schedule SE (Form 1040). Free 2007 taxes online More Than One Business If you have earnings subject to SE tax from more than one trade, business, or profession, you must combine the net profit (or loss) from each to determine your total earnings subject to SE tax. Free 2007 taxes online A loss from one business reduces your profit from another business. Free 2007 taxes online Community Property Income If any of the income from a trade or business, other than a partnership, is community property income under state law, it is included in the earnings subject to SE tax of the spouse carrying on the trade or business. Free 2007 taxes online Gain or Loss Do not include in earnings subject to SE tax a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Free 2007 taxes online It does not matter whether the disposition is a sale, exchange, or an involuntary conversion. Free 2007 taxes online Lost Income Payments If you are self-employed and reduce or stop your business activities, any payment you receive from insurance or other sources for the lost business income is included in earnings subject to SE tax. Free 2007 taxes online If you are not working when you receive the payment, it still relates to your business and is included in earnings subject to SE tax, even though your business is temporarily inactive. Free 2007 taxes online Figuring Earnings Subject to SE Tax Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. Free 2007 taxes online The regular method. Free 2007 taxes online The nonfarm optional method. Free 2007 taxes online The farm optional method. Free 2007 taxes online You must use the regular method unless you are eligible to use one or both of the optional methods. Free 2007 taxes online Why use an optional method?    You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. Free 2007 taxes online You want to receive credit for social security benefit coverage. Free 2007 taxes online You incurred child or dependent care expenses for which you could claim a credit. Free 2007 taxes online (An optional method may increase your earned income, which could increase your credit. Free 2007 taxes online ) You are entitled to the earned income credit. Free 2007 taxes online (An optional method may increase your earned income, which could increase your credit. Free 2007 taxes online ) You are entitled to the additional child tax credit. Free 2007 taxes online (An optional method may increase your earned income, which could increase your credit. Free 2007 taxes online ) Effects of using an optional method. Free 2007 taxes online   Using an optional method could increase your SE tax. Free 2007 taxes online Paying more SE tax could result in your getting higher benefits when you retire. Free 2007 taxes online   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller tax or no tax using the regular method. Free 2007 taxes online   The optional methods may be used only to figure your SE tax. Free 2007 taxes online To figure your income tax, include your actual earnings in gross income, regardless of which method you use to determine SE tax. Free 2007 taxes online Regular Method Multiply your total earnings subject to SE tax by 92. Free 2007 taxes online 35% (. Free 2007 taxes online 9235) to get your net earnings under the regular method. Free 2007 taxes online See Short Schedule SE, line 4, or Long Schedule SE, line 4a. Free 2007 taxes online Net earnings figured using the regular method are also called actual net earnings. Free 2007 taxes online Nonfarm Optional Method Use the nonfarm optional method only for earnings that do not come from farming. Free 2007 taxes online You may use this method if you meet all the following tests. Free 2007 taxes online You are self-employed on a regular basis. Free 2007 taxes online This means that your actual net earnings from self-employment were $400 or more in at least 2 of the 3 tax years before the one for which you use this method. Free 2007 taxes online The net earnings can be from either farm or nonfarm earnings or both. Free 2007 taxes online You have used this method less than 5 years. Free 2007 taxes online (There is a 5-year lifetime limit. Free 2007 taxes online ) The years do not have to be one after another. Free 2007 taxes online Your net nonfarm profits were: Less than $5,024, and Less than 72. Free 2007 taxes online 189% of your gross nonfarm income. Free 2007 taxes online Net nonfarm profits. Free 2007 taxes online   Net nonfarm profit generally is the total of the amounts from: Line 31, Schedule C (Form 1040), Line 3, Schedule C-EZ (Form 1040), Box 14, code A, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J1, Schedule K-1 (Form 1065-B). Free 2007 taxes online   However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. Free 2007 taxes online Gross nonfarm income. Free 2007 taxes online   Your gross nonfarm income generally is the total of the amounts from: Line 7, Schedule C (Form 1040), Line 1, Schedule C-EZ (Form 1040), Box 14, code C, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J2, Schedule K-1 (Form 1065-B). Free 2007 taxes online Figuring Nonfarm Net Earnings If you meet the three tests explained earlier, use the following table to figure your net earnings from self-employment under the nonfarm optional method. Free 2007 taxes online Table 10-1. Free 2007 taxes online Figuring Nonfarm Net Earnings IF your gross nonfarm income is. Free 2007 taxes online . Free 2007 taxes online . Free 2007 taxes online THEN your net earnings are equal to. Free 2007 taxes online . Free 2007 taxes online . Free 2007 taxes online $6,960 or less Two-thirds of your gross nonfarm income. Free 2007 taxes online More than $6,960 $4,640 Actual net earnings. Free 2007 taxes online   Your actual net earnings are 92. Free 2007 taxes online 35% of your total earnings subject to SE tax (that is, multiply total earnings subject to SE tax by 92. Free 2007 taxes online 35% (. Free 2007 taxes online 9235) to get actual net earnings). Free 2007 taxes online Actual net earnings are equivalent to net earnings figured using the regular method. Free 2007 taxes online Optional net earnings less than actual net earnings. Free 2007 taxes online   You cannot use this method to report an amount less than your actual net earnings from self-employment. Free 2007 taxes online Gross nonfarm income of $6,960 or less. Free 2007 taxes online   The following examples illustrate how to figure net earnings when gross nonfarm income is $6,960 or less. Free 2007 taxes online Example 1. Free 2007 taxes online Net nonfarm profit less than $5,024 and less than 72. Free 2007 taxes online 189% of gross nonfarm income. Free 2007 taxes online Ann Green runs a craft business. Free 2007 taxes online Her actual net earnings from self-employment were $800 in 2011 and $900 in 2012. Free 2007 taxes online She meets the test for being self-employed on a regular basis. Free 2007 taxes online She has used the nonfarm optional method less than 5 years. Free 2007 taxes online Her gross income and net profit in 2013 are as follows: Gross nonfarm income $5,400 Net nonfarm profit $1,200 Ann's actual net earnings for 2013 are $1,108 ($1,200 × . Free 2007 taxes online 9235). Free 2007 taxes online Because her net profit is less than $5,024 and less than 72. Free 2007 taxes online 189% of her gross income, she can use the nonfarm optional method to figure net earnings of $3,600 (2/3 × $5,400). Free 2007 taxes online Because these net earnings are higher than her actual net earnings, she can report net earnings of $3,600 for 2013. Free 2007 taxes online Example 2. Free 2007 taxes online Net nonfarm profit less than $5,024 but not less than 72. Free 2007 taxes online 189% of gross nonfarm income. Free 2007 taxes online Assume that in Example 1 Ann's gross income is $1,000 and her net profit is $800. Free 2007 taxes online She must use the regular method to figure her net earnings. Free 2007 taxes online She cannot use the nonfarm optional method because her net profit is not less than 72. Free 2007 taxes online 189% of her gross income. Free 2007 taxes online Example 3. Free 2007 taxes online Net loss from a nonfarm business. Free 2007 taxes online Assume that in Example 1 Ann has a net loss of $700. Free 2007 taxes online She can use the nonfarm optional method and report $3,600 (2/3 × $5,400) as her net earnings. Free 2007 taxes online Example 4. Free 2007 taxes online Nonfarm net earnings less than $400. Free 2007 taxes online Assume that in Example 1 Ann has gross income of $525 and a net profit of $175. Free 2007 taxes online In this situation, she would not pay any SE tax under either the regular method or the nonfarm optional method because her net earnings under both methods are less than $400. Free 2007 taxes online Gross nonfarm income of more than $6,960. Free 2007 taxes online   The following examples illustrate how to figure net earnings when gross nonfarm income is more than $6,960. Free 2007 taxes online Example 1. Free 2007 taxes online Net nonfarm profit less than $5,024 and less than 72. Free 2007 taxes online 189% of gross nonfarm income. Free 2007 taxes online John White runs an appliance repair shop. Free 2007 taxes online His actual net earnings from self-employment were $10,500 in 2011 and $9,500 in 2012. Free 2007 taxes online He meets the test for being self-employed on a regular basis. Free 2007 taxes online He has used the nonfarm optional method less than 5 years. Free 2007 taxes online His gross income and net profit in 2013 are as follows: Gross nonfarm income $12,000 Net nonfarm profit $1,200 John's actual net earnings for 2013 are $1,108 ($1,200 × . Free 2007 taxes online 9235). Free 2007 taxes online Because his net profit is less than $5,024 and less than 72. Free 2007 taxes online 189% of his gross income, he can use the nonfarm optional method to figure net earnings of $4,640. Free 2007 taxes online Because these net earnings are higher than his actual net earnings, he can report net earnings of $4,640 for 2013. Free 2007 taxes online Example 2. Free 2007 taxes online Net nonfarm profit not less than $5,024. Free 2007 taxes online Assume that in Example 1 John's net profit is $5,400. Free 2007 taxes online He must use the regular method. Free 2007 taxes online He cannot use the nonfarm optional method because his net nonfarm profit is not less than $5,024. Free 2007 taxes online Example 3. Free 2007 taxes online Net loss from a nonfarm business. Free 2007 taxes online Assume that in Example 1 John has a net loss of $700. Free 2007 taxes online He can use the nonfarm optional method and report $4,640 as his net earnings from self-employment. Free 2007 taxes online Farm Optional Method Use the farm optional method only for earnings from a farming business. Free 2007 taxes online See Publication 225 for information about this method. Free 2007 taxes online Using Both Optional Methods If you have both farm and nonfarm earnings, you may be able to use both optional methods to determine your net earnings from self-employment. Free 2007 taxes online To figure your net earnings using both optional methods, you must: Figure your farm and nonfarm net earnings separately under each method. Free 2007 taxes online Do not combine farm earnings with nonfarm earnings to figure your net earnings under either method. Free 2007 taxes online Add the net earnings figured under each method to arrive at your total net earnings from self-employment. Free 2007 taxes online You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. Free 2007 taxes online If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. Free 2007 taxes online Example. Free 2007 taxes online You are a self-employed farmer. Free 2007 taxes online You also operate a retail grocery store. Free 2007 taxes online Your gross income, actual net earnings from self-employment, and optional farm and optional nonfarm net earnings from self-employment are shown in Table 10-2. Free 2007 taxes online Table 10-2. Free 2007 taxes online Example—Farm and Nonfarm Earnings Income and Earnings Farm Nonfarm Gross income $3,000 $6,000 Actual net earnings $900 $500 Optional net earnings (2/3 of gross income) $2,000 $4,000 Table 10-3 shows four methods or combinations of methods you can use to figure net earnings from self-employment using the farm and nonfarm gross income and actual net earnings shown in Table 10-2. Free 2007 taxes online Method 1. Free 2007 taxes online Using the regular method for both farm and nonfarm income. Free 2007 taxes online Method 2. Free 2007 taxes online Using the optional method for farm income and the regular method for nonfarm income. Free 2007 taxes online Method 3. Free 2007 taxes online Using the regular method for farm income and the optional method for nonfarm income. Free 2007 taxes online Method 4. Free 2007 taxes online Using the optional method for both farm and nonfarm income. Free 2007 taxes online Note. Free 2007 taxes online Actual net earnings is the same as net earnings figured using the regular method. Free 2007 taxes online Table 10-3. Free 2007 taxes online Example—Net Earnings Net Earnings 1 2 3 4 Actual  farm $ 900   $ 900   Optional  farm   $ 2,000   $ 2,000 Actual nonfarm $ 500 $ 500     Optional nonfarm     $4,000 $4,000 Amount you can report: $1,400 $2,500 $4,900 $4,640* *Limited to $4,640 because you used both optional methods. Free 2007 taxes online Fiscal Year Filer If you use a tax year other than the calendar year, you must use the tax rate and maximum earnings limit in effect at the beginning of your tax year. Free 2007 taxes online Even if the tax rate or maximum earnings limit changes during your tax year, continue to use the same rate and limit throughout your tax year. Free 2007 taxes online Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. Free 2007 taxes online Then enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. Free 2007 taxes online Most taxpayers can use Section A—Short Schedule SE to figure their SE tax. Free 2007 taxes online However, certain taxpayers must use Section B—Long Schedule SE. Free 2007 taxes online If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. Free 2007 taxes online Joint return. Free 2007 taxes online   Even if you file a joint return, you cannot file a joint Schedule SE. Free 2007 taxes online This is true whether one spouse or both spouses have earnings subject to SE tax. Free 2007 taxes online If both of you have earnings subject to SE tax, each of you must complete a separate Schedule SE. Free 2007 taxes online However, if one spouse uses the Short Schedule SE and the other spouse has to use the Long Schedule SE, both can use the same form. Free 2007 taxes online Attach both schedules to the joint return. Free 2007 taxes online More than one business. Free 2007 taxes online   If you have more than one trade or business, you must combine the net profit (or loss) from each business to figure your SE tax. Free 2007 taxes online A loss from one business will reduce your profit from another business. Free 2007 taxes online File one Schedule SE showing the earnings from self-employment, but file a separate Schedule C, C-EZ, or F for each business. Free 2007 taxes online Example. Free 2007 taxes online You are the sole proprietor of two separate businesses. Free 2007 taxes online You operate a restaurant that made a net profit of $25,000. Free 2007 taxes online You also have a cabinetmaking business that had a net loss of $500. Free 2007 taxes online You must file a Schedule C for the restaurant showing your net profit of $25,000 and another Schedule C for the cabinetmaking business showing your net loss of $500. Free 2007 taxes online You file Schedule SE showing total earnings subject to SE tax of $24,500. Free 2007 taxes online Prev  Up  Next   Home   More Online Publications