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Free Efile For State And Federal

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Free Efile For State And Federal

Free efile for state and federal 1. Free efile for state and federal   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. Free efile for state and federal This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Free efile for state and federal Tax records are not the only type of records you need to keep for your farming business. Free efile for state and federal You should also keep records that measure your farm's financial performance. Free efile for state and federal This publication only discusses tax records. Free efile for state and federal The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. Free efile for state and federal For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Free efile for state and federal ffsc. Free efile for state and federal org. Free efile for state and federal For more information, contact Countryside Marketing, Inc. Free efile for state and federal in the following manner. Free efile for state and federal Call 262-253-6902. Free efile for state and federal Send a fax to 262-253-6903. Free efile for state and federal Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Free efile for state and federal , #287 Menomonee Falls, WI 53051. Free efile for state and federal Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. Free efile for state and federal Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Free efile for state and federal Recordkeeping will help you do the following. Free efile for state and federal Monitor the progress of your farming business. Free efile for state and federal   You need records to monitor the progress of your farming business. Free efile for state and federal Records can show whether your business is improving, which items are selling, or what changes you need to make. Free efile for state and federal Records can help you make better decisions that may increase the likelihood of business success. Free efile for state and federal Prepare your financial statements. Free efile for state and federal   You need records to prepare accurate financial statements. Free efile for state and federal These include income (profit and loss) statements and balance sheets. Free efile for state and federal These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Free efile for state and federal Identify source of receipts. Free efile for state and federal   You will receive money or property from many sources. Free efile for state and federal Your records can identify the source of your receipts. Free efile for state and federal You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Free efile for state and federal Keep track of deductible expenses. Free efile for state and federal   You may forget expenses when you prepare your tax return unless you record them when they occur. Free efile for state and federal Prepare your tax returns. Free efile for state and federal   You need records to prepare your tax return. Free efile for state and federal For example, your records must support the income, expenses, and credits you report. Free efile for state and federal Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Free efile for state and federal Support items reported on tax returns. Free efile for state and federal   You must keep your business records available at all times for inspection by the IRS. Free efile for state and federal If the IRS examines any of your tax returns, you may be asked to explain the items reported. Free efile for state and federal A complete set of records will speed up the examination. Free efile for state and federal Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Free efile for state and federal You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Free efile for state and federal You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Free efile for state and federal See  chapter 2. Free efile for state and federal If you are in more than one business, you should keep a complete and separate set of records for each business. Free efile for state and federal A corporation should keep minutes of board of directors' meetings. Free efile for state and federal Your recordkeeping system should include a summary of your business transactions. Free efile for state and federal This summary is ordinarily made in accounting journals and ledgers. Free efile for state and federal For example, they must show your gross income, as well as your deductions and credits. Free efile for state and federal In addition, you must keep supporting documents. Free efile for state and federal Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Free efile for state and federal These documents contain the information you need to record in your journals and ledgers. Free efile for state and federal It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Free efile for state and federal Keep them in an orderly fashion and in a safe place. Free efile for state and federal For instance, organize them by year and type of income or expense. Free efile for state and federal Electronic records. Free efile for state and federal   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Free efile for state and federal When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. Free efile for state and federal An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. Free efile for state and federal The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Free efile for state and federal All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Free efile for state and federal Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Free efile for state and federal The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. Free efile for state and federal You still have the responsibility of retaining any other books and records that are required to be retained. Free efile for state and federal The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Free efile for state and federal This test is not considered an examination and the results must be shared with you. Free efile for state and federal If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Free efile for state and federal If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. Free efile for state and federal For details on electronic storage system requirements, see Rev. Free efile for state and federal Proc. Free efile for state and federal 97-22. Free efile for state and federal You can find Rev. Free efile for state and federal Proc. Free efile for state and federal 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. Free efile for state and federal irs. Free efile for state and federal gov/pub/irs-irbs/irb97-13. Free efile for state and federal pdf. Free efile for state and federal Travel, transportation, entertainment, and gift expenses. Free efile for state and federal   Specific recordkeeping rules apply to these expenses. Free efile for state and federal For more information, see Publication 463. Free efile for state and federal Employment taxes. Free efile for state and federal   There are specific employment tax records you must keep. Free efile for state and federal For a list, see Publication 51 (Circular A). Free efile for state and federal Excise taxes. Free efile for state and federal   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. Free efile for state and federal Assets. Free efile for state and federal   Assets are the property, such as machinery and equipment, you own and use in your business. Free efile for state and federal You must keep records to verify certain information about your business assets. Free efile for state and federal You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Free efile for state and federal Your records should show all the following. Free efile for state and federal When and how you acquired the asset. Free efile for state and federal Purchase price. Free efile for state and federal Cost of any improvements. Free efile for state and federal Section 179 deduction taken. Free efile for state and federal Deductions taken for depreciation. Free efile for state and federal Deductions taken for casualty losses, such as losses resulting from fires or storms. Free efile for state and federal How you used the asset. Free efile for state and federal When and how you disposed of the asset. Free efile for state and federal Selling price. Free efile for state and federal Expenses of sale. Free efile for state and federal   The following are examples of records that may show this information. Free efile for state and federal Purchase and sales invoices. Free efile for state and federal Real estate closing statements. Free efile for state and federal Canceled checks. Free efile for state and federal Bank statements. Free efile for state and federal Financial account statements as proof of payment. Free efile for state and federal   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Free efile for state and federal These include account statements prepared for the financial institution by a third party. Free efile for state and federal These account statements must be legible. Free efile for state and federal The following table lists acceptable account statements. Free efile for state and federal IF payment is by. Free efile for state and federal . Free efile for state and federal . Free efile for state and federal THEN the statement must show the. Free efile for state and federal . Free efile for state and federal . Free efile for state and federal Check Check number. Free efile for state and federal Amount. Free efile for state and federal Payee's name. Free efile for state and federal Date the check amount was posted to the account by the financial institution. Free efile for state and federal Electronic funds  transfer Amount transferred. Free efile for state and federal Payee's name. Free efile for state and federal Date the transfer was posted to the account by the financial institution. Free efile for state and federal Credit card Amount charged. Free efile for state and federal Payee's name. Free efile for state and federal Transaction date. Free efile for state and federal    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Free efile for state and federal You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Free efile for state and federal Tax returns. Free efile for state and federal   Keep copies of your filed tax returns. Free efile for state and federal They help in preparing future tax returns and making computations if you file an amended return. Free efile for state and federal Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Free efile for state and federal How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Free efile for state and federal Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. Free efile for state and federal A period of limitations is the period of time after which no legal action can be brought. Free efile for state and federal Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. Free efile for state and federal However, certain records must be kept for a longer period of time, as discussed below. Free efile for state and federal Employment taxes. Free efile for state and federal   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Free efile for state and federal Assets. Free efile for state and federal   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. Free efile for state and federal You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. Free efile for state and federal   You may need to keep records relating to the basis of property longer than the period of limitation. Free efile for state and federal Keep those records as long as they are important in figuring the basis of the original or replacement property. Free efile for state and federal Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. Free efile for state and federal For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. Free efile for state and federal For more information on basis, see chapter 6. Free efile for state and federal Records for nontax purposes. Free efile for state and federal   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. Free efile for state and federal For example, your insurance company or creditors may require you to keep them longer than the IRS does. Free efile for state and federal Prev  Up  Next   Home   More Online Publications
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The Free Efile For State And Federal

Free efile for state and federal 2. Free efile for state and federal   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Free efile for state and federal Amount realized on a nonrecourse debt. Free efile for state and federal If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Free efile for state and federal The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Free efile for state and federal This is true even if you voluntarily return the property to the lender. Free efile for state and federal If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. Free efile for state and federal You must report this income on your return unless certain exceptions or exclusions apply. Free efile for state and federal See chapter 1 for more details. Free efile for state and federal Borrower's gain or loss. Free efile for state and federal    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Free efile for state and federal The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Free efile for state and federal The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Free efile for state and federal For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Free efile for state and federal You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. Free efile for state and federal Amount realized and ordinary income on a recourse debt. Free efile for state and federal    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. Free efile for state and federal The amount realized also includes any proceeds you received from the foreclosure sale. Free efile for state and federal If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. Free efile for state and federal You must report this income on your return unless certain exceptions or exclusions apply. Free efile for state and federal See chapter 1 for more details. Free efile for state and federal       Example 1. Free efile for state and federal Tara bought a new car for $15,000. Free efile for state and federal She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Free efile for state and federal Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Free efile for state and federal On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Free efile for state and federal The balance due after taking into account the payments Tara made was $10,000. Free efile for state and federal The FMV of the car when it was repossessed was $9,000. Free efile for state and federal On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Free efile for state and federal In this case, the amount Tara realizes is $9,000. Free efile for state and federal This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. Free efile for state and federal Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Free efile for state and federal She has a $6,000 nondeductible loss. Free efile for state and federal After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). Free efile for state and federal Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Free efile for state and federal Example 2. Free efile for state and federal Lili paid $200,000 for her home. Free efile for state and federal She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Free efile for state and federal Lili is personally liable for the mortgage loan and the house secures the loan. Free efile for state and federal In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Free efile for state and federal When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Free efile for state and federal At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). Free efile for state and federal She remained personally liable for the $8,000 balance. Free efile for state and federal In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Free efile for state and federal The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). Free efile for state and federal She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Free efile for state and federal Lili must also determine her gain or loss from the foreclosure. Free efile for state and federal In this case, the amount that she realizes is $170,000. Free efile for state and federal This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. Free efile for state and federal Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Free efile for state and federal She has a $5,000 nondeductible loss. Free efile for state and federal Table 1-1. Free efile for state and federal Worksheet for Foreclosures and Repossessions Part 1. Free efile for state and federal Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Free efile for state and federal Otherwise, go to Part 2. Free efile for state and federal 1. Free efile for state and federal Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property   2. Free efile for state and federal Enter the fair market value of the transferred property   3. Free efile for state and federal Ordinary income from the cancellation of debt upon foreclosure or repossession. Free efile for state and federal * Subtract line 2 from line 1. Free efile for state and federal If less than zero, enter zero. Free efile for state and federal Next, go to Part 2   Part 2. Free efile for state and federal Gain or loss from foreclosure or repossession. Free efile for state and federal   4. Free efile for state and federal Enter the smaller of line 1 or line 2. Free efile for state and federal If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property   5. Free efile for state and federal Enter any proceeds you received from the foreclosure sale   6. Free efile for state and federal Add line 4 and line 5   7. Free efile for state and federal Enter the adjusted basis of the transferred property   8. Free efile for state and federal Gain or loss from foreclosure or repossession. Free efile for state and federal Subtract line 7 from line 6   * The income may not be taxable. Free efile for state and federal See chapter 1 for more details. Free efile for state and federal Amount realized on a nonrecourse debt. Free efile for state and federal    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. Free efile for state and federal This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Free efile for state and federal Example 1. Free efile for state and federal Tara bought a new car for $15,000. Free efile for state and federal She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Free efile for state and federal Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Free efile for state and federal On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Free efile for state and federal The balance due after taking into account the payments Tara made was $10,000. Free efile for state and federal The FMV of the car when it was repossessed was $9,000. Free efile for state and federal The amount Tara realized on the repossession is $10,000. Free efile for state and federal That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Free efile for state and federal Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Free efile for state and federal Tara has a $5,000 nondeductible loss. Free efile for state and federal Example 2. Free efile for state and federal Lili paid $200,000 for her home. Free efile for state and federal She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Free efile for state and federal She is not personally liable for the loan, but grants the bank a mortgage. Free efile for state and federal The bank foreclosed on the mortgage because Lili stopped making payments. Free efile for state and federal When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Free efile for state and federal The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Free efile for state and federal She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Free efile for state and federal Lili has a $5,000 realized gain. Free efile for state and federal See Publication 523 to figure and report any taxable amount. Free efile for state and federal Forms 1099-A and 1099-C. Free efile for state and federal    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. Free efile for state and federal However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. Free efile for state and federal The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Free efile for state and federal For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Free efile for state and federal Prev  Up  Next   Home   More Online Publications