File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

Free Online State Tax Return

Form 1040x Amended ReturnIrs Gov Free FileFree File TaxesIndividual Income Tax Return Resident 2012 N11Irs Gov 1040ez InstructionsFilling Out 1040ez2009 Form 1040 Ez1040ez Worksheet Line 5Fillable 1040ez 2012990 Ez FormFree Federal Tax Forms 2011How Do I File 2012 TaxesFile Tax ReturnWhere Can I File My 2012 Taxes Online2013 State Tax Form2010 1040 Ez2012 Turbo Tax Return1040 Tax Forms For 2011Can You Efile A 1040x1040ez Printable Tax FormsHow To File An Amended Tax Return For 2011 Turbotax2012 Schedule A Tax Form1040 Ez 2012Can You File 1040x Electronically2012 Taxes Online Free2012 1040 Ez Tax Form2011 Federal Tax Form 1040ezFree Tax Return For 2012Return SoftwareAmend Tax Return OnlineFederal Tax Forms 2011H&r Block Free ReturnCan I Stillfile My 2012 Taxes OnlineFile Prior Years Tax Returns2011 E FileTurbotax Online 2012I Need A 1040x FormFree H R Block 2011Free File Taxes1040 Short Form

Free Online State Tax Return

Free online state tax return Publication 550 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Free online state tax return Tax questions. Free online state tax return Future Developments For the latest information about developments related to Publication 550, such as legislation enacted after it was published, go to www. Free online state tax return irs. Free online state tax return gov/pub550. Free online state tax return What's New Net investment income tax (NIIT). Free online state tax return  Beginning in 2013, you may be subject to the NIIT. Free online state tax return The NIIT applies at a rate of 3. Free online state tax return 8% to certain net investment income of individuals, estates, and trusts that have income above statutory threshold amounts. Free online state tax return See Net investment income tax (NIIT) , later. Free online state tax return Maximum capital gain rates. Free online state tax return  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Free online state tax return See Capital Gain Tax Rates , later, for more information. Free online state tax return Gift tax exclusion amount increased. Free online state tax return  For calendar year 2013, the first $14,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts. Free online state tax return See Property Received as a Gift , later. Free online state tax return Reminders Mutual fund distributions. Free online state tax return  Publication 564, Mutual Fund Distributions, has been incorporated into this publication. Free online state tax return Foreign source income. Free online state tax return  If you are a U. Free online state tax return S. Free online state tax return citizen with investment income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Free online state tax return S. Free online state tax return law. Free online state tax return This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Free online state tax return Employee stock options. Free online state tax return  If you received an option to buy or sell stock or other property as payment for your services, see Publication 525, Taxable and Nontaxable Income, for the special tax rules that apply. Free online state tax return Photographs of missing children. Free online state tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free online state tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free online state tax return 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. Free online state tax return Introduction This publication provides information on the tax treatment of investment income and expenses. Free online state tax return It includes information on the tax treatment of investment income and expenses for individual shareholders of mutual funds or other regulated investment companies, such as money market funds. Free online state tax return It explains what investment income is taxable and what investment expenses are deductible. Free online state tax return It explains when and how to show these items on your tax return. Free online state tax return It also explains how to determine and report gains and losses on the disposition of investment property and provides information on property trades and tax shelters. Free online state tax return The glossary at the end of this publication defines many of the terms used. Free online state tax return Investment income. Free online state tax return   This generally includes interest, dividends, capital gains, and other types of distributions including mutual fund distributions. Free online state tax return Investment expenses. Free online state tax return   These include interest paid or incurred to acquire investment property and expenses to manage or collect income from investment property. Free online state tax return Qualified retirement plans and IRAs. Free online state tax return   The rules in this publication do not apply to mutual fund shares held in individual retirement arrangements (IRAs), section 401(k) plans, and other qualified retirement plans. Free online state tax return The value of the mutual fund shares and earnings allocated to you are included in your retirement plan assets and stay tax free generally until the plan distributes them to you. Free online state tax return The tax rules that apply to retirement plan distributions are explained in the following publications. Free online state tax return Publication 560, Retirement Plans for Small Business. Free online state tax return Publication 571, Tax-Sheltered Annuity Plans. Free online state tax return Publication 575, Pension and Annuity Income. Free online state tax return Publication 590, Individual Retirement Arrangements (IRAs). Free online state tax return Publication 721, Tax Guide to U. Free online state tax return S. Free online state tax return Civil Service Retirement Benefits. Free online state tax return    Comments and suggestions. Free online state tax return   We welcome your comments about this publication and your suggestions for future editions. Free online state tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free online state tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free online state tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free online state tax return   You can send your comments from www. Free online state tax return irs. Free online state tax return gov/formspubs/. Free online state tax return Click on “More Information” and then on “Comment on Tax Forms and Publications. Free online state tax return ”   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. Free online state tax return Ordering forms and publications. Free online state tax return   Visit www. Free online state tax return irs. Free online state tax return 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. Free online state tax return Internal Revenue Service 1201 N. Free online state tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Free online state tax return   If you have a tax question, check the information available on IRS. Free online state tax return gov or call 1-800-829-1040. Free online state tax return We cannot answer tax questions sent to either of the above addresses. Free online state tax return Prev  Up  Next   Home   More Online Publications
Español

National Technical Information Service

The National Technical Information Service provides businesses, universities, and the public access to government-funded scientific, engineering, technical, and business related information. The service does not use appropriated funds, so charges a fee for its services.

Contact the Agency or Department

Website: National Technical Information Service

E-mail: (for Product Questions)

Address: 5301 Shawnee Rd
Alexandria, VA 22312

Phone Number: (703) 605-6050 (Customer Service)

Toll-free: (888) 584-8332 (Customer Service)

The Free Online State Tax Return

Free online state tax return 6. Free online state tax return   How To Figure Cost of Goods Sold Table of Contents Introduction Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42Line 35 Inventory at Beginning of Year Line 36 Purchases Less Cost of Items Withdrawn for Personal Use Line 37 Cost of Labor Line 38 Materials and Supplies Line 39 Other Costs Line 40 Add Lines 35 through 39 Line 41 Inventory at End of Year Line 42 Cost of Goods Sold Introduction If you make or buy goods to sell, you can deduct the cost of goods sold from your gross receipts on Schedule C. Free online state tax return However, to determine these costs, you must value your inventory at the beginning and end of each tax year. Free online state tax return This chapter applies to you if you are a manufacturer, wholesaler, or retailer or if you are engaged in any business that makes, buys, or sells goods to produce income. Free online state tax return This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. Free online state tax return However, if you work in a personal service business and also sell or charge for the materials and supplies normally used in your business, this chapter applies to you. Free online state tax return If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. Free online state tax return For more information, see chapter 2. Free online state tax return Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42 Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. Free online state tax return These lines are reproduced below and are explained in the discussion that follows. Free online state tax return 35 Inventory at beginning of year. Free online state tax return If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. Free online state tax return Do not include any amounts paid to yourself   38 Materials and supplies   39 Other costs   40 Add lines 35 through 39   41 Inventory at end of year   42 Cost of goods sold. Free online state tax return Subtract line 41 from line 40. Free online state tax return  Enter the result here and on line 4   Line 35 Inventory at Beginning of Year If you are a merchant, beginning inventory is the cost of merchandise on hand at the beginning of the year that you will sell to customers. Free online state tax return If you are a manufacturer or producer, it includes the total cost of raw materials, work in process, finished goods, and materials and supplies used in manufacturing the goods (see Inventories in chapter 2). Free online state tax return Opening inventory usually will be identical to the closing inventory of the year before. Free online state tax return You must explain any difference in a schedule attached to your return. Free online state tax return Donation of inventory. Free online state tax return   If you contribute inventory (property that you sell in the course of your business), the amount you can claim as a contribution deduction is the smaller of its fair market value on the day you contributed it or its basis. Free online state tax return The basis of donated inventory is any cost incurred for the inventory in an earlier year that you would otherwise include in your opening inventory for the year of the contribution. Free online state tax return You must remove the amount of your contribution deduction from your opening inventory. Free online state tax return It is not part of the cost of goods sold. Free online state tax return   If the cost of donated inventory is not included in your opening inventory, the inventory's basis is zero and you cannot claim a charitable contribution deduction. Free online state tax return Treat the inventory's cost as you would ordinarily treat it under your method of accounting. Free online state tax return For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. Free online state tax return   A special rule may apply to certain donations of food inventory. Free online state tax return See Publication 526, Charitable Contributions. Free online state tax return Example 1. Free online state tax return You are a calendar year taxpayer who uses an accrual method of accounting. Free online state tax return In 2013, you contributed property from inventory to a church. Free online state tax return It had a fair market value of $600. Free online state tax return The closing inventory at the end of 2012 properly included $400 of costs due to the acquisition of the property, and in 2012, you properly deducted $50 of administrative and other expenses attributable to the property as business expenses. Free online state tax return The charitable contribution allowed for 2013 is $400 ($600 − $200). Free online state tax return The $200 is the amount that would be ordinary income if you had sold the contributed inventory at fair market value on the date of the gift. Free online state tax return The cost of goods sold you use in determining gross income for 2013 must not include the $400. Free online state tax return You remove that amount from opening inventory for 2013. Free online state tax return Example 2. Free online state tax return If, in Example 1, you acquired the contributed property in 2013 at a cost of $400, you would include the $400 cost of the property in figuring the cost of goods sold for 2013 and deduct the $50 of administrative and other expenses attributable to the property for that year. Free online state tax return You would not be allowed any charitable contribution deduction for the contributed property. Free online state tax return Line 36 Purchases Less Cost of Items Withdrawn for Personal Use If you are a merchant, use the cost of all merchandise you bought for sale. Free online state tax return If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. Free online state tax return Trade discounts. Free online state tax return   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. Free online state tax return You must use the prices you pay (not the stated prices) in figuring your cost of purchases. Free online state tax return Do not show the discount amount separately as an item in gross income. Free online state tax return   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. Free online state tax return Cash discounts. Free online state tax return   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. Free online state tax return There are two methods of accounting for cash discounts. Free online state tax return You can either credit them to a separate discount account or deduct them from total purchases for the year. Free online state tax return Whichever method you use, you must be consistent. Free online state tax return If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. Free online state tax return For more information, see Change in Accounting Method in chapter 2. Free online state tax return   If you credit cash discounts to a separate account, you must include this credit balance in your business income at the end of the tax year. Free online state tax return If you use this method, do not reduce your cost of goods sold by the cash discounts. Free online state tax return Purchase returns and allowances. Free online state tax return   You must deduct all returns and allowances from your total purchases during the year. Free online state tax return Merchandise withdrawn from sale. Free online state tax return   If you withdraw merchandise for your personal or family use, you must exclude this cost from the total amount of merchandise you bought for sale. Free online state tax return Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. Free online state tax return You must also charge the amount to your drawing account. Free online state tax return   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. Free online state tax return As stated above, you also use it to record withdrawals of merchandise for personal or family use. Free online state tax return This account is also known as a “withdrawals account” or “personal account. Free online state tax return ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. Free online state tax return Small merchandisers (wholesalers, retailers, etc. Free online state tax return ) usually do not have labor costs that can properly be charged to cost of goods sold. Free online state tax return In a manufacturing business, labor costs properly allocable to the cost of goods sold include both the direct and indirect labor used in fabricating the raw material into a finished, saleable product. Free online state tax return Direct labor. Free online state tax return   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. Free online state tax return They also include a part of the wages you pay to employees who work directly on the product part time if you can determine that part of their wages. Free online state tax return Indirect labor. Free online state tax return   Indirect labor costs are the wages you pay to employees who perform a general factory function that does not have any immediate or direct connection with making the saleable product, but that is a necessary part of the manufacturing process. Free online state tax return Other labor. Free online state tax return   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. Free online state tax return Generally, the only kinds of labor costs properly chargeable to your cost of goods sold are the direct or indirect labor costs and certain other costs treated as overhead expenses properly charged to the manufacturing process, as discussed later under Line 39 Other Costs. Free online state tax return Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. Free online state tax return Those that are not used in the manufacturing process are treated as deferred charges. Free online state tax return You deduct them as a business expense when you use them. Free online state tax return Business expenses are discussed in chapter 8. Free online state tax return Line 39 Other Costs Examples of other costs incurred in a manufacturing or mining process that you charge to your cost of goods sold are as follows. Free online state tax return Containers. Free online state tax return   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. Free online state tax return If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. Free online state tax return Freight-in. Free online state tax return   Freight-in, express-in, and cartage-in on raw materials, supplies you use in production, and merchandise you purchase for sale are all part of cost of goods sold. Free online state tax return Overhead expenses. Free online state tax return   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. Free online state tax return The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. Free online state tax return Line 40 Add Lines 35 through 39 The total of lines 35 through 39 equals the cost of the goods available for sale during the year. Free online state tax return Line 41 Inventory at End of Year Subtract the value of your closing inventory (including, as appropriate, the allocable parts of the cost of raw materials and supplies, direct labor, and overhead expenses) from line 40. Free online state tax return Inventory at the end of the year is also known as closing or ending inventory. Free online state tax return Your ending inventory will usually become the beginning inventory of your next tax year. Free online state tax return Line 42 Cost of Goods Sold When you subtract your closing inventory (inventory at the end of the year) from the cost of goods available for sale, the remainder is your cost of goods sold during the tax year. Free online state tax return Prev  Up  Next   Home   More Online Publications