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Free online tax preparation 3. Free online tax preparation   SIMPLE Plans Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: SIMPLE IRA PlanWho Can Set Up a SIMPLE IRA Plan? Who Can Participate in a SIMPLE IRA Plan? How To Set Up a SIMPLE IRA Plan Notification Requirement Contribution Limits When To Deduct Contributions Where To Deduct Contributions Tax Treatment of Contributions Distributions (Withdrawals) More Information on SIMPLE IRA Plans SIMPLE 401(k) Plan Topics - This chapter discusses: SIMPLE IRA plan SIMPLE 401(k) plan Useful Items - You may want to see: Publications 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4284 SIMPLE IRA Plan Checklist 4334 SIMPLE IRA Plans for Small Businesses Forms (and Instructions) W-2 Wage and Tax Statement 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A savings incentive match plan for employees (SIMPLE plan) is a written arrangement that provides you and your employees with a simplified way to make contributions to provide retirement income. Free online tax preparation Under a SIMPLE plan, employees can choose to make salary reduction contributions to the plan rather than receiving these amounts as part of their regular pay. Free online tax preparation In addition, you will contribute matching or nonelective contributions. Free online tax preparation SIMPLE plans can only be maintained on a calendar-year basis. Free online tax preparation A SIMPLE plan can be set up in either of the following ways. Free online tax preparation Using SIMPLE IRAs (SIMPLE IRA plan). Free online tax preparation As part of a 401(k) plan (SIMPLE 401(k) plan). Free online tax preparation Many financial institutions will help you set up a SIMPLE plan. Free online tax preparation SIMPLE IRA Plan A SIMPLE IRA plan is a retirement plan that uses SIMPLE IRAs for each eligible employee. Free online tax preparation Under a SIMPLE IRA plan, a SIMPLE IRA must be set up for each eligible employee. Free online tax preparation For the definition of an eligible employee, see Who Can Participate in a SIMPLE IRA Plan , later. Free online tax preparation Who Can Set Up a SIMPLE IRA Plan? You can set up a SIMPLE IRA plan if you meet both the following requirements. Free online tax preparation You meet the employee limit. Free online tax preparation You do not maintain another qualified plan unless the other plan is for collective bargaining employees. Free online tax preparation Employee limit. Free online tax preparation   You can set up a SIMPLE IRA plan only if you had 100 or fewer employees who received $5,000 or more in compensation from you for the preceding year. Free online tax preparation Under this rule, you must take into account all employees employed at any time during the calendar year regardless of whether they are eligible to participate. Free online tax preparation Employees include self-employed individuals who received earned income and leased employees (defined in chapter 1). Free online tax preparation   Once you set up a SIMPLE IRA plan, you must continue to meet the 100-employee limit each year you maintain the plan. Free online tax preparation Grace period for employers who cease to meet the 100-employee limit. Free online tax preparation   If you maintain the SIMPLE IRA plan for at least 1 year and you cease to meet the 100-employee limit in a later year, you will be treated as meeting it for the 2 calendar years immediately following the calendar year for which you last met it. Free online tax preparation   A different rule applies if you do not meet the 100-employee limit because of an acquisition, disposition, or similar transaction. Free online tax preparation Under this rule, the SIMPLE IRA plan will be treated as meeting the 100-employee limit for the year of the transaction and the 2 following years if both the following conditions are satisfied. Free online tax preparation Coverage under the plan has not significantly changed during the grace period. Free online tax preparation The SIMPLE IRA plan would have continued to qualify after the transaction if you had remained a separate employer. Free online tax preparation    The grace period for acquisitions, dispositions, and similar transactions also applies if, because of these types of transactions, you do not meet the rules explained under Other qualified plan or Who Can Participate in a SIMPLE IRA Plan, below. Free online tax preparation Other qualified plan. Free online tax preparation   The SIMPLE IRA plan generally must be the only retirement plan to which you make contributions, or to which benefits accrue, for service in any year beginning with the year the SIMPLE IRA plan becomes effective. Free online tax preparation Exception. Free online tax preparation   If you maintain a qualified plan for collective bargaining employees, you are permitted to maintain a SIMPLE IRA plan for other employees. Free online tax preparation Who Can Participate in a SIMPLE IRA Plan? Eligible employee. Free online tax preparation   Any employee who received at least $5,000 in compensation during any 2 years preceding the current calendar year and is reasonably expected to receive at least $5,000 during the current calendar year is eligible to participate. Free online tax preparation The term “employee” includes a self-employed individual who received earned income. Free online tax preparation   You can use less restrictive eligibility requirements (but not more restrictive ones) by eliminating or reducing the prior year compensation requirements, the current year compensation requirements, or both. Free online tax preparation For example, you can allow participation for employees who received at least $3,000 in compensation during any preceding calendar year. Free online tax preparation However, you cannot impose any other conditions for participating in a SIMPLE IRA plan. Free online tax preparation Excludable employees. Free online tax preparation   The following employees do not need to be covered under a SIMPLE IRA plan. Free online tax preparation Employees who are covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. Free online tax preparation Nonresident alien employees who have received no U. Free online tax preparation S. Free online tax preparation source wages, salaries, or other personal services compensation from you. Free online tax preparation Compensation. Free online tax preparation   Compensation for employees is the total wages, tips, and other compensation from the employer subject to federal income tax withholding and the amounts paid for domestic service in a private home, local college club, or local chapter of a college fraternity or sorority. Free online tax preparation Compensation also includes the employee's salary reduction contributions made under this plan and, if applicable, elective deferrals under a section 401(k) plan, a SARSEP, or a section 403(b) annuity contract and compensation deferred under a section 457 plan required to be reported by the employer on Form W-2. Free online tax preparation If you are self-employed, compensation is your net earnings from self-employment (line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040)) before subtracting any contributions made to the SIMPLE IRA plan for yourself. Free online tax preparation How To Set Up a SIMPLE IRA Plan You can use Form 5304-SIMPLE or Form 5305-SIMPLE to set up a SIMPLE IRA plan. Free online tax preparation Each form is a model savings incentive match plan for employees (SIMPLE) plan document. Free online tax preparation Which form you use depends on whether you select a financial institution or your employees select the institution that will receive the contributions. Free online tax preparation Use Form 5304-SIMPLE if you allow each plan participant to select the financial institution for receiving his or her SIMPLE IRA plan contributions. Free online tax preparation Use Form 5305-SIMPLE if you require that all contributions under the SIMPLE IRA plan be deposited initially at a designated financial institution. Free online tax preparation The SIMPLE IRA plan is adopted when you have completed all appropriate boxes and blanks on the form and you (and the designated financial institution, if any) have signed it. Free online tax preparation Keep the original form. Free online tax preparation Do not file it with the IRS. Free online tax preparation Other uses of the forms. Free online tax preparation   If you set up a SIMPLE IRA plan using Form 5304-SIMPLE or Form 5305-SIMPLE, you can use the form to satisfy other requirements, including the following. Free online tax preparation Meeting employer notification requirements for the SIMPLE IRA plan. Free online tax preparation Form 5304-SIMPLE and Form 5305-SIMPLE contain a Model Notification to Eligible Employees that provides the necessary information to the employee. Free online tax preparation Maintaining the SIMPLE IRA plan records and proving you set up a SIMPLE IRA plan for employees. Free online tax preparation Deadline for setting up a SIMPLE IRA plan. Free online tax preparation   You can set up a SIMPLE IRA plan effective on any date from January 1 through October 1 of a year, provided you did not previously maintain a SIMPLE IRA plan. Free online tax preparation This requirement does not apply if you are a new employer that comes into existence after October 1 of the year the SIMPLE IRA plan is set up and you set up a SIMPLE IRA plan as soon as administratively feasible after your business comes into existence. Free online tax preparation If you previously maintained a SIMPLE IRA plan, you can set up a SIMPLE IRA plan effective only on January 1 of a year. Free online tax preparation A SIMPLE IRA plan cannot have an effective date that is before the date you actually adopt the plan. Free online tax preparation Setting up a SIMPLE IRA. Free online tax preparation   SIMPLE IRAs are the individual retirement accounts or annuities into which the contributions are deposited. Free online tax preparation A SIMPLE IRA must be set up for each eligible employee. Free online tax preparation Forms 5305-S, SIMPLE Individual Retirement Trust Account, and 5305-SA, SIMPLE Individual Retirement Custodial Account, are model trust and custodial account documents the participant and the trustee (or custodian) can use for this purpose. Free online tax preparation   A SIMPLE IRA cannot be a Roth IRA. Free online tax preparation Contributions to a SIMPLE IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. Free online tax preparation Deadline for setting up a SIMPLE IRA. Free online tax preparation   A SIMPLE IRA must be set up for an employee before the first date by which a contribution is required to be deposited into the employee's IRA. Free online tax preparation See Time limits for contributing funds , later, under Contribution Limits. Free online tax preparation Credit for startup costs. Free online tax preparation   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE IRA plan that first became effective in 2013. Free online tax preparation For more information, see Credit for startup costs under Reminders, earlier. Free online tax preparation Notification Requirement If you adopt a SIMPLE IRA plan, you must notify each employee of the following information before the beginning of the election period. Free online tax preparation The employee's opportunity to make or change a salary reduction choice under a SIMPLE IRA plan. Free online tax preparation Your decision to make either matching contributions or nonelective contributions (discussed later). Free online tax preparation A summary description provided by the financial institution. Free online tax preparation Written notice that his or her balance can be transferred without cost or penalty if they use a designated financial institution. Free online tax preparation Election period. Free online tax preparation   The election period is generally the 60-day period immediately preceding January 1 of a calendar year (November 2 to December 31 of the preceding calendar year). Free online tax preparation However, the dates of this period are modified if you set up a SIMPLE IRA plan in mid-year (for example, on July 1) or if the 60-day period falls before the first day an employee becomes eligible to participate in the SIMPLE IRA plan. Free online tax preparation   A SIMPLE IRA plan can provide longer periods for permitting employees to enter into salary reduction agreements or to modify prior agreements. Free online tax preparation For example, a SIMPLE IRA plan can provide a 90-day election period instead of the 60-day period. Free online tax preparation Similarly, in addition to the 60-day period, a SIMPLE IRA plan can provide quarterly election periods during the 30 days before each calendar quarter, other than the first quarter of each year. Free online tax preparation Contribution Limits Contributions are made up of salary reduction contributions and employer contributions. Free online tax preparation You, as the employer, must make either matching contributions or nonelective contributions, defined later. Free online tax preparation No other contributions can be made to the SIMPLE IRA plan. Free online tax preparation These contributions, which you can deduct, must be made timely. Free online tax preparation See Time limits for contributing funds , later. Free online tax preparation Salary reduction contributions. Free online tax preparation   The amount the employee chooses to have you contribute to a SIMPLE IRA on his or her behalf cannot be more than $12,000 for 2013 and 2014. Free online tax preparation These contributions must be expressed as a percentage of the employee's compensation unless you permit the employee to express them as a specific dollar amount. Free online tax preparation You cannot place restrictions on the contribution amount (such as limiting the contribution percentage), except to comply with the $12,000 limit. Free online tax preparation   If you or an employee participates in any other qualified plan during the year and you or your employee have salary reduction contributions (elective deferrals) under those plans, the salary reduction contributions under a SIMPLE IRA plan also count toward the overall annual limit ($17,500 for 2013 and 2014) on exclusion of salary reduction contributions and other elective deferrals. Free online tax preparation Catch-up contributions. Free online tax preparation   A SIMPLE IRA plan can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. Free online tax preparation The catch-up contribution limit for 2013 and 2014 for SIMPLE IRA plans is $2,500. Free online tax preparation Salary reduction contributions are not treated as catch-up contributions for 2013 or 2014 until they exceed $12,000. Free online tax preparation However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Free online tax preparation The catch-up contribution limit. Free online tax preparation The excess of the participant's compensation over the salary reduction contributions that are not catch-up contributions. Free online tax preparation Employer matching contributions. Free online tax preparation   You are generally required to match each employee's salary reduction contributions on a dollar-for-dollar basis up to 3% of the employee's compensation. Free online tax preparation This requirement does not apply if you make nonelective contributions as discussed later. Free online tax preparation Example. Free online tax preparation In 2013, your employee, John Rose, earned $25,000 and chose to defer 5% of his salary. Free online tax preparation Your net earnings from self-employment are $40,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Free online tax preparation You make 3% matching contributions. Free online tax preparation The total contribution you make for John is $2,000, figured as follows. Free online tax preparation Salary reduction contributions ($25,000 × . Free online tax preparation 05) $1,250 Employer matching contribution ($25,000 × . Free online tax preparation 03) 750 Total contributions $2,000     The total contribution you make for yourself is $5,200, figured as follows. Free online tax preparation Salary reduction contributions ($40,000 × . Free online tax preparation 10) $4,000 Employer matching contribution ($40,000 × . Free online tax preparation 03) 1,200 Total contributions $5,200 Lower percentage. Free online tax preparation   If you choose a matching contribution less than 3%, the percentage must be at least 1%. Free online tax preparation You must notify the employees of the lower match within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. Free online tax preparation You cannot choose a percentage less than 3% for more than 2 years during the 5-year period that ends with (and includes) the year for which the choice is effective. Free online tax preparation Nonelective contributions. Free online tax preparation   Instead of matching contributions, you can choose to make nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 (or some lower amount you select) of compensation from you for the year. Free online tax preparation If you make this choice, you must make nonelective contributions whether or not the employee chooses to make salary reduction contributions. Free online tax preparation Only $255,000 of the employee's compensation can be taken into account to figure the contribution limit in 2013 ($260,000 in 2014). Free online tax preparation   If you choose this 2% contribution formula, you must notify the employees within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. Free online tax preparation Example 1. Free online tax preparation In 2013, your employee, Jane Wood, earned $36,000 and chose to have you contribute 10% of her salary. Free online tax preparation Your net earnings from self-employment are $50,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Free online tax preparation You make a 2% nonelective contribution. Free online tax preparation Both of you are under age 50. Free online tax preparation The total contribution you make for Jane is $4,320, figured as follows. Free online tax preparation Salary reduction contributions ($36,000 × . Free online tax preparation 10) $3,600 2% nonelective contributions ($36,000 × . Free online tax preparation 02) 720 Total contributions $4,320     The total contribution you make for yourself is $6,000, figured as follows. Free online tax preparation Salary reduction contributions ($50,000 × . Free online tax preparation 10) $5,000 2% nonelective contributions ($50,000 × . Free online tax preparation 02) 1,000 Total contributions $6,000 Example 2. Free online tax preparation Using the same facts as in Example 1, above, the maximum contribution you make for Jane or for yourself if you each earned $75,000 is $13,500, figured as follows. Free online tax preparation Salary reduction contributions (maximum amount allowed) $12,000 2% nonelective contributions ($75,000 × . Free online tax preparation 02) 1,500 Total contributions $13,500 Time limits for contributing funds. Free online tax preparation   You must make the salary reduction contributions to the SIMPLE IRA within 30 days after the end of the month in which the amounts would otherwise have been payable to the employee in cash. Free online tax preparation You must make matching contributions or nonelective contributions by the due date (including extensions) for filing your federal income tax return for the year. Free online tax preparation Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions. Free online tax preparation When To Deduct Contributions You can deduct SIMPLE IRA contributions in the tax year within which the calendar year for which contributions were made ends. Free online tax preparation You can deduct contributions for a particular tax year if they are made for that tax year and are made by the due date (including extensions) of your federal income tax return for that year. Free online tax preparation Example 1. Free online tax preparation Your tax year is the fiscal year ending June 30. Free online tax preparation Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2013 before July 1, 2013) are deductible in the tax year ending June 30, 2014. Free online tax preparation Example 2. Free online tax preparation You are a sole proprietor whose tax year is the calendar year. Free online tax preparation Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2014 by April 15, 2014) are deductible in the 2013 tax year. Free online tax preparation Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Free online tax preparation For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040); partnerships deduct them on Form 1065; and corporations deduct them on Form 1120 or Form 1120S. Free online tax preparation Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Free online tax preparation (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you receive from the partnership. Free online tax preparation ) Tax Treatment of Contributions You can deduct your contributions and your employees can exclude these contributions from their gross income. Free online tax preparation SIMPLE IRA plan contributions are not subject to federal income tax withholding. Free online tax preparation However, salary reduction contributions are subject to social security, Medicare, and federal unemployment (FUTA) taxes. Free online tax preparation Matching and nonelective contributions are not subject to these taxes. Free online tax preparation Reporting on Form W-2. Free online tax preparation   Do not include SIMPLE IRA plan contributions in the “Wages, tips, other compensation” box of Form W-2. Free online tax preparation You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Free online tax preparation You must also include them in box 12. Free online tax preparation Mark the “Retirement plan” checkbox in box 13. Free online tax preparation For more information, see the Form W-2 instructions. Free online tax preparation Distributions (Withdrawals) Distributions from a SIMPLE IRA are subject to IRA rules and generally are includible in income for the year received. Free online tax preparation Tax-free rollovers can be made from one SIMPLE IRA into another SIMPLE IRA. Free online tax preparation However, a rollover from a SIMPLE IRA to a non-SIMPLE IRA can be made tax free only after a 2-year participation in the SIMPLE IRA plan. Free online tax preparation Generally, you or your employee must begin to receive distributions from a SIMPLE IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. Free online tax preparation Early withdrawals generally are subject to a 10% additional tax. Free online tax preparation However, the additional tax is increased to 25% if funds are withdrawn within 2 years of beginning participation. Free online tax preparation More information. Free online tax preparation   See Publication 590 for information about IRA rules, including those on the tax treatment of distributions, rollovers, required distributions, and income tax withholding. Free online tax preparation More Information on SIMPLE IRA Plans If you need help to set up or maintain a SIMPLE IRA plan, go to the IRS website and search SIMPLE IRA Plan. Free online tax preparation SIMPLE 401(k) Plan You can adopt a SIMPLE plan as part of a 401(k) plan if you meet the 100-employee limit as discussed earlier under SIMPLE IRA Plan. Free online tax preparation A SIMPLE 401(k) plan is a qualified retirement plan and generally must satisfy the rules discussed under Qualification Rules in chapter 4, including the required distribution rules. Free online tax preparation However, a SIMPLE 401(k) plan is not subject to the nondiscrimination and top-heavy rules discussed in chapter 4 if the plan meets the conditions listed below. Free online tax preparation Under the plan, an employee can choose to have you make salary reduction contributions for the year to a trust in an amount expressed as a percentage of the employee's compensation, but not more than $12,000 for 2013 and 2014. Free online tax preparation If permitted under the plan, an employee who is age 50 or over can also make a catch-up contribution of up to $2,500 for 2013 and 2014. Free online tax preparation See Catch-up contributions , earlier under Contribution Limits. Free online tax preparation You must make either: Matching contributions up to 3% of compensation for the year, or Nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 of compensation from you for the year. Free online tax preparation No other contributions can be made to the trust. Free online tax preparation No contributions are made, and no benefits accrue, for services during the year under any other qualified retirement plan sponsored by you on behalf of any employee eligible to participate in the SIMPLE 401(k) plan. Free online tax preparation The employee's rights to any contributions are nonforfeitable. Free online tax preparation No more than $255,000 of the employee's compensation can be taken into account in figuring matching contributions and nonelective contributions in 2013 ($260,000 in 2014). Free online tax preparation Compensation is defined earlier in this chapter. Free online tax preparation Employee notification. Free online tax preparation   The notification requirement that applies to SIMPLE IRA plans also applies to SIMPLE 401(k) plans. Free online tax preparation See Notification Requirement in this chapter. Free online tax preparation Credit for startup costs. Free online tax preparation   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE 401(k) plan that first became effective in 2013. Free online tax preparation For more information, see Credit for startup costs under Reminders, earlier. Free online tax preparation Note on Forms. Free online tax preparation   Please note that Forms 5304-SIMPLE and 5305-SIMPLE can not be used to establish a SIMPLE 401(k) plan. Free online tax preparation To set up a SIMPLE 401(k) plan, see Adopting a Written Plan in chapter 4. Free online tax preparation Prev  Up  Next   Home   More Online Publications
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Publication 15 (Circular E), Employer's Tax Guide

This publication explains your tax responsibilities as an employer. 


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Free online tax preparation Publication 946 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. Free online tax preparation Tax questions. Free online tax preparation What's New for 2013 Increased section 179 deduction dollar limits. Free online tax preparation  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000 ($535,000 for qualified enterprise zone property). Free online tax preparation This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2,000,000. Free online tax preparation See Dollar Limits under How Much Can You Deduct in chapter 2. Free online tax preparation Depreciation limits on business vehicles. Free online tax preparation  The total section 179 deduction and depreciation you can deduct for a passenger automobile (that is not a truck or van) you use in your business and first placed in service in 2013 is $3,160, if the special depreciation allowance does not apply. Free online tax preparation The maximum deduction you can take for a truck or van you use in your business and first placed in service in 2013 is $3,360, if the special depreciation allowance does not apply. Free online tax preparation See Maximum Depreciation Deduction in chapter 5. Free online tax preparation Special allowance for qualified second generation biofuel plant property. Free online tax preparation . Free online tax preparation  For tax years ending after December 31, 2012, you may be able to take a 50% special depreciation allowance for qualified second generation biofuel plant property placed in service after January 2, 2013, and before January 1, 2014. Free online tax preparation Election to accelerate minimum tax credits for round 3 extension property. Free online tax preparation . Free online tax preparation  For tax years ending after December 31, 2012, a corporation can elect to claim pre-2006 unused minimum tax credits in lieu of the special depreciation allowance for round 3 extension property. Free online tax preparation What's New for 2014 Expiration of the increased section 179 deduction limits and expanded definition of section 179 property. Free online tax preparation  For tax years beginning after 2013, the increased section 179 expense deduction limit and threshold amount before reduction in limitation will no longer apply. Free online tax preparation Also, the definition of section 179 property will no longer include certain qualified real property. Free online tax preparation Expiration of the 7-year recovery period for motor sports entertainment complexes. Free online tax preparation  Qualified motor sports entertainment complex property placed in service after December 31, 2013, will not be treated as 7-year property under MACRS. Free online tax preparation Expiration of the 15-year recovery period for qualified leasehold improvement, restaurant, and retail improvement properties. Free online tax preparation  Qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property placed in service after December 31, 2013, will not be treated as 15-year property under MACRS. Free online tax preparation Expiration of the accelerated depreciation for qualified Indian reservation property. Free online tax preparation  The accelerated depreciation of property on an Indian Reservation will not apply to property placed in service after December 31, 2013. Free online tax preparation Expiration of the 3-year recovery period for certain race horses. Free online tax preparation  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. Free online tax preparation Reminders Photographs of missing children. Free online tax preparation  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free online tax preparation Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free online tax preparation 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 tax preparation Introduction Future developments. Free online tax preparation   For the latest information about developments related to Publication 946 such as legislation enacted after this publication was published, go to www. Free online tax preparation irs. Free online tax preparation gov/pub946. Free online tax preparation This publication explains how you can recover the cost of business or income-producing property through deductions for depreciation (for example, the special depreciation allowance and deductions under the Modified Accelerated Cost Recovery System (MACRS)). Free online tax preparation It also explains how you can elect to take a section 179 deduction, instead of depreciation deductions, for certain property, and the additional rules for listed property. Free online tax preparation The depreciation methods discussed in this publication generally do not apply to property placed in service before 1987. Free online tax preparation For more information, see Publication 534, Depreciating Property Placed in Service Before 1987. Free online tax preparation Definitions. Free online tax preparation   Many of the terms used in this publication are defined in the Glossary near the end of the publication. Free online tax preparation Glossary terms used in each discussion under the major headings are listed before the beginning of each discussion throughout the publication. Free online tax preparation Do you need a different publication?   The following table shows where you can get more detailed information when depreciating certain types of property. Free online tax preparation For information on depreciating: See Publication: A car 463, Travel, Entertainment, Gift, and Car Expenses Residential rental property 527, Residential Rental Property (Including Rental of Vacation Home) Office space in your home 587, Business Use of Your Home (Including Use by Daycare Providers) Farm property 225, Farmer's Tax Guide Comments and suggestions. Free online tax preparation   We welcome your comments about this publication and your suggestions for future editions. Free online tax preparation   You can write to us at the following address: Internal Revenue Service Business, Exempt Organizations and International Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Free online tax preparation NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free online tax preparation Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free online tax preparation   You can send us comments from www. Free online tax preparation irs. Free online tax preparation gov/formspubs/. Free online tax preparation Select “Comment on Tax Forms and Publications” under “More Information. Free online tax preparation ”   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 tax preparation Ordering forms and publications. 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