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H&r block free online taxes Publication 547 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. H&r block free online taxes Tax questions. H&r block free online taxes Useful Items - You may want to see: What's New Section C of Form 4684 for Ponzi-type investment schemes. H&r block free online taxes  Section C of Form 4684 is new for 2013. H&r block free online taxes You must complete Section C if you are claiming a theft loss deduction due to a Ponzi-type investment scheme and are using Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58. H&r block free online taxes Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. H&r block free online taxes You do not need to complete Appendix A. H&r block free online taxes For details, see Losses from Ponzi-type investment schemes , later. H&r block free online taxes Reminders Future developments. H&r block free online taxes   For the latest information about developments related to Publication 547, such as legislation enacted after it was published, go to www. H&r block free online taxes irs. H&r block free online taxes gov/pub547. H&r block free online taxes Photographs of missing children. H&r block free online taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. H&r block free online taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. H&r block free online taxes 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. H&r block free online taxes Introduction This publication explains the tax treatment of casualties, thefts, and losses on deposits. H&r block free online taxes A casualty occurs when your property is damaged as a result of a disaster such as a storm, fire, car accident, or similar event. H&r block free online taxes A theft occurs when someone steals your property. H&r block free online taxes A loss on deposits occurs when your financial institution becomes insolvent or bankrupt. H&r block free online taxes This publication discusses the following topics. H&r block free online taxes Definitions of a casualty, theft, and loss on deposits. H&r block free online taxes How to figure the amount of your gain or loss. H&r block free online taxes How to treat insurance and other reimbursements you receive. H&r block free online taxes The deduction limits. H&r block free online taxes When and how to report a casualty or theft. H&r block free online taxes The special rules for disaster area losses. H&r block free online taxes Forms to file. H&r block free online taxes   Generally, when you have a casualty or theft, you have to file Form 4684. H&r block free online taxes You may also have to file one or more of the following forms. H&r block free online taxes Schedule A (Form 1040). H&r block free online taxes Form 1040NR, Schedule A (for nonresident aliens). H&r block free online taxes Schedule D. H&r block free online taxes Form 4797. H&r block free online taxes For details on which form to use, see How To Report Gains and Losses , later. H&r block free online taxes Condemnations. H&r block free online taxes   For information on condemnations of property, see Involuntary Conversions in chapter 1 of Publication 544, Sales and Other Dispositions of Assets. H&r block free online taxes Workbooks for casualties and thefts. H&r block free online taxes   Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property), is available to help you make a list of your stolen or damaged personal-use property and figure your loss. H&r block free online taxes It includes schedules to help you figure the loss on your home and its contents, and your motor vehicles. H&r block free online taxes   Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook, is available to help you make a list of your stolen or damaged business or income-producing property and figure your loss. H&r block free online taxes Comments and suggestions. H&r block free online taxes   We welcome your comments about this publication and your suggestions for future editions. H&r block free online taxes   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. H&r block free online taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. H&r block free online taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. H&r block free online taxes   You can send your comments from www. H&r block free online taxes irs. H&r block free online taxes gov/formspubs/. H&r block free online taxes Click on “More Information” and then on “Comment on Tax Forms and Publications”. H&r block free online taxes   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. H&r block free online taxes Ordering forms and publications. H&r block free online taxes   Visit www. H&r block free online taxes irs. H&r block free online taxes 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. H&r block free online taxes Internal Revenue Service 1201 N. H&r block free online taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. H&r block free online taxes   If you have a tax question, check the information available on IRS. H&r block free online taxes gov or call 1-800-829-1040. H&r block free online taxes We cannot answer tax questions sent to either of the above addresses. H&r block free online taxes Useful Items - You may want to see: Publication 523 Selling Your Home 525 Taxable and Nontaxable Income 550 Investment Income and Expenses 551 Basis of Assets 584 Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) 584-B Business Casualty, Disaster, and   Theft Loss Workbook Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Form 1040NR, Schedule A Itemized Deductions (for nonresident aliens) Schedule D (Form 1040) Capital Gains and Losses 4684 Casualties and Thefts 4797 Sales of Business Property See How To Get Tax Help near the end of this publication for information about getting publications and forms. H&r block free online taxes Prev  Up  Next   Home   More Online Publications
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Recent Developments for Tax Forms, Instructions, and Publications

Note to Users of Form 1042 --27-MAR-2014
 

Correction to Instructions for Form 706-NA --07-MAR-2014
 

Retiring Form 5300 (Schedule Q), Elective Determination Requests, and the Instructions -- 28-FEB-2014
 

Correction to 2013 Instructions for Form 1041 and Schedules A, B, G, J, and K-1 -- 20-FEB-2014
 

Clarification for Form 8879, IRS e-file Signature Authorization --13-FEB-2014
 

Update to Fax Numbers for Filing Form 2848 --13-FEB-2014
 

Reminder for Employers: No Federal Income Tax Withholding on Disability Payments for Injuries Incurred as a Direct Result of a Terrorist Attack Directed Against the United States -- 04-FEB-2014
 

The Form 706-D and the Instructions for Form 706-D are Retired. The Information will not be included in another product. -- 03-FEB-2014
 

The Publication 5500 Filing Reminder is Obsolete -- 03-FEB-2014
 

Change: Schedule D-1 (Form 1041) Will No Longer be Revised or Used, Beginning with Tax Year 2013 -- 24-JAN-2014
 

Correction to 2013 Instructions for Schedule H (Form 990) -- 23-JAN-2014
 

Important Information Regarding Additional Medicare Tax -- 23-JAN-2014
 

Personal Exemption Update for Qualified Disability Trusts Subject to Phaseout for 2013 Form 1041-ES, Estimated Income Tax for Estates and Trusts -- 13-JAN-2014
 

Final Release of 2013 Original Issue Discount (OID) Tables -- 10-JAN-2014
 

Corrections to the 2013 Instructions for Form 1116, Foreign Tax Credit (Individual, Estate, or Trust)--10 JAN 2014
 

Correction to 2013 Schedule K-1 (Form 1041), Beneficiary’s Share of Income, Deductions, Credits, etc. -- 8-JAN-2014
 

Corrections to Publication 1212 (Rev. December 2013), Guide to Original Issue Discount (OID) Instruments, Examples 5 and 6 -- 08-JAN-2014
 

Correction to 2013 Instructions for Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return -- 07-JAN-14
 

Correction to 2013 Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return -- 07-JAN-2014
 

Update to the Instructions for Form 9465, Installment Agreement Request (Rev. December 2013) -- 06-JAN-2014
 

Correction to 2013 Instructions for Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return -- 31-DEC-2013
 

Correction to 2013 Schedule I (Form 1041), Alternative Minimum Tax - Estates and Trusts -- 22-DEC-2013
 

Update for Filers of Form 8958, Allocation of Tax Amounts Between Certain Individuals in Community Property States -- 16-DEC-2013
 

Update to Publication 555, Community Property -- 13-DEC-2013
 

Correction to Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return -- 03-DEC-2013
 

Corrections to 2013 Instructions for Form 706 United States Estate (and Generation-Skipping Transfer) Tax Return (Nov-12-2013) -- 25-NOV-2013
 

Change to the 2014 Specific Instructions for Form 1099-C, Box 2. Amount of Debt Discharged -- 07-NOV-13


Change to the 2013 Instructions for Form 1099-R for reporting certain distributions from nonqualified plans -- 06-NOV-13
 

Correction to 2013 Instructions for Schedule R (Form 990) -- 06-NOV-13
 

Form 5884-B, New Hire Retention Credit, is identified as a historical form and cannot be used with a current year federal tax return -- 5-NOV-2013
 

Additional Instructions for 2012 Form 8949, Sales and Other Dispositions of Capital Assets -- 27-AUG-2013
 

Update to 2012 Instructions for Form 990-T -- 12-AUG-2013
 

Update to 2012 Instructions for Form 990-EZ -- 12-AUG-2013
 

Changes to the 2013 Form 1096, Box 5 Reporting Instructions for Form 1099-B -- 09-AUG-2013
 

Change to Filing Address for Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding -- 22-MAY-2013
 

Clarification for Form 1024, Application for Recognition of Exemption Under Section 501(a) (Rev. September 1998) -- 02-MAY-2013
 

Page Last Reviewed or Updated: 31-Mar-2014

The H&r Block Free Online Taxes

H&r block free online taxes 7. H&r block free online taxes   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. H&r block free online taxes Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. H&r block free online taxes You must determine gross profit before you can deduct any business expenses. H&r block free online taxes These expenses are discussed in chapter 8. H&r block free online taxes If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. H&r block free online taxes Businesses that sell products. H&r block free online taxes   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. H&r block free online taxes Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). H&r block free online taxes Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. H&r block free online taxes   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). H&r block free online taxes The result is the gross profit from your business. H&r block free online taxes Businesses that sell services. H&r block free online taxes   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. H&r block free online taxes Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). H&r block free online taxes Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. H&r block free online taxes Illustration. H&r block free online taxes   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. H&r block free online taxes Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. H&r block free online taxes Gross receipts. H&r block free online taxes   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. H&r block free online taxes You may find it helpful to use cash registers to keep track of receipts. H&r block free online taxes You should also use a proper invoicing system and keep a separate bank account for your business. H&r block free online taxes Sales tax collected. H&r block free online taxes   Check to make sure your records show the correct sales tax collected. H&r block free online taxes   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. H&r block free online taxes   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. H&r block free online taxes Inventory at beginning of year. H&r block free online taxes   Compare this figure with last year's ending inventory. H&r block free online taxes The two amounts should usually be the same. H&r block free online taxes Purchases. H&r block free online taxes   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. H&r block free online taxes ) be sure to remove them from the cost of goods sold. H&r block free online taxes For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. H&r block free online taxes Inventory at end of year. H&r block free online taxes   Check to make sure your procedures for taking inventory are adequate. H&r block free online taxes These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. H&r block free online taxes   Use inventory forms and adding machine tapes as the only evidence for your inventory. H&r block free online taxes Inventory forms are available at office supply stores. H&r block free online taxes These forms have columns for recording the description, quantity, unit price, and value of each inventory item. H&r block free online taxes Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. H&r block free online taxes These forms will help satisfy you that the total inventory is accurate. H&r block free online taxes They will also provide you with a permanent record to support its validity. H&r block free online taxes   Inventories are discussed in chapter 2. H&r block free online taxes Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. H&r block free online taxes First, divide gross profit by net receipts. H&r block free online taxes The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. H&r block free online taxes Next, compare this percentage to your markup policy. H&r block free online taxes Little or no difference between these two percentages shows that your gross profit figure is accurate. H&r block free online taxes A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. H&r block free online taxes You should determine the reason for the difference. H&r block free online taxes Example. H&r block free online taxes   Joe Able operates a retail business. H&r block free online taxes On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. H&r block free online taxes The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. H&r block free online taxes His cost of goods sold is $200,000. H&r block free online taxes This results in a gross profit of $100,000 ($300,000 − $200,000). H&r block free online taxes To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). H&r block free online taxes The resulting 331/3% confirms his markup percentage of 331/3%. H&r block free online taxes Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. H&r block free online taxes The result is gross business income. H&r block free online taxes If you use Schedule C-EZ, include the income on line 1 of the schedule. H&r block free online taxes Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. H&r block free online taxes Prev  Up  Next   Home   More Online Publications