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How To File A Tax Amendment

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How To File A Tax Amendment

How to file a tax amendment 6. How to file a tax amendment   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Sold on Schedule C, Lines 35 Through 42Line 35 Inventory at Beginning of Year Line 36 Purchases Less Cost of Items Withdrawn for Personal Use Line 37 Cost of Labor Line 38 Materials and Supplies Line 39 Other Costs Line 40 Add Lines 35 through 39 Line 41 Inventory at End of Year Line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. How to file a tax amendment However, to determine these costs, you must value your inventory at the beginning and end of each tax year. How to file a tax amendment 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. How to file a tax amendment This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. How to file a tax amendment 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. How to file a tax amendment If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. How to file a tax amendment For more information, see chapter 2. How to file a tax amendment 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. How to file a tax amendment These lines are reproduced below and are explained in the discussion that follows. How to file a tax amendment 35 Inventory at beginning of year. How to file a tax amendment If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. How to file a tax amendment 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. How to file a tax amendment Subtract line 41 from line 40. How to file a tax amendment  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. How to file a tax amendment 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). How to file a tax amendment Opening inventory usually will be identical to the closing inventory of the year before. How to file a tax amendment You must explain any difference in a schedule attached to your return. How to file a tax amendment Donation of inventory. How to file a tax amendment   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. How to file a tax amendment 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. How to file a tax amendment You must remove the amount of your contribution deduction from your opening inventory. How to file a tax amendment It is not part of the cost of goods sold. How to file a tax amendment   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. How to file a tax amendment Treat the inventory's cost as you would ordinarily treat it under your method of accounting. How to file a tax amendment For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. How to file a tax amendment   A special rule may apply to certain donations of food inventory. How to file a tax amendment See Publication 526, Charitable Contributions. How to file a tax amendment Example 1. How to file a tax amendment You are a calendar year taxpayer who uses an accrual method of accounting. How to file a tax amendment In 2013, you contributed property from inventory to a church. How to file a tax amendment It had a fair market value of $600. How to file a tax amendment 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. How to file a tax amendment The charitable contribution allowed for 2013 is $400 ($600 − $200). How to file a tax amendment 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. How to file a tax amendment The cost of goods sold you use in determining gross income for 2013 must not include the $400. How to file a tax amendment You remove that amount from opening inventory for 2013. How to file a tax amendment Example 2. How to file a tax amendment 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. How to file a tax amendment You would not be allowed any charitable contribution deduction for the contributed property. How to file a tax amendment 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. How to file a tax amendment If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. How to file a tax amendment Trade discounts. How to file a tax amendment   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. How to file a tax amendment You must use the prices you pay (not the stated prices) in figuring your cost of purchases. How to file a tax amendment Do not show the discount amount separately as an item in gross income. How to file a tax amendment   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. How to file a tax amendment Cash discounts. How to file a tax amendment   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. How to file a tax amendment There are two methods of accounting for cash discounts. How to file a tax amendment You can either credit them to a separate discount account or deduct them from total purchases for the year. How to file a tax amendment Whichever method you use, you must be consistent. How to file a tax amendment If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. How to file a tax amendment For more information, see Change in Accounting Method in chapter 2. How to file a tax amendment   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. How to file a tax amendment If you use this method, do not reduce your cost of goods sold by the cash discounts. How to file a tax amendment Purchase returns and allowances. How to file a tax amendment   You must deduct all returns and allowances from your total purchases during the year. How to file a tax amendment Merchandise withdrawn from sale. How to file a tax amendment   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. How to file a tax amendment Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. How to file a tax amendment You must also charge the amount to your drawing account. How to file a tax amendment   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. How to file a tax amendment As stated above, you also use it to record withdrawals of merchandise for personal or family use. How to file a tax amendment This account is also known as a “withdrawals account” or “personal account. How to file a tax amendment ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. How to file a tax amendment Small merchandisers (wholesalers, retailers, etc. How to file a tax amendment ) usually do not have labor costs that can properly be charged to cost of goods sold. How to file a tax amendment 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. How to file a tax amendment Direct labor. How to file a tax amendment   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. How to file a tax amendment 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. How to file a tax amendment Indirect labor. How to file a tax amendment   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. How to file a tax amendment Other labor. How to file a tax amendment   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. How to file a tax amendment 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. How to file a tax amendment Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. How to file a tax amendment Those that are not used in the manufacturing process are treated as deferred charges. How to file a tax amendment You deduct them as a business expense when you use them. How to file a tax amendment Business expenses are discussed in chapter 8. How to file a tax amendment 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. How to file a tax amendment Containers. How to file a tax amendment   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. How to file a tax amendment If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. How to file a tax amendment Freight-in. How to file a tax amendment   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. How to file a tax amendment Overhead expenses. How to file a tax amendment   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. How to file a tax amendment The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. How to file a tax amendment 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. How to file a tax amendment 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. How to file a tax amendment Inventory at the end of the year is also known as closing or ending inventory. How to file a tax amendment Your ending inventory will usually become the beginning inventory of your next tax year. How to file a tax amendment 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. How to file a tax amendment Prev  Up  Next   Home   More Online Publications
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Alcohol and Tobacco Tax and Trade Bureau

The Alcohol and Tobacco Tax and Trade Bureau collects taxes and enforces regulations on alcohol, tobacco, firearms, and ammunition.

Contact the Agency or Department

Website: Alcohol and Tobacco Tax and Trade Bureau

Contact In-Person: Field Office Locations

E-mail:

Address: 1310 G Street, NW, Box 12
Washington, DC 20005

Phone Number: (202) 453-2000

TTY: (202) 882-9914

Forms: Alcohol and Tobacco Tax and Trade Bureau Forms

The How To File A Tax Amendment

How to file a tax amendment Index Symbols 401(k) Plan Elective Deferrals, Elective Deferrals (401(k) Plans) Safe harbor, Safe harbor 401(k) plan. How to file a tax amendment A Annual additions, Annual additions. How to file a tax amendment Annual benefits, Annual benefits. How to file a tax amendment Assistance (see Tax help) Automatic Enrollment, Automatic Enrollment B Business, definition, Business. How to file a tax amendment C Common-law employee, Common-law employee. How to file a tax amendment Compensation, Compensation. How to file a tax amendment Contribution Defined, Contribution. How to file a tax amendment Limits Qualified plans, Limits on Contributions and Benefits SEP-IRAs, Contribution Limits SIMPLE IRA plan, Contribution Limits D Deduction Defined, SIMPLE plans. How to file a tax amendment , Deduction. How to file a tax amendment Deduction worksheet for self-employed, Figuring your deduction. How to file a tax amendment Defined benefit plan Deduction limits, Defined benefit plans. How to file a tax amendment Limits on contributions, Defined benefit plan. How to file a tax amendment Defined contribution plan Automatic Enrollment, Automatic Enrollment Deduction limits, Defined contribution plans. How to file a tax amendment Eligible automatic contribution arrangement, Eligible automatic contribution arrangement. How to file a tax amendment Forfeitures, Forfeiture. How to file a tax amendment Limits on contributions, Defined contribution plan. How to file a tax amendment Money purchase pension plan, Money purchase pension plan. How to file a tax amendment Profit-sharing plan, Profit-sharing plan. How to file a tax amendment Qualified automatic contribution arrangement, Qualified automatic contribution arrangement. How to file a tax amendment Definitions you need to know, Definitions You Need To Know Disqualified person, Prohibited Transactions Distributions (withdrawals), Distributions (Withdrawals) E EACA, Eligible automatic contribution arrangement. How to file a tax amendment Earned income, Earned income. How to file a tax amendment Eligible automatic contribution arrangement, Eligible automatic contribution arrangement. How to file a tax amendment Employees Eligible, Eligible employee. How to file a tax amendment Excludable, Excludable employees. How to file a tax amendment Highly compensated, Highly compensated employee. How to file a tax amendment Leased, Leased employee. How to file a tax amendment Employer Defined, Employer. How to file a tax amendment Excess Deferrals, Treatment of Excess Deferrals Excise tax, Excise Tax on Reversion of Plan Assets Nondeductible (excess) contributions, Excise Tax for Nondeductible (Excess) Contributions Reduced benefit accrual, Notification of Significant Benefit Accrual Reduction SEP excess contributions, Excise tax. How to file a tax amendment Excludable employees, Excludable employees. How to file a tax amendment F Form 1040, Where To Deduct Contributions, Reporting the tax. How to file a tax amendment 1099-R, Reporting corrective distributions on Form 1099-R. How to file a tax amendment 5304–SIMPLE, How To Set Up a SIMPLE IRA Plan 5305–S, Setting up a SIMPLE IRA. How to file a tax amendment 5305–SA, Setting up a SIMPLE IRA. How to file a tax amendment 5305–SEP, Formal written agreement. How to file a tax amendment 5305–SIMPLE, How To Set Up a SIMPLE IRA Plan 5310, Form 5310. How to file a tax amendment 5329, Reporting the tax. How to file a tax amendment 5330, Reporting the tax. How to file a tax amendment , Tax on excess contributions of highly compensated employees. How to file a tax amendment , Excise Tax on Reversion of Plan Assets, Payment of the 15% tax. How to file a tax amendment 5500, Form 5500. How to file a tax amendment , Electronic filing of Forms 5500 and 5500-SF. How to file a tax amendment 5500-EZ, Form 5500-EZ. How to file a tax amendment Form W-2, Reporting on Form W-2. How to file a tax amendment Schedule K (Form 1065), Where To Deduct Contributions Free tax services, Free help with your return. How to file a tax amendment H Highly compensated employee, Highly compensated employee. How to file a tax amendment K Keogh plans (see Qualified plans) L Leased employee, Leased employee. How to file a tax amendment N Net earnings from self-employment, Net earnings from self-employment. How to file a tax amendment Notification requirements, Notification Requirement P Participant, definition, Participant. How to file a tax amendment Participation, Participation. How to file a tax amendment Partner, definition, Partner. How to file a tax amendment Publications (see Tax help) Q QACA, Qualified automatic contribution arrangement. How to file a tax amendment Qualified automatic contribution arrangement, Qualified automatic contribution arrangement. How to file a tax amendment Qualified Plan, definition, Qualified plan. How to file a tax amendment Qualified plans, Limits on Contributions and Benefits Assignment of benefits, Benefits must not be assigned or alienated. How to file a tax amendment Benefits starting date, Benefit payment must begin when required. How to file a tax amendment Contributions, Contributions, Employer Contributions, Limits on Contributions and Benefits, When Contributions Are Considered Made, Where To Deduct Contributions Deduction limits, Deduction Limits, Defined contribution plans. How to file a tax amendment , Defined benefit plans. How to file a tax amendment , Deduction Limit for Self-Employed Individuals, Carryover of Excess Contributions, Excise Tax for Nondeductible (Excess) Contributions Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Deductions, Employer Deduction Deferrals, Treatment of contributions. How to file a tax amendment , Reporting on Form W-2. How to file a tax amendment Defined benefit plan, Defined Benefit Plan Defined contribution plan, Defined Contribution Plan Distributions, Distributions Minimum, Required Distributions Required beginning date, Required beginning date. How to file a tax amendment Rollover, Rollover. How to file a tax amendment Tax on excess benefits, Tax on Excess Benefits Tax on premature, Tax on Early Distributions Tax treatment, Tax Treatment of Distributions Elective Deferrals, Elective Deferrals (401(k) Plans) Limits, Limit on Elective Deferrals Employee nondeductible contributions, Employee Contributions Excess Deferrals, Treatment of Excess Deferrals Investing plan assets, Investing Plan Assets Kinds of plans, Kinds of Plans Leased employees, Leased employee. How to file a tax amendment Minimum requirements Coverage, Minimum coverage requirement must be met. How to file a tax amendment Funding, Minimum Funding Requirement Vesting, Minimum vesting standard must be met. How to file a tax amendment Prohibited transactions, Prohibited Transactions Qualification rules, Qualification Rules Rate Table for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Reporting requirements, Reporting Requirements Setting up, Setting Up a Qualified Plan Qualified Plans Survivor benefits, Survivor benefits. How to file a tax amendment Qualified Roth Contribution Program, Qualified Roth Contribution Program R Rate Table for Self-Employed, Rate table for self-employed. How to file a tax amendment Rate Worksheet for Self-Employed, Rate worksheet for self-employed. How to file a tax amendment Required distributions, Required Distributions Rollovers, Rollover. How to file a tax amendment S Safe harbor 401(k) plan, Safe harbor 401(k) plan. How to file a tax amendment Salary reduction arrangement, Deferral percentage. How to file a tax amendment , Limit on Elective Deferrals Salary Reduction Simplified Employee Pension(SARSEP), Salary Reduction Simplified Employee Pensions (SARSEPs) SARSEP ADP test, SARSEP ADP test. How to file a tax amendment Section 402(f) notice, Section 402(f) Notice. How to file a tax amendment Self-employed individual, Self-employed individual. How to file a tax amendment SEP plans Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Rate Table for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Reporting and Disclosure, Reporting and Disclosure Requirements SEP-IRAs Contributions, Contributions for yourself. How to file a tax amendment Deductible contributions, Deducting Contributions, Excise tax. How to file a tax amendment Carryover of excess contributions, Carryover of Excess SEP Contributions Deduction limits, Deduction Limit for Contributions for Participants Limits for self-employed, Deduction Limit for Self-Employed Individuals When to deduct, When To Deduct Contributions Where to deduct, Where To Deduct Contributions Distributions (withdrawals), Distributions (Withdrawals) Eligible employee, Eligible employee. How to file a tax amendment Excludable employees, Excludable employees. How to file a tax amendment SIMPLE IRA plan Compensation, Compensation. How to file a tax amendment Contributions, Contribution Limits Deductions, Nonelective contributions. How to file a tax amendment Distributions(withdrawals), Distributions (Withdrawals) Employee election period, Election period. How to file a tax amendment Employer matching contributions, Employer matching contributions. How to file a tax amendment Excludable employees, Excludable employees. How to file a tax amendment Notification requirements, Notification Requirement When to deduct contributions, When To Deduct Contributions SIMPLE plans, Who Can Set Up a SIMPLE IRA Plan?, Reporting on Form W-2. How to file a tax amendment SIMPLE 401(k), SIMPLE 401(k) Plan SIMPLE IRA plan, SIMPLE IRA Plan Simplified employee pension (SEP), Salary Reduction Simplified Employee Pensions (SARSEPs) Salary reduction arrangement Compensation of self-employed individuals, Compensation of self-employed individuals. How to file a tax amendment Employee compensation, Employee compensation. How to file a tax amendment Who can have a SARSEP, Who can have a SARSEP? SEP-IRA contributions, How Much Can I Contribute? Setting up a SEP, Setting Up a SEP Sixty-day employee election period, Election period. How to file a tax amendment Sole proprietor, definition, Sole proprietor. How to file a tax amendment T Tax help, How To Get Tax Help U User fee, User fee. How to file a tax amendment W Worksheets Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Prev  Up     Home   More Online Publications