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Income Tax 2012

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Income Tax 2012

Income tax 2012 Publication 584SP - Introductory Material Table of Contents Qué Hay de Nuevo Introduction Qué Hay de Nuevo Acontecimientos futuros. Income tax 2012  El IRS ha diseñado una página en el Internet, www. Income tax 2012 irs. Income tax 2012 gov/pub584sp, que incluye información sobre la Publicación 584(SP). Income tax 2012 Toda información sobre desarrollos futuros que afecten la Publicación 584(SP) (como legislación aprobada después de que la publicación haya sido publicada) será anunciada en esta página. Income tax 2012 Introduction Este registro se ha creado para ayudarlo a determinar la cantidad de una pérdida ocasionada por un desastre, hecho fortuito o robo que esté relacionada con propiedad de uso personal. Income tax 2012 Contiene anexos para ayudarlo a calcular el valor de la pérdida de su residencia principal, de toda propiedad contenida dentro de la misma y de sus vehículos motorizados. Income tax 2012 Sin embargo, estos anexos sólo son para su información. Income tax 2012 Tiene que completar el Formulario 4684, Casualties and Thefts (Hechos Fortuitos y Robos), en inglés, para declarar su pérdida. Income tax 2012 Prev  Up  Next   Home   More Online Publications
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The Income Tax 2012

Income tax 2012 1. Income tax 2012   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. Income tax 2012 This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Income tax 2012 Tax records are not the only type of records you need to keep for your farming business. Income tax 2012 You should also keep records that measure your farm's financial performance. Income tax 2012 This publication only discusses tax records. Income tax 2012 The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. Income tax 2012 For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Income tax 2012 ffsc. Income tax 2012 org. Income tax 2012 For more information, contact Countryside Marketing, Inc. Income tax 2012 in the following manner. Income tax 2012 Call 262-253-6902. Income tax 2012 Send a fax to 262-253-6903. Income tax 2012 Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Income tax 2012 , #287 Menomonee Falls, WI 53051. Income tax 2012 Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. Income tax 2012 Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Income tax 2012 Recordkeeping will help you do the following. Income tax 2012 Monitor the progress of your farming business. Income tax 2012   You need records to monitor the progress of your farming business. Income tax 2012 Records can show whether your business is improving, which items are selling, or what changes you need to make. Income tax 2012 Records can help you make better decisions that may increase the likelihood of business success. Income tax 2012 Prepare your financial statements. Income tax 2012   You need records to prepare accurate financial statements. Income tax 2012 These include income (profit and loss) statements and balance sheets. Income tax 2012 These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Income tax 2012 Identify source of receipts. Income tax 2012   You will receive money or property from many sources. Income tax 2012 Your records can identify the source of your receipts. Income tax 2012 You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Income tax 2012 Keep track of deductible expenses. Income tax 2012   You may forget expenses when you prepare your tax return unless you record them when they occur. Income tax 2012 Prepare your tax returns. Income tax 2012   You need records to prepare your tax return. Income tax 2012 For example, your records must support the income, expenses, and credits you report. Income tax 2012 Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Income tax 2012 Support items reported on tax returns. Income tax 2012   You must keep your business records available at all times for inspection by the IRS. Income tax 2012 If the IRS examines any of your tax returns, you may be asked to explain the items reported. Income tax 2012 A complete set of records will speed up the examination. Income tax 2012 Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Income tax 2012 You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Income tax 2012 You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Income tax 2012 See  chapter 2. Income tax 2012 If you are in more than one business, you should keep a complete and separate set of records for each business. Income tax 2012 A corporation should keep minutes of board of directors' meetings. Income tax 2012 Your recordkeeping system should include a summary of your business transactions. Income tax 2012 This summary is ordinarily made in accounting journals and ledgers. Income tax 2012 For example, they must show your gross income, as well as your deductions and credits. Income tax 2012 In addition, you must keep supporting documents. Income tax 2012 Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Income tax 2012 These documents contain the information you need to record in your journals and ledgers. Income tax 2012 It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Income tax 2012 Keep them in an orderly fashion and in a safe place. Income tax 2012 For instance, organize them by year and type of income or expense. Income tax 2012 Electronic records. Income tax 2012   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Income tax 2012 When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. Income tax 2012 An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. Income tax 2012 The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Income tax 2012 All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Income tax 2012 Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Income tax 2012 The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. Income tax 2012 You still have the responsibility of retaining any other books and records that are required to be retained. Income tax 2012 The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Income tax 2012 This test is not considered an examination and the results must be shared with you. Income tax 2012 If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Income tax 2012 If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. Income tax 2012 For details on electronic storage system requirements, see Rev. Income tax 2012 Proc. Income tax 2012 97-22. Income tax 2012 You can find Rev. Income tax 2012 Proc. Income tax 2012 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. Income tax 2012 irs. Income tax 2012 gov/pub/irs-irbs/irb97-13. Income tax 2012 pdf. Income tax 2012 Travel, transportation, entertainment, and gift expenses. Income tax 2012   Specific recordkeeping rules apply to these expenses. Income tax 2012 For more information, see Publication 463. Income tax 2012 Employment taxes. Income tax 2012   There are specific employment tax records you must keep. Income tax 2012 For a list, see Publication 51 (Circular A). Income tax 2012 Excise taxes. Income tax 2012   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. Income tax 2012 Assets. Income tax 2012   Assets are the property, such as machinery and equipment, you own and use in your business. Income tax 2012 You must keep records to verify certain information about your business assets. Income tax 2012 You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Income tax 2012 Your records should show all the following. Income tax 2012 When and how you acquired the asset. Income tax 2012 Purchase price. Income tax 2012 Cost of any improvements. Income tax 2012 Section 179 deduction taken. Income tax 2012 Deductions taken for depreciation. Income tax 2012 Deductions taken for casualty losses, such as losses resulting from fires or storms. Income tax 2012 How you used the asset. Income tax 2012 When and how you disposed of the asset. Income tax 2012 Selling price. Income tax 2012 Expenses of sale. Income tax 2012   The following are examples of records that may show this information. Income tax 2012 Purchase and sales invoices. Income tax 2012 Real estate closing statements. Income tax 2012 Canceled checks. Income tax 2012 Bank statements. Income tax 2012 Financial account statements as proof of payment. Income tax 2012   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Income tax 2012 These include account statements prepared for the financial institution by a third party. Income tax 2012 These account statements must be legible. Income tax 2012 The following table lists acceptable account statements. Income tax 2012 IF payment is by. Income tax 2012 . Income tax 2012 . Income tax 2012 THEN the statement must show the. Income tax 2012 . Income tax 2012 . Income tax 2012 Check Check number. Income tax 2012 Amount. Income tax 2012 Payee's name. Income tax 2012 Date the check amount was posted to the account by the financial institution. Income tax 2012 Electronic funds  transfer Amount transferred. Income tax 2012 Payee's name. Income tax 2012 Date the transfer was posted to the account by the financial institution. Income tax 2012 Credit card Amount charged. Income tax 2012 Payee's name. Income tax 2012 Transaction date. Income tax 2012    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Income tax 2012 You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Income tax 2012 Tax returns. Income tax 2012   Keep copies of your filed tax returns. Income tax 2012 They help in preparing future tax returns and making computations if you file an amended return. Income tax 2012 Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Income tax 2012 How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Income tax 2012 Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. Income tax 2012 A period of limitations is the period of time after which no legal action can be brought. Income tax 2012 Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. Income tax 2012 However, certain records must be kept for a longer period of time, as discussed below. Income tax 2012 Employment taxes. Income tax 2012   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Income tax 2012 Assets. Income tax 2012   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. Income tax 2012 You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. Income tax 2012   You may need to keep records relating to the basis of property longer than the period of limitation. Income tax 2012 Keep those records as long as they are important in figuring the basis of the original or replacement property. Income tax 2012 Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. Income tax 2012 For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. Income tax 2012 For more information on basis, see chapter 6. Income tax 2012 Records for nontax purposes. Income tax 2012   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. Income tax 2012 For example, your insurance company or creditors may require you to keep them longer than the IRS does. Income tax 2012 Prev  Up  Next   Home   More Online Publications