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Military Turbotax

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Military Turbotax

Military turbotax 8. Military turbotax   Business Expenses Table of Contents Introduction Useful Items - You may want to see: Bad DebtsAccrual method. Military turbotax Cash method. Military turbotax Car and Truck ExpensesOffice in the home. Military turbotax Methods for Deducting Car and Truck Expenses Reimbursing Your Employees for Expenses Depreciation Employees' PayFringe benefits. Military turbotax InsuranceHow to figure the deduction. Military turbotax Interest Legal and Professional FeesTax preparation fees. Military turbotax Pension Plans Rent Expense Taxes Travel, Meals, and EntertainmentTransportation. Military turbotax Taxi, commuter bus, and limousine. Military turbotax Baggage and shipping. Military turbotax Car or truck. Military turbotax Meals and lodging. Military turbotax Cleaning. Military turbotax Telephone. Military turbotax Tips. Military turbotax More information. Military turbotax Business Use of Your HomeExceptions to exclusive use. Military turbotax Other Expenses You Can Deduct Expenses You Cannot Deduct Introduction You can deduct the costs of operating your business. Military turbotax These costs are known as business expenses. Military turbotax These are costs you do not have to capitalize or include in the cost of goods sold but can deduct in the current year. Military turbotax To be deductible, a business expense must be both ordinary and necessary. Military turbotax An ordinary expense is one that is common and accepted in your field of business. Military turbotax A necessary expense is one that is helpful and appropriate for your business. Military turbotax An expense does not have to be indispensable to be considered necessary. Military turbotax For more information about the general rules for deducting business expenses, see chapter 1 in Publication 535, Business Expenses. Military turbotax If you have an expense that is partly for business and partly personal, separate the personal part from the business part. Military turbotax The personal part is not deductible. Military turbotax Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 535 Business Expenses 946 How To Depreciate Property See chapter 12 for information about getting publications and forms. Military turbotax Bad Debts If someone owes you money you cannot collect, you have a bad debt. Military turbotax There are two kinds of bad debts, business bad debts and nonbusiness bad debts. Military turbotax A business bad debt is generally one that comes from operating your trade or business. Military turbotax You may be able to deduct business bad debts as an expense on your business tax return. Military turbotax Business bad debt. Military turbotax   A business bad debt is a loss from the worthlessness of a debt that was either of the following. Military turbotax Created or acquired in your business. Military turbotax Closely related to your business when it became partly or totally worthless. Military turbotax A debt is closely related to your business if your primary motive for incurring the debt is a business reason. Military turbotax   Business bad debts are mainly the result of credit sales to customers. Military turbotax They can also be the result of loans to suppliers, clients, employees, or distributors. Military turbotax Goods and services customers have not paid for are shown in your books as either accounts receivable or notes receivable. Military turbotax If you are unable to collect any part of these accounts or notes receivable, the uncollectible part is a business bad debt. Military turbotax    You can take a bad debt deduction for these accounts and notes receivable only if the amount you were owed was included in your gross income either for the year the deduction is claimed or for a prior year. Military turbotax Accrual method. Military turbotax   If you use an accrual method of accounting, you normally report income as you earn it. Military turbotax You can take a bad debt deduction for an uncollectible receivable if you have included the uncollectible amount in income. Military turbotax Cash method. Military turbotax   If you use the cash method of accounting, you normally report income when you receive payment. Military turbotax You cannot take a bad debt deduction for amounts owed to you that you have not received and cannot collect if you never included those amounts in income. Military turbotax More information. Military turbotax   For more information about business bad debts, see chapter 10 in Publication 535. Military turbotax Nonbusiness bad debts. Military turbotax   All other bad debts are nonbusiness bad debts and are deductible as short-term capital losses on Form 8949 and Schedule D (Form 1040). Military turbotax For more information on nonbusiness bad debts, see Publication 550, Investment Income and Expenses. Military turbotax Car and Truck Expenses If you use your car or truck in your business, you may be able to deduct the costs of operating and maintaining your vehicle. Military turbotax You also may be able to deduct other costs of local transportation and traveling away from home overnight on business. Military turbotax You may qualify for a tax credit for qualified plug-in electric vehicles, qualified plug-in electric drive motor vehicles, and alternative motor vehicles you place in service during the year. Military turbotax See Form 8936 and Form 8910 for more information. Military turbotax Local transportation expenses. Military turbotax   Local transportation expenses include the ordinary and necessary costs of all the following. Military turbotax Getting from one workplace to another in the course of your business or profession when you are traveling within the city or general area that is your tax home. Military turbotax Tax home is defined later. Military turbotax Visiting clients or customers. Military turbotax Going to a business meeting away from your regular workplace. Military turbotax Getting from your home to a temporary workplace when you have one or more regular places of work. Military turbotax These temporary workplaces can be either within the area of your tax home or outside that area. Military turbotax Local business transportation does not include expenses you have while traveling away from home overnight. Military turbotax Those expenses are deductible as travel expenses and are discussed later under Travel, Meals, and Entertainment. Military turbotax However, if you use your car while traveling away from home overnight, use the rules in this section to figure your car expense deduction. Military turbotax   Generally, your tax home is your regular place of business, regardless of where you maintain your family home. Military turbotax It includes the entire city or general area in which your business or work is located. Military turbotax Example. Military turbotax You operate a printing business out of rented office space. Military turbotax You use your van to deliver completed jobs to your customers. Military turbotax You can deduct the cost of round-trip transportation between your customers and your print shop. Military turbotax    You cannot deduct the costs of driving your car or truck between your home and your main or regular workplace. Military turbotax These costs are personal commuting expenses. Military turbotax Office in the home. Military turbotax   Your workplace can be your home if you have an office in your home that qualifies as your principal place of business. Military turbotax For more information, see Business Use of Your Home, later. Military turbotax Example. Military turbotax You are a graphics designer. Military turbotax You operate your business out of your home. Military turbotax Your home qualifies as your principal place of business. Military turbotax You occasionally have to drive to your clients to deliver your completed work. Military turbotax You can deduct the cost of the round-trip transportation between your home and your clients. Military turbotax Methods for Deducting Car and Truck Expenses For local transportation or overnight travel by car or truck, you generally can use one of the following methods to figure your expenses. Military turbotax Standard mileage rate. Military turbotax Actual expenses. Military turbotax Standard mileage rate. Military turbotax   You may be able to use the standard mileage rate to figure the deductible costs of operating your car, van, pickup, or panel truck for business purposes. Military turbotax For 2013, the standard mileage rate is 56. Military turbotax 5 cents per mile. Military turbotax    If you choose to use the standard mileage rate for a year, you cannot deduct your actual expenses for that year except for business-related parking fees and tolls. Military turbotax Choosing the standard mileage rate. Military turbotax   If you want to use the standard mileage rate for a car or truck you own, you must choose to use it in the first year the car is available for use in your business. Military turbotax In later years, you can choose to use either the standard mileage rate or actual expenses. Military turbotax   If you use the standard mileage rate for a car you lease, you must choose to use it for the entire lease period (including renewals). Military turbotax Standard mileage rate not allowed. Military turbotax   You cannot use the standard mileage rate if you: Operate five or more cars at the same time, Claimed a depreciation deduction using any method other than straight line, for example, ACRS or MACRS, Claimed a section 179 deduction on the car, Claimed the special depreciation allowance on the car, Claimed actual car expenses for a car you leased, or Are a rural mail carrier who received a qualified reimbursement. Military turbotax Parking fees and tolls. Military turbotax   In addition to using the standard mileage rate, you can deduct any business-related parking fees and tolls. Military turbotax (Parking fees you pay to park your car at your place of work are nondeductible commuting expenses. Military turbotax ) Actual expenses. Military turbotax   If you do not choose to use the standard mileage rate, you may be able to deduct your actual car or truck expenses. Military turbotax    If you qualify to use both methods, figure your deduction both ways to see which gives you a larger deduction. Military turbotax   Actual car expenses include the costs of the following items. Military turbotax Depreciation Lease payments Registration Garage rent Licenses Repairs Gas Oil Tires Insurance Parking fees Tolls   If you use your vehicle for both business and personal purposes, you must divide your expenses between business and personal use. Military turbotax You can divide your expenses based on the miles driven for each purpose. Military turbotax Example. Military turbotax You are the sole proprietor of a flower shop. Military turbotax You drove your van 20,000 miles during the year. Military turbotax 16,000 miles were for delivering flowers to customers and 4,000 miles were for personal use (including commuting miles). Military turbotax You can claim only 80% (16,000 ÷ 20,000) of the cost of operating your van as a business expense. Military turbotax More information. Military turbotax   For more information about the rules for claiming car and truck expenses, see Publication 463. Military turbotax Reimbursing Your Employees for Expenses You generally can deduct the amount you reimburse your employees for car and truck expenses. Military turbotax The reimbursement you deduct and the manner in which you deduct it depend in part on whether you reimburse the expenses under an accountable plan or a nonaccountable plan. Military turbotax For details, see chapter 11 in Publication 535. Military turbotax That chapter explains accountable and nonaccountable plans and tells you whether to report the reimbursement on your employee's Form W-2, Wage and Tax Statement. Military turbotax Depreciation If property you acquire to use in your business is expected to last more than 1 year, you generally cannot deduct the entire cost as a business expense in the year you acquire it. Military turbotax You must spread the cost over more than 1 tax year and deduct part of it each year on Schedule C. Military turbotax This method of deducting the cost of business property is called depreciation. Military turbotax The discussion here is brief. Military turbotax You will find more information about depreciation in Publication 946. Military turbotax What property can be depreciated?   You can depreciate property if it meets all the following requirements. Military turbotax It must be property you own. Military turbotax It must be used in business or held to produce income. Military turbotax You never can depreciate inventory (explained in chapter 2) because it is not held for use in your business. Military turbotax It must have a useful life that extends substantially beyond the year it is placed in service. Military turbotax It must have a determinable useful life, which means that it must be something that wears out, decays, gets used up, becomes obsolete, or loses its value from natural causes. Military turbotax You never can depreciate the cost of land because land does not wear out, become obsolete, or get used up. Military turbotax It must not be excepted property. Military turbotax This includes property placed in service and disposed of in the same year. Military turbotax Repairs. Military turbotax    You cannot depreciate repairs and replacements that do not increase the value of your property, make it more useful, or lengthen its useful life. Military turbotax You can deduct these amounts on line 21 of Schedule C or line 2 of Schedule C-EZ. Military turbotax Depreciation method. Military turbotax   The method for depreciating most business and investment property placed in service after 1986 is called the Modified Accelerated Cost Recovery System (MACRS). Military turbotax MACRS is discussed in detail in Publication 946. Military turbotax Section 179 deduction. Military turbotax   You can elect to deduct a limited amount of the cost of certain depreciable property in the year you place the property in service. Military turbotax This deduction is known as the “section 179 deduction. Military turbotax ” The maximum amount you can elect to deduct during 2013 is generally $500,000 (higher limits apply to certain property). Military turbotax See IRC 179(e). Military turbotax   This limit is generally reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2 million. Military turbotax The total amount of depreciation (including the section 179 deduction) you can take for a passenger automobile you use in your business and first place in service in 2013 is $3,160 ($11,160 if you take the special depreciation allowance for qualified passenger automobiles placed in service in 2013). Military turbotax Special rules apply to trucks and vans. Military turbotax For more information, see Publication 946. Military turbotax It explains what property qualifies for the deduction, what limits apply to the deduction, and when and how to recapture the deduction. Military turbotax    Your section 179 election for the cost of any sport utility vehicle (SUV) and certain other vehicles is limited to $25,000. Military turbotax For more information, see the Instructions for Form 4562 or Publication 946. Military turbotax Listed property. Military turbotax   You must follow special rules and recordkeeping requirements when depreciating listed property. Military turbotax Listed property is any of the following. Military turbotax Most passenger automobiles. Military turbotax Most other property used for transportation. Military turbotax Any property of a type generally used for entertainment, recreation, or amusement. Military turbotax Certain computers and related peripheral equipment. Military turbotax   For more information about listed property, see Publication 946. Military turbotax Form 4562. Military turbotax   Use Form 4562, Depreciation and Amortization, if you are claiming any of the following. Military turbotax Depreciation on property placed in service during the current tax year. Military turbotax A section 179 deduction. Military turbotax Depreciation on any listed property (regardless of when it was placed in service). Military turbotax    If you have to use Form 4562, you must file Schedule C. Military turbotax You cannot use Schedule C-EZ. Military turbotax   Employees' Pay You can generally deduct on Schedule C the pay you give your employees for the services they perform for your business. Military turbotax The pay may be in cash, property, or services. Military turbotax To be deductible, your employees' pay must be an ordinary and necessary expense and you must pay or incur it in the tax year. Military turbotax In addition, the pay must meet both the following tests. Military turbotax The pay must be reasonable. Military turbotax The pay must be for services performed. Military turbotax Chapter 2 in Publication 535 explains and defines these requirements. Military turbotax You cannot deduct your own salary or any personal withdrawals you make from your business. Military turbotax As a sole proprietor, you are not an employee of the business. Military turbotax If you had employees during the year, you must use Schedule C. Military turbotax You cannot use Schedule C-EZ. Military turbotax Kinds of pay. Military turbotax   Some of the ways you may provide pay to your employees are listed below. Military turbotax For an explanation of each of these items, see chapter 2 in Publication 535. Military turbotax Awards. Military turbotax Bonuses. Military turbotax Education expenses. Military turbotax Fringe benefits (discussed later). Military turbotax Loans or advances you do not expect the employee to repay if they are for personal services actually performed. Military turbotax Property you transfer to an employee as payment for services. Military turbotax Reimbursements for employee business expenses. Military turbotax Sick pay. Military turbotax Vacation pay. Military turbotax Fringe benefits. Military turbotax   A fringe benefit is a form of pay for the performance of services. Military turbotax The following are examples of fringe benefits. Military turbotax Benefits under qualified employee benefit programs. Military turbotax Meals and lodging. Military turbotax The use of a car. Military turbotax Flights on airplanes. Military turbotax Discounts on property or services. Military turbotax Memberships in country clubs or other social clubs. Military turbotax Tickets to entertainment or sporting events. Military turbotax   Employee benefit programs include the following. Military turbotax Accident and health plans. Military turbotax Adoption assistance. Military turbotax Cafeteria plans. Military turbotax Dependent care assistance. Military turbotax Educational assistance. Military turbotax Group-term life insurance coverage. Military turbotax Welfare benefit funds. Military turbotax   You can generally deduct the cost of fringe benefits you provide on your Schedule C in whatever category the cost falls. Military turbotax For example, if you allow an employee to use a car or other property you lease, deduct the cost of the lease as a rent or lease expense. Military turbotax If you own the property, include your deduction for its cost or other basis as a section 179 deduction or a depreciation deduction. Military turbotax    You may be able to exclude all or part of the fringe benefits you provide from your employees' wages. Military turbotax For more information about fringe benefits and the exclusion of benefits, see Publication 15-B, Employer's Tax Guide to Fringe Benefits. Military turbotax Insurance You can generally deduct premiums you pay for the following kinds of insurance related to your business. Military turbotax Fire, theft, flood, or similar insurance. Military turbotax Credit insurance that covers losses from business bad debts. Military turbotax Group hospitalization and medical insurance for employees, including long-term care insurance. Military turbotax Liability insurance. Military turbotax Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients. Military turbotax Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault. Military turbotax Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law. Military turbotax Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness. Military turbotax Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. Military turbotax If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. Military turbotax If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums. Military turbotax Life insurance covering your employees if you are not directly or indirectly the beneficiary under the contract. Military turbotax Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause. Military turbotax Nondeductible premiums. Military turbotax   You cannot deduct premiums on the following kinds of insurance. Military turbotax Self-insurance reserve funds. Military turbotax You cannot deduct amounts credited to a reserve set up for self-insurance. Military turbotax This applies even if you cannot get business insurance coverage for certain business risks. Military turbotax However, your actual losses may be deductible. Military turbotax For more information, see Publication 547, Casualties, Disasters, and Thefts. Military turbotax Loss of earnings. Military turbotax You cannot deduct premiums for a policy that pays for your lost earnings due to sickness or disability. Military turbotax However, see item (8) in the previous list. Military turbotax Certain life insurance and annuities. Military turbotax For contracts issued before June 9, 1997, you cannot deduct the premiums on a life insurance policy covering you, an employee, or any person with a financial interest in your business if you are directly or indirectly a beneficiary of the policy. Military turbotax You are included among possible beneficiaries of the policy if the policy owner is obligated to repay a loan from you using the proceeds of the policy. Military turbotax A person has a financial interest in your business if the person is an owner or part owner of the business or has lent money to the business. Military turbotax For contracts issued after June 8, 1997, you generally cannot deduct the premiums on any life insurance policy, endowment contract, or annuity contract if you are directly or indirectly a beneficiary. Military turbotax The disallowance applies without regard to whom the policy covers. Military turbotax Insurance to secure a loan. Military turbotax If you take out a policy on your life or on the life of another person with a financial interest in your business to get or protect a business loan, you cannot deduct the premiums as a business expense. Military turbotax Nor can you deduct the premiums as interest on business loans or as an expense of financing loans. Military turbotax In the event of death, the proceeds of the policy are not taxed as income even if they are used to liquidate the debt. Military turbotax Self-employed health insurance deduction. Military turbotax   You may be able to deduct the amount you paid for medical and dental insurance and qualified long-term care insurance for you and your family. Military turbotax How to figure the deduction. Military turbotax   Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. Military turbotax However, if any of the following apply, you must use the worksheet in chapter 6 of Publication 535. Military turbotax You have more than one source of income subject to self-employment tax. Military turbotax You file Form 2555 or Form 2555-EZ (relating to foreign earned income). Military turbotax You are using amounts paid for qualified long-term care insurance to figure the deduction. Military turbotax Prepayment. Military turbotax   You cannot deduct expenses in advance, even if you pay them in advance. Military turbotax This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. Military turbotax Example. Military turbotax In 2013, you signed a 3-year insurance contract. Military turbotax Even though you paid the premiums for 2013, 2014, and 2015 when you signed the contract, you can only deduct the premium for 2013 on your 2013 tax return. Military turbotax You can deduct in 2014 and 2015 the premium allocable to those years. Military turbotax More information. Military turbotax   For more information about deducting insurance, see chapter 6 in Publication 535. Military turbotax Interest You can generally deduct as a business expense all interest you pay or accrue during the tax year on debts related to your business. Military turbotax Interest relates to your business if you use the proceeds of the loan for a business expense. Military turbotax It does not matter what type of property secures the loan. Military turbotax You can deduct interest on a debt only if you meet all of the following requirements. Military turbotax You are legally liable for that debt. Military turbotax Both you and the lender intend that the debt be repaid. Military turbotax You and the lender have a true debtor-creditor relationship. Military turbotax You cannot deduct on Schedule C or C-EZ the interest you paid on personal loans. Military turbotax If a loan is part business and part personal, you must divide the interest between the personal part and the business part. Military turbotax Example. Military turbotax In 2013, you paid $600 interest on a car loan. Military turbotax During 2013, you used the car 60% for business and 40% for personal purposes. Military turbotax You are claiming actual expenses on the car. Military turbotax You can only deduct $360 (60% × $600) for 2013 on Schedule C or C-EZ. Military turbotax The remaining interest of $240 is a nondeductible personal expense. Military turbotax More information. Military turbotax   For more information about deducting interest, see chapter 4 in Publication 535. Military turbotax That chapter explains the following items. Military turbotax Interest you can deduct. Military turbotax Interest you cannot deduct. Military turbotax How to allocate interest between personal and business use. Military turbotax When to deduct interest. Military turbotax The rules for a below-market interest rate loan. Military turbotax (This is generally a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Military turbotax ) Legal and Professional Fees Legal and professional fees, such as fees charged by accountants, that are ordinary and necessary expenses directly related to operating your business are deductible on Schedule C or C-EZ. Military turbotax However, you usually cannot deduct legal fees you pay to acquire business assets. Military turbotax Add them to the basis of the property. Military turbotax If the fees include payments for work of a personal nature (such as making a will), you can take a business deduction only for the part of the fee related to your business. Military turbotax The personal part of legal fees for producing or collecting taxable income, doing or keeping your job, or for tax advice may be deductible on Schedule A (Form 1040) if you itemize deductions. Military turbotax For more information, see Publication 529, Miscellaneous Deductions. Military turbotax Tax preparation fees. Military turbotax   You can deduct on Schedule C or C-EZ the cost of preparing that part of your tax return relating to your business as a sole proprietor or statutory employee. Military turbotax You can deduct the remaining cost on Schedule A (Form 1040) if you itemize your deductions. Military turbotax   You can also deduct on Schedule C or C-EZ the amount you pay or incur in resolving asserted tax deficiencies for your business as a sole proprietor or statutory employee. Military turbotax Pension Plans You can set up and maintain the following small business retirement plans for yourself and your employees. Military turbotax SEP (Simplified Employee Pension) plans. Military turbotax SIMPLE (Savings Incentive Match Plan for Employees) plans. Military turbotax Qualified plans (including Keogh or H. Military turbotax R. Military turbotax 10 plans). Military turbotax SEP, SIMPLE, and qualified plans offer you and your employees a tax favored way to save for retirement. Military turbotax You can deduct contributions you make to the plan for your employees on line 19 of Schedule C. Military turbotax If you are a sole proprietor, you can deduct contributions you make to the plan for yourself on line 28 of Form 1040. Military turbotax You can also deduct trustees' fees if contributions to the plan do not cover them. Military turbotax Earnings on the contributions are generally tax free until you or your employees receive distributions from the plan. Military turbotax You may also be able to claim a tax credit of 50% of the first $1,000 of qualified startup costs if you begin a new qualified defined benefit or defined contribution plan (including a 401(k) plan), SIMPLE plan, or simplified employee pension. Military turbotax Under certain plans, employees can have you contribute limited amounts of their before-tax pay to a plan. Military turbotax These amounts (and earnings on them) are generally tax free until your employees receive distributions from the plan. Military turbotax For more information on retirement plans for small business, see Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). Military turbotax Publication 590, Individual Retirement Arrangements (IRAs), discusses other tax favored ways to save for retirement. Military turbotax Rent Expense Rent is any amount you pay for the use of property you do not own. Military turbotax In general, you can deduct rent as a business expense only if the rent is for property you use in your business. Military turbotax If you have or will receive equity in or title to the property, you cannot deduct the rent. Military turbotax Unreasonable rent. Military turbotax   You cannot take a rental deduction for unreasonable rents. Military turbotax Ordinarily, the issue of reasonableness arises only if you and the lessor are related. Military turbotax Rent paid to a related person is reasonable if it is the same amount you would pay to a stranger for use of the same property. Military turbotax Rent is not unreasonable just because it is figured as a percentage of gross receipts. Military turbotax   Related persons include members of your immediate family, including only brothers and sisters (either whole or half), your spouse, ancestors, and lineal descendants. Military turbotax For a list of the other related persons, see section 267 of the Internal Revenue Code. Military turbotax Rent on your home. Military turbotax   If you rent your home and use part of it as your place of business, you may be able to deduct the rent you pay for that part. Military turbotax You must meet the requirements for business use of your home. Military turbotax For more information, see Business Use of Your Home , later. Military turbotax Rent paid in advance. Military turbotax   Generally, rent paid in your business is deductible in the year paid or accrued. Military turbotax If you pay rent in advance, you can deduct only the amount that applies to your use of the rented property during the tax year. Military turbotax You can deduct the rest of your payment only over the period to which it applies. Military turbotax More information. Military turbotax   For more information about rent, see chapter 3 in Publication 535. Military turbotax Taxes You can deduct on Schedule C or C-EZ various federal, state, local, and foreign taxes directly attributable to your business. Military turbotax Income taxes. Military turbotax   You can deduct on Schedule C or C-EZ a state tax on gross income (as distinguished from net income) directly attributable to your business. Military turbotax You can deduct other state and local income taxes on Schedule A (Form 1040) if you itemize your deductions. Military turbotax Do not deduct federal income tax. Military turbotax Employment taxes. Military turbotax   You can deduct the social security, Medicare, and federal unemployment (FUTA) taxes you paid out of your own funds as an employer. Military turbotax Employment taxes are discussed briefly in chapter 1. Military turbotax You can also deduct payments you made as an employer to a state unemployment compensation fund or to a state disability benefit fund. Military turbotax Deduct these payments as taxes. Military turbotax Self-employment tax. Military turbotax   You can deduct one-half of your self-employment tax on line 27 of Form 1040. Military turbotax Self-employment tax is discussed in chapters 1 and 10. Military turbotax Personal property tax. Military turbotax   You can deduct on Schedule C or C-EZ any tax imposed by a state or local government on personal property used in your business. Military turbotax   You can also deduct registration fees for the right to use property within a state or local area. Military turbotax Example. Military turbotax May and Julius Winter drove their car 7,000 business miles out of a total of 10,000 miles. Military turbotax They had to pay $25 for their annual state license tags and $20 for their city registration sticker. Military turbotax They also paid $235 in city personal property tax on the car, for a total of $280. Military turbotax They are claiming their actual car expenses. Military turbotax Because they used the car 70% for business, they can deduct 70% of the $280, or $196, as a business expense. Military turbotax Real estate taxes. Military turbotax   You can deduct on Schedule C or C-EZ the real estate taxes you pay on your business property. Military turbotax Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. Military turbotax The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. Military turbotax   For more information about real estate taxes, see chapter 5 in Publication 535. Military turbotax That chapter explains special rules for deducting the following items. Military turbotax Taxes for local benefits, such as those for sidewalks, streets, water mains, and sewer lines. Military turbotax Real estate taxes when you buy or sell property during the year. Military turbotax Real estate taxes if you use an accrual method of accounting and choose to accrue real estate tax related to a definite period ratably over that period. Military turbotax Sales tax. Military turbotax   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. Military turbotax If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. Military turbotax If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. Military turbotax If the property is depreciable, add the sales tax to the basis for depreciation. Military turbotax For information on the basis of property, see Publication 551, Basis of Assets. Military turbotax    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. Military turbotax Do not include these taxes in gross receipts or sales. Military turbotax Excise taxes. Military turbotax   You can deduct on Schedule C or C-EZ all excise taxes that are ordinary and necessary expenses of carrying on your business. Military turbotax Excise taxes are discussed briefly in chapter 1. Military turbotax Fuel taxes. Military turbotax   Taxes on gasoline, diesel fuel, and other motor fuels you use in your business are usually included as part of the cost of the fuel. Military turbotax Do not deduct these taxes as a separate item. Military turbotax   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. Military turbotax For more information, see Publication 510, Excise Taxes. Military turbotax Travel, Meals, and Entertainment This section briefly explains the kinds of travel and entertainment expenses you can deduct on Schedule C or C-EZ. Military turbotax Table 8-1. Military turbotax When Are Entertainment Expenses Deductible? (Note. Military turbotax The following is a summary of the rules for deducting entertainment expenses. Military turbotax For more details about these rules, see Publication 463. Military turbotax ) General rule You can deduct ordinary and necessary expenses to entertain a client, customer, or employee if the expenses meet the directly-related test or the associated test. Military turbotax Definitions Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation, and includes meals provided to a customer or client. Military turbotax An ordinary expense is one that is common and accepted in your field of business, trade, or profession. Military turbotax A necessary expense is one that is helpful and appropriate, although not necessarily required, for your business. Military turbotax Tests to be met Directly-related test Entertainment took place in a clear business setting, or Main purpose of entertainment was the active conduct of business, and You did engage in business with the person during the entertainment period, and You had more than a general expectation of getting income or some other specific business benefit. Military turbotax   Associated test Entertainment is associated with your trade or business, and Entertainment directly precedes or follows a substantial business discussion. Military turbotax Other rules You cannot deduct the cost of your meal as an entertainment expense if you are claiming the meal as a travel expense. Military turbotax You cannot deduct expenses that are lavish or extravagant under the circumstances. Military turbotax You generally can deduct only 50% of your unreimbursed entertainment expenses. Military turbotax Travel expenses. Military turbotax   These are the ordinary and necessary expenses of traveling away from home for your business. Military turbotax You are traveling away from home if both the following conditions are met. Military turbotax Your duties require you to be away from the general area of your tax home (defined later) substantially longer than an ordinary day's work. Military turbotax You need to get sleep or rest to meet the demands of your work while away from home. Military turbotax Generally, your tax home is your regular place of business, regardless of where you maintain your family home. Military turbotax It includes the entire city or general area in which your business is located. Military turbotax See Publication 463 for more information. Military turbotax   The following is a brief discussion of the expenses you can deduct. Military turbotax Transportation. Military turbotax   You can deduct the cost of travel by airplane, train, bus, or car between your home and your business destination. Military turbotax Taxi, commuter bus, and limousine. Military turbotax   You can deduct fares for these and other types of transportation between the airport or station and your hotel, or between the hotel and your work location away from home. Military turbotax Baggage and shipping. Military turbotax   You can deduct the cost of sending baggage and sample or display material between your regular and temporary work locations. Military turbotax Car or truck. Military turbotax   You can deduct the costs of operating and maintaining your vehicle when traveling away from home on business. Military turbotax You can deduct actual expenses or the standard mileage rate (discussed earlier under Car and Truck Expenses), as well as business-related tolls and parking. Military turbotax If you rent a car while away from home on business, you can deduct only the business-use portion of the expenses. Military turbotax Meals and lodging. Military turbotax   You can deduct the cost of meals and lodging if your business trip is overnight or long enough that you need to stop for sleep or rest to properly perform your duties. Military turbotax In most cases, you can deduct only 50% of your meal expenses. Military turbotax Cleaning. Military turbotax   You can deduct the costs of dry cleaning and laundry while on your business trip. Military turbotax Telephone. Military turbotax   You can deduct the cost of business calls while on your business trip, including business communication by fax machine or other communication devices. Military turbotax Tips. Military turbotax   You can deduct the tips you pay for any expense in this list. Military turbotax More information. Military turbotax   For more information about travel expenses, see Publication 463. Military turbotax Entertainment expenses. Military turbotax   You may be able to deduct business-related entertainment expenses for entertaining a client, customer, or employee. Military turbotax In most cases, you can deduct only 50% of these expenses. Military turbotax   The following are examples of entertainment expenses. Military turbotax Entertaining guests at nightclubs, athletic clubs, theaters, or sporting events. Military turbotax Providing meals, a hotel suite, or a car to business customers or their families. Military turbotax To be deductible, the expenses must meet the rules listed in Table 8-1. Military turbotax For details about these rules, see Publication 463. Military turbotax Reimbursing your employees for expenses. Military turbotax   You generally can deduct the amount you reimburse your employees for travel and entertainment expenses. Military turbotax The reimbursement you deduct and the manner in which you deduct it depend in part on whether you reimburse the expenses under an accountable plan or a nonaccountable plan. Military turbotax For details, see chapter 11 in Publication 535. Military turbotax That chapter explains accountable and nonaccountable plans and tells you whether to report the reimbursement on your employee's Form W-2, Wage and Tax Statement. Military turbotax Business Use of Your Home To deduct expenses related to the part of your home used for business, you must meet specific requirements. Military turbotax Even then, your deduction may be limited. Military turbotax To qualify to claim expenses for business use of your home, you must meet the following tests. Military turbotax Your use of the business part of your home must be: Exclusive (however, see Exceptions to exclusive use , later), Regular, For your business, and The business part of your home must be one of the following: Your principal place of business (defined later), A place where you meet or deal with patients, clients, or customers in the normal course of your business, or A separate structure (not attached to your home) you use in connection with your business. Military turbotax Exclusive use. Military turbotax   To qualify under the exclusive use test, you must use a specific area of your home only for your trade or business. Military turbotax The area used for business can be a room or other separately identifiable space. Military turbotax The space does not need to be marked off by a permanent partition. Military turbotax   You do not meet the requirements of the exclusive use test if you use the area in question both for business and for personal purposes. Military turbotax Example. Military turbotax You are an attorney and use a den in your home to write legal briefs and prepare clients' tax returns. Military turbotax Your family also uses the den for recreation. Military turbotax The den is not used exclusively in your profession, so you cannot claim a business deduction for its use. Military turbotax Exceptions to exclusive use. Military turbotax   You do not have to meet the exclusive use test if you use part of your home in either of the following ways. Military turbotax For the storage of inventory or product samples. Military turbotax As a daycare facility. Military turbotax For an explanation of these exceptions, see Publication 587, Business Use of Your Home (Including Use by Daycare Providers). Military turbotax Regular use. Military turbotax   To qualify under the regular use test, you must use a specific area of your home for business on a continuing basis. Military turbotax You do not meet the test if your business use of the area is only occasional or incidental, even if you do not use that area for any other purpose. Military turbotax Principal place of business. Military turbotax   You can have more than one business location, including your home, for a single trade or business. Military turbotax To qualify to deduct the expenses for the business use of your home under the principal place of business test, your home must be your principal place of business for that business. Military turbotax To determine your principal place of business, you must consider all the facts and circumstances. Military turbotax   Your home office will qualify as your principal place of business for deducting expenses for its use if you meet the following requirements. Military turbotax You use it exclusively and regularly for administrative or management activities of your business. Military turbotax You have no other fixed location where you conduct substantial administrative or management activities of your business. Military turbotax   Alternatively, if you use your home exclusively and regularly for your business, but your home office does not qualify as your principal place of business based on the previous rules, you determine your principal place of business based on the following factors. Military turbotax The relative importance of the activities performed at each location. Military turbotax If the relative importance factor does not determine your principal place of business, you can also consider the time spent at each location. Military turbotax   If, after considering your business locations, your home cannot be identified as your principal place of business, you cannot deduct home office expenses. Military turbotax However, for other ways to qualify to deduct home office expenses, see Publication 587. Military turbotax Deduction limit. Military turbotax   If your gross income from the business use of your home equals or exceeds your total business expenses (including depreciation), you can deduct all your business expenses related to the use of your home. Military turbotax If your gross income from the business use is less than your total business expenses, your deduction for certain expenses for the business use of your home is limited. Military turbotax   Your deduction of otherwise nondeductible expenses, such as insurance, utilities, and depreciation (with depreciation taken last), allocable to the business is limited to the gross income from the business use of your home minus the sum of the following. Military turbotax The business part of expenses you could deduct even if you did not use your home for business (such as mortgage interest, real estate taxes, and casualty and theft losses that are allowable as itemized deductions on Schedule A (Form 1040)). Military turbotax The business expenses that relate to the business activity in the home (for example, business phone, supplies, and depreciation on equipment), but not to the use of the home itself. Military turbotax Do not include in (2) above your deduction for one-half of your self-employment tax. Military turbotax   Use Form 8829, Expenses for Business Use of Your Home, to figure your deduction. Military turbotax New simplified method. Military turbotax    The IRS now provides a simplified method to determine your expenses for business use of your home. Military turbotax The simplified method is an alternative to calculating and substantiating actual expenses. Military turbotax In most cases, you will figure your deduction by multiplying $5 by the area of your home used for a qualified business use. Military turbotax The area you use to figure your deduction is limited to 300 square feet. Military turbotax For more information, see the Instructions for Schedule C. Military turbotax More information. Military turbotax   For more information on deducting expenses for the business use of your home, see Publication 587. Military turbotax Other Expenses You Can Deduct You may also be able to deduct the following expenses. Military turbotax See Publication 535 to find out whether you can deduct them. Military turbotax Advertising. Military turbotax Bank fees. Military turbotax Donations to business organizations. Military turbotax Education expenses. Military turbotax Energy efficient commercial buildings deduction expenses. Military turbotax Impairment-related expenses. Military turbotax Interview expense allowances. Military turbotax Licenses and regulatory fees. Military turbotax Moving machinery. Military turbotax Outplacement services. Military turbotax Penalties and fines you pay for late performance or nonperformance of a contract. Military turbotax Repairs that keep your property in a normal efficient operating condition. Military turbotax Repayments of income. Military turbotax Subscriptions to trade or professional publications. Military turbotax Supplies and materials. Military turbotax Utilities. Military turbotax Expenses You Cannot Deduct You usually cannot deduct the following as business expenses. Military turbotax For more information, see Publication 535. Military turbotax Bribes and kickbacks. Military turbotax Charitable contributions. Military turbotax Demolition expenses or losses. Military turbotax Dues to business, social, athletic, luncheon, sporting, airline, and hotel clubs. Military turbotax Lobbying expenses. Military turbotax Penalties and fines you pay to a governmental agency or instrumentality because you broke the law. Military turbotax Personal, living, and family expenses. Military turbotax Political contributions. Military turbotax Repairs that add to the value of your property or significantly increase its life. 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The Military Turbotax

Military turbotax 16. Military turbotax   Cómo Declarar Ganancias y Pérdidas Table of Contents Qué Hay de Nuevo Introduction Useful Items - You may want to see: Cómo Declarar Ganancias y Pérdidas de CapitalExcepción 1. Military turbotax Excepción 2. Military turbotax Presente el Formulario 1099-B o el Formulario 1099-S al IRS. Military turbotax Pérdidas de Capital Tasas Impositivas sobre Ganancias de Capital Qué Hay de Nuevo Tasas máximas de ganancias de capital. Military turbotax  Para el año 2013, las tasas máximas de ganancias de capital son del 0%, 15%, 20%, 25% y 28%. Military turbotax Introduction En este capítulo se explica cómo declarar ganancias y pérdidas de capital provenientes de ventas, intercambios y otras enajenaciones de bienes de inversión en el Formulario 8949 y el Anexo D (Formulario 1040). Military turbotax Esta explicación abarca los siguientes temas: Cómo declarar ganancias y pérdidas a corto plazo. Military turbotax Cómo declarar ganancias y pérdidas a largo plazo. Military turbotax Cómo calcular pérdidas de capital que se van a trasladar al año siguiente. Military turbotax Cómo calcular los impuestos sobre una ganancia neta de capital. Military turbotax Si vende o de otro modo enajena bienes utilizados en una ocupación o negocio o en la producción de ingresos, vea la Publicación 544, Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés, antes de completar el Anexo D (Formulario 1040). Military turbotax Useful Items - You may want to see: Publicación 537 Installment Sales (Ventas a plazos), en inglés 544 Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés 550 Investment Income and Expenses (Ingresos y gastos de inversión), en inglés Formulario (e Instrucciones) 4797 Sales of Business Property (Ventas de bienes comerciales), en inglés 6252 Installment Sale Income (Ingresos de ventas a plazos), en inglés 8582 Passive Activity Loss Limitations (Limitaciones de pérdidas en actividades pasivas), en inglés 8949 Sales and Other Dispositions of Capital Assets (Ventas y otras enajenaciones de activos de capital, en inglés) Anexo D (Formulario 1040) Capital Gains and Losses (Ganancias y pérdidas de capital), en inglés Cómo Declarar Ganancias y Pérdidas de Capital Declare sus ganancias y pérdidas de capital en el Formulario 8949. Military turbotax Complete el Formulario 8949 antes de completar las líneas 1b, 2, 3, 8b, 9 ó 10 del Anexo D (Formulario 1040). Military turbotax Use el Formulario 8949 para declarar: La venta o intercambio de un activo de capital, la cual no se declaró en ningún otro formulario o anexo, Ganancias por canjes involuntarios (aparte de cuando se deba a un hecho fortuito o un robo) de activos de capital que no sirven para propósitos de negocio o lucro y Deudas incobrables que no provienen del negocio. Military turbotax Use el Anexo D (Formulario 1040): Para calcular la ganancia o pérdida total de las transacciones declaradas en el Formulario 8949; Para declarar una ganancia proveniente del Formulario 6252 o de la Parte I del Formulario 4797; Para declarar una ganancia o pérdida proveniente del Formulario 4684, 6781 u 8824; Para declarar distribuciones de ganancias de capital no declaradas directamente en el Formulario 1040 o en el Formulario 1040A; Para declarar una pérdida de capital trasladada del año tributario anterior al año tributario actual; Para declarar su parte de una ganancia (o pérdida) de una sociedad colectiva, sociedad anónima de tipo S, caudal hereditario o fideicomiso; Para declarar las transacciones informadas a usted en el Formulario 1099-B (o documento sustitutivo), el cual muestra las bases informadas al IRS y al cual no corresponde ninguno de los ajustes o códigos del Formulario 8949; y Para declarar ganancias de capital a largo plazo no distribuidas provenientes del Formulario 2439. Military turbotax Anote en el Formulario 8949 todas las ventas e intercambios de activos de capital (incluyendo acciones, bonos, etc. Military turbotax ) y de bienes raíces (si no se declararon en el Formulario 4684, 4797, 6252, 6781 u 8824 o la línea 1a u 8a del Anexo D). Military turbotax Declare estas transacciones aun si usted no recibió un Formulario 1099-B o 1099-S (u otra declaración sustitutiva) para la transacción. Military turbotax Declare las ganancias o pérdidas a corto plazo en la Parte I. Military turbotax Declare ganancias y pérdidas a largo plazo en la Parte II. Military turbotax Use cuantos Formularios 8949 sean necesarios. Military turbotax Excepciones a la presentación del Formulario 8949 y el Anexo D (Formulario 1040). Military turbotax   Hay ciertas circunstancias bajo las cuales usted tal vez no tenga que presentar el Formulario 8949 ni el Anexo D (Formulario 1040). Military turbotax Excepción 1. Military turbotax   Usted no tiene que presentar el Formulario 8949 ni el Anexo D (Formulario 1040) si no tiene pérdidas de capital y sus únicas ganancias de capital son distribuciones de ganancia de capital correspondientes al (los) recuadro(s) 2a del (de los) Formulario(s) 1099-DIV (o declaraciones sustitutivas). Military turbotax (Si alguno de los Formularios 1099-DIV (o declaraciones sustitutivas) que usted recibe indica una cifra en el recuadro 2b (ganancias no recuperadas conforme a la sección 1250), el recuadro 2c (ganancias conforme a la sección 1202) o el recuadro 2d (ganancias (tasas de 28%) por la venta de objetos coleccionables, usted no reúne los requisitos para esta excepción). Military turbotax Si reúne los requisitos para esta excepción, declare sus distribuciones de ganancia de capital directamente en la línea 13 del Formulario 1040 y marque el recuadro en la línea 13. Military turbotax También debe utillizar la Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo para impuestos sobre dividendos y ganancias de capital), que encontrará en las Instrucciones del Formulario 1040, para calcular su impuesto. Military turbotax Usted pede declarar sus distribuciones de ganancias de capital en la línea 10 del Formulario 1040A, en vez del Formulario 1040, si ninguno de los Formularios 1099-DIV (o declaraciones sustitutivas) que usted recibió indica una cifra en los recuadros 2b, 2c o 2d y usted no tiene que presentar el Formulario 1040. Military turbotax Excepción 2. Military turbotax   Usted tiene que presentar el Anexo D (Formulario 1040), pero por lo general no tiene que presentar el Formulario 8949 si la Excepción 1 no le corresponde y sus únicas ganancias y pérdidas de capital son: Distribuciones de ganancias de capital; Una pérdida de capital trasladada de un año anterior; Una ganancia correspondiente al Formulario 2439 ó 6252, o de la Parte I del Formulario 4797; Una ganancia o pérdida correspondiente al Formulario 4684, 6781 u 8824; Una ganancia o pérdida de una sociedad colectiva, sociedad anónima de tipo S, un caudal hereditario o fideicomiso; Ganancias y pérdidas de transacciones por las cuales usted recibió el Formulario 1099-B (o un documento sustitutivo), el cual muestra las bases informadas al IRS y por lo cual no necesita hacer ningún ajuste en la columna (g) del Formulario 8949 ni anotar ningún código en la columna (f) del Formulario 8949. Military turbotax Ventas a plazos. Military turbotax   No puede utilizar el método de pago a plazos para declarar una ganancia proveniente de la venta de acciones o valores bursátiles cotizados en un mercado de valores bursátiles establecido. Military turbotax Tiene que declarar la totalidad de la ganancia en el año de la venta (el año en el que ocurra la fecha de canje). Military turbotax Ganancias y pérdidas provenientes de una actividad pasiva. Military turbotax    Si tiene pérdidas o ganancias provenientes de una actividad pasiva, es posible que tenga que declararlas también en el Formulario 8582. Military turbotax En ciertos casos, la pérdida puede ser limitada conforme a las reglas de actividad pasiva. Military turbotax Consulte el Formulario 8582 y sus instrucciones correspondientes por separado para obtener información adicional sobre la declaración de ganancias y pérdidas de capital producto de una actividad pasiva. Military turbotax Transacciones que se declaran en el Formulario 1099-B. Military turbotax   Si vendió bienes, como acciones, bonos o ciertos productos de consumo bursátiles, a través de un agente corredor bursátil, éste debe entregarle un Formulario 1099-B o documento sustitutivo. Military turbotax Utilice el Formulario 1099-B o el documento sustitutivo para completar el Formulario 8949. Military turbotax Si usted vendió un valor bursátil garantizado en 2013, su agente corredor bursátil le mandará un Formulario 1099-B (o declaración sustitutiva) que le indica la base. Military turbotax Esto le ayudará a completar el Formulario 8949. Military turbotax Por lo general, los valores bursátiles garantizados son aquéllos que usted adquirió después del año 2010. Military turbotax   Declare las ganancias brutas que aparezcan en el recuadro 2a del Formulario 1099-B como el precio de venta en la columna (d) de la Parte I o la Parte II del Formulario 8949, según le corresponda a su caso. Military turbotax No obstante, si el agente corredor bursátil indica, en el recuadro 2a del Formulario 1099-B, haber declarado al IRS las ganancias brutas (precio de venta) menos comisiones y primas de opciones, anote el precio neto de venta resultante en la columna (d) de la Parte I o de la Parte II del Formulario 8949, según le corresponda a su caso. Military turbotax   Incluya en la columna (g) todo gasto de venta, tal como honorarios de agente corredor bursátil, comisiones, impuestos de traspaso locales y estatales y primas de opciones, a menos que usted haya declarado el precio neto de venta en la columna (d). Military turbotax Si incluye un gasto de venta en la columna (g), anote “E” en la columna (f). Military turbotax Transacciones que se declaran en el Formulario 1099-CAP. Military turbotax   Si es dueño de acciones de una sociedad anónima en cuyo control o estructura de capital haya habido cambios importantes, dicha sociedad debe enviarle el Formulario 1099-CAP o documento sustitutivo. Military turbotax Utilice el Formulario 1099-CAP o documento sustitutivo para completar el Formulario 8949. Military turbotax Si sus cálculos indican que, debido al cambio, usted tendría una pérdida, no anote ninguna cantidad en el Formulario 8949 ni en el Anexo D (Formulario 1040). Military turbotax Esta transacción no le da la posibilidad de declarar una pérdida en el Anexo D (Formulario 1040). Military turbotax   Declare el total de la cantidad recibida indicado en el recuadro 2 del Formulario 1099-CAP como el precio de venta en la columna (d) de la Parte I o de la Parte II del Formulario 8949, según le corresponda a su caso. Military turbotax Transacciones que se declaran en el Formulario 1099-S. Military turbotax   Si vendió o canjeó bienes raíces que han de declararse, normalmente la persona encargada de comunicar transacciones de bienes raíces debe entregarle un Formulario 1099-S en el que se indiquen las ganancias brutas. Military turbotax    “Bienes raíces que han de declararse” son toda participación en una propiedad actual o futura en cualesquiera de los siguientes casos: Terrenos con o sin mejoras, incluido el espacio aéreo; Estructuras intrínsecamente permanentes, incluido todo edificio residencial, comercial o industrial; Una unidad de condominio y sus instalaciones accesorias y elementos comunes, incluido el terreno; y Acciones de cooperativa de viviendas en sociedad anónima (como se define en la sección 216 del Código de Impuestos Internos). Military turbotax   Una “persona encargada de comunicar transacciones de bienes raíces” puede ser el abogado del comprador, el abogado de usted, una compañía de escrituras de propiedad o de cuentas en depósito, un prestamista hipotecario, el agente corredor bursátil de usted, el agente corredor bursátil del comprador o la persona que adquiera la mayor participación en la propiedad. Military turbotax   El Formulario 1099-S indicará las ganancias brutas de la venta o el intercambio en el recuadro 2. Military turbotax Consulte las Instrucciones para el Formulario 8949 y las Instrucciones para el Anexo D (Formulario 1040) para saber cómo se declaran estas transacciones e incluirlas en la Parte I o Parte II del Formulario 8949, tal como le corresponda a su caso. Military turbotax No obstante, declare los intercambios por bienes del mismo tipo en el Formulario 8824. Military turbotax   Es ilegal que una persona encargada de comunicar transacciones de bienes raíces le cobre un cargo por separado por cumplir con el requisito de presentación del Formulario 1099-S. Military turbotax Nominatarios. Military turbotax   Si recibe ganancias brutas como nominatario (es decir, las ganancias brutas están a nombre suyo pero en realidad pertenecen a otra persona), vea las Instrucciones para el Formulario 8949, para saber cómo declarar estas cantidades en el Formulario 8949. Military turbotax Presente el Formulario 1099-B o el Formulario 1099-S al IRS. Military turbotax   Si recibió ganancias brutas en calidad de nominatario en 2013, tiene que presentar al IRS el Formulario 1099-B o el Formulario 1099-S correspondiente a dichas ganancias. Military turbotax Envíe el Formulario 1099-B o el Formulario 1099-S junto con el Formulario 1096, Annual Summary and Transmittal of U. Military turbotax S. Military turbotax Information Returns (Resumen e informe anual de declaraciones informativas de los Estados Unidos), en inglés, al Centro de Servicio del Servicio de Impuestos Internos que le corresponda a más tardar el 28 de febrero de 2014 (31 de marzo de 2014, si presenta el Formulario 1099-B o el Formulario 1099-S por vía electrónica). Military turbotax Entregue la Copia B del Formulario 1099-B o del Formulario 1099-S al verdadero dueño de dichas ganancias a más tardar el 18 de febrero de 2014. Military turbotax En el Formulario 1099-B, usted debe constar como “Payer” (Pagador). Military turbotax El otro dueño debe constar como “Recipient” (Destinatario). Military turbotax En el Formulario 1099-S, usted debe constar como “Filer” (Declarante). Military turbotax El otro dueño debe constar como “Transferor” (Cesionista). Military turbotax No obstante, usted no tiene que presentar el Formulario 1099-B ni el Formulario 1099-S para mostrar las ganancias de su cónyuge. Military turbotax Para más información acerca de los requisitos de presentación de ciertas declaraciones informativas y las multas por no presentar (o facilitar) dichas declaraciones, vea las General Instructions for Certain Information Returns (Instrucciones generales para determinadas declaraciones informativas), en inglés. Military turbotax Si presenta la declaración electrónicamente, vea la Publicación 1220, en inglés. Military turbotax Venta de bienes comprados en diferentes ocasiones. Military turbotax   Si vende un paquete de acciones u otros bienes que haya comprado en diferentes ocasiones, declare la pérdida o ganancia a corto plazo procedente de la venta en una fila de la Parte I del Formulario 8949 y anote la pérdida o ganancia a largo plazo en una fila de la Parte II del Formulario 8949. Military turbotax Escriba “Various” (Varios) en la columna (b) para la “Date acquired” (Fecha de adquisición). Military turbotax Gastos de venta. Military turbotax    En la columna (g) del Formulario 8949, incluya todo gasto de venta, como honorarios de agentes corredores bursátiles, comisiones, impuestos estatales y locales sobre traspasos y primas de opciones, a menos que usted haya declarado el precio neto de ventas en la columna (d). Military turbotax Si usted incluyó un gasto de venta en la columna (g), anote “E” en la columna (f). Military turbotax   Para más información sobre los ajustes a la base, vea el capítulo 13. Military turbotax Ganancias y pérdidas a corto plazo. Military turbotax   Las ganancias o pérdidas de capital sobre la venta o canje de bienes de inversión que haya tenido por 1 año o menos se consideran pérdidas o ganancias de capital a corto plazo. Military turbotax Declárelas en la Parte I del Formulario 8949. Military turbotax   Sume su parte de pérdidas o ganancias de capital a corto plazo provenientes de sociedades colectivas, sociedades anónimas de tipo S, caudales hereditarios y fideicomisos, además de toda pérdida de capital a corto plazo que se haya trasladado de un año anterior, con las demás ganancias y pérdidas de capital a corto plazo para calcular la pérdida o ganancia de capital neta a corto plazo en la línea 7 del Anexo D (Formulario 1040). Military turbotax Ganancias y pérdidas a largo plazo. Military turbotax    Una ganancia o pérdida de capital sobre la venta o canje de bienes de inversión que haya tenido durante más de 1 año se considera ganancia o pérdida de capital a largo plazo. Military turbotax Declárela en la Parte II del Formulario 8949. Military turbotax   Usted debe declarar lo siguiente en la Parte II del Anexo D (Formulario 1040): Ganancias de capital a largo plazo de un fondo mutuo (u otra sociedad inversionista reglamentada) o de una sociedad de inversión inmobiliaria (REIT, por sus siglas en inglés) que no hayan sido distribuidas; Su participación de las ganancias y pérdidas de capital a largo plazo de sociedades colectivas, sociedades anónimas de tipo S, caudales hereditarios y fideicomisos; Toda distribución de ganancia de capital proveniente de fondos mutuos y sociedades de inversión inmobiliaria (REIT) que no se haya declarado directamente en la línea 10 del Formulario 1040A o la línea 13 del Formulario 1040; y Pérdidas de capital a largo plazo trasladadas de un año anterior. Military turbotax    El resultado que se dé después de sumar dichas cantidades con las demás ganancias de capital a largo plazo y restar las pérdidas de capital a largo plazo es la ganancia o pérdida de capital neta a largo plazo (línea 15 del Anexo D (Formulario 1040)). Military turbotax Total de la ganancia o pérdida neta. Military turbotax   Para calcular el total de la ganancia o pérdida neta, sume la ganancia o pérdida de capital neta a corto plazo (línea 7 del Anexo D (Formulario 1040)) con la pérdida o ganancia de capital neta a largo plazo (línea 15 del Anexo D (Formulario 1040)). Military turbotax Anote el resultado en la línea 16 de la Parte III del Anexo D (Formulario 1040). Military turbotax Si tiene pérdidas que sobrepasen las ganancias, vea Pérdidas de Capital , que se encuentra a continuación. Military turbotax Si las líneas 15 y 16 del Anexo D (Formulario 1040) son ganancias y el ingreso sujeto a impuestos en su Formulario 1040 es mayor de cero, vea Tasas Impositivas sobre Ganancias de Capital , más adelante. Military turbotax Pérdidas de Capital Si las pérdidas de capital son mayores que las ganancias de capital, se puede declarar una deducción por pérdida de capital. Military turbotax Declare la cantidad de la deducción en la línea 13 del Formulario 1040, anotándola entre paréntesis. Military turbotax Límite sobre la deducción. Military turbotax   La deducción por ganancia de capital permisible, calculada en el Anexo D (Formulario 1040), es la cantidad que sea menor de las siguientes: $3,000 ($1,500 si es casado y presenta una declaración por separado) o El total de la pérdida neta tal como aparece en la línea 16 del Anexo D (Formulario 1040). Military turbotax   Puede usar el total de la pérdida neta para reducir sus ingresos en una cantidad equivalente, hasta el límite de $3,000. Military turbotax Traslado de pérdida de capital. Military turbotax   Si el total de la pérdida neta en la línea 16 del Anexo D (Formulario 1040) sobrepasa el límite anual de las deducciones de pérdida de capital, puede trasladar al año siguiente la parte sobrante y tratarla como si hubiera incurrido en la misma durante ese próximo año. Military turbotax Si una parte de la pérdida sigue sin usarse, puede trasladarla a años posteriores hasta que se agote. Military turbotax   Cuando calcule una cantidad de pérdida de capital que se trasladará al año siguiente, tiene que tener en cuenta la deducción permisible del año en curso, la haya reclamado o no, e independientemente de si presentó o no una declaración correspondiente al año en curso. Military turbotax   Cuando traslade una pérdida a un año posterior, ésta sigue siendo una pérdida a largo plazo o corto plazo. Military turbotax Una pérdida de capital a largo plazo que usted traslade al año tributario siguiente reducirá las ganancias de capital a largo plazo de dicho año antes de reducir las ganancias de capital a corto plazo de dicho año. Military turbotax Cálculo de la cantidad trasladada al año siguiente. Military turbotax   La cantidad de la pérdida de capital a trasladarse al año siguiente es la cantidad de pérdida neta total que sea mayor que la cantidad menor entre: La deducción por pérdida de capital permisible durante el año o Sus ingresos sujetos a impuestos aumentados por la deducción por pérdida de capital permisible durante el año y la deducción por exenciones personales. Military turbotax   Si las deducciones son mayores que sus ingresos brutos del año tributario, utilice los ingresos negativos sujetos a impuestos al calcular la cantidad en el punto (2). Military turbotax    Complete la Capital Loss Carryover Worksheet (Hoja de trabajo para calcular la pérdida de capital a trasladarse a años posteriores) en las Instrucciones del Anexo D o la Publicación 550, en inglés, para calcular la parte de la pérdida de capital que se pueda trasladar. Military turbotax Ejemplo. Military turbotax Roberto y Gloria vendieron valores bursátiles en 2013. Military turbotax Las ventas dieron por resultado una pérdida de capital de $7,000. Military turbotax No hicieron otras transacciones de capital. Military turbotax Sus ingresos sujetos a impuestos fueron $26,000. Military turbotax En la declaración conjunta de 2013, pueden deducir $3,000. Military turbotax La parte de la pérdida que no usaron, $4,000 ($7,000 − $3,000), se puede trasladar a 2014. Military turbotax Si la pérdida de capital hubiera sido $2,000, la deducción por pérdida de capital también habría sido $2,000. Military turbotax No tendrían cantidad alguna a trasladar al año siguiente. Military turbotax Utilice primero las pérdidas a corto plazo. Military turbotax   Cuando calcule la cantidad a trasladarse al año siguiente, utilice primero las pérdidas de capital a corto plazo, aunque haya incurrido en las mismas después de una pérdida de capital a largo plazo. Military turbotax Si no ha alcanzado el límite de la deducción por pérdidas de capital después de haber utilizado las pérdidas de capital a corto plazo, utilice las pérdidas de capital a largo plazo hasta alcanzar el límite. Military turbotax Pérdida de capital de un difunto. Military turbotax    Una pérdida de capital sufrida por una persona en su último año tributario antes de fallecer (o que se haya traspasado de un año anterior a dicho año) se puede deducir sólo en la última declaración del impuesto sobre el ingreso personal que se presente a nombre del difunto. Military turbotax Los límites de pérdida de capital explicados anteriormente aún corresponden en este caso. Military turbotax El caudal hereditario (patrimonio) del difunto no puede deducir ninguna parte de la pérdida ni trasladarla a años posteriores. Military turbotax Declaraciones conjuntas y separadas. Military turbotax   Si antes usted y su cónyuge presentaban declaraciones por separado y ahora presentan una declaración conjunta, sume las cantidades de pérdida de capital que cada uno de ustedes haya trasladado a un año siguiente. Military turbotax No obstante, si antes usted y su cónyuge presentaban una declaración conjunta y ahora presentan declaraciones por separado, toda pérdida de capital que se haya trasladado a un año siguiente se puede deducir sólo en la declaración del cónyuge que de hecho sufrió la pérdida. Military turbotax Tasas Impositivas sobre Ganancias de Capital Las tasas impositivas correspondientes a una ganancia neta de capital suelen ser más bajas que las que corresponden a otros ingresos. Military turbotax Estas tasas reducidas se conocen como las “tasas máximas de ganancias de capital”. Military turbotax El término “ganancia neta de capital” designa la cantidad por la que la ganancia neta de capital a largo plazo del año supera la pérdida de capital neta a corto plazo. Military turbotax Para el año 2013, las tasas máximas correspondientes a ganancias de capital son 0%, 15%, 20%, 25% y 28%. Military turbotax Vea la Tabla 16-1, para obtener información detallada. Military turbotax Si para calcular el impuesto utiliza las tasas máximas correspondientes a ganancias de capital y el cálculo normal de impuestos le resulta en unos impuestos más bajos, el cálculo normal de impuestos es el que le corresponde. Military turbotax Ejemplo. Military turbotax Su ganancia neta de capital proviene en su totalidad de la venta de artículos coleccionables, por lo tanto, la tasa correspondiente a la ganancia de capital es 28%. Military turbotax Si de otro modo está sujeto a una tasa menor del 28%, la tasa del 28% no corresponde. Military turbotax Deducción de los intereses de inversiones. Military turbotax   Si declara una deducción de intereses de inversiones, tal vez tenga que reducir la cantidad de su ganancia neta de capital que reúna los requisitos para las tasas impositivas sobre ganancias de capital. Military turbotax Réstele la cantidad de la ganancia neta de capital que opte por incluir en los ingresos de inversiones al calcular el límite de la deducción de los mismos. Military turbotax Para hacer esto, se utiliza la Schedule D Tax Worksheet (Hoja de trabajo para los impuestos del Anexo D) en las Instrucciones para el Anexo D (Formulario 1040), en inglés, o la Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo para los impuestos sobre dividendos calificados y ganancias de capital), que se encuentra en las instrucciones por separado correspondientes a los Formularios 1040 y 1040A, en inglés. Military turbotax Para más información acerca del límite de los intereses procedentes de inversiones, vea Interest Expenses (Gastos de intereses) en el capítulo 3 de la Publicación 550, en inglés. Military turbotax Tabla 16-1. Military turbotax ¿Cuál es la Tasa Máxima de Ganancias de Capital que le Corresponde? SI la ganancia neta de capital se deriva de . Military turbotax . Military turbotax . Military turbotax ENTONCES la  tasa máxima de  ganancia de capital es . Military turbotax . Military turbotax . Military turbotax una ganancia producto de artículos coleccionables 28% una ganancia, la cual reúne los requisitos, sobre acciones de pequeños negocios calificados menos la exclusión conforme a la sección 1202 28% una ganancia conforme a la sección 1250 no recuperada 25% otra ganancia1 y la tasa impositiva normal correspondiente es 39. Military turbotax 6% 20% otra ganancia1 y la tasa impositiva normal correspondiente es 25%, 28%, 33% o 35% 15% otra ganancia1 y la tasa impositiva normal correspondiente es 10% o 15% 0% 1 El término “otra ganancia” significa toda ganancia que no sea una ganancia procedente de artículos coleccionables, ganancia sobre acciones de pequeños negocios calificados o una ganancia conforme a la sección 1250 no recuperada. Military turbotax     Ganancia o pérdida procedente de artículos coleccionables. Military turbotax   Ésta es una ganancia o pérdida que se deriva de la venta o canje de una obra de arte, alfombra, antigüedad, metal (como oro, plata y platino en barras), piedra preciosa, estampilla o sello, moneda o bebida alcohólica que haya tenido más de 1 año. Military turbotax   Se considera que una ganancia procedente de artículos coleccionables abarca las ganancias resultantes de la venta de una participación en una sociedad colectiva, sociedad anónima de tipo S o fideicomiso, generadas por una plusvalía no realizada de dichos artículos coleccionables. Military turbotax Ganancia sobre acciones de pequeños negocios calificados. Military turbotax    Si obtuvo una ganancia de acciones de pequeños negocios calificados y fue dueño de dichas acciones durante más de 5 años, normalmente puede excluir de los ingresos una parte o la totalidad de su ganancia bajo la sección 1202. Military turbotax La ganancia que cumple los requisitos, menos la exclusión conforme a la sección 1202, es una ganancia con una tasa de 28%. Military turbotax Vea Gains on Qualified Small Business Stock (Ganancias de acciones de pequeños negocios calificados) en el capítulo 4 de la Publicación 550, en inglés. Military turbotax Ganancia conforme a la sección 1250 no recuperada. Military turbotax    Por lo general, ésta es toda parte de la ganancia de capital que se haya originado por la venta de bienes conforme a la sección 1250 (bienes raíces) debido a depreciación (pero no más que la ganancia neta conforme a la sección 1231) menos toda pérdida neta en el grupo del 28%. Military turbotax Use la Unrecaptured Section 1250 Gain Worksheet (Hoja de trabajo de ganancias no recuperadas conforme a la sección 1250) de las Instrucciones del Anexo D (Formulario 1040), en inglés, para calcular la ganancia no recuperada conforme a la sección 1250. Military turbotax Para más información sobre bienes conforme a la sección 1250 y ganancias conforme a la sección 1231, vea el capítulo 3 de la Publicación 544, en inglés. Military turbotax Cálculo de los impuestos a base de las tasas máximas de ganancias de capital. Military turbotax   Utilice la Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo para los impuestos sobre dividendos calificados y ganancias de capital) o la Schedule D Tax Worksheet (Hoja de trabajo para los impuestos del Anexo D), la que corresponda, para calcular su impuesto si ha recibido dividendos calificados o ganancia neta de capital. Military turbotax Tiene ganancia neta de capital si las cantidades de las líneas 15 y 16 del Anexo D ambas son ganancias. Military turbotax Hoja de trabajo para los impuestos del Anexo D. Military turbotax   Utilice la Schedule D Tax Worksheet (Hoja de trabajo para los impuestos del Anexo D) que se encuentra en las Instrucciones del Anexo D (Formulario 1040) para calcular el impuesto si se dan las siguientes condiciones: Tiene que presentar el Anexo D (Formulario 1040) y La cantidad de la línea 18 (ganancia a una tasa de 28%) o la línea 19 (ganancia no recuperada conforme a la sección 1250) del Anexo D (Formulario 1040) es mayor de cero. Military turbotax Hoja de trabajo para el impuesto sobre dividendos calificados y ganancias de capital. Military turbotax   Utilice la Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo para el impuesto sobre los dividendos calificados y ganancias de capital) de las instrucciones del Formulario 1040 o Formulario 1040A (el que presente) para calcular el impuesto si no tiene que utilizar la Hoja de trabajo para los impuestos del Anexo D (como se explica anteriormente) y corresponde cualquiera de los siguientes puntos: Recibió dividendos calificados. Military turbotax (Vea Dividendos Calificados en el capítulo 8). Military turbotax No tiene que presentar el Anexo D (Formulario 1040) y recibió distribuciones de ganancias de capital. Military turbotax (Vea Excepciones a la presentación del Formulario 8949 y el Anexo D (Formulario 1040) , anteriormente). Military turbotax Las cantidades de las líneas 15 y 16 del Anexo D (Formulario 1040) son mayores de cero. Military turbotax Impuesto mínimo alternativo. Military turbotax   Estas tasas de ganancias de capital se utilizan también para calcular el impuesto mínimo alternativo. Military turbotax Prev  Up  Next   Home   More Online Publications