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State Income Taxes 2012

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State Income Taxes 2012

State income taxes 2012 9. State income taxes 2012   Figuring Net Profit or Loss Table of Contents Introduction Net Operating Losses (NOLs) Not-for-Profit Activities Introduction After figuring your business income and expenses, you are ready to figure the net profit or net loss from your business. State income taxes 2012 You do this by subtracting business expenses from business income. State income taxes 2012 If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040. State income taxes 2012 If your expenses are more than your income, the difference is a net loss. State income taxes 2012 You usually can deduct it from gross income on page 1 of Form 1040. State income taxes 2012 But in some situations your loss is limited. State income taxes 2012 This chapter briefly explains two of those situations. State income taxes 2012 Other situations that may limit your loss are explained in the Instructions for Schedule C, line G and line 32. State income taxes 2012 If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C. State income taxes 2012 Net Operating Losses (NOLs) If your deductions for the year are more than your income for the year (line 41 of your Form 1040 is a negative number), you may have a net operating loss (NOL). State income taxes 2012 You can use an NOL by deducting it from your income in another year or years. State income taxes 2012 Examples of typical losses that may produce an NOL include, but are not limited to, losses incurred from the following. State income taxes 2012 Your trade or business. State income taxes 2012 Your work as an employee (unreimbursed employee business expenses). State income taxes 2012 A casualty or theft. State income taxes 2012 Moving expenses. State income taxes 2012 Rental property. State income taxes 2012 A loss from operating a business is the most common reason for an NOL. State income taxes 2012 For details about NOLs, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. State income taxes 2012 It explains how to figure an NOL, when to use it, how to claim an NOL deduction, and how to figure an NOL carryover. State income taxes 2012 Not-for-Profit Activities If you do not carry on your business to make a profit, there is a limit on the deductions you can take. State income taxes 2012 You cannot use a loss from the activity to offset other income. State income taxes 2012 Activities you do as a hobby, or mainly for sport or recreation, come under this limit. State income taxes 2012 For details about not-for-profit activities, see chapter 1 in Publication 535, Business Expenses. State income taxes 2012 That chapter explains how to determine whether your activity is carried on to make a profit and how to figure the amount of loss you can deduct. State income taxes 2012 Prev  Up  Next   Home   More Online Publications
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The State Income Taxes 2012

State income taxes 2012 3. State income taxes 2012   Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. State income taxes 2012 Deductible contribution. State income taxes 2012 Nondeductible contribution. State income taxes 2012 You may be able to subtract amounts from your total income (Form 1040, line 22 or Form 1040A, line 15) or total effectively connected income (Form 1040NR, line 23) to get your adjusted gross income (Form 1040, line 37; Form 1040A, line 21; or Form 1040NR, line 36). State income taxes 2012 Some adjustments to income follow. State income taxes 2012 Contributions to your individual retirement arrangement (IRA) (Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32), explained later in this publication. State income taxes 2012 Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. State income taxes 2012 See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. State income taxes 2012 Some health insurance costs (Form 1040, line 29 or Form 1040NR, line 29) if you were self-employed and had a net profit for the year, or if you received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. State income taxes 2012 For more details, see Publication 535, Business Expenses. State income taxes 2012 Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). State income taxes 2012 For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. State income taxes 2012 Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). State income taxes 2012 Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. State income taxes 2012 Alimony payments (Form 1040, line 31a). State income taxes 2012 For more information, see Publication 504, Divorced or Separated Individuals. State income taxes 2012 There are other items you can claim as adjustments to income. State income taxes 2012 These adjustments are discussed in your tax return instructions. State income taxes 2012 Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. State income taxes 2012 A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. State income taxes 2012 Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . State income taxes 2012 For more detailed information, see Publication 590. State income taxes 2012 Contributions. State income taxes 2012   An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. State income taxes 2012 Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until distributed. State income taxes 2012    Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. State income taxes 2012 Do not report this interest on your tax return as tax-exempt interest. State income taxes 2012 General limit. State income taxes 2012   The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. State income taxes 2012 Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). State income taxes 2012 Contributions to Kay Bailey Hutchison Spousal IRAs. State income taxes 2012   In the case of a married couple filing a joint return for 2013, up to $5,500 ($6,500 for each spouse age 50 or older by the end of 2013) can be contributed to IRAs on behalf of each spouse, even if one spouse has little or no compensation. State income taxes 2012 For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. State income taxes 2012 Deductible contribution. State income taxes 2012   Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained. State income taxes 2012 However, if you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, you may not be able to deduct all of the contributions. State income taxes 2012 Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. State income taxes 2012 For more information, see Limit if Covered by Employer Plan in Publication 590. State income taxes 2012 Nondeductible contribution. State income taxes 2012   The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. State income taxes 2012 You must file Form 8606, Nondeductible IRAs, to report nondeductible contributions even if you do not have to file a tax return for the year. State income taxes 2012    For 2014, the most that can be contributed to your traditional IRA is $5,500 ($6,500 if you are age 50 or older at the end of 2014). 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