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Tax Rates And Tables

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Tax Rates And Tables

Tax rates and tables Publication 590 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. Tax rates and tables Tax questions. Tax rates and tables Useful Items - You may want to see: Note. Tax rates and tables After 2013, Publication 590 will be split into two separate publications as follows. Tax rates and tables Publication 590-A, will focus on contributions to traditional IRAs as well as Roth IRAs. Tax rates and tables This publication will include the rules for rollover and conversion contributions. Tax rates and tables Publication 590-B, will focus on distributions from traditional IRAs as well as Roth IRAs. Tax rates and tables This publication will include the rules for required minimum distributions and IRA beneficiaries. Tax rates and tables What's New for 2013 Traditional IRA contribution and deduction limit. Tax rates and tables  The contribution limit to your traditional IRA for 2013 will be increased to the smaller of the following amounts: $5,500, or Your taxable compensation for the year. Tax rates and tables If you were age 50 or older before 2014, the most that can be contributed to your traditional IRA for 2013 will be the smaller of the following amounts: $6,500, or Your taxable compensation for the year. Tax rates and tables For more information, see How Much Can Be Contributed? in chapter 1. Tax rates and tables Roth IRA contribution limit. Tax rates and tables  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. Tax rates and tables If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. Tax rates and tables However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Tax rates and tables For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in chapter 2. Tax rates and tables Modified AGI limit for traditional IRA contributions increased. Tax rates and tables  For 2013, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $95,000 but less than $115,000 for a married couple filing a joint return or a qualifying widow(er), More than $59,000 but less than $69,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Tax rates and tables If you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $178,000 but less than $188,000. Tax rates and tables If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Tax rates and tables See How Much Can You Deduct? in chapter 1. Tax rates and tables Modified AGI limit for Roth IRA contributions increased. Tax rates and tables  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Tax rates and tables Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Tax rates and tables You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Tax rates and tables Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. Tax rates and tables You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Tax rates and tables Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Tax rates and tables You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Tax rates and tables See Can You Contribute to a Roth IRA? in chapter 2. Tax rates and tables Net Investment Income Tax. Tax rates and tables  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). Tax rates and tables However, these distributions are taken into account when determining the modified adjusted gross income threshold. Tax rates and tables Distributions from a nonqualified retirement plan are included in net investment income. Tax rates and tables See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Tax rates and tables Kay Bailey Hutchison Spousal IRA. Tax rates and tables . Tax rates and tables  In 2013, spousal IRAs were renamed to Kay Bailey Hutchison Spousal IRAs. Tax rates and tables There are no changes to the rules regarding these IRAs. Tax rates and tables See Kay Bailey Hutchison Spousal IRA Limit in chapter 1 for more information. Tax rates and tables What's New for 2014 Modified AGI limit for traditional IRA contributions increased. Tax rates and tables  For 2014, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $96,000 but less than $116,000 for a married couple filing a joint return or a qualifying widow(er), More than $60,000 but less than $70,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Tax rates and tables If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. Tax rates and tables If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. Tax rates and tables Modified AGI limit for Roth IRA contributions increased. Tax rates and tables  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. Tax rates and tables Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. Tax rates and tables You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. Tax rates and tables Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. Tax rates and tables You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. Tax rates and tables Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Tax rates and tables You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Tax rates and tables Reminders Future developments. Tax rates and tables  For the latest information about developments related to Publication 590, such as legislation enacted after it was published, go to www. Tax rates and tables irs. Tax rates and tables gov/pub590. Tax rates and tables Simplified employee pension (SEP). Tax rates and tables  SEP IRAs are not covered in this publication. Tax rates and tables They are covered in Publication 560, Retirement Plans for Small Business. Tax rates and tables Deemed IRAs. Tax rates and tables  A qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. Tax rates and tables If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. Tax rates and tables An employee's account can be treated as a traditional IRA or a Roth IRA. Tax rates and tables For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. Tax rates and tables Contributions to both traditional and Roth IRAs. Tax rates and tables  For information on your combined contribution limit if you contribute to both traditional and Roth IRAs, see Roth IRAs and traditional IRAs under How Much Can Be Contributed? in chapter 2. Tax rates and tables Statement of required minimum distribution (RMD). Tax rates and tables  If an RMD is required from your IRA, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the RMD to you, or offer to calculate it for you. Tax rates and tables The report or offer must include the date by which the amount must be distributed. Tax rates and tables The report is due January 31 of the year in which the minimum distribution is required. Tax rates and tables It can be provided with the year-end fair market value statement that you normally get each year. Tax rates and tables No report is required for section 403(b) contracts (generally tax-sheltered annuities) or for IRAs of owners who have died. Tax rates and tables IRA interest. Tax rates and tables  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. Tax rates and tables Tax on your traditional IRA is generally deferred until you take a distribution. Tax rates and tables Do not report this interest on your return as tax-exempt interest. Tax rates and tables For more information on tax-exempt interest, see the instructions for your tax return. Tax rates and tables Photographs of missing children. Tax rates and tables  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Tax rates and tables Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax rates and tables You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Tax rates and tables Introduction This publication discusses individual retirement arrangements (IRAs). Tax rates and tables An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement. Tax rates and tables What are some tax advantages of an IRA?   Two tax advantages of an IRA are that: Contributions you make to an IRA may be fully or partially deductible, depending on which type of IRA you have and on your circumstances, and Generally, amounts in your IRA (including earnings and gains) are not taxed until distributed. Tax rates and tables In some cases, amounts are not taxed at all if distributed according to the rules. Tax rates and tables What's in this publication?   This publication discusses traditional, Roth, and SIMPLE IRAs. Tax rates and tables It explains the rules for: Setting up an IRA, Contributing to an IRA, Transferring money or property to and from an IRA, Handling an inherited IRA, Receiving distributions (making withdrawals) from an IRA, and Taking a credit for contributions to an IRA. Tax rates and tables   It also explains the penalties and additional taxes that apply when the rules are not followed. Tax rates and tables To assist you in complying with the tax rules for IRAs, this publication contains worksheets, sample forms, and tables, which can be found throughout the publication and in the appendices at the back of the publication. Tax rates and tables How to use this publication. Tax rates and tables   The rules that you must follow depend on which type of IRA you have. Tax rates and tables Use Table I-1 to help you determine which parts of this publication to read. Tax rates and tables Also use Table I-1 if you were referred to this publication from instructions to a form. Tax rates and tables Comments and suggestions. Tax rates and tables   We welcome your comments about this publication and your suggestions for future editions. Tax rates and tables   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Tax rates and tables NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Tax rates and tables Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax rates and tables   You can send your comments from www. Tax rates and tables irs. Tax rates and tables gov/formspubs/. Tax rates and tables Click on “More Information” and then on “Comment on Tax Forms and Publications”. Tax rates and tables   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Tax rates and tables Ordering forms and publications. Tax rates and tables   Visit www. Tax rates and tables irs. Tax rates and tables gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Tax rates and tables Internal Revenue Service 1201 N. Tax rates and tables Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Tax rates and tables   If you have a tax question, check the information available on IRS. Tax rates and tables gov or call 1-800-829-1040. Tax rates and tables We cannot answer tax questions sent to either of the above addresses. Tax rates and tables Useful Items - You may want to see: Publications 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 571 Tax-Sheltered Annuity Plans (403(b) Plans) 575 Pension and Annuity Income 939 General Rule for Pensions and Annuities Forms (and instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Tax rates and tables 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-S SIMPLE Individual Retirement Trust Account 5305-SA SIMPLE Individual Retirement Custodial Account 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5498 IRA Contribution Information 8606 Nondeductible IRAs 8815 Exclusion of Interest From Series EE and I U. Tax rates and tables S. Tax rates and tables Savings Bonds Issued After 1989 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions See chapter 5 for information about getting these publications and forms. Tax rates and tables Table I-1. Tax rates and tables Using This Publication IF you need information on . Tax rates and tables . Tax rates and tables . Tax rates and tables THEN see . Tax rates and tables . Tax rates and tables . Tax rates and tables traditional IRAs chapter 1. Tax rates and tables Roth IRAs chapter 2, and parts of  chapter 1. Tax rates and tables SIMPLE IRAs chapter 3. Tax rates and tables the credit for qualified retirement savings contributions (the saver's credit) chapter 4. Tax rates and tables how to keep a record of your contributions to, and distributions from, your traditional IRA(s) appendix A. Tax rates and tables SEP IRAs and 401(k) plans Publication 560. Tax rates and tables Coverdell education savings accounts (formerly called education IRAs) Publication 970. Tax rates and tables IF for 2013, you received social security benefits, had taxable compensation, contributed to a traditional IRA, and you or your spouse was covered by an employer retirement plan, and you want to. Tax rates and tables . Tax rates and tables . Tax rates and tables THEN see . Tax rates and tables . Tax rates and tables . Tax rates and tables first figure your modified adjusted gross income (AGI) appendix B, worksheet 1. Tax rates and tables then figure how much of your traditional IRA contribution you can deduct appendix B, worksheet 2. Tax rates and tables and finally figure how much of your social security is taxable appendix B, worksheet 3. Tax rates and tables Table I-2. Tax rates and tables How Are a Traditional IRA and a Roth IRA Different? This table shows the differences between traditional and Roth IRAs. Tax rates and tables Answers in the middle column apply to traditional IRAs. Tax rates and tables Answers in the right column apply to Roth IRAs. Tax rates and tables Question Answer   Traditional IRA? Roth IRA? Is there an age limit on when I can open and contribute to a Yes. Tax rates and tables You must not have reached age  70½ by the end of the year. Tax rates and tables See Who Can Open a Traditional IRA? in chapter 1. Tax rates and tables No. Tax rates and tables You can be any age. Tax rates and tables See Can You Contribute to a Roth IRA? in chapter 2. Tax rates and tables If I earned more than $5,500 in 2013 ($6,500 if I was 50 or older by the end of 2013), is there a limit on how much I can contribute to a Yes. Tax rates and tables For 2013, you can contribute to a traditional IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013. Tax rates and tables  There is no upper limit on how much you can earn and still contribute. Tax rates and tables See How Much Can Be Contributed? in chapter 1. Tax rates and tables Yes. Tax rates and tables For 2013, you may be able to contribute to a Roth IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013,  but the amount you can contribute may be less than that depending on your income, filing status, and if you contribute to another IRA. Tax rates and tables See How Much Can Be Contributed? and Table 2-1 in chapter 2. Tax rates and tables Can I deduct contributions to a Yes. Tax rates and tables You may be able to deduct your contributions to a traditional IRA depending on your income, filing status, whether you are covered by a retirement plan at work, and whether you receive social security benefits. Tax rates and tables See How Much Can You Deduct? in chapter 1. Tax rates and tables No. Tax rates and tables You can never deduct contributions to a Roth IRA. Tax rates and tables See What Is a Roth IRA? in chapter 2. Tax rates and tables Do I have to file a form just because I contribute to a Not unless you make nondeductible contributions to your traditional IRA. Tax rates and tables In that case, you must file Form 8606. Tax rates and tables See Nondeductible Contributions in chapter 1. Tax rates and tables No. Tax rates and tables You do not have to file a form if you contribute to a Roth IRA. Tax rates and tables See Contributions not reported in chapter 2. Tax rates and tables Do I have to start taking distributions when I reach a certain age from a Yes. Tax rates and tables You must begin receiving required minimum distributions by April 1 of the year following the year you reach age 70½. Tax rates and tables See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. Tax rates and tables No. Tax rates and tables If you are the original owner of a Roth IRA, you do not have to take distributions regardless of your age. Tax rates and tables See Are Distributions Taxable? in chapter 2. Tax rates and tables However, if you are the beneficiary of a Roth IRA, you may have to take distributions. Tax rates and tables See Distributions After Owner's Death in chapter 2. Tax rates and tables How are distributions taxed from a Distributions from a traditional IRA are taxed as ordinary income, but if you made nondeductible contributions, not all of the distribution is taxable. Tax rates and tables See Are Distributions Taxable? in chapter 1. Tax rates and tables Distributions from a Roth IRA are not taxed as long as you meet certain criteria. Tax rates and tables See Are Distributions Taxable? in chapter 2. Tax rates and tables Do I have to file a form just because I receive distributions from a Not unless you have ever made a nondeductible contribution to a traditional IRA. Tax rates and tables If you have, file Form 8606. Tax rates and tables See Nondeductible Contributions in chapter 1. Tax rates and tables Yes. Tax rates and tables File Form 8606 if you received distributions from a Roth IRA (other than a rollover, qualified charitable distribution, one-time distribution to fund an HSA, recharacterization, certain qualified distributions, or a return of certain contributions). Tax rates and tables Prev  Up  Next   Home   More Online Publications
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The Tax Rates And Tables

Tax rates and tables 1. Tax rates and tables   Filing and Paying Business Taxes Table of Contents Introduction Useful Items - You may want to see: Identification NumbersNew EIN. Tax rates and tables Employee. Tax rates and tables Other payee. Tax rates and tables Income TaxDo I Have To File an Income Tax Return? How Do I File? IRS e-file (Electronic Filing) When Is My Tax Return Due? How Do I Pay Income Tax? Self-Employment (SE) TaxHow to become insured under social security. Tax rates and tables Earning credits in 2013 and 2014. Tax rates and tables Employment Taxes Excise Taxes Information ReturnsWaiver of penalties. Tax rates and tables Penalties. Tax rates and tables Introduction This chapter explains the business taxes you may have to pay and the forms you may have to file. Tax rates and tables It also discusses taxpayer identification numbers. Tax rates and tables Table 1-1 lists the benefits of filing electronically. Tax rates and tables Table 1-2 lists the federal taxes you may have to pay, their due dates, and the forms you use to report them. Tax rates and tables Table 1-3 provides checklists that highlight the typical forms and schedules you may need to file if you ever go out of business. Tax rates and tables You may want to get Publication 509, Tax Calendars. Tax rates and tables It has tax calendars that tell you when to file returns and make tax payments. Tax rates and tables Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Tax rates and tables S. Tax rates and tables Individual Income Tax Return 1040-ES Estimated Tax for Individuals Sch C (Form 1040) Profit or Loss From Business Sch C-EZ (Form 1040) Net Profit From Business Sch SE (Form 1040) Self-Employment Tax See chapter 12 for information about getting publications and forms. Tax rates and tables Identification Numbers This section explains three types of taxpayer identification numbers, who needs them, when to use them, and how to get them. Tax rates and tables Social security number (SSN). Tax rates and tables   Generally, use your SSN as your taxpayer identification number. Tax rates and tables You must put this number on each of your individual income tax forms, such as Form 1040 and its schedules. Tax rates and tables   To apply for an SSN, use Form SS-5, Application for a Social Security Card. Tax rates and tables This form is available at Social Security Administration (SSA) offices or by calling 1-800-772-1213. Tax rates and tables It is also available from the SSA website at www. Tax rates and tables socialsecurity. Tax rates and tables gov. Tax rates and tables Individual taxpayer identification number (ITIN). Tax rates and tables   The IRS will issue an ITIN if you are a nonresident or resident alien and you do not have and are not eligible to get an SSN. Tax rates and tables In general, if you need to obtain an ITIN, you must attach Form W-7, Application for IRS Individual Taxpayer Identification Number, with your signed, original, completed tax return and any other required documentation and mail them to the following address. Tax rates and tables  Internal Revenue Service ITIN Operation P. Tax rates and tables O. Tax rates and tables Box 149342 Austin, TX 78714-9342 The exceptions are covered in detail in the instructions for Form W-7. Tax rates and tables If you must include another person's SSN on your return and that person does not have and cannot get an SSN, enter that person's ITIN. Tax rates and tables The application is also available in Spanish. Tax rates and tables The form is available at IRS. Tax rates and tables gov or you can call 1-800-829-3676 to order the form. Tax rates and tables    An ITIN is for tax use only. Tax rates and tables It does not entitle the holder to social security benefits or change the holder's employment or immigration status. Tax rates and tables Employer identification number (EIN). Tax rates and tables   You must also have an EIN to use as a taxpayer identification number if you do either of the following. Tax rates and tables Pay wages to one or more employees. Tax rates and tables File pension or excise tax returns. Tax rates and tables   If you must have an EIN, include it along with your SSN on your Schedule C or C-EZ. Tax rates and tables   You can apply for an EIN: Online by clicking on the Employer ID Numbers (EINs) link at www. Tax rates and tables irs. Tax rates and tables gov/businesses/small. Tax rates and tables The EIN is issued immediately once the application information is validated. Tax rates and tables By telephone at 1-800-829-4933. Tax rates and tables By mailing or faxing Form SS-4, Application for Employer Identification Number. Tax rates and tables New EIN. Tax rates and tables   You may need to get a new EIN if either the form or the ownership of your business changes. Tax rates and tables For more information, see Publication 1635, Understanding Your EIN. Tax rates and tables When you need identification numbers of other persons. Tax rates and tables   In operating your business, you will probably make certain payments you must report on information returns. Tax rates and tables These payments are discussed under Information Returns, later in this chapter. Tax rates and tables You must give the recipient of these payments (the payee) a statement showing the total amount paid during the year. Tax rates and tables You must include the payee's identification number and your identification number on the returns and statements. Tax rates and tables Employee. Tax rates and tables   If you have employees, you must get an SSN from each of them. Tax rates and tables Record the name and SSN of each employee exactly as they are shown on the employee's social security card. Tax rates and tables If the employee's name is not correct as shown on the card, the employee should request a new card from the SSA. Tax rates and tables This may occur if the employee's name was changed due to marriage or divorce. Tax rates and tables   Form W-4, Employee's Withholding Allowance Certificate, is completed by each employee so the correct federal income tax can be withheld from their pay. Tax rates and tables   If your employee does not have an SSN, he or she should file Form SS-5 with the SSA. Tax rates and tables Other payee. Tax rates and tables   If you make payments to someone who is not your employee and you must report the payments on an information return, get that person's SSN. Tax rates and tables If you must report payments to an organization, such as a corporation or partnership, you must get its EIN. Tax rates and tables   To get the payee's SSN or EIN, use Form W-9, Request for Taxpayer Identification Number and Certification. Tax rates and tables   A payee who does not provide you with an identification number may be subject to backup withholding. Tax rates and tables For information on backup withholding, see the Form W-9 instructions and the General Instructions for Certain Information Returns. Tax rates and tables Income Tax This part explains whether you have to file an income tax return and when you file it. Tax rates and tables It also explains how you pay the tax. Tax rates and tables Do I Have To File an Income Tax Return? You have to file an income tax return for 2013 if your net earnings from self-employment were $400 or more. Tax rates and tables If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions. Tax rates and tables How Do I File? File your income tax return on Form 1040 and attach Schedule C or Schedule C-EZ. Tax rates and tables Enter the net profit or loss from Schedule C or Schedule C-EZ on page 1 of Form 1040. Tax rates and tables Use Schedule C to figure your net profit or loss from your business. Tax rates and tables If you operated more than one business as a sole proprietorship, you must attach a separate Schedule C for each business. Tax rates and tables You can use the simpler Schedule C-EZ if you operated only one business as a sole proprietorship, you did not have a net loss, and you meet the other requirements listed in Part I of the schedule. Tax rates and tables IRS e-file (Electronic Filing) Please click here for the text description of the image. Tax rates and tables E-file logo You may be able to file your tax returns electronically using an IRS e-file option. Tax rates and tables Table 1-1 lists the benefits of IRS e-file. Tax rates and tables IRS e-file uses automation to replace most of the manual steps needed to process paper returns. Tax rates and tables As a result, the processing of e-file returns is faster and more accurate than the processing of paper returns. Tax rates and tables As with a paper return, you are responsible for making sure your return contains accurate information and is filed on time. Tax rates and tables Using e-file does not affect your chances of an IRS examination of your return. Tax rates and tables You can file most commonly used business forms using IRS e-file. Tax rates and tables For more information, visit IRS. Tax rates and tables gov. Tax rates and tables Electronic signatures. Tax rates and tables   Paperless filing is easier than you think and it's available to most taxpayers who file electronically—including those first-time filers who were 16 or older at the end of 2013. Tax rates and tables If you file electronically using tax preparation software or a tax professional, you will participate in the Self-Select PIN (personal identification number) program. Tax rates and tables If you are married filing jointly, you and your spouse will each need to create a PIN and enter these PINs as your electronic signatures. Tax rates and tables    To create a PIN, you must know your adjusted gross income (AGI) from your originally filed 2012 income tax return (not from an amended return, Form 1040X, or any math error notice from the IRS). Tax rates and tables You will also need to provide your date of birth (DOB). Tax rates and tables Make sure your DOB is accurate and matches the information on record with the Social Security Administration before you e-file. Tax rates and tables To do this, check your annual Social Security Statement. Tax rates and tables   With a Self-Select PIN, there is nothing to sign and nothing to mail—not even your Forms W-2. Tax rates and tables For more details on the Self-Select PIN program, visit IRS. Tax rates and tables gov. Tax rates and tables State returns. Tax rates and tables   In most states, you can file an electronic state return simultaneously with your federal return. Tax rates and tables For more information, check with your local IRS office, state tax agency, tax professional, or IRS. Tax rates and tables gov. Tax rates and tables Refunds. Tax rates and tables   You can have your refund check mailed to you, or you can have your refund deposited directly to your checking or savings account. Tax rates and tables   With e-file, your refund will be issued in half the time as when filing on paper. Tax rates and tables Most refunds are issued within 3 weeks. Tax rates and tables If you choose Direct Deposit, you can receive your refund in as few as 10 days. Tax rates and tables Offset against debts. Tax rates and tables   As with a paper return, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. Tax rates and tables You will be notified if the refund you claimed has been offset against your debts. Tax rates and tables Refund inquiries. Tax rates and tables   You can check the status of your refund if it has been at least 24 hours (4 weeks if you mailed a paper return) from the date you filed your return. Tax rates and tables Be sure to have a copy of your tax return available because you will need to know the filing status, the first social security number shown on the return, and the exact whole-dollar amount of the refund. Tax rates and tables To check on your refund, do one of the following. Tax rates and tables Go to IRS. Tax rates and tables gov and click on Where's My Refund. Tax rates and tables Call 1-800-829-4477 for automated refund information, and follow the recorded instructions. Tax rates and tables Call 1-800-829-1954 during the hours shown in your form instructions. Tax rates and tables Balance due. Tax rates and tables   If you owe tax, you must pay it by April 15, 2014, to avoid late-payment penalties and interest. Tax rates and tables You can make your payment electronically by scheduling an electronic funds withdrawal from your checking or savings account or by credit card. Tax rates and tables Using an Authorized IRS e-file Provider Many tax professionals can electronically file paperless returns for their clients. Tax rates and tables You have two options. Tax rates and tables You can prepare your return, take it to an authorized IRS e-file provider, and have the provider transmit it electronically to the IRS. Tax rates and tables You can have an authorized IRS e-file provider prepare your return and transmit it for you electronically. Tax rates and tables You will be asked to complete Form 8879, IRS e-file Signature Authorization, to authorize the provider to enter your self-selected PIN on your return. Tax rates and tables Depending on the provider and the specific services requested, a fee may be charged. Tax rates and tables To find an authorized IRS e-file provider near you, go to IRS. Tax rates and tables gov or look for an “Authorized IRS e-file Provider” sign. Tax rates and tables Using Your Personal Computer A computer with Internet access is all you need to file your tax return using IRS e-file. Tax rates and tables When you use your personal computer, you can e-file your return from your home any time of the day or night. Tax rates and tables Sign your return electronically using a self-selected PIN to complete the process. Tax rates and tables There is no signature form to submit or Forms W-2 to send in. Tax rates and tables Free Internet filing options. Tax rates and tables   More taxpayers can now prepare and e-file their individual income tax returns free using commercial tax preparation software accessible through IRS. Tax rates and tables gov or www. Tax rates and tables usa. Tax rates and tables gov. Tax rates and tables The IRS is partnering with the tax software industry to offer free preparation and filing services to a significant number of taxpayers. Tax rates and tables Security and privacy certificate programs will assure tax data is safe and secure. Tax rates and tables To see if you qualify for these services, visit the Return Preparation and Filing Options page at IRS. Tax rates and tables gov. Tax rates and tables   If you cannot use the free services, you can buy tax preparation software at various electronics stores or computer and office supply stores. Tax rates and tables You can also download software from the Internet or prepare and file your return completely online by using tax preparation software available on the Internet. Tax rates and tables Filing Through Employers and Financial Institutions Some businesses offer free e-file to their employees, members, or customers. Tax rates and tables Others offer it for a fee. Tax rates and tables Ask your employer or financial institution if they offer IRS e-file as an employee, member, or customer benefit. Tax rates and tables Free Help With Your Return Free help in preparing your return is available nationwide from IRS-trained volunteers. Tax rates and tables The Volunteer Income Tax Assistance (VITA) program is designed to help low-income taxpayers, and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 or older with their tax returns. Tax rates and tables Some locations offer free electronic filing. Tax rates and tables Table 1-1. Tax rates and tables Benefits of IRS e-file Accuracy • Your chance of getting an error notice from the IRS is significantly reduced. Tax rates and tables Security • Your privacy and security are assured. Tax rates and tables Electronic signatures • Create your own personal identification number (PIN) and file a completely paperless return through your tax preparation software or tax professional. Tax rates and tables There is nothing to mail. Tax rates and tables Proof of acceptance • You receive an electronic acknowledgment within 48 hours that the IRS has accepted your return for processing. Tax rates and tables Fast refunds • You get your refund faster with Direct Deposit—in as few as 10 days. Tax rates and tables Free Internet filing options • Use IRS. Tax rates and tables gov to access commercial tax preparation and e-file services available at no cost to eligible taxpayers. Tax rates and tables Electronic payment options • Convenient, safe, and secure electronic payment options are available. Tax rates and tables E-file and pay your taxes in a single step. Tax rates and tables Schedule an electronic funds withdrawal from your checking or savings account (up to and including April 15, 2014) or pay by credit card. Tax rates and tables Federal/State filing • Prepare and file your federal and state tax returns together and double the benefits you get from e-file. Tax rates and tables When Is My Tax Return Due? Form 1040 for calendar year 2013 is due by April 15, 2014. Tax rates and tables If you use a fiscal year (explained in chapter 2), your return is due by the 15th day of the 4th month after the end of your fiscal year. Tax rates and tables If you file late, you may have to pay penalties and interest. Tax rates and tables If you cannot file your return on time, use Form 4868, Application for Automatic Extension of Time To File U. Tax rates and tables S. Tax rates and tables Individual Income Tax Return, to request an automatic 6-month extension. Tax rates and tables For calendar year taxpayers, this will extend the tax filing due date until October 15. Tax rates and tables Filing an extension does not extend the time to pay your taxes, only the time to file the tax return. Tax rates and tables How Do I Pay Income Tax? Federal income tax is a pay-as-you-go tax. Tax rates and tables You must pay it as you earn or receive income during the year. Tax rates and tables An employee usually has income tax withheld from his or her pay. Tax rates and tables If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Tax rates and tables You generally have to make estimated tax payments if you expect to owe taxes, including self-employment tax (discussed later), of $1,000 or more when you file your return. Tax rates and tables Use Form 1040-ES to figure and pay the tax. Tax rates and tables If you do not have to make estimated tax payments, you can pay any tax due when you file your return. Tax rates and tables For more information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax. Tax rates and tables What are my payment options?   You can pay your estimated tax electronically using various options. Tax rates and tables If you pay electronically, there is no need to mail in Form 1040-ES payment vouchers. Tax rates and tables These options include: Paying electronically through the Electronic Federal Tax Payment System (EFTPS). Tax rates and tables Paying by authorizing an electronic funds withdrawal when you file Form 1040 electronically. Tax rates and tables Paying by credit or debit card over the phone or by Internet. Tax rates and tables Other options include crediting an overpayment from your 2013 return to your 2014 estimated tax, or mailing a check or money order with a Form 1040-ES payment voucher. Tax rates and tables EFTPS    To enroll in EFTPS, go to www. Tax rates and tables eftps. Tax rates and tables gov or call 1-800-555-4477. Tax rates and tables When you request a new EIN and you will have a tax obligation, you are automatically enrolled in EFTPS. Tax rates and tables Benefits of EFTPS: The chance of an error in making your payments is reduced. Tax rates and tables You receive immediate confirmation of every transaction. Tax rates and tables Penalty for underpayment of tax. Tax rates and tables   If you did not pay enough income tax and self-employment tax for 2013 by withholding or by making estimated tax payments, you may have to pay a penalty on the amount not paid. Tax rates and tables The IRS will figure the penalty for you and send you a bill. Tax rates and tables Or you can use Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to see if you have to pay a penalty and to figure the penalty amount. Tax rates and tables For more information, see Publication 505. Tax rates and tables Self-Employment (SE) Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Tax rates and tables It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. Tax rates and tables If you earned income as a statutory employee, you do not pay SE tax on that income. Tax rates and tables Social security coverage. Tax rates and tables   Social security benefits are available to self-employed persons just as they are to wage earners. Tax rates and tables Your payments of SE tax contribute to your coverage under the social security system. Tax rates and tables Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. Tax rates and tables By not reporting all of your self-employment income, you could cause your social security benefits to be lower when you retire. Tax rates and tables How to become insured under social security. Tax rates and tables   You must be insured under the social security system before you begin receiving social security benefits. Tax rates and tables You are insured if you have the required number of credits (also called quarters of coverage), discussed next. Tax rates and tables Earning credits in 2013 and 2014. Tax rates and tables   For 2013, you received one credit, up to a maximum of four credits, for each $1,160 ($1,200 for 2014) of income subject to social security taxes. Tax rates and tables Therefore, for 2013, if you had income (self-employment and wages) of $4,640 that was subject to social security taxes, you receive four credits ($4,640 ÷ $1,160). Tax rates and tables   For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office. Tax rates and tables    Making false statements to get or to increase social security benefits may subject you to penalties. Tax rates and tables The Social Security Administration (SSA) time limit for posting self-employment income. Tax rates and tables   Generally, the SSA will give you credit only for self-employment income reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. Tax rates and tables If you file your tax return or report a change in your self-employment income after this time limit, the SSA may change its records, but only to remove or reduce the amount. Tax rates and tables The SSA will not change its records to increase your self-employment income. Tax rates and tables Who must pay self-employment tax. Tax rates and tables   You must pay SE tax and file Schedule SE (Form 1040) if either of the following applies. Tax rates and tables Your net earnings from self-employment (excluding church employee income) were $400 or more. Tax rates and tables You had church employee income of $108. Tax rates and tables 28 or more. Tax rates and tables The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. Tax rates and tables SE tax rate. Tax rates and tables   For 2013, the SE tax rate on net earnings is 15. Tax rates and tables 3% (12. Tax rates and tables 4% social security tax plus 2. Tax rates and tables 9% Medicare tax). Tax rates and tables Maximum earnings subject to SE tax. Tax rates and tables   Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Tax rates and tables 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Tax rates and tables   All your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Tax rates and tables 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Tax rates and tables   If wages and tips you receive as an employee are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Tax rates and tables 4% social security part of the SE tax on any of your net earnings. Tax rates and tables However, you must pay the 2. Tax rates and tables 9% Medicare part of the SE tax on all your net earnings. Tax rates and tables Deduct one-half of your SE tax as an adjustment to income on line 27 of Form 1040. Tax rates and tables   More information. Tax rates and tables   For information on methods of calculating SE tax, see Chapter 10, Self-Employment Tax. Tax rates and tables Table 1-2. Tax rates and tables Which Forms Must I File? IF you are liable for: THEN use Form: DUE by:1 Income tax 1040 and Schedule C or C-EZ2 15th day of 4th month after end of  tax year. Tax rates and tables Self-employment tax Schedule SE File with Form 1040. Tax rates and tables Estimated tax 1040-ES 15th day of 4th, 6th, and 9th months of tax year, and 15th day of 1st month after the end of tax year. Tax rates and tables Social security and Medicare taxes and income tax withholding 941 or 944 April 30, July 31, October 31, and January 313. Tax rates and tables     See Publication 15. Tax rates and tables Providing information on social security and Medicare taxes and income tax withholding W-2 (to employee)  W-2 and W-3 (to the Social Security Administration) January 313. Tax rates and tables   Last day of February (March 31 if filing electronically)3. Tax rates and tables Federal unemployment (FUTA) tax 940 January 313. Tax rates and tables     April 30, July 31, October 31, and January 31, but only if the liability for unpaid tax is more than $500. Tax rates and tables Filing information returns for payments to nonemployees and transactions with other persons See Information Returns Forms 1099 – to the recipient by January 31 and to the IRS by February 28 (March 31 if filing electronically). Tax rates and tables     Other forms – see the General Instructions for Certain Information Returns. Tax rates and tables Excise tax See Excise Taxes See the instructions to the forms. Tax rates and tables 1 If a due date falls on a Saturday, Sunday, or legal holiday, file by the next day that is not a Saturday, Sunday, or legal holiday. Tax rates and tables For more information, see Publication 509, Tax Calendars. Tax rates and tables 2 File a separate schedule for each business. Tax rates and tables 3 See the form instructions if you go out of business, change the form of your business, or stop paying wages. Tax rates and tables     Employment Taxes If you have employees, you will need to file forms to report employment taxes. Tax rates and tables Employment taxes include the following items. Tax rates and tables Social security and Medicare taxes. Tax rates and tables Federal income tax withholding. Tax rates and tables Federal unemployment (FUTA) tax. Tax rates and tables For more information, see Publication 15 (Circular E), Employer's Tax Guide. Tax rates and tables That publication explains your tax responsibilities as an employer. Tax rates and tables To help you determine whether the people working for you are your employees, see Publication 15-A, Employer's Supplemental Tax Guide. Tax rates and tables That publication has information to help you determine whether an individual is an independent contractor or an employee. Tax rates and tables If you incorrectly classify an employee as an independent contractor, you may be held liable for employment taxes for that worker plus a penalty. Tax rates and tables An independent contractor is someone who is self-employed. Tax rates and tables You do not generally have to withhold or pay any taxes on payments made to an independent contractor. Tax rates and tables Excise Taxes This section identifies some of the excise taxes you may have to pay and the forms you have to file if you do any of the following. Tax rates and tables Manufacture or sell certain products. Tax rates and tables Operate certain kinds of businesses. Tax rates and tables Use various kinds of equipment, facilities, or products. Tax rates and tables Receive payment for certain services. Tax rates and tables For more information on excise taxes, see Publication 510, Excise Taxes. Tax rates and tables Form 720. Tax rates and tables   The federal excise taxes reported on Form 720, Quarterly Federal Excise Tax Return, consist of several broad categories of taxes, including the following. Tax rates and tables Environmental taxes on the sale or use of ozone-depleting chemicals and imported products containing or manufactured with these chemicals. Tax rates and tables Communications and air transportation taxes. Tax rates and tables Fuel taxes. Tax rates and tables Tax on the first retail sale of heavy trucks, trailers, and tractors. Tax rates and tables Manufacturers taxes on the sale or use of a variety of different articles. Tax rates and tables Tax on indoor tanning services. Tax rates and tables Form 2290. Tax rates and tables   There is a federal excise tax on the use of certain trucks, truck tractors, and buses on public highways. Tax rates and tables The tax applies to vehicles having a taxable gross weight of 55,000 pounds or more. Tax rates and tables Report the tax on Form 2290, Heavy Highway Vehicle Use Tax Return. Tax rates and tables For more information, see the Instructions for Form 2290. Tax rates and tables Depositing excise taxes. Tax rates and tables   If you have to file a quarterly excise tax return on Form 720, you may have to deposit your excise taxes before the return is due. Tax rates and tables For details on depositing excise taxes, see the Instructions for Form 720. Tax rates and tables Information Returns If you make or receive payments in your business, you may have to report them to the IRS on information returns. Tax rates and tables The IRS compares the payments shown on the information returns with each person's income tax return to see if the payments were included in income. Tax rates and tables You must give a copy of each information return you are required to file to the recipient or payer. Tax rates and tables In addition to the forms described below, you may have to use other returns to report certain kinds of payments or transactions. Tax rates and tables For more details on information returns and when you have to file them, see the General Instructions for Certain Information Returns. Tax rates and tables Form 1099-MISC. Tax rates and tables   Use Form 1099-MISC, Miscellaneous Income, to report certain payments you make in your business. Tax rates and tables These payments include the following items. Tax rates and tables Payments of $600 or more for services performed for your business by people not treated as your employees, such as fees to subcontractors, attorneys, accountants, or directors. Tax rates and tables Rent payments of $600 or more, other than rents paid to real estate agents. Tax rates and tables Prizes and awards of $600 or more that are not for services, such as winnings on TV or radio shows. Tax rates and tables Royalty payments of $10 or more. Tax rates and tables Payments to certain crew members by operators of fishing boats. Tax rates and tables You also use Form 1099-MISC to report your sales of $5,000 or more of consumer goods to a person for resale anywhere other than in a permanent retail establishment. Tax rates and tables Form W-2. Tax rates and tables   You must file Form W-2, Wage and Tax Statement, to report payments to your employees, such as wages, tips, and other compensation, withheld income, social security, and Medicare taxes. Tax rates and tables You can file Form W-2 online. Tax rates and tables For more information about Form W-2, see the General Instructions for Forms W-2 and W-3. Tax rates and tables Penalties. Tax rates and tables   The law provides for the following penalties if you do not file Form 1099-MISC or Form W-2 or do not correctly report the information. Tax rates and tables For more information, see the General Instructions for Certain Information Returns. Tax rates and tables Failure to file information returns. Tax rates and tables This penalty applies if you do not file information returns by the due date, do not include all required information, or report incorrect information. Tax rates and tables Failure to furnish correct payee statements. Tax rates and tables This penalty applies if you do not furnish a required statement to a payee by the required date, do not include all required information, or report incorrect information. Tax rates and tables Waiver of penalties. Tax rates and tables   These penalties will not apply if you can show that the failure was due to reasonable cause and not willful neglect. Tax rates and tables   In addition, there is no penalty for failure to include all required information, or for including incorrect information, on a de minimis (small) number of information returns if you correct the errors by August 1 of the year the returns are due. Tax rates and tables (A de minimis number of returns is the greater of 10 or ½ of 1% of the total number of returns you are required to file for the year. Tax rates and tables ) Form 8300. Tax rates and tables   You must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if you receive more than $10,000 in cash in one transaction, or two or more related business transactions. Tax rates and tables Cash includes U. Tax rates and tables S. Tax rates and tables and foreign coin and currency. Tax rates and tables It also includes certain monetary instruments such as cashier's and traveler's checks and money orders. Tax rates and tables Cash does not include a check drawn on an individual's personal account (personal check). Tax rates and tables For more information, see Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). Tax rates and tables Penalties. Tax rates and tables   There are civil and criminal penalties, including up to 5 years in prison, for not filing Form 8300, filing (or causing the filing of) a false or fraudulent Form 8300, or structuring a transaction to evade reporting requirements. Tax rates and tables Table 1-3. Tax rates and tables Going Out of Business Checklists (Note. Tax rates and tables The following checklists highlight the typical final forms and schedules you may need to file if you ever go out of business. Tax rates and tables For more information, see the instructions for the listed forms. Tax rates and tables ) IF you are liable for:   THEN you may need to: Income tax □ File Schedule C or C-EZ with your Form 1040 for the year in which you go out of business. Tax rates and tables   □ File Form 4797 with your Form 1040 for each year in which you sell or exchange property used in your business or in which the business use of certain section 179 or listed property drops to 50% or less. Tax rates and tables   □ File Form 8594 with your Form 1040 if you sold your business. Tax rates and tables Self-employment tax □ File Schedule SE with your Form 1040 for the year in which you go out of business. Tax rates and tables Employment taxes □ File Form 941 (or Form 944) for the calendar quarter in which you make final wage payments. Tax rates and tables Note. Tax rates and tables Do not forget to check the box and enter the date final wages were paid on line 15 of Form 941 or line 14 of Form 944. Tax rates and tables   □ File Form 940 for the calendar year in which final wages were paid. Tax rates and tables Note. Tax rates and tables Do not forget to check box d, Final: Business closed or stopped paying wages, under Type of Return. Tax rates and tables Information returns □ Provide Forms W-2 to your employees for the calendar year in which you make final wage payments. Tax rates and tables Note. Tax rates and tables These forms are generally due by the due date of your final Form 941 or Form 944. Tax rates and tables   □ File Form W-3 to file Forms W-2. Tax rates and tables Note. Tax rates and tables These forms are generally due within 1 month after the due date of your final Form 941 or Form 944. Tax rates and tables   □ Provide Forms 1099-MISC to each person to whom you have paid at least $600 for services (including parts and materials) during the calendar year in which you go out of business. Tax rates and tables   □ File Form 1096 to file Forms 1099-MISC. 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