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Taxes For Self Employed

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Taxes For Self Employed

Taxes for self employed Publication 547(SP) - Introductory Material Table of Contents Qué Hay de Nuevo Recordatorios IntroductionCómo pedir formularios y publicaciones. Taxes for self employed Preguntas sobre los impuestos. Taxes for self employed Useful Items - You may want to see: Qué Hay de Nuevo Nueva Sección C en el Formulario 4684 para esquemas de inversión de tipo Ponzi (Ponzi-type schemes). Taxes for self employed  La Sección C del Formulario 4684 (disponible en inglés) es nueva para el año 2013. Taxes for self employed Usted debe completar la Seción C si está reclamando una deducción de pérdida por robo debido a un esquema de inversión de tipo Ponzi (Ponzi-type scheme) y estará usando el Procedimiento Tributario (Revenue Procedure) 2009-20, según modificado por el Procedimiento Tributario (Revenue Procedure) 2011-58. Taxes for self employed La Sección C del Formulario 4864 reemplaza el Anexo A del Procedimiento Tributario (Revenue Procedure) 2009-20. Taxes for self employed No necesita completar el Anexo A. Taxes for self employed Para más información, vea Pérdidas provenientes de esquemas de inversión de tipo Ponzi (Ponzi-type schemes) , más adelante. Taxes for self employed Recordatorios Acontecimientos futuros. Taxes for self employed  Si desea obtener la información más reciente sobre los acontecimientos relacionados con la Publicación 547(SP), tal como legislación promulgada después que ésta fue impresa, acceda a www. Taxes for self employed irs. Taxes for self employed gov/Spanish/About-Publication-547(SP). Taxes for self employed Fotografías de niños desaparecidos. Taxes for self employed  El Servicio de Impuestos Internos (IRS, por sus siglas en inglés) se enorgullece en colaborar con el Centro Nacional de Niños Desaparecidos y Explotados (National Center for Missing and Exploited Children). Taxes for self employed En esta publicación, pueden aparecer fotografías de niños desaparecidos que han sido seleccionadas por el Centro. Taxes for self employed Estas fotografías aparecen en páginas que de otra manera estarían en blanco. Taxes for self employed Usted puede ayudar a que estos niños regresen a sus hogares si identifica alguno de ellos y llama gratis al 1-800-THE-LOST (1-800-843-5678). Taxes for self employed Introduction Esta publicación explica el trato tributario de casos de hechos fortuitos, robos y pérdidas de depósitos monetarios. Taxes for self employed Un hecho fortuito ocurre cuando su propiedad resulta dañada por causa de algún desastre, como por ejemplo, una tormenta, un incendio, un accidente automovilístico u otro suceso de esta índole. Taxes for self employed Un robo ocurre cuando alguien hurta sus bienes. Taxes for self employed La pérdida de depósitos monetarios ocurre cuando su institución bancaria se declara insolvente o en quiebra (bancarrota). Taxes for self employed Esta publicación aborda los siguientes temas: Definiciones de hecho fortuito, robo y pérdida de depósitos monetarios. Taxes for self employed Cómo calcular el monto de su pérdida o ganancia. Taxes for self employed Cómo se tratan tributariamente seguros y otros reembolsos que reciba. Taxes for self employed Límites de la deducción. Taxes for self employed Cómo y cuándo declarar un caso de hecho fortuito o robo. Taxes for self employed Reglas especiales para pérdidas en zonas de desastre. Taxes for self employed Formularios que tiene que presentar. Taxes for self employed   Normalmente, si es víctima de un hecho fortuito o robo, tiene que presentar el Formulario 4684 (disponible sólo en inglés). Taxes for self employed Asimismo, es posible que tenga que presentar uno o más de los siguientes formularios (todos en inglés): Anexo A (Formulario 1040). Taxes for self employed Formulario 1040NR, Anexo A (para extranjeros no residentes). Taxes for self employed Anexo D. Taxes for self employed Formulario 4797. Taxes for self employed Para información adicional sobre qué formulario utilizar, vea más adelante la sección sobre Cómo Declarar Pérdidas y Ganancias . Taxes for self employed Expropiaciones forzosas. Taxes for self employed   Para obtener información sobre expropiaciones forzosas de propiedades, vea el tema Involuntary Conversions (Conversiones involuntarias) en el capítulo 1 de la Publicación 544, Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés. Taxes for self employed Registros para el cálculo de pérdidas por hecho fortuito y robo. Taxes for self employed   La Publicación 584SP, Registro de Pérdidas por Hechos Fortuitos (Imprevistos), Desastres y Robos (Propiedad de uso Personal) está a su disposición para ayudarle a hacer una lista de artículos de sus bienes de uso personal que hayan sido robados o dañados y calcular su pérdida. Taxes for self employed En dicha publicación se incluyen tablas para ayudarle a calcular el monto de las pérdidas de su vivienda, artículos de la misma y vehículos motorizados. Taxes for self employed   La Publicación 584-B, Business Casualty, Disaster, and Theft Loss Workbook (Registro de pérdidas por hechos fortuitos, desastres y robos de propiedad de uso comercial), en inglés puede ayudarle a hacer una lista de artículos que hayan sido robados o dañados en su empresa o bienes de generación de ingresos, y calcular su pérdida. Taxes for self employed Comentarios y sugerencias. Taxes for self employed   Agradecemos sus comentarios y sugerencias sobre esta publicación para ediciones futuras. Taxes for self employed   Puede escribirnos a la siguiente dirección: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Taxes for self employed NW, IR-6526 Washington, DC 20224   Contestamos gran parte de correspondencia por teléfono. Taxes for self employed Por lo tanto, nos sería útil si en su correspondencia incluye el número telefónico con su código de área donde podemos ubicarlo durante el día. Taxes for self employed   Puede enviarnos comentarios a través de www. Taxes for self employed irs. Taxes for self employed gov/formspubs, pulsando sobre “ Comment on Tax Forms and Publications ” (Comentarios sobre formularios y publicaciones tributarios) bajo el título “ Information about ” (Información sobre), en inglés. Taxes for self employed   Aunque no podemos contestar cada uno de los comentarios, agradecemos su opinión y tendremos en cuenta sus comentarios cuando revisemos nuestros productos. Taxes for self employed Cómo pedir formularios y publicaciones. Taxes for self employed   Visite el sitio web del IRS www. Taxes for self employed irs. Taxes for self employed gov/espanol y pulse sobre el enlace “Formularios y Publicaciones” para descargar formularios y publicaciones. Taxes for self employed Llame al 1-800-829-3676 o escriba a la dirección que aparece a continuación y recibirá respuesta a los 10 días de que el IRS reciba su solicitud: Internal Revenue Service 1201 N. Taxes for self employed Mitsubishi Motorway Bloomington, IL 61705-6613 Preguntas sobre los impuestos. Taxes for self employed   Si tiene alguna pregunta acerca de sus impuestos, consulte la información disponible en IRS. Taxes for self employed gov/espanol o llame al número 1-800-829-1040. Taxes for self employed No podemos contestar preguntas sobre impuestos enviadas a las direcciones anteriores. Taxes for self employed Useful Items - You may want to see: Publicación 523 Selling Your Home (Venta de su vivienda), en inglés 525 Taxable and Nontaxable Income (Ingresos tributables y no tributables), en inglés 550 Investment Income and Expenses (Ingresos y gastos de inversiones), en inglés 551 Basis of Assets (Base de activos), en inglés 584SP Registro de Pérdidas por Hechos Fortuitos (Imprevistos), Desastres y Robos (Propiedad de Uso Personal) 584-B Business Casualty, Disaster, and Theft Loss Workbook (Registro de pérdidas por hechos fortuitos, desastres y robos comerciales), en inglés  Formulario (e Instrucciones) Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés Anexo A (Formulario 1040NR) Itemized Deductions (for nonresident aliens) (Deducciones detalladas (para extranjeros no residentes)), en inglés Anexo D (Formulario 1040) Capital Gains and Losses (Pérdidas y ganancias de capital), en inglés 4684 Casualties and Thefts (Hechos fortuitos y robos), en inglés 4797 Sales of Business Property (Ventas de bienes comerciales), en inglés  Para más información sobre cómo obtener publicaciones y formularios, vea la sección Cómo Obtener Ayuda con los Impuestos al final de esta publicación. 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Understanding your CP23 Notice

We made changes to your return because we found a difference between the amount of estimated tax payments on your tax return and the amount we posted to your account. You have a balance due because of these changes.

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do

  • Read your notice carefully — it will explain how much money you owe on your taxes.
  • Check the list of payments we applied to your account to see if we applied all the payments you made.
  • Correct the copy of your tax return that you kept for your records.
  • Pay the amount you owe by the date on the notice's payment coupon if you agree with the notice.
  • If you disagree with the notice, please contact us at the toll-free number listed on its top right-hand corner (within 60 days of the notice’s date).
  • Make payment arrangements if you can't pay the full amount you owe.

You may want to...


Answers to Common Questions

What should I do if I find you misapplied a payment or haven't credited a payment that I made?
Contact us with your information at the toll-free number listed on your notice. Please have your documentation (such as cancelled checks, amended return, etc.) ready when you call. Our representative will discuss the issue with you and give you further instructions.

What should I do if I disagree with the changes you made?
Contact us at the toll free number listed on the top right-hand corner of your notice.

How do I adjust my estimated tax payments?
You can adjust your estimated tax payments by completing a Form 1040-ES, Estimated Tax for Individuals. See Publication 505, Tax Withholding and Estimated Tax for more information.

What should I do if I need to make another correction to my tax return?
You'll need to file Form 1040X, Amended U.S. Individual Income Tax Return.

Do I have to pay interest on the amount I owe?
Interest will accrue on the amount you owe unless you pay it by the requested date on the notice's payment coupon.

Do I receive a penalty if I cannot pay the full amount?
Yes. You usually will receive a late payment penalty. Notice 746, Information About Your Notice, Penalty and Interest has more information about penalties and interest.

What happens if I cannot pay the full amount I owe?
You can arrange to make a payment plan with us if you can't pay the full amount you owe.

How can I set up a payment plan?
Call the toll-free number listed on the top right-hand corner of your notice to discuss payment options, or learn more about payment arrangements.

What happens if I don't pay?
We can file a Notice of Federal Tax Lien. The lien gives us a legal claim to your property for payment for your tax debt.


Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

Page Last Reviewed or Updated: 03-Mar-2014

The Taxes For Self Employed

Taxes for self employed 7. Taxes for self employed   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. Taxes for self employed Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. Taxes for self employed Useful Items - You may want to see: Forms (and Instructions) 1040 U. Taxes for self employed S. Taxes for self employed Individual Income Tax Return 1040A U. Taxes for self employed S. Taxes for self employed Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Taxes for self employed S. Taxes for self employed Nonresident Alien Income Tax Return 1040NR-EZ U. Taxes for self employed S. Taxes for self employed Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. Taxes for self employed What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. Taxes for self employed Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. Taxes for self employed The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). Taxes for self employed Under U. Taxes for self employed S. Taxes for self employed immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. Taxes for self employed Extensions of time to file. Taxes for self employed   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. Taxes for self employed You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). Taxes for self employed Use Form 4868 to get the extension to October 15. Taxes for self employed In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Taxes for self employed To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Taxes for self employed Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Taxes for self employed   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. Taxes for self employed S. Taxes for self employed citizens and resident aliens abroad who expect to qualify for special tax treatment). Taxes for self employed    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. Taxes for self employed You may be able to file your return electronically. Taxes for self employed See IRS e-file in your form instructions. Taxes for self employed Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. Taxes for self employed If you are any of the following, you must file a return. Taxes for self employed A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. Taxes for self employed (But see Exceptions , later. Taxes for self employed ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. Taxes for self employed S. Taxes for self employed sources, or Your income is exempt from income tax. Taxes for self employed A nonresident alien individual not engaged in a trade or business in the United States with U. Taxes for self employed S. Taxes for self employed income on which the tax liability was not satisfied by the withholding of tax at the source. Taxes for self employed A representative or agent responsible for filing the return of an individual described in (1) or (2). Taxes for self employed A fiduciary for a nonresident alien estate or trust. Taxes for self employed You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. Taxes for self employed For example, if you have no U. Taxes for self employed S. Taxes for self employed business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. Taxes for self employed For information on what is timely, see When to file for deductions and credits under When To File, later. Taxes for self employed Exceptions. Taxes for self employed   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. Taxes for self employed Your only U. Taxes for self employed S. Taxes for self employed trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. Taxes for self employed You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. Taxes for self employed Even if you have left the United States and filed a Form 1040-C, U. Taxes for self employed S. Taxes for self employed Departing Alien Income Tax Return, on departure, you still must file an annual U. Taxes for self employed S. Taxes for self employed income tax return. Taxes for self employed If you are married and both you and your spouse are required to file, you must each file a separate return. Taxes for self employed Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. Taxes for self employed You do not claim any dependents. Taxes for self employed You cannot be claimed as a dependent on someone else's U. Taxes for self employed S. Taxes for self employed tax return. Taxes for self employed If you were married, you do not claim an exemption for your spouse. Taxes for self employed Your taxable income is less than $100,000. Taxes for self employed The only itemized deduction you can claim is for state and local income taxes. Taxes for self employed Note. Taxes for self employed Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. Taxes for self employed See chapter 5. Taxes for self employed Your only U. Taxes for self employed S. Taxes for self employed source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. Taxes for self employed (If you had taxable interest or dividend income, you cannot use this form. Taxes for self employed ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. Taxes for self employed You are not claiming any tax credits. Taxes for self employed This is not an “expatriation return. Taxes for self employed ” See Expatriation Tax in chapter 4. Taxes for self employed The only taxes you owe are: The income tax from the Tax Table. Taxes for self employed The social security and Medicare tax from Form 4137 or Form 8919. Taxes for self employed You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. Taxes for self employed You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. Taxes for self employed If you do not meet all of the above conditions, you must file Form 1040NR. Taxes for self employed When To File If you are an employee and you receive wages subject to U. Taxes for self employed S. Taxes for self employed income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. Taxes for self employed For the 2013 calendar year, file your return by April 15, 2014. Taxes for self employed If you are not an employee who receives wages subject to U. Taxes for self employed S. Taxes for self employed income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Taxes for self employed For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. Taxes for self employed ) Extensions of time to file. Taxes for self employed   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. Taxes for self employed For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). Taxes for self employed You must file the extension by the regular due date of your return. Taxes for self employed   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). Taxes for self employed To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Taxes for self employed Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Taxes for self employed When to file for deductions and credits. Taxes for self employed   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. Taxes for self employed For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. Taxes for self employed However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. Taxes for self employed The allowance of the following credits is not affected by this time requirement. Taxes for self employed Credit for withheld taxes. Taxes for self employed Credit for excise tax on certain uses of gasoline and special fuels. Taxes for self employed Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. Taxes for self employed Protective return. Taxes for self employed   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. Taxes for self employed S. Taxes for self employed trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. Taxes for self employed By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. Taxes for self employed You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. Taxes for self employed   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. Taxes for self employed To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. Taxes for self employed   You can follow the same procedure if you believe you have no U. Taxes for self employed S. Taxes for self employed tax liability because of a U. Taxes for self employed S. Taxes for self employed tax treaty. Taxes for self employed Be sure to also complete item L on page 5 of Form 1040NR. Taxes for self employed Waiver of filing deadline. Taxes for self employed   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. Taxes for self employed S. Taxes for self employed income tax return (including a protective return) and you cooperate with the IRS in determining your U. Taxes for self employed S. Taxes for self employed income tax liability for the tax year for which you did not file a return. Taxes for self employed Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. Taxes for self employed  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. Taxes for self employed O. Taxes for self employed Box 1303 Charlotte, NC 28201-1303 Aliens from the U. Taxes for self employed S. Taxes for self employed Virgin Islands. Taxes for self employed    If you are a bona fide resident of the U. Taxes for self employed S. Taxes for self employed Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. Taxes for self employed S. Taxes for self employed Virgin Islands and file your income tax returns at the following address. Taxes for self employed Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Taxes for self employed Thomas, VI 00802   Report all income from U. Taxes for self employed S. Taxes for self employed sources, as well as income from other sources, on your return. Taxes for self employed For information on filing U. Taxes for self employed S. Taxes for self employed Virgin Islands returns, contact the U. Taxes for self employed S. Taxes for self employed Virgin Islands Bureau of Internal Revenue. Taxes for self employed   Chapter 8 discusses withholding from U. Taxes for self employed S. Taxes for self employed wages of U. Taxes for self employed S. Taxes for self employed Virgin Islanders. Taxes for self employed Aliens from Guam or the Commonwealth of the Northern Mariana Islands. Taxes for self employed   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. Taxes for self employed Report all income, including income from U. Taxes for self employed S. Taxes for self employed sources, on your return. Taxes for self employed It is not necessary to file a separate U. Taxes for self employed S. Taxes for self employed income tax return. Taxes for self employed    Bona fide residents of Guam should file their Guam returns at the following address. Taxes for self employed   Department of Revenue and Taxation Government of Guam P. Taxes for self employed O. Taxes for self employed Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. Taxes for self employed   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Taxes for self employed O. Taxes for self employed Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. Taxes for self employed 570, Tax Guide for Individuals With Income From U. Taxes for self employed S. Taxes for self employed Possessions, for information on where to file your return. Taxes for self employed Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. Taxes for self employed S. Taxes for self employed Individual Income Tax Return. Taxes for self employed Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. Taxes for self employed If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. Taxes for self employed ) to Form 1040X. Taxes for self employed Print “Amended” across the top. Taxes for self employed Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. Taxes for self employed A return filed before the final due date is considered to have been filed on the due date. Taxes for self employed Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. Taxes for self employed FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. Taxes for self employed The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. Taxes for self employed The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. Taxes for self employed However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. Taxes for self employed A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. Taxes for self employed Filing requirements. Taxes for self employed   FinCEN Form 105 filing requirements follow. Taxes for self employed Recipients. Taxes for self employed   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. Taxes for self employed Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. Taxes for self employed   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. Taxes for self employed Travelers. Taxes for self employed   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. Taxes for self employed Penalties. Taxes for self employed   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. Taxes for self employed Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. Taxes for self employed More information. Taxes for self employed   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. Taxes for self employed Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. Taxes for self employed A resident alien of the United States for any part of the tax year. Taxes for self employed A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. Taxes for self employed S. Taxes for self employed income tax treaty. Taxes for self employed See Effect of Tax Treaties in chapter 1. Taxes for self employed A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. Taxes for self employed See chapter 1 for information about this election. Taxes for self employed A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. Taxes for self employed See Publication 570, Tax Guide for Individuals With Income From U. Taxes for self employed S. Taxes for self employed Possessions, for a definition of bona fide resident. Taxes for self employed You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). Taxes for self employed The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. Taxes for self employed Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. Taxes for self employed S. Taxes for self employed person. Taxes for self employed You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. Taxes for self employed More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Taxes for self employed Penalties The law provides penalties for failure to file returns or pay taxes as required. Taxes for self employed Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. Taxes for self employed You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. Taxes for self employed If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. Taxes for self employed Filing late. Taxes for self employed   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. Taxes for self employed The penalty is based on the tax not paid by the due date (without regard to extensions). Taxes for self employed The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. Taxes for self employed Fraud. Taxes for self employed   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. Taxes for self employed Return over 60 days late. Taxes for self employed   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Taxes for self employed Exception. Taxes for self employed   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. Taxes for self employed Paying tax late. Taxes for self employed   You will have to pay a failure-to-pay penalty of ½ of 1% (. Taxes for self employed 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. Taxes for self employed This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. Taxes for self employed   The monthly rate of the failure-to-pay penalty is half the usual rate (. Taxes for self employed 25% instead of . Taxes for self employed 50%) if an installment agreement is in effect for that month. Taxes for self employed You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. Taxes for self employed   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. Taxes for self employed If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. Taxes for self employed   This penalty cannot be more than 25% of your unpaid tax. Taxes for self employed You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. Taxes for self employed Combined penalties. Taxes for self employed   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. Taxes for self employed However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Taxes for self employed Accuracy-related penalty. Taxes for self employed   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. Taxes for self employed The penalty is equal to 20% of the underpayment. Taxes for self employed The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. Taxes for self employed The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. Taxes for self employed Negligence or disregard. Taxes for self employed   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. Taxes for self employed Negligence also includes failure to keep adequate books and records. Taxes for self employed You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. Taxes for self employed   The term “disregard” includes any careless, reckless, or intentional disregard. Taxes for self employed Adequate disclosure. Taxes for self employed   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. Taxes for self employed See Disclosure statement , later. Taxes for self employed   This exception will not apply to an item that is attributable to a tax shelter. Taxes for self employed In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. Taxes for self employed Substantial understatement of income tax. Taxes for self employed   You understate your tax if the tax shown on your return is less than the correct tax. Taxes for self employed The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. Taxes for self employed However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. Taxes for self employed   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. Taxes for self employed However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. Taxes for self employed Substantial authority. Taxes for self employed   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. Taxes for self employed Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. Taxes for self employed Disclosure statement. Taxes for self employed   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. Taxes for self employed You must also have a reasonable basis for treating the item the way you did. Taxes for self employed   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. Taxes for self employed   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. Taxes for self employed Transaction lacking economic substance. Taxes for self employed   For more information on economic substance, see section 7701(o). Taxes for self employed Foreign financial asset. Taxes for self employed   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. Taxes for self employed Reasonable cause. Taxes for self employed   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. Taxes for self employed You must also show that you acted in good faith. Taxes for self employed This does not apply to a transaction that lacks economic substance. Taxes for self employed Filing erroneous claim for refund or credit. Taxes for self employed   You may have to pay a penalty if you file an erroneous claim for refund or credit. Taxes for self employed The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. Taxes for self employed However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. Taxes for self employed The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. Taxes for self employed Frivolous tax submission. Taxes for self employed   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. Taxes for self employed A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. Taxes for self employed For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. Taxes for self employed irs. Taxes for self employed gov/irb/2010-17_irb/ar13. Taxes for self employed html. Taxes for self employed   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. Taxes for self employed This includes altering or striking out the preprinted language above the space provided for your signature. Taxes for self employed   This penalty is added to any other penalty provided by law. Taxes for self employed Fraud. Taxes for self employed   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. Taxes for self employed Failure to supply taxpayer identification number. Taxes for self employed   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. Taxes for self employed You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. Taxes for self employed   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. Taxes for self employed The number must be shown on the Form 1099-INT or other statement the bank sends you. Taxes for self employed If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. Taxes for self employed (You also may be subject to “backup” withholding of income tax. Taxes for self employed )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. Taxes for self employed Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. Taxes for self employed Prev  Up  Next   Home   More Online Publications