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Turbo Tax 2010

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Turbo Tax 2010

Turbo tax 2010 Index A Assessment of tax, Assessment of tax. Turbo tax 2010 Assistance (see Tax help) B Bankruptcy Code tax compliance, Bankruptcy Code Tax Compliance Requirements Returns due after filing, Tax Returns Due After the Bankruptcy Filing Returns due before chapter 13 filing, Tax Returns Due for Periods Ending Before the Bankruptcy Filing in Chapter 13 Cases Bankruptcy estate, Taxes and the Bankruptcy Estate Attribute carryovers, Carrybacks from the debtor's activities. Turbo tax 2010 Carrybacks, Carrybacks from the debtor's activities. Turbo tax 2010 Disclosure of return information, Disclosure of bankruptcy estate's return information to debtor. Turbo tax 2010 Employer identification number, Employer identification number. Turbo tax 2010 , Employer identification number. Turbo tax 2010 Estimated tax, Estimated tax – Form 1041-ES. Turbo tax 2010 Return filing requirements, Bankruptcy Estate Tax Return Filing Requirements and Payment of Tax Due Separate taxable entity, Separate taxable entity. Turbo tax 2010 Transfer of assets, Transfer of assets between debtor and bankruptcy estate. Turbo tax 2010 C Conversion or dismissal chapter 11 case, Conversion or dismissal of chapter 11 cases. Turbo tax 2010 Corporations, Corporations Filing requirements, Corporations Tax-free reorganizations, Tax-Free Reorganizations D Debt cancellation, Debt Cancellation Bankruptcy exclusion, Bankruptcy case exclusion. Turbo tax 2010 Corporations, Corporations Insolvency exclusion, Insolvency exclusion. Turbo tax 2010 Partnerships, Partnerships S corporations, S Corporations Deductions and credits, Bankruptcy Estate Deductions and Credits Administrative expenses, Administrative expenses. Turbo tax 2010 Discharge of tax, Discharge of Unpaid Tax Disclosure of return information, Disclosure of debtor's return information to trustee. Turbo tax 2010 , Disclosure of return information to trustee. Turbo tax 2010 Dismissal of case Amended return, Dismissal of bankruptcy case. Turbo tax 2010 E Election to end tax year: Form 1040, Debtor's Election To End Tax Year – Form 1040 Annualizing taxable income, Annualizing taxable income. Turbo tax 2010 Election by spouse, Election by debtor's spouse. Turbo tax 2010 Filing requirements, Making the Election - Filing Requirements Short tax years, Short tax years. Turbo tax 2010 Employment taxes, Employment taxes. Turbo tax 2010 , Employment Taxes Examination of return, Examination of return. Turbo tax 2010 F Free tax services, How To Get Tax Help H Help (see Tax help) I Individuals in Chapter 12 or 13, Individuals in Chapter 12 or 13 Individuals in Chapter 7 or 11, Individuals in Chapter 7 or 11 Gross income chapter 11 case, Income of the estate in individual chapter 11 cases. Turbo tax 2010 Gross income chapter 7 case, Income of the estate in individual chapter 7 cases. Turbo tax 2010 J Jurisdiction over tax matters, Court Jurisdiction Over Tax Matters Bankruptcy Court, Bankruptcy Court Tax Court, Tax Court M More information (see Tax help) O Ordering tax return transcripts, Ordering tax transcripts and copies of returns. Turbo tax 2010 P Partnerships, filing requirements, Partnerships Payment of tax claim, Federal Tax Claims Eighth priority taxes, Unsecured Tax Claims Second, third, fourth priority taxes, Higher priority taxes. Turbo tax 2010 Secured tax claims, Secured tax claims. Turbo tax 2010 Penalties, Penalties. Turbo tax 2010 Relief from penalties, Relief from certain penalties. Turbo tax 2010 Publications (see Tax help) R Request for prompt tax determination, Prompt Determination Requests Request for refund, Requests for refund or credit S Statute of limitations collections, Statute of limitations for collection. Turbo tax 2010 T Tax attributes, Reduction of Tax Attributes Basis reduction, Basis. Turbo tax 2010 , Basis Reduction Carryovers, Attribute carryovers. Turbo tax 2010 Order of reduction, Order of reduction. Turbo tax 2010 Reduction of, Reduction of Tax Attributes Tax help, How To Get Tax Help Tax reporting chapter 11 cases, Tax Reporting – Chapter 11 Cases Employment tax returns, Tax Reporting – Chapter 11 Cases Information returns, Employment taxes and employer's obligation to file Form W-2 in individual chapter 11 cases. Turbo tax 2010 Self-employment taxes, Self-employment taxes in individual chapter 11 cases. Turbo tax 2010 Wage reporting, tax withholding, Employment taxes and employer's obligation to file Form W-2 in individual chapter 11 cases. Turbo tax 2010 Tax return: Form 1041, Figuring tax due. Turbo tax 2010 Figuring tax due, Filing Requirements Payment of tax due, Payment of Tax Due When to file, When to file. Turbo tax 2010 Taxpayer Advocate, Taxpayer Advocate Service. Turbo tax 2010 TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications
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The Turbo Tax 2010

Turbo tax 2010 10. Turbo tax 2010   Business Bad Debts Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Definition of Business Bad DebtAccrual method. Turbo tax 2010 Cash method. Turbo tax 2010 Debt acquired from a decedent. Turbo tax 2010 Liquidation. Turbo tax 2010 Types of Business Bad Debts When a Debt Becomes Worthless How To Claim a Business Bad DebtSpecific Charge-Off Method Nonaccrual-Experience Method Recovery of a Bad DebtNet operating loss (NOL) carryover. Turbo tax 2010 Introduction You have a bad debt if you cannot collect money owed to you. Turbo tax 2010 A bad debt is either a business bad debt or a nonbusiness bad debt. Turbo tax 2010 This chapter discusses only business bad debts. Turbo tax 2010 Generally, a business bad debt is one that comes from operating your trade or business. Turbo tax 2010 You can deduct business bad debts on Schedule C (Form 1040) or your applicable business income tax return. Turbo tax 2010 All other bad debts are nonbusiness bad debts and are deductible only as short-term capital losses. Turbo tax 2010 For more information on nonbusiness bad debts, see Publication 550. Turbo tax 2010 Topics - This chapter discusses: Definition of business bad debt When a debt becomes worthless How to claim a business bad debt Recovery of a bad debt Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 556 Examination of Returns, Appeal Rights, and Claims for Refund Form (and Instructions) Schedule C (Form 1040) Profit or Loss From Business 1040X Amended U. Turbo tax 2010 S. Turbo tax 2010 Individual Income Tax Return 1045 Application for Tentative Refund 1139 Corporation Application for Tentative Refund 3115 Application for Change in Accounting Method See chapter 12 for information about getting publications and forms. Turbo tax 2010 Definition of Business Bad Debt A business bad debt is a loss from the worthlessness of a debt that was either: Created or acquired in your trade or business, or Closely related to your trade or business when it became partly or totally worthless. Turbo tax 2010 A debt is closely related to your trade or business if your primary motive for incurring the debt is business related. Turbo tax 2010 Bad debts of a corporation (other than an S corporation) are always business bad debts. Turbo tax 2010 Credit sales. Turbo tax 2010   Business bad debts are mainly the result of credit sales to customers. Turbo tax 2010 Goods that have been sold, but not yet paid for, and services that have been performed, but not yet paid for, are recorded in your books as either accounts receivable or notes receivable. Turbo tax 2010 After a reasonable period of time, if you have tried to collect the amount due, but are unable to do so, the uncollectible part becomes a business bad debt. Turbo tax 2010   Accounts or notes receivable valued at fair market value (FMV) when received are deductible only at that value, even though the FMV may be less than the face value. Turbo tax 2010 If you purchased an account receivable for less than its face value, and the receivable subsequently becomes worthless, the most you are allowed to deduct is the amount you paid to acquire it. Turbo tax 2010    You can claim a business bad debt deduction only if the amount owed to you was previously included in gross income. Turbo tax 2010 This applies to amounts owed to you from all sources of taxable income, including sales, services, rents, and interest. Turbo tax 2010 Accrual method. Turbo tax 2010   If you use the accrual method of accounting, you generally report income as you earn it. Turbo tax 2010 You can only claim a bad debt deduction for an uncollectible receivable if you have previously included the uncollectible amount in income. Turbo tax 2010   If you qualify, you can use the nonaccrual-experience method of accounting discussed later. Turbo tax 2010 Under this method, you do not have to accrue income that, based on your experience, you do not expect to collect. Turbo tax 2010 Cash method. Turbo tax 2010   If you use the cash method of accounting, you generally report income when you receive payment. Turbo tax 2010 You cannot claim a bad debt deduction for amounts owed to you because you never included those amounts in income. Turbo tax 2010 For example, a cash basis architect cannot claim a bad debt deduction if a client fails to pay the bill because the architect's fee was never included in income. Turbo tax 2010 Debts from a former business. Turbo tax 2010   If you sell your business but retain its receivables, these debts are business debts because they arose out of your trade or business. Turbo tax 2010 If any of these receivables subsequently become worthless, the loss is still a business bad debt. Turbo tax 2010 Debt acquired from a decedent. Turbo tax 2010   The character of a loss from debts of a business acquired from a decedent is determined in the same way as debts acquired on the purchase of a business. Turbo tax 2010 The executor of the decedent's estate treats any loss from the debts as a business bad debt if the debts were closely related to the decedent's trade or business when they became worthless. Turbo tax 2010 Otherwise, a loss from these debts becomes a nonbusiness bad debt for the decedent's estate. Turbo tax 2010 Liquidation. Turbo tax 2010   If you liquidate your business and some of the accounts receivable that you retain become worthless, they become business bad debts. Turbo tax 2010 Types of Business Bad Debts Business bad debts may result from the following. Turbo tax 2010 Loans to clients and suppliers. Turbo tax 2010   If you loan money to a client, supplier, employee, or distributor for a business reason and you are unable to collect the loan after attempting to do so, you have a business bad debt. Turbo tax 2010 Debts owed by political parties. Turbo tax 2010   If a political party (or other organization that accepts contributions or spends money to influence elections) owes you money and the debt becomes worthless, you can claim a bad debt deduction only if all of the following requirements are met. Turbo tax 2010 You use the accrual method of accounting. Turbo tax 2010 The debt arose from the sale of goods or services in the ordinary course of your trade or business. Turbo tax 2010 More than 30% of your receivables accrued in the year of the sale were from sales to political parties. Turbo tax 2010 You made substantial and continuing efforts to collect on the debt. Turbo tax 2010 Loan or capital contribution. Turbo tax 2010   You cannot claim a bad debt deduction for a loan you made to a corporation if, based on the facts and circumstances, the loan is actually a contribution to capital. Turbo tax 2010 Debts of an insolvent partner. Turbo tax 2010   If your business partnership breaks up and one of your former partners becomes insolvent, you may have to pay more than your pro rata share of the partnership's debts. Turbo tax 2010 If you pay any part of the insolvent partner's share of the debts, you can claim a bad debt deduction for the amount you paid that is attributable to the insolvent partner's share. Turbo tax 2010 Business loan guarantee. Turbo tax 2010   If you guarantee a debt that subsequently becomes worthless, the debt can qualify as a business bad debt if all the following requirements are met. Turbo tax 2010 You made the guarantee in the course of your trade or business. Turbo tax 2010 You have a legal duty to pay the debt. Turbo tax 2010 You made the guarantee before the debt became worthless. Turbo tax 2010 You meet this requirement if you reasonably expected you would not have to pay the debt without full reimbursement from the borrower. Turbo tax 2010 You received reasonable consideration for making the guarantee. Turbo tax 2010 You meet this requirement if you made the guarantee in accord with normal business practice or for a good faith business purpose. Turbo tax 2010 Example. Turbo tax 2010 Jane Zayne owns the Zayne Dress Company. Turbo tax 2010 She guaranteed payment of a $20,000 note for Elegant Fashions, a dress outlet. Turbo tax 2010 Elegant Fashions is one of Zayne's largest clients. Turbo tax 2010 Elegant Fashions later defaulted on the loan. Turbo tax 2010 As a result, Ms. Turbo tax 2010 Zayne paid the remaining balance of the loan in full to the bank. Turbo tax 2010 She can claim a business bad debt deduction only for the amount she paid, since her guarantee was made in the course of her trade or business for a good faith business purpose. Turbo tax 2010 She was motivated by the desire to retain one of her better clients and keep a sales outlet. Turbo tax 2010 Deductible in the year paid. Turbo tax 2010   If you make a payment on a loan you guaranteed, you can deduct it in the year paid, unless you have rights against the borrower. Turbo tax 2010 Rights against a borrower. Turbo tax 2010   When you make payment on a loan you guaranteed, you may have the right to take the place of the lender. Turbo tax 2010 The debt is then owed to you. Turbo tax 2010 If you have this right, or some other right to demand payment from the borrower, you cannot claim a bad debt deduction until these rights become partly or totally worthless. Turbo tax 2010 Joint debtor. Turbo tax 2010   If two or more debtors jointly owe you money, your inability to collect from one does not enable you to deduct a proportionate amount as a bad debt. Turbo tax 2010 Sale of mortgaged property. Turbo tax 2010   If mortgaged or pledged property is sold for less than the debt, the unpaid, uncollectible balance of the debt is a bad debt. Turbo tax 2010 When a Debt Becomes Worthless A debt becomes worthless when there is no longer any chance the amount owed will be paid. Turbo tax 2010 This may occur when the debt is due or prior to that date. Turbo tax 2010 To demonstrate worthlessness, you must only show that you have taken reasonable steps to collect the debt but were unable to do so. Turbo tax 2010 It is not necessary to go to court if you can show that a judgment from the court would be uncollectible. Turbo tax 2010 Bankruptcy of your debtor is generally good evidence of the worthlessness of at least a part of an unsecured and unpreferred debt. Turbo tax 2010 Property received for debt. Turbo tax 2010   If you receive property in partial settlement of a debt, reduce the debt by the property's FMV, which becomes the property's basis. Turbo tax 2010 You can deduct the remaining debt as a bad debt if and when it becomes worthless. Turbo tax 2010   If you later sell the property for more than its basis, any gain on the sale is due to the appreciation of the property. Turbo tax 2010 It is not a recovery of a bad debt. Turbo tax 2010 For information on the sale of an asset, see Publication 544. Turbo tax 2010 How To Claim a Business Bad Debt There are two methods to claim a business bad debt. Turbo tax 2010 The specific charge-off method. Turbo tax 2010 The nonaccrual-experience method. Turbo tax 2010 Generally, you must use the specific charge-off method. Turbo tax 2010 However, you may use the nonaccrual-experience method if you meet the requirements discussed later under Nonaccrual-Experience Method . Turbo tax 2010 Specific Charge-Off Method If you use the specific charge-off method, you can deduct specific business bad debts that become either partly or totally worthless during the tax year. Turbo tax 2010 However, with respect to partly worthless bad debts, your deduction is limited to the amount you charged off on your books during the year. Turbo tax 2010 Partly worthless debts. Turbo tax 2010   You can deduct specific bad debts that become partly uncollectible during the tax year. Turbo tax 2010 Your tax deduction is limited to the amount you charge off on your books during the year. Turbo tax 2010 You do not have to charge off and deduct your partly worthless debts annually. Turbo tax 2010 You can delay the charge off until a later year. Turbo tax 2010 However, you cannot deduct any part of a debt after the year it becomes totally worthless. Turbo tax 2010 Significantly modified debt. Turbo tax 2010   An exception to the charge-off rule exists for debt which has been significantly modified and on which the holder recognized gain. Turbo tax 2010 For more information, see Regulations section 1. Turbo tax 2010 166-3(a)(3). Turbo tax 2010 Deduction disallowed. Turbo tax 2010   Generally, you can claim a partial bad debt deduction only in the year you make the charge-off on your books. Turbo tax 2010 If, under audit, the IRS does not allow your deduction and the debt becomes partly worthless in a later tax year, you can deduct the amount you charged off in that year plus the disallowed amount charged off in the earlier year. Turbo tax 2010 The charge-off in the earlier year, unless reversed on your books, fulfills the charge-off requirement for the later year. Turbo tax 2010 Totally worthless debts. Turbo tax 2010   If a debt becomes totally worthless in the current tax year, you can deduct the entire amount, less any amount deducted in an earlier tax year when the debt was only partly worthless. Turbo tax 2010   You do not have to make an actual charge-off on your books to claim a bad debt deduction for a totally worthless debt. Turbo tax 2010 However, you may want to do so. Turbo tax 2010 If you do not and the IRS later rules the debt is only partly worthless, you will not be allowed a deduction for the debt in that tax year because a deduction of a partly worthless bad debt is limited to the amount actually charged off. Turbo tax 2010 See Partly worthless debts, earlier. Turbo tax 2010 Filing a claim for refund. Turbo tax 2010   If you did not deduct a bad debt on your original return for the year it became worthless, you can file a claim for a credit or refund. Turbo tax 2010 If the bad debt was totally worthless, you must file the claim by the later of the following dates. Turbo tax 2010 7 years from the date your original return was due (not including extensions). Turbo tax 2010 2 years from the date you paid the tax. Turbo tax 2010   If the claim is for a partly worthless bad debt, you must file the claim by the later of the following dates. Turbo tax 2010 3 years from the date you filed your original return. Turbo tax 2010 2 years from the date you paid the tax. Turbo tax 2010 You may have longer to file the claim if you were unable to manage your financial affairs due to a physical or mental impairment. Turbo tax 2010 Such an impairment requires proof of existence. Turbo tax 2010   For details and more information about filing a claim, see Publication 556. Turbo tax 2010 Use one of the following forms to file a claim. Turbo tax 2010 For more information, see the instructions for the applicable form. Turbo tax 2010 Table 10-1. Turbo tax 2010 Forms Used To File a Claim IF you filed as a. Turbo tax 2010 . Turbo tax 2010 . Turbo tax 2010 THEN file. Turbo tax 2010 . Turbo tax 2010 . Turbo tax 2010 Sole proprietor or farmer Form 1040X Corporation Form 1120X S corporation Form 1120S and check box H(4) Partnership Form 1065X if filing on paper or  Form 1065 and check box G(5) if filing electronically Nonaccrual-Experience Method If you use an accrual method of accounting and qualify under the rules explained in this section, you can use the nonaccrual-experience method for bad debts. Turbo tax 2010 Under this method, you do not accrue service related income you expect to be uncollectible. Turbo tax 2010 Because the expected uncollectible amounts are not included in income, these amounts are not later deducted from income. Turbo tax 2010 Generally, you can use the nonaccrual-experience method for accounts receivable for services you performed only if: The services are provided in the fields of accounting, actuarial science, architecture, consulting, engineering, health, law, or the performing arts, or You meet the $5 million gross receipts test for all prior years. Turbo tax 2010 Service related income. Turbo tax 2010   You can use the nonaccrual-experience method only for amounts earned by performing services. Turbo tax 2010 You cannot use this method for amounts owed to you from activities such as lending money, selling goods, or acquiring receivables or other rights to receive payment. Turbo tax 2010 Gross receipts test. Turbo tax 2010   To find out if you meet the $5 million gross receipts test for all prior years, you must figure the average annual gross receipts for each prior year. Turbo tax 2010 If your average annual gross receipts for any year exceeds $5 million, you cannot use the non-accural experience method. Turbo tax 2010   The average annual gross receipts for any year is the average of gross receipts from the year in question and the 2 previous years. Turbo tax 2010 For example, if you were figuring the average annual gross receipts for 2013, you would average your gross receipts for 2011, 2012, and 2013. Turbo tax 2010 Interest or penalty charged. Turbo tax 2010   Generally, you cannot use the nonaccrual-experience method for amounts due on which you charge interest or a late payment penalty. Turbo tax 2010 However, do not treat a discount offered for early payment as the charging of interest or a penalty if both the following apply. Turbo tax 2010 You otherwise accrue the full amount due as gross income at the time you provide the services. Turbo tax 2010 You treat the discount allowed for early payment as an adjustment to gross income in the year of payment. Turbo tax 2010 Change in accounting method. Turbo tax 2010   Generally, you must obtain consent to change to a nonaccrual-experience method (other than one of the safe harbor methods) or to change from one method to another. Turbo tax 2010 See Form 3115 and the Instructions for Form 3115 for more information. Turbo tax 2010 Recovery of a Bad Debt If you claim a deduction for a bad debt on your income tax return and later recover (collect) all or part of it, you may have to include all or part of the recovery in gross income. Turbo tax 2010 The amount you include is limited to the amount you actually deducted. Turbo tax 2010 However, you can exclude the amount deducted that did not reduce your tax. Turbo tax 2010 Report the recovery as “Other income” on the appropriate business form or schedule. Turbo tax 2010 See Recoveries in Publication 525 for more information. Turbo tax 2010 Net operating loss (NOL) carryover. Turbo tax 2010   If a bad debt deduction increases an NOL carryover that has not expired before the beginning of the tax year in which the recovery takes place, you treat the deduction as having reduced your tax. Turbo tax 2010 A bad debt deduction that contributes to a NOL helps lower taxes in the year to which you carry the NOL. Turbo tax 2010 For more information about NOLs, see Publication 536. Turbo tax 2010 Also, see the Instructions for Form 1045, and the Instructions for Form 1139. Turbo tax 2010 Prev  Up  Next   Home   More Online Publications