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Turbotax Deluxe Federal E File 2012

1040ez Filing1040ez Tax Form And BookletFree E-file State TaxesFree Tax SoftwareHow To File Unemployment On Tax ReturnForm 1040xFile Taxes For 2012How To File A 1040xI Need To Amend My 2012 TaxesWww Freetax ComH & R Block Free File 2012Fill Out 1040x OnlineTaxes On Unemployment1040ez 2011 Instructions2012 Ez FormFiling State Tax For FreeTaxes For Self EmployedTurbotax 2010 FreeIrs Amended ReturnWww Myfreetaxes Com Unitedwayhoco OrgFile 2011 State Taxes Online Free1040ez Form InstructionsFree Tax Filing OnlineState TaxesIrs Forms 2011How To File Tax AmendmentFree Tax Act 2012Vita Tax Program 2012 LocationsHow To Fill Out A 1040x Tax Amendment FormTurbotax Military Discount 20121040x Site Irs GovFree State Tax E FileFederal Income Tax Rates 20122011 1040 Income Tax Form1040nr Ez SoftwareForms To File 2011 TaxesMilitary Tax Credits2011 Irs Form 1040ezCan I Still File My 2011 State Taxes1040ez Instructions 2012

Turbotax Deluxe Federal E File 2012

Turbotax deluxe federal e file 2012 Publication 908 - Introductory Material Table of Contents Future Developments What's New Reminders Introduction Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 908, such as legislation enacted after it was published, go to www. Turbotax deluxe federal e file 2012 irs. Turbotax deluxe federal e file 2012 gov/pub908. Turbotax deluxe federal e file 2012 What's New Expiration of provision for catch-up contributions for IRC section 401(k) participants whose employer filed bankruptcy. Turbotax deluxe federal e file 2012  The Pension Protection Act of 2006, P. Turbotax deluxe federal e file 2012 L. Turbotax deluxe federal e file 2012 109-280, previously allowed additional contributions of up to $7,000 in a traditional or Roth IRA for employees who participated in an IRC section 401(k) plan of an employer that filed bankruptcy in an earlier year. Turbotax deluxe federal e file 2012 This provision was not extended for tax years beginning on or after January 1, 2010. Turbotax deluxe federal e file 2012 Automatic 6-month extension of time to file a bankruptcy estate return now available for individuals in Chapter 7 or 11 bankruptcy. Turbotax deluxe federal e file 2012  Beginning June 24, 2011, the IRS clarified in T. Turbotax deluxe federal e file 2012 D. Turbotax deluxe federal e file 2012 9531 that there is available an automatic 6-month extension of time to file a bankruptcy estate income tax return for individuals in Chapter 7 or Chapter 11 bankruptcy proceedings upon filing a required application. Turbotax deluxe federal e file 2012 The previous extension of time to file a bankruptcy estate return was 5 months. Turbotax deluxe federal e file 2012 Reminders The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. Turbotax deluxe federal e file 2012  The changes to the U. Turbotax deluxe federal e file 2012 S. Turbotax deluxe federal e file 2012 Bankruptcy Code enacted by BAPCA are incorporated throughout this publication. Turbotax deluxe federal e file 2012 Debtors filing under chapters 7, 11, 12, and 13 of the Bankruptcy Code must file all applicable federal, state, and local tax returns that become due after a case commences. Turbotax deluxe federal e file 2012 Failure to file tax returns timely or obtain an extension can cause a bankruptcy case to be converted to another chapter or dismissed. Turbotax deluxe federal e file 2012 In chapter 13 cases, the debtor must file all required tax returns for tax periods ending within 4 years of the filing of the bankruptcy petition. Turbotax deluxe federal e file 2012 Photographs of missing children. Turbotax deluxe federal e file 2012  The IRS is a proud partner with the National Center for Missing and Exploited Children. Turbotax deluxe federal e file 2012 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Turbotax deluxe federal e file 2012 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. Turbotax deluxe federal e file 2012 Introduction This publication is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. Turbotax deluxe federal e file 2012 Additionally, this publication is not updated on an annual basis and may not reflect recent developments in bankruptcy or tax law. Turbotax deluxe federal e file 2012 If you need more guidance on the bankruptcy or tax laws applicable to your case, you should seek professional advice. Turbotax deluxe federal e file 2012 This publication explains the basic federal income tax aspects of bankruptcy. Turbotax deluxe federal e file 2012 A fundamental goal of the bankruptcy laws enacted by Congress is to give an honest debtor a financial “fresh start”. Turbotax deluxe federal e file 2012 This is accomplished through the bankruptcy discharge, which is a permanent injunction (court ordered prohibition) against the collection of certain debts as a personal liability of the debtor. Turbotax deluxe federal e file 2012 Bankruptcy proceedings begin with the filing of either a voluntary petition in the United States Bankruptcy Court, or in certain cases an involuntary petition filed by creditors. Turbotax deluxe federal e file 2012 This filing creates the bankruptcy estate. Turbotax deluxe federal e file 2012 The bankruptcy estate generally consists of all of the assets the individual or entity owns on the date the bankruptcy petition was filed. Turbotax deluxe federal e file 2012 The bankruptcy estate is treated as a separate taxable entity for individuals filing bankruptcy petitions under chapter 7 or 11 of the Bankruptcy Code, discussed later. Turbotax deluxe federal e file 2012 The tax obligations of taxable bankruptcy estates are discussed later under Individuals in Chapter 7 or 11. Turbotax deluxe federal e file 2012 Generally, when a debt owed to another person or entity is canceled, the amount canceled or forgiven is considered income that is taxed to the person owing the debt. Turbotax deluxe federal e file 2012 If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. Turbotax deluxe federal e file 2012 However, the canceled debt reduces other tax benefits to which the debtor would otherwise be entitled. Turbotax deluxe federal e file 2012 See Debt Cancellation, later. Turbotax deluxe federal e file 2012 Useful Items - You may want to see: Publication 225 Farmer's Tax Guide 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets 551 Basis of Assets 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) SS-4 Application for Employer Identification Number, and separate instructions 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) 1040 U. Turbotax deluxe federal e file 2012 S. Turbotax deluxe federal e file 2012 Individual Income Tax Return, and separate instructions Schedule SE (Form 1040) Self-Employment Tax 1040X Amended U. Turbotax deluxe federal e file 2012 S. Turbotax deluxe federal e file 2012 Individual Income Tax Return, and separate instructions 1041 U. Turbotax deluxe federal e file 2012 S. Turbotax deluxe federal e file 2012 Income Tax Return for Estates and Trusts, and separate instructions 1041-ES Estimated Income Tax for Estates and Trusts 1041-V Payment Voucher 4506 Request for Copy of Tax Return 4506-T Request for Transcript of Tax Return 4852 Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Turbotax deluxe federal e file 2012 4868 Application for Automatic Extension of Time To File U. Turbotax deluxe federal e file 2012 S. Turbotax deluxe federal e file 2012 Individual Income Tax Return 7004 Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns See How To Get Tax Help, later, for information about getting these publications and forms. Turbotax deluxe federal e file 2012 Prev  Up  Next   Home   More Online Publications
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Affordable Care Act (ACA) Tax Provisions

 Individuals
 & Families
 
 Employers
 
Other Organizations

 
The health care law addresses health insurance coverage and financial assistance options for individuals and families, including the premium tax credit. It also includes the individual shared responsibility provision and exemptions from that provision.The IRS administers the tax provisions included in the law. Visit HealthCare.gov for more information on coverage options and assistance.
 


 

   
The health care law contains many tax and other provisions for employers. The IRS administers the tax provisions included in the law. Visit HealthCare.gov and SBA.gov/healthcare for more information on other provisions.
 


 

 
  • Insurers
  • Certain Business Types
  • Tax-Exempt & Government Organizations

 


 

 

The Turbotax Deluxe Federal E File 2012

Turbotax deluxe federal e file 2012 6. Turbotax deluxe federal e file 2012   How To Figure Cost of Goods Sold Table of Contents Introduction Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42Line 35 Inventory at Beginning of Year Line 36 Purchases Less Cost of Items Withdrawn for Personal Use Line 37 Cost of Labor Line 38 Materials and Supplies Line 39 Other Costs Line 40 Add Lines 35 through 39 Line 41 Inventory at End of Year Line 42 Cost of Goods Sold Introduction If you make or buy goods to sell, you can deduct the cost of goods sold from your gross receipts on Schedule C. Turbotax deluxe federal e file 2012 However, to determine these costs, you must value your inventory at the beginning and end of each tax year. Turbotax deluxe federal e file 2012 This chapter applies to you if you are a manufacturer, wholesaler, or retailer or if you are engaged in any business that makes, buys, or sells goods to produce income. Turbotax deluxe federal e file 2012 This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. Turbotax deluxe federal e file 2012 However, if you work in a personal service business and also sell or charge for the materials and supplies normally used in your business, this chapter applies to you. Turbotax deluxe federal e file 2012 If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. Turbotax deluxe federal e file 2012 For more information, see chapter 2. Turbotax deluxe federal e file 2012 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42 Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. Turbotax deluxe federal e file 2012 These lines are reproduced below and are explained in the discussion that follows. Turbotax deluxe federal e file 2012 35 Inventory at beginning of year. Turbotax deluxe federal e file 2012 If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. Turbotax deluxe federal e file 2012 Do not include any amounts paid to yourself   38 Materials and supplies   39 Other costs   40 Add lines 35 through 39   41 Inventory at end of year   42 Cost of goods sold. Turbotax deluxe federal e file 2012 Subtract line 41 from line 40. Turbotax deluxe federal e file 2012  Enter the result here and on line 4   Line 35 Inventory at Beginning of Year If you are a merchant, beginning inventory is the cost of merchandise on hand at the beginning of the year that you will sell to customers. Turbotax deluxe federal e file 2012 If you are a manufacturer or producer, it includes the total cost of raw materials, work in process, finished goods, and materials and supplies used in manufacturing the goods (see Inventories in chapter 2). Turbotax deluxe federal e file 2012 Opening inventory usually will be identical to the closing inventory of the year before. Turbotax deluxe federal e file 2012 You must explain any difference in a schedule attached to your return. Turbotax deluxe federal e file 2012 Donation of inventory. Turbotax deluxe federal e file 2012   If you contribute inventory (property that you sell in the course of your business), the amount you can claim as a contribution deduction is the smaller of its fair market value on the day you contributed it or its basis. Turbotax deluxe federal e file 2012 The basis of donated inventory is any cost incurred for the inventory in an earlier year that you would otherwise include in your opening inventory for the year of the contribution. Turbotax deluxe federal e file 2012 You must remove the amount of your contribution deduction from your opening inventory. Turbotax deluxe federal e file 2012 It is not part of the cost of goods sold. Turbotax deluxe federal e file 2012   If the cost of donated inventory is not included in your opening inventory, the inventory's basis is zero and you cannot claim a charitable contribution deduction. Turbotax deluxe federal e file 2012 Treat the inventory's cost as you would ordinarily treat it under your method of accounting. Turbotax deluxe federal e file 2012 For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. Turbotax deluxe federal e file 2012   A special rule may apply to certain donations of food inventory. Turbotax deluxe federal e file 2012 See Publication 526, Charitable Contributions. Turbotax deluxe federal e file 2012 Example 1. Turbotax deluxe federal e file 2012 You are a calendar year taxpayer who uses an accrual method of accounting. Turbotax deluxe federal e file 2012 In 2013, you contributed property from inventory to a church. Turbotax deluxe federal e file 2012 It had a fair market value of $600. Turbotax deluxe federal e file 2012 The closing inventory at the end of 2012 properly included $400 of costs due to the acquisition of the property, and in 2012, you properly deducted $50 of administrative and other expenses attributable to the property as business expenses. Turbotax deluxe federal e file 2012 The charitable contribution allowed for 2013 is $400 ($600 − $200). Turbotax deluxe federal e file 2012 The $200 is the amount that would be ordinary income if you had sold the contributed inventory at fair market value on the date of the gift. Turbotax deluxe federal e file 2012 The cost of goods sold you use in determining gross income for 2013 must not include the $400. Turbotax deluxe federal e file 2012 You remove that amount from opening inventory for 2013. Turbotax deluxe federal e file 2012 Example 2. Turbotax deluxe federal e file 2012 If, in Example 1, you acquired the contributed property in 2013 at a cost of $400, you would include the $400 cost of the property in figuring the cost of goods sold for 2013 and deduct the $50 of administrative and other expenses attributable to the property for that year. Turbotax deluxe federal e file 2012 You would not be allowed any charitable contribution deduction for the contributed property. Turbotax deluxe federal e file 2012 Line 36 Purchases Less Cost of Items Withdrawn for Personal Use If you are a merchant, use the cost of all merchandise you bought for sale. Turbotax deluxe federal e file 2012 If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. Turbotax deluxe federal e file 2012 Trade discounts. Turbotax deluxe federal e file 2012   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. Turbotax deluxe federal e file 2012 You must use the prices you pay (not the stated prices) in figuring your cost of purchases. Turbotax deluxe federal e file 2012 Do not show the discount amount separately as an item in gross income. Turbotax deluxe federal e file 2012   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. Turbotax deluxe federal e file 2012 Cash discounts. Turbotax deluxe federal e file 2012   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. Turbotax deluxe federal e file 2012 There are two methods of accounting for cash discounts. Turbotax deluxe federal e file 2012 You can either credit them to a separate discount account or deduct them from total purchases for the year. Turbotax deluxe federal e file 2012 Whichever method you use, you must be consistent. Turbotax deluxe federal e file 2012 If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. Turbotax deluxe federal e file 2012 For more information, see Change in Accounting Method in chapter 2. Turbotax deluxe federal e file 2012   If you credit cash discounts to a separate account, you must include this credit balance in your business income at the end of the tax year. Turbotax deluxe federal e file 2012 If you use this method, do not reduce your cost of goods sold by the cash discounts. Turbotax deluxe federal e file 2012 Purchase returns and allowances. Turbotax deluxe federal e file 2012   You must deduct all returns and allowances from your total purchases during the year. Turbotax deluxe federal e file 2012 Merchandise withdrawn from sale. Turbotax deluxe federal e file 2012   If you withdraw merchandise for your personal or family use, you must exclude this cost from the total amount of merchandise you bought for sale. Turbotax deluxe federal e file 2012 Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. Turbotax deluxe federal e file 2012 You must also charge the amount to your drawing account. Turbotax deluxe federal e file 2012   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. Turbotax deluxe federal e file 2012 As stated above, you also use it to record withdrawals of merchandise for personal or family use. Turbotax deluxe federal e file 2012 This account is also known as a “withdrawals account” or “personal account. Turbotax deluxe federal e file 2012 ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. Turbotax deluxe federal e file 2012 Small merchandisers (wholesalers, retailers, etc. Turbotax deluxe federal e file 2012 ) usually do not have labor costs that can properly be charged to cost of goods sold. Turbotax deluxe federal e file 2012 In a manufacturing business, labor costs properly allocable to the cost of goods sold include both the direct and indirect labor used in fabricating the raw material into a finished, saleable product. Turbotax deluxe federal e file 2012 Direct labor. Turbotax deluxe federal e file 2012   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. Turbotax deluxe federal e file 2012 They also include a part of the wages you pay to employees who work directly on the product part time if you can determine that part of their wages. Turbotax deluxe federal e file 2012 Indirect labor. Turbotax deluxe federal e file 2012   Indirect labor costs are the wages you pay to employees who perform a general factory function that does not have any immediate or direct connection with making the saleable product, but that is a necessary part of the manufacturing process. Turbotax deluxe federal e file 2012 Other labor. Turbotax deluxe federal e file 2012   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. Turbotax deluxe federal e file 2012 Generally, the only kinds of labor costs properly chargeable to your cost of goods sold are the direct or indirect labor costs and certain other costs treated as overhead expenses properly charged to the manufacturing process, as discussed later under Line 39 Other Costs. Turbotax deluxe federal e file 2012 Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. Turbotax deluxe federal e file 2012 Those that are not used in the manufacturing process are treated as deferred charges. Turbotax deluxe federal e file 2012 You deduct them as a business expense when you use them. Turbotax deluxe federal e file 2012 Business expenses are discussed in chapter 8. Turbotax deluxe federal e file 2012 Line 39 Other Costs Examples of other costs incurred in a manufacturing or mining process that you charge to your cost of goods sold are as follows. Turbotax deluxe federal e file 2012 Containers. Turbotax deluxe federal e file 2012   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. Turbotax deluxe federal e file 2012 If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. Turbotax deluxe federal e file 2012 Freight-in. Turbotax deluxe federal e file 2012   Freight-in, express-in, and cartage-in on raw materials, supplies you use in production, and merchandise you purchase for sale are all part of cost of goods sold. Turbotax deluxe federal e file 2012 Overhead expenses. Turbotax deluxe federal e file 2012   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. Turbotax deluxe federal e file 2012 The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. Turbotax deluxe federal e file 2012 Line 40 Add Lines 35 through 39 The total of lines 35 through 39 equals the cost of the goods available for sale during the year. Turbotax deluxe federal e file 2012 Line 41 Inventory at End of Year Subtract the value of your closing inventory (including, as appropriate, the allocable parts of the cost of raw materials and supplies, direct labor, and overhead expenses) from line 40. Turbotax deluxe federal e file 2012 Inventory at the end of the year is also known as closing or ending inventory. Turbotax deluxe federal e file 2012 Your ending inventory will usually become the beginning inventory of your next tax year. Turbotax deluxe federal e file 2012 Line 42 Cost of Goods Sold When you subtract your closing inventory (inventory at the end of the year) from the cost of goods available for sale, the remainder is your cost of goods sold during the tax year. Turbotax deluxe federal e file 2012 Prev  Up  Next   Home   More Online Publications