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Www FreetaxusaWww freetaxusa Publication 541 - Introductory Material Table of Contents Reminder IntroductionTax questions. Www freetaxusa Ordering forms and publications. Www freetaxusa Useful Items - You may want to see: Reminder Photographs of missing children. Www freetaxusa The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Www freetaxusa Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Www freetaxusa 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. Www freetaxusa Introduction This publication provides supplemental federal income tax information for partnerships and partners. Www freetaxusa It supplements the information provided in the Instructions for Form 1065, U. Www freetaxusa S. Www freetaxusa Return of Partnership Income, and the Partner's Instructions for Schedule K-1 (Form 1065). Www freetaxusa Generally, a partnership does not pay tax on its income but “passes through” any profits or losses to its partners. Www freetaxusa Partners must include partnership items on their tax returns. Www freetaxusa For a discussion of business expenses a partnership can deduct, see Publication 535, Business Expenses. Www freetaxusa Members of oil and gas partnerships should read about the deduction for depletion in chapter 9 of that publication. Www freetaxusa Certain partnerships must have a tax matters partner (TMP) who is also a general partner. Www freetaxusa For information on the rules for designating a TMP, see Designation of Tax Matters Partner (TMP) in the Form 1065 instructions and section 301. Www freetaxusa 6231(a)(7)-1 of the regulations. Www freetaxusa Many rules in this publication do not apply to partnerships that file Form 1065-B, U. Www freetaxusa S. Www freetaxusa Return of Income for Electing Large Partnerships. Www freetaxusa For the rules that apply to these partnerships, see the instructions for Form 1065-B. Www freetaxusa However, the partners of electing large partnerships can use the rules in this publication except as otherwise noted. Www freetaxusa Withholding on foreign partner or firm. Www freetaxusa If a partnership acquires a U. Www freetaxusa S. Www freetaxusa real property interest from a foreign person or firm, the partnership may have to withhold tax on the amount it pays for the property (including cash, the fair market value of other property, and any assumed liability). Www freetaxusa If a partnership has income effectively connected with a trade or business in the United States, it must withhold on the income allocable to its foreign partners. Www freetaxusa A partnership may have to withhold tax on a foreign partner's distributive share of fixed or determinable income not effectively connected with a U. Www freetaxusa S. Www freetaxusa trade or business. Www freetaxusa A partnership that fails to withhold may be held liable for the tax, applicable penalties, and interest. Www freetaxusa For more information, see Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. Www freetaxusa Comments and suggestions. Www freetaxusa We welcome your comments about this publication and your suggestions for future editions. Www freetaxusa You can write to: Internal Revenue Service Tax Forms and Publications SE:W:CAR:MP:TFP 1111 Constitution Ave. Www freetaxusa NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Www freetaxusa Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Www freetaxusa You can send us comments from www. Www freetaxusa irs. Www freetaxusa gov/formspubs. Www freetaxusa Click on “More Information” and then on “Comment on Tax Forms and Publications. Www freetaxusa ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Www freetaxusa Tax questions. Www freetaxusa If you have a tax question, check the information available at IRS. Www freetaxusa gov or call 1-800-829-4933. Www freetaxusa We cannot answer tax questions at the address listed above. Www freetaxusa Ordering forms and publications. Www freetaxusa Visit www. Www freetaxusa irs. Www freetaxusa gov/formspubs to download forms and publications, call 1-800-829-3676, or write to one of the addresses shown under How To Get Tax Help in the back of this publication. Www freetaxusa Useful Items - You may want to see: Publication 334 Tax Guide for Small Business 505 Tax Withholding and Estimated Tax 535 Business Expenses 537 Installment Sales 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets 551 Basis of Assets 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property See How To Get Tax Help near the end of this publication for information about getting publications and forms. Www freetaxusa Prev Up Next Home More Online Publications
Leasing a Car
Tips for Leasing a Car
When you lease, you pay to drive someone else's vehicle. Monthly lease payments may be lower than loan payments, but at the end of the lease you have no ownership or equity in the car. To get the best deal, follow the advice below in addition to the general suggestions for buying a car.
- To help you compare leasing versus owning, the Consumer Leasing Act requires leasing companies to give you information on monthly payments and other charges. Check out Leaseguide.com, and Leasecompare.com for online information on leases including current lease deals.
- Consider using an independent agent rather than the dealer. You might find a better deal. Most financial institutions that offer auto financing also offer leasing options.
- Ask for details on wear and tear standards. Dings that you regard as normal wear and tear could be billed as significant damage at the end of your lease.
- Find out how many miles you can drive in a year. Most leases allow 12,000 to 15,000 miles a year. Expect a charge of 10 to 25 cents for each additional mile.
- Check the manufacturer's warranty. It should cover the entire lease term and the number of miles you are likely to drive.
- Ask the dealer what happens if you give up the car before the end of your lease. There may be extra fees for doing so.
- Ask what happens if the car is involved in an accident.
- Get all the terms in writing. Everything included with the car should be listed on the lease to avoid being charged for "missing" equipment later.
The Federal Reserve Board of Governors offers a consumer guide to auto leasing.
Most car buyers today need some form of financing to purchase a new vehicle. Many use direct lending, that is, a loan from a finance company, bank, or credit union. In direct lending, a buyer agrees to pay the amount financed, plus an agreed-upon finance charge, over a specified period. Once a buyer and a vehicle dealership enter into a contract to purchase a vehicle, the buyer uses the loan proceeds from the direct lender to pay the dealership for the vehicle. Another common form is dealership financing, which offers convenience, financing options, and sometimes special, manufacturer-sponsored, low-rate deals. Before you make a financing decision, it's important to do your research:
- Decide in advance how much you can afford to spend and stick to your limit.
- Get a copy of your credit report and correct any errors before applying for a loan.
- Check buying guides to identify price ranges and best available deals.
Credit and Sublease Brokers
Con artists often prey on people who have bad credit and who cannot get car loans. "Credit brokers" promise to get a loan for you in exchange for a high fee. In many cases, the "broker" takes the fee and disappears. "Sublease brokers" charge a fee to arrange for you to "sublease" or "take over" someone else's car lease or loan. Such deals usually violate the original loan or lease agreement. Your car can be repossessed even if you've made all of your payments. You also might have trouble insuring your car.