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Www irs gov 3. Www irs gov   Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. Www irs gov Deductible contribution. Www irs gov Nondeductible contribution. Www irs gov You may be able to subtract amounts from your total income (Form 1040, line 22 or Form 1040A, line 15) or total effectively connected income (Form 1040NR, line 23) to get your adjusted gross income (Form 1040, line 37; Form 1040A, line 21; or Form 1040NR, line 36). Www irs gov Some adjustments to income follow. Www irs gov Contributions to your individual retirement arrangement (IRA) (Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32), explained later in this publication. Www irs gov Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. Www irs gov See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. Www irs gov Some health insurance costs (Form 1040, line 29 or Form 1040NR, line 29) if you were self-employed and had a net profit for the year, or if you received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Www irs gov For more details, see Publication 535, Business Expenses. Www irs gov Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). Www irs gov For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. Www irs gov Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). Www irs gov Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. Www irs gov Alimony payments (Form 1040, line 31a). Www irs gov For more information, see Publication 504, Divorced or Separated Individuals. Www irs gov There are other items you can claim as adjustments to income. Www irs gov These adjustments are discussed in your tax return instructions. Www irs gov Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. Www irs gov A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Www irs gov Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . Www irs gov For more detailed information, see Publication 590. Www irs gov Contributions. Www irs gov   An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. Www irs gov Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until distributed. Www irs gov    Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. Www irs gov Do not report this interest on your tax return as tax-exempt interest. Www irs gov General limit. Www irs gov   The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. Www irs gov Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). Www irs gov Contributions to Kay Bailey Hutchison Spousal IRAs. Www irs gov   In the case of a married couple filing a joint return for 2013, up to $5,500 ($6,500 for each spouse age 50 or older by the end of 2013) can be contributed to IRAs on behalf of each spouse, even if one spouse has little or no compensation. Www irs gov For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. Www irs gov Deductible contribution. Www irs gov   Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained. Www irs gov However, if you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, you may not be able to deduct all of the contributions. Www irs gov Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. Www irs gov For more information, see Limit if Covered by Employer Plan in Publication 590. Www irs gov Nondeductible contribution. Www irs gov   The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Www irs gov You must file Form 8606, Nondeductible IRAs, to report nondeductible contributions even if you do not have to file a tax return for the year. Www irs gov    For 2014, the most that can be contributed to your traditional IRA is $5,500 ($6,500 if you are age 50 or older at the end of 2014). Www irs gov Prev  Up  Next   Home   More Online Publications
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Www irs gov 6. Www irs gov   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. Www irs gov However, to determine these costs, you must value your inventory at the beginning and end of each tax year. Www irs gov 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. Www irs gov This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. Www irs gov 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. Www irs gov If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. Www irs gov For more information, see chapter 2. Www irs gov 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. Www irs gov These lines are reproduced below and are explained in the discussion that follows. Www irs gov 35 Inventory at beginning of year. Www irs gov If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. Www irs gov 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. Www irs gov Subtract line 41 from line 40. Www irs gov  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. Www irs gov 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). Www irs gov Opening inventory usually will be identical to the closing inventory of the year before. Www irs gov You must explain any difference in a schedule attached to your return. Www irs gov Donation of inventory. Www irs gov   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. Www irs gov 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. Www irs gov You must remove the amount of your contribution deduction from your opening inventory. Www irs gov It is not part of the cost of goods sold. Www irs gov   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. Www irs gov Treat the inventory's cost as you would ordinarily treat it under your method of accounting. Www irs gov For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. Www irs gov   A special rule may apply to certain donations of food inventory. Www irs gov See Publication 526, Charitable Contributions. Www irs gov Example 1. Www irs gov You are a calendar year taxpayer who uses an accrual method of accounting. Www irs gov In 2013, you contributed property from inventory to a church. Www irs gov It had a fair market value of $600. Www irs gov 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. Www irs gov The charitable contribution allowed for 2013 is $400 ($600 − $200). Www irs gov 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. Www irs gov The cost of goods sold you use in determining gross income for 2013 must not include the $400. Www irs gov You remove that amount from opening inventory for 2013. Www irs gov Example 2. Www irs gov 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. Www irs gov You would not be allowed any charitable contribution deduction for the contributed property. Www irs gov 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. Www irs gov If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. Www irs gov Trade discounts. Www irs gov   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. Www irs gov You must use the prices you pay (not the stated prices) in figuring your cost of purchases. Www irs gov Do not show the discount amount separately as an item in gross income. Www irs gov   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. Www irs gov Cash discounts. Www irs gov   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. Www irs gov There are two methods of accounting for cash discounts. Www irs gov You can either credit them to a separate discount account or deduct them from total purchases for the year. Www irs gov Whichever method you use, you must be consistent. Www irs gov If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. Www irs gov For more information, see Change in Accounting Method in chapter 2. Www irs gov   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. Www irs gov If you use this method, do not reduce your cost of goods sold by the cash discounts. Www irs gov Purchase returns and allowances. Www irs gov   You must deduct all returns and allowances from your total purchases during the year. Www irs gov Merchandise withdrawn from sale. Www irs gov   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. Www irs gov Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. Www irs gov You must also charge the amount to your drawing account. Www irs gov   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. Www irs gov As stated above, you also use it to record withdrawals of merchandise for personal or family use. Www irs gov This account is also known as a “withdrawals account” or “personal account. Www irs gov ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. Www irs gov Small merchandisers (wholesalers, retailers, etc. Www irs gov ) usually do not have labor costs that can properly be charged to cost of goods sold. Www irs gov 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. Www irs gov Direct labor. Www irs gov   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. Www irs gov 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. Www irs gov Indirect labor. Www irs gov   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. Www irs gov Other labor. Www irs gov   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. Www irs gov 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. Www irs gov Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. Www irs gov Those that are not used in the manufacturing process are treated as deferred charges. Www irs gov You deduct them as a business expense when you use them. Www irs gov Business expenses are discussed in chapter 8. Www irs gov 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. Www irs gov Containers. Www irs gov   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. Www irs gov If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. Www irs gov Freight-in. Www irs gov   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. Www irs gov Overhead expenses. Www irs gov   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. Www irs gov The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. Www irs gov 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. Www irs gov 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. Www irs gov Inventory at the end of the year is also known as closing or ending inventory. Www irs gov Your ending inventory will usually become the beginning inventory of your next tax year. Www irs gov 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. Www irs gov Prev  Up  Next   Home   More Online Publications