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Www Taxact Com 2011

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Www taxact com 2011 5. Www taxact com 2011   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. Www taxact com 2011 Making the election. Www taxact com 2011 Form 3115. Www taxact com 2011 Income TaxesAccrual of contested income taxes. Www taxact com 2011 Employment Taxes Other TaxesAdditional Medicare Tax. Www taxact com 2011 What's New Additional Medicare Tax. Www taxact com 2011  Beginning in 2013, you must withhold a 0. Www taxact com 2011 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Www taxact com 2011 Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. Www taxact com 2011 See Employment Taxes , and Self-employment tax , later. Www taxact com 2011 Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. Www taxact com 2011 You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. Www taxact com 2011 Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. Www taxact com 2011 When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. Www taxact com 2011 This applies whether you use the cash method or an accrual method of accounting. Www taxact com 2011 Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. Www taxact com 2011 You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . Www taxact com 2011 Limit on accrual of taxes. Www taxact com 2011   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. Www taxact com 2011 However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. Www taxact com 2011 Example. Www taxact com 2011 Your state imposes a tax on personal property used in a trade or business conducted in the state. Www taxact com 2011 This tax is assessed and becomes a lien as of July 1 (accrual date). Www taxact com 2011 In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. Www taxact com 2011 Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. Www taxact com 2011 You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. Www taxact com 2011 Uniform capitalization rules. Www taxact com 2011   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. Www taxact com 2011 They also apply to certain taxpayers who acquire property for resale. Www taxact com 2011 Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. Www taxact com 2011 For more information, see chapter 1. Www taxact com 2011 Carrying charges. Www taxact com 2011   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. Www taxact com 2011 You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. Www taxact com 2011 For more information, see chapter 7. Www taxact com 2011 Refunds of taxes. Www taxact com 2011   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. Www taxact com 2011 For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. Www taxact com 2011    You must include in income any interest you receive on tax refunds. Www taxact com 2011 Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. Www taxact com 2011 The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. Www taxact com 2011 Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. Www taxact com 2011 See Taxes for local benefits , later. Www taxact com 2011 If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. Www taxact com 2011 However, you can elect to ratably accrue the taxes during the year. Www taxact com 2011 See Electing to ratably accrue , later. Www taxact com 2011 Taxes for local benefits. Www taxact com 2011   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. Www taxact com 2011 These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. Www taxact com 2011 You should increase the basis of your property by the amount of the assessment. Www taxact com 2011   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. Www taxact com 2011 If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. Www taxact com 2011 Example. Www taxact com 2011 To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. Www taxact com 2011 The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. Www taxact com 2011 The city is paying the principal and interest with the annual payments made by the property owners. Www taxact com 2011 The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. Www taxact com 2011 The part of the payments used to pay the interest charges on the bonds is deductible as taxes. Www taxact com 2011 Charges for services. Www taxact com 2011   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. Www taxact com 2011 Purchase or sale of real estate. Www taxact com 2011   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. Www taxact com 2011   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. Www taxact com 2011 Treat the seller as paying the taxes up to but not including the date of sale. Www taxact com 2011 Treat the buyer as paying the taxes beginning with the date of sale. Www taxact com 2011 You can usually find this information on the settlement statement you received at closing. Www taxact com 2011   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. Www taxact com 2011 Example. Www taxact com 2011 Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. Www taxact com 2011 He has not elected to ratably accrue property taxes. Www taxact com 2011 November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. Www taxact com 2011 He sold the property on June 30, 2013. Www taxact com 2011 Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. Www taxact com 2011 He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. Www taxact com 2011 Electing to ratably accrue. Www taxact com 2011   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. Www taxact com 2011 Example. Www taxact com 2011 Juan Sanchez is a calendar year taxpayer who uses an accrual method. Www taxact com 2011 His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. Www taxact com 2011 July 1 is the assessment and lien date. Www taxact com 2011 If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. Www taxact com 2011 Separate elections. Www taxact com 2011   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. Www taxact com 2011 Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. Www taxact com 2011 See Form 3115 , later. Www taxact com 2011 Making the election. Www taxact com 2011   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. Www taxact com 2011 The statement should show all the following items. Www taxact com 2011 The trades or businesses to which the election applies and the accounting method or methods used. Www taxact com 2011 The period to which the taxes relate. Www taxact com 2011 The computation of the real estate tax deduction for that first year. Www taxact com 2011   Generally, you must file your return by the due date (including extensions). Www taxact com 2011 However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). Www taxact com 2011 Attach the statement to the amended return and write “Filed pursuant to section 301. Www taxact com 2011 9100-2” on the statement. Www taxact com 2011 File the amended return at the same address where you filed the original return. Www taxact com 2011 Form 3115. Www taxact com 2011    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. Www taxact com 2011 For more information, including applicable time frames for filing, see the Instructions for Form 3115. Www taxact com 2011 Note. Www taxact com 2011 If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. Www taxact com 2011 R. Www taxact com 2011 B. Www taxact com 2011 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. Www taxact com 2011 R. Www taxact com 2011 B. Www taxact com 2011 689, and Revenue Procedure 2012-20, 2012-14 I. Www taxact com 2011 R. Www taxact com 2011 B. Www taxact com 2011 700, or any successor. Www taxact com 2011 Revenue Procedure 2011-14 is available at  www. Www taxact com 2011 irs. Www taxact com 2011 gov/irb/2011-04IRB/ar08. Www taxact com 2011 html. Www taxact com 2011 Income Taxes This section discusses federal, state, local, and foreign income taxes. Www taxact com 2011 Federal income taxes. Www taxact com 2011   You cannot deduct federal income taxes. Www taxact com 2011 State and local income taxes. Www taxact com 2011   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. Www taxact com 2011 An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). Www taxact com 2011   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. Www taxact com 2011 Accrual of contested income taxes. Www taxact com 2011   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. Www taxact com 2011   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. Www taxact com 2011 You cannot deduct them in the year in which the liability is finally determined. Www taxact com 2011    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. Www taxact com 2011 Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. Www taxact com 2011   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. Www taxact com 2011 You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. Www taxact com 2011 For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. Www taxact com 2011 Foreign income taxes. Www taxact com 2011   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. Www taxact com 2011 S. Www taxact com 2011 possession. Www taxact com 2011 However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. Www taxact com 2011 S. Www taxact com 2011 tax under the foreign earned income exclusion or the foreign housing exclusion. Www taxact com 2011 For information on these exclusions, see Publication 54, Tax Guide for U. Www taxact com 2011 S. Www taxact com 2011 Citizens and Resident Aliens Abroad. Www taxact com 2011 For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. Www taxact com 2011 Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. Www taxact com 2011 Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. Www taxact com 2011 You may also need to pay certain employment taxes from your own funds. Www taxact com 2011 These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. Www taxact com 2011 Note. Www taxact com 2011 Additional Medicare Tax is only imposed on the employee. Www taxact com 2011 There is no employer share of Additional Medicare Tax. Www taxact com 2011 Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. Www taxact com 2011 You can deduct the employment taxes you must pay from your own funds as taxes. Www taxact com 2011 Example. Www taxact com 2011 You pay your employee $18,000 a year. Www taxact com 2011 However, after you withhold various taxes, your employee receives $14,500. Www taxact com 2011 You also pay an additional $1,500 in employment taxes. Www taxact com 2011 You should deduct the full $18,000 as wages. Www taxact com 2011 You can deduct the $1,500 you pay from your own funds as taxes. Www taxact com 2011 For more information on employment taxes, see Publication 15 (Circular E). Www taxact com 2011 Unemployment fund taxes. Www taxact com 2011   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. Www taxact com 2011 Deduct these payments as taxes. Www taxact com 2011 Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. Www taxact com 2011 Excise taxes. Www taxact com 2011   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. Www taxact com 2011 However, see Fuel taxes , later. Www taxact com 2011   For more information on excise taxes, see Publication 510. Www taxact com 2011 Franchise taxes. Www taxact com 2011   You can deduct corporate franchise taxes as a business expense. Www taxact com 2011 Fuel taxes. Www taxact com 2011   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. Www taxact com 2011 Do not deduct these taxes as a separate item. Www taxact com 2011   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. Www taxact com 2011 For more information, see Publication 510. Www taxact com 2011 Occupational taxes. Www taxact com 2011   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. Www taxact com 2011 Personal property tax. Www taxact com 2011   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. Www taxact com 2011 Sales tax. Www taxact com 2011   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. Www taxact com 2011 If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. Www taxact com 2011 If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. Www taxact com 2011 If the property is depreciable, add the sales tax to the basis for depreciation. Www taxact com 2011 For more information on basis, see Publication 551. Www taxact com 2011    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. Www taxact com 2011 Also, do not include these taxes in gross receipts or sales. Www taxact com 2011 Self-employment tax. Www taxact com 2011   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. Www taxact com 2011 This deduction only affects your income tax. Www taxact com 2011 It does not affect your net earnings from self-employment or your self-employment tax. Www taxact com 2011   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). Www taxact com 2011   For more information on self-employment tax, see Publication 334. Www taxact com 2011 Additional Medicare Tax. Www taxact com 2011   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. Www taxact com 2011 See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. Www taxact com 2011 Prev  Up  Next   Home   More Online Publications
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Understanding your CP259G Notice

We sent you this notice because our records indicate you did not file a required Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations.

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).
 


What you need to do

  • Disregard this notice if you have filed the return within the last four weeks using the same name and EIN listed on the notice.
  • Otherwise, file your required Form 1120-POL immediately according to the instructions on the notice.
    • If you don't think you need to file, complete the Response form enclosed with your notice and mail it to us using the envelope provided.
    • If you filed more than four weeks ago or used a different name or EIN, complete the Response form enclosed with your notice and mail it to us in the envelope provided along with a signed and dated copy of the return.

You may want to...


Answers to Common Questions

Which organizations must file a Form 1120-POL?
A political organization, whether or not it is tax-exempt, must file Form 1120-POL if it has taxable income for any year in excess of the $100 specific deduction allowed under section 527. An exempt organization that is not a political organization must file Form 1120-POL if it is treated as having political organization taxable income under section 527(f)(1).

When is Form 1120-POL due?
Form 1120-POL is due by the 15th day of the 3rd month after the end of the tax year. Thus, for a calendar year taxpayer, Form 1120-POL is due on March 15 of the following year. If any due date falls on a Saturday, Sunday or legal holiday, the organization can file the return on the next business day.

More information can be found at Political Organizations - Annual Income Tax Returns.

Can I get help over the phone?
If you have questions and/or need help completing the form, please call 1-877-829-5500. Personal assistance is available Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.

Where can I go for more information about tax-exempt organizations?
For more information on tax-exempt organizations see Tax Information for Charities & Other Non-Profits.


Tips for next year

Review the political organization resources at Tax Information for Political Organizations.


Understanding your notice

Reading your notice
Your notice may look different from the sample because the information contained in your notice is tailored to your situation.

Notice CP259G, Page 1

Notice CP259G, Page 2

Notice CP259G, Page 3

Notice CP259G, Page 4

Page Last Reviewed or Updated: 29-Mar-2014

The Www Taxact Com 2011

Www taxact com 2011 Publicación 4492(SP) - Introductory Material Tabla de contenidos Introducción Artículos de interés - A usted quizá le interese ver: Introducción En esta publicación se explican las disposiciones principales de la Katrina Emergency Tax Relief Act of 2005 (Ley de Alivio Tributario para Desastres Causados por el Huracán Katrina del 2005) y la Gulf Opportunity Zone Act of 2005 (Ley de la Zona de Oportunidad del Golfo del 2005). Www taxact com 2011 Artículos de interés - A usted quizá le interese ver: Publicación 526 Charitable Contributions (Contribuciones Caritativas), en inglés 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts (Pérdidas Netas de Operación (NOL) para Personas Físicas, Caudales Hereditarios y Fideicomisos), en inglés 547(SP) Hechos Fortuitos, Desastres y Robos, en español 946 How to Depreciate Property (Cómo Depreciar los Bienes), en inglés Formas (e instrucciones) 4506Request for Copy of Tax Return (Solicitud de una Copia de la Declaración de Impuestos), en inglés 4506-TRequest for Transcript of Tax Return (Solicitud de un Apógrafo de la Declaración de Impuestos), en inglés 4684Casualties and Thefts (Hechos Fortuitos y Robos), en inglés 5884Work Opportunity Credit (Crédito por Oportunidad de Trabajo), en inglés 5884-ACredits for Employers Affected by Hurricane Katrina, Rita, or Wilma (Créditos para Patronos o Empleadores Afectados por el Huracán Katrina, Rita o Wilma), en inglés 8863Education Credits (Hope and Lifetime Learning Credits) (Créditos por Enseñanza Superior (Crédito Hope y Crédito Perpetuo (Vitalicio) por Aprendizaje)), en inglés 8914Exemption Amount for Taxpayers Housing Individuals Displaced by Hurricane Katrina (Cantidad de la Exención para Contribuyentes dando Alojamiento a Personas Desplazadas por el Huracán Katrina), en inglés 8915Qualified Hurricane Retirement Plan Distributions and Repayments (Distribuciones y Devoluciones (Reintegros) de Pagos Calificados de Planes de Jubilación a Causa de un Huracán), en inglés Anterior  Subir  Siguiente   Inicio   More Online Publications