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Free tax usa com Publication 534 - Introductory Material Table of Contents Important Change for 1995 Introduction How To Use This Publication Important Change for 1995 Major changes to Publications 534 and 946. Free tax usa com  This publication, as well as Publication 946,How To Depreciate Property, has been changed. Free tax usa com Publication 534 has been shortened. Free tax usa com It no longer contains general information on MACRS and the section 179 deduction. Free tax usa com It contains a discussion of the accelerated cost recovery system (ACRS), the ACRS Percentage Tables, a discussion of other methods of depreciation, and a limited discussion of listed property. Free tax usa com We expanded Publication 946 by adding material taken from Publication 534. Free tax usa com We added more detail to the discussions of the section 179 deduction, the modified accelerated cost recovery system (MACRS), and listed property. Free tax usa com We replaced the partialMACRS Percentage Tables with the complete ones from Publication 534. Free tax usa com We also added the Table of Class Lives and Recovery Periods from Publication 534. Free tax usa com We made these changes to eliminate most of the duplication that existed in the two publications. Free tax usa com This will save money and make it easier for you to decide which publication you need. Free tax usa com Use this publication to figure depreciation on property you placed in service before 1987; use Publication 946 to figure depreciation on property you placed in service after 1986. Free tax usa com Introduction The law allows you to recover your cost in business or income-producing property through yearly tax deductions. Free tax usa com You do this by depreciating your property, that is, by deducting some of your cost on your tax return each year. Free tax usa com You can depreciate both tangible property, such as a car, building, or machinery, and certain intangible property, such as a copyright or a patent. Free tax usa com The amount you can deduct depends on: How much the property cost, When you began using it, How long it will take to recover your cost, and Which of several depreciation methods you use. Free tax usa com Depreciation defined. Free tax usa com   Depreciation is a loss in the value of property over the time the property is being used. Free tax usa com Events that can cause property to depreciate include wear and tear, age, deterioration, and obsolescence. Free tax usa com You can get back your cost of certain property, such as equipment you use in your business or property used for the production of income by taking deductions for depreciation. Free tax usa com Black's Law Dictionary Amortization. Free tax usa com   Amortization is similar to depreciation. Free tax usa com Using amortization, you can recover your cost or basis in certain property proportionately over a specific number of years or months. Free tax usa com Examples of costs you can amortize are the costs of starting a business, reforestation, and pollution control facilities. Free tax usa com You can find information on amortization inchapter 12 of Publication 535, Business Expenses. Free tax usa com Alternative minimum tax. Free tax usa com   If you use accelerated depreciation for real property, or personal property that is leased to others, you may be liable for the alternative minimum tax. Free tax usa com Accelerated depreciation is any method, that allows recovery at a faster rate in the earlier years than the straight line method. Free tax usa com For more information, you may wish to see the following: Form 6251, Alternative Minimum Tax-Individuals, and Publication 542, Tax Information on Corporations. Free tax usa com Ordering publications and forms. Free tax usa com   To order free publications and forms, 1-800-TAX-FORM (1-800-829-3676). Free tax usa com You can also write to the IRS Forms Distribution Center nearest you. Free tax usa com Check your income tax package for the address. Free tax usa com   If you have access to a personal computer and a modem, you can also get many forms and publications electronically. Free tax usa com See How To Get Forms and Publications in your income tax package for details. Free tax usa com Telephone help. Free tax usa com   You can call the IRS with your tax question Monday through Friday during regular business hours. Free tax usa com Check your telephone book for the local number or you can call1-800-829-1040. Free tax usa com Telephone help for hearing-impaired persons. Free tax usa com   If you have access to TDD equipment, you can call 1-800-829-4059 with your tax question or to order forms and publications. Free tax usa com See your tax package for the hours of operation. Free tax usa com How To Use This Publication This publication describes the kinds of property that can be depreciated and the methods used to figure depreciation on property placed in service before 1987. Free tax usa com It is divided into three chapters and contains an appendix. Free tax usa com Chapter 1 explains the rules for depreciating property under the Accelerated Cost Recovery System (ACRS). Free tax usa com Chapter 2 explains the rules for depreciating property first used before 1981. Free tax usa com Chapter 3 explains the rules for listed property. Free tax usa com Also this chapter defines listed property. Free tax usa com The appendix contains the ACRS Percentage Tables. Free tax usa com Prev  Up  Next   Home   More Online Publications
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Free tax usa com Tax Changes for Individuals Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Wash Sale Rules Do Not Apply to Section 1256 Contracts Other 2001 Changes 2002 ChangesDeduction for Educator Expenses Personal Credits Still Allowed Against Alternative Minimum Tax Later ChangeChild and Dependent Care Expenses 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). Free tax usa com However, you can still choose to use the previous carryback period. Free tax usa com You also can choose not to carry back an NOL and only carry it forward. Free tax usa com Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. Free tax usa com The instructions for this form will be revised to reflect the new law. Free tax usa com Wash Sale Rules Do Not Apply to Section 1256 Contracts The wash sale rules that generally apply to losses from the sale of stock or securities, do not apply to any loss arising from a section 1256 contract. Free tax usa com A section 1256 contract is any: Regulated futures contract, Foreign currency contract, Nonequity option, Dealer equity option, or Dealer securities futures contract. Free tax usa com Wash sales and section 1256 contracts are explained in detail in Publication 550, Investment Income and Expenses. Free tax usa com Other 2001 Changes Other changes are discussed in the following chapters. Free tax usa com Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Deduction for Educator Expenses If you are an eligible educator, you can deduct as an adjustment to income up to $250 in qualified expenses. Free tax usa com You can deduct these expenses even if you do not itemize deductions on Schedule A (Form 1040). Free tax usa com This adjustment to income is for expenses paid or incurred in tax years beginning during 2002 or 2003. Free tax usa com Previously, these expenses were deductible only as a miscellaneous itemized deduction subject to the 2% of adjusted gross income limit. Free tax usa com Eligible educator. Free tax usa com   You are an eligible educator if, for the tax year, you meet the following requirements. Free tax usa com You are a kindergarten through grade 12: Teacher, Instructor, Counselor, Principal, or Aide. Free tax usa com You work at least 900 hours during a school year in a school that provides elementary or secondary education, as determined under state law. Free tax usa com Qualified expenses. Free tax usa com   These are unreimbursed expenses you paid or incurred for books, supplies, computer equipment (including related software and services), other equipment, and supplementary materials that you use in the classroom. Free tax usa com For courses in health and physical education, expenses for supplies are qualified expenses only if they are related to athletics. Free tax usa com   To be deductible as an adjustment to income, the qualified expenses must be more than the following amounts for the tax year. Free tax usa com The interest on qualified U. Free tax usa com S. Free tax usa com savings bonds that you excluded from income because you paid qualified higher education expenses, Any distribution from a qualified tuition program that you excluded from income, or Any tax-free withdrawals from your Coverdell education savings account. Free tax usa com Personal Credits Still Allowed Against Alternative Minimum Tax The provision that allowed certain nonrefundable personal credits to reduce both your regular tax and any alternative minimum tax (AMT) has been extended and will be in effect for 2002 and 2003. Free tax usa com This provision, as it applies to the AMT, was originally scheduled to expire after 2001. Free tax usa com Without the extension, these credits could not have been used to reduce any AMT in 2002 or 2003. Free tax usa com Later Change Child and Dependent Care Expenses For the purpose of figuring the child and dependent care credit, your spouse is treated as having at least a minimum amount of earned income for any month that he or she is a full-time student or not able to care for himself or herself. Free tax usa com Beginning in 2003, this amount is increased to $250 a month if there is one qualifying person and to $500 a month if there are two or more qualifying persons. Free tax usa com Before 2003, the amounts were $200 and $400. Free tax usa com The same rule applies for the exclusion of employer-provided dependent care benefits. Free tax usa com For more information about the credit and exclusion, see Publication 503, Child and Dependent Care Expenses. Free tax usa com Prev  Up  Next   Home   More Online Publications