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Irs 2012 Tax Forms 1040ez

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Irs 2012 Tax Forms 1040ez

Irs 2012 tax forms 1040ez Index A Adjusted basis: Adoption tax benefits, Adoption Tax Benefits Assessment for local improvements, Assessments for Local Improvements Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Credit for qualified electric vehicles, Vehicle Credits Decreases to, Decreases to Basis Depreciation, Depreciation Easements, Easements Employer-provided child care, Employer-Provided Child Care Example, Adjustments to Basis Example Gain from sale of home, Postponed Gain From Sale of Home Gas-guzzler tax, Gas-Guzzler Tax Increases to, Increases to Basis Section 179 deduction, Section 179 Deduction Subsidies for energy conservation, Exclusion of Subsidies for Energy Conservation Measures Adoption tax benefits, Adoption Tax Benefits Allocating basis, Allocating the Basis Assistance (see Tax help) Assumption of mortgage, Assumption of mortgage. Irs 2012 tax forms 1040ez B Business acquired, Trade or Business Acquired Business assets, Business Assets Businesses exchanged, Exchange of business property. Irs 2012 tax forms 1040ez C Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Change to business use, Property Changed to Business or Rental Use Community property, Community Property Constructing assets, Constructing assets. Irs 2012 tax forms 1040ez Copyrights, Copyrights. Irs 2012 tax forms 1040ez Cost basis: Allocating basis, Allocating the Basis Assumption of mortgage, Assumption of mortgage. Irs 2012 tax forms 1040ez Capitalized costs, Activities subject to the rules. Irs 2012 tax forms 1040ez , Deducting vs. Irs 2012 tax forms 1040ez Capitalizing Costs Loans, low or no interest, Loans with low or no interest. Irs 2012 tax forms 1040ez Real estate taxes, Real estate taxes. Irs 2012 tax forms 1040ez Real property, Real Property Settlement costs (fees), Settlement costs. Irs 2012 tax forms 1040ez D Decreases to basis, Decreases to Basis Demolition of building, Demolition of building. Irs 2012 tax forms 1040ez Depreciation, Depreciation E Easements, Easements Employer-provided child care, Employer-Provided Child Care Exchanges: Involuntary, Involuntary Conversions Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partial business use of property, Partial Business Use of Property Taxable, Taxable Exchanges F Fair market value, Fair market value (FMV). Irs 2012 tax forms 1040ez Franchises, Franchises, trademarks, and trade names. Irs 2012 tax forms 1040ez Free tax services, How To Get Tax Help G Gain from sale of home, Postponed Gain From Sale of Home Gifts, property received, Property Received as a Gift Group of assets acquired, Group of Assets Acquired H Help (see Tax help) I Inherited property, Inherited Property Intangible assets, Intangible Assets Involuntary exchanges, Involuntary Conversions L Land and buildings, Land and Buildings Loans, low or no interest, Loans with low or no interest. Irs 2012 tax forms 1040ez M More information (see Tax help) N Nontaxable exchanges: Like-kind, Like-Kind Exchanges Partial, Partially Nontaxable Exchange P Partially nontaxable exchanges, Partially Nontaxable Exchange Patents, Patents. Irs 2012 tax forms 1040ez Points, Points. Irs 2012 tax forms 1040ez Property changed to business use, Property Changed to Business or Rental Use Property received as a gift, Property Received as a Gift Property received for services: Bargain purchases, Bargain Purchases Fair market value, Property Received for Services Restricted property, Restricted Property Property transferred from a spouse, Property Transferred From a Spouse Publications (see Tax help) R Real estate taxes, Real estate taxes. Irs 2012 tax forms 1040ez Real property, Real Property S Settlement costs (fees), Settlement costs. Irs 2012 tax forms 1040ez Special-use valuation, Special-use valuation. Irs 2012 tax forms 1040ez Spouse, property transferred from, Property Transferred From a Spouse Stocks and bonds, Stocks and Bonds Subdivided lots, Subdivided lots. Irs 2012 tax forms 1040ez T Tax help, How To Get Tax Help Taxable exchanges, Taxable Exchanges Taxpayer Advocate, Contacting your Taxpayer Advocate. Irs 2012 tax forms 1040ez Trade or business acquired, Trade or Business Acquired Trademarks and trade  names, Franchises, trademarks, and trade names. Irs 2012 tax forms 1040ez Trading property (see Exchanges), Taxable Exchanges TTY/TDD information, How To Get Tax Help U Uniform capitalization rules: Activities subject to the rules, Activities subject to the rules. Irs 2012 tax forms 1040ez Exceptions, Exceptions. Irs 2012 tax forms 1040ez Prev  Up     Home   More Online Publications
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How Do You Report Suspected Tax Fraud Activity?

If You…

Then

And

… suspect or know of an individual or a business that is not complying with the tax laws on issues such as

  • False Exemptions or Deductions
  • Kickbacks
  • False/Altered Document
  • Failure to Pay Tax
  • Unreported Income
  • Organized Crime
  • Failure to Withhold
Use Form 3949-A,
Information Referral

CAUTION: Do NOT use Form 3949-A to report the  issues below

Print the form and mail to:

  • Internal Revenue Service
  • Fresno, CA 93888

 

or, order the form by mail or by calling the Tax Fraud Hotline recording at 1-800-829-0433. Note: we don't accept alleged tax law violation referrals over the phone.

 

You may also send a letter to the address above instead of using Form 3949-A. Please include as much information as possible, such as these important points: 

  1. Name and Address of person or business you are reporting
  2. The individual’s social security number or the business’ employer identification number
  3. A brief description of the alleged violation(s), including how you became aware or obtained information about  the violation(s)
  4. The years involved
  5. The estimated dollar amount of any unreported income
  6. Your name, address and telephone number*

 

*Although you are not required to identify yourself, it is helpful to do so. Your identity will be kept confidential.

…suspect someone stole your identity and used your SSN for employment purposes or could use your SSN to file a tax return

Use Form 14039*

 

*Spanish version: Form 14039SP

Complete the form online, print it and mail or fax to the appropriate office using the options listed on page 2 of the form. Include photocopies of at least one of the documents listed on the form to verify your identity.  For additional information, refer to the Taxpayer Guide to Identity Theft

…suspect fraudulent activity or an abusive tax scheme by a tax return preparer or tax preparation company

Use Form 14157**

 

**Form 14157-A (see below) may also be required

You may complete the form online, print it and mail it to the IRS address on the form.

 

…suspect  a tax return preparer filed a return or altered your return without your consent and you are seeking a change to your account

Use  Form 14157

AND

Form 14157-A

Send BOTH forms (Form 14157 and Form 14157-A) to the address shown in the Instructions for Form 14157-A.

…suspect an abusive tax promotion or promoter

Use Form 14242

The form can be mailed or faxed to the IRS address or fax number on the form.

…suspect misconduct or wrongdoing by an exempt organization or employee plan

Use Form 13909

Mail it to the address provided on the form.

…have information and want to claim a reward

Use Form 211

Mail it to the address in the Instructions for the form.

…suspect you received or are aware of fraudulent IRS

e-mails and websites

Please let us know! See our Phishing web page.

Page Last Reviewed or Updated: 20-Nov-2013

The Irs 2012 Tax Forms 1040ez

Irs 2012 tax forms 1040ez 6. Irs 2012 tax forms 1040ez   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. Irs 2012 tax forms 1040ez However, to determine these costs, you must value your inventory at the beginning and end of each tax year. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. Irs 2012 tax forms 1040ez For more information, see chapter 2. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez These lines are reproduced below and are explained in the discussion that follows. Irs 2012 tax forms 1040ez 35 Inventory at beginning of year. Irs 2012 tax forms 1040ez If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez Subtract line 41 from line 40. Irs 2012 tax forms 1040ez  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. Irs 2012 tax forms 1040ez 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). Irs 2012 tax forms 1040ez Opening inventory usually will be identical to the closing inventory of the year before. Irs 2012 tax forms 1040ez You must explain any difference in a schedule attached to your return. Irs 2012 tax forms 1040ez Donation of inventory. Irs 2012 tax forms 1040ez   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. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez You must remove the amount of your contribution deduction from your opening inventory. Irs 2012 tax forms 1040ez It is not part of the cost of goods sold. Irs 2012 tax forms 1040ez   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. Irs 2012 tax forms 1040ez Treat the inventory's cost as you would ordinarily treat it under your method of accounting. Irs 2012 tax forms 1040ez For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. Irs 2012 tax forms 1040ez   A special rule may apply to certain donations of food inventory. Irs 2012 tax forms 1040ez See Publication 526, Charitable Contributions. Irs 2012 tax forms 1040ez Example 1. Irs 2012 tax forms 1040ez You are a calendar year taxpayer who uses an accrual method of accounting. Irs 2012 tax forms 1040ez In 2013, you contributed property from inventory to a church. Irs 2012 tax forms 1040ez It had a fair market value of $600. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez The charitable contribution allowed for 2013 is $400 ($600 − $200). Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez The cost of goods sold you use in determining gross income for 2013 must not include the $400. Irs 2012 tax forms 1040ez You remove that amount from opening inventory for 2013. Irs 2012 tax forms 1040ez Example 2. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez You would not be allowed any charitable contribution deduction for the contributed property. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. Irs 2012 tax forms 1040ez Trade discounts. Irs 2012 tax forms 1040ez   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. Irs 2012 tax forms 1040ez You must use the prices you pay (not the stated prices) in figuring your cost of purchases. Irs 2012 tax forms 1040ez Do not show the discount amount separately as an item in gross income. Irs 2012 tax forms 1040ez   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. Irs 2012 tax forms 1040ez Cash discounts. Irs 2012 tax forms 1040ez   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. Irs 2012 tax forms 1040ez There are two methods of accounting for cash discounts. Irs 2012 tax forms 1040ez You can either credit them to a separate discount account or deduct them from total purchases for the year. Irs 2012 tax forms 1040ez Whichever method you use, you must be consistent. Irs 2012 tax forms 1040ez If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. Irs 2012 tax forms 1040ez For more information, see Change in Accounting Method in chapter 2. Irs 2012 tax forms 1040ez   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. Irs 2012 tax forms 1040ez If you use this method, do not reduce your cost of goods sold by the cash discounts. Irs 2012 tax forms 1040ez Purchase returns and allowances. Irs 2012 tax forms 1040ez   You must deduct all returns and allowances from your total purchases during the year. Irs 2012 tax forms 1040ez Merchandise withdrawn from sale. Irs 2012 tax forms 1040ez   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. Irs 2012 tax forms 1040ez Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. Irs 2012 tax forms 1040ez You must also charge the amount to your drawing account. Irs 2012 tax forms 1040ez   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. Irs 2012 tax forms 1040ez As stated above, you also use it to record withdrawals of merchandise for personal or family use. Irs 2012 tax forms 1040ez This account is also known as a “withdrawals account” or “personal account. Irs 2012 tax forms 1040ez ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. Irs 2012 tax forms 1040ez Small merchandisers (wholesalers, retailers, etc. Irs 2012 tax forms 1040ez ) usually do not have labor costs that can properly be charged to cost of goods sold. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez Direct labor. Irs 2012 tax forms 1040ez   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez Indirect labor. Irs 2012 tax forms 1040ez   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. Irs 2012 tax forms 1040ez Other labor. Irs 2012 tax forms 1040ez   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. Irs 2012 tax forms 1040ez Those that are not used in the manufacturing process are treated as deferred charges. Irs 2012 tax forms 1040ez You deduct them as a business expense when you use them. Irs 2012 tax forms 1040ez Business expenses are discussed in chapter 8. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez Containers. Irs 2012 tax forms 1040ez   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. Irs 2012 tax forms 1040ez If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. Irs 2012 tax forms 1040ez Freight-in. Irs 2012 tax forms 1040ez   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. Irs 2012 tax forms 1040ez Overhead expenses. Irs 2012 tax forms 1040ez   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. Irs 2012 tax forms 1040ez The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez Inventory at the end of the year is also known as closing or ending inventory. Irs 2012 tax forms 1040ez Your ending inventory will usually become the beginning inventory of your next tax year. Irs 2012 tax forms 1040ez 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. Irs 2012 tax forms 1040ez Prev  Up  Next   Home   More Online Publications