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Tax Act 2012 Return

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Tax Act 2012 Return

Tax act 2012 return 2. Tax act 2012 return   The Tax and Filing Requirements Table of Contents Returns and Filing Requirements Payment of TaxFederal Tax Deposits Must be Made by Electronic Funds Transfer All organizations subject to the tax on unrelated business income, except the exempt trusts described in section 511(b)(2), are taxable at corporate rates on that income. Tax act 2012 return All exempt trusts subject to the tax on unrelated business income that, if not exempt, would be taxable as trusts are taxable at trust rates on that income. Tax act 2012 return However, an exempt trust may not claim the deduction for a personal exemption that is normally allowed to a trust. Tax act 2012 return The tax is imposed on the organization's unrelated business taxable income (described in chapter 4). Tax act 2012 return The tax is reduced by any applicable tax credits, including the general business credits (such as the investment credit) and the foreign tax credit. Tax act 2012 return Alternative minimum tax. Tax act 2012 return   Organizations liable for tax on unrelated business income may be liable for alternative minimum tax on certain adjustments and tax preference items. Tax act 2012 return Returns and Filing Requirements An exempt organization subject to the tax on unrelated business income must file Form 990-T and attach any required supporting schedules and forms. Tax act 2012 return The obligation to file Form 990-T is in addition to the obligation to file any other required returns. Tax act 2012 return Form 990-T is required if the organization's gross income from unrelated businesses is $1,000 or more. Tax act 2012 return An exempt organization must report income from all its unrelated businesses on a single Form 990-T. Tax act 2012 return Each organization must file a separate Form 990-T, except section 501(c)(2) title holding corporations and organizations receiving their earnings that file a consolidated return under section 1501. Tax act 2012 return The various provisions of tax law relating to accounting periods, accounting methods, at-risk limits (described in section 465), assessments, and collection penalties that apply to tax returns generally also apply to Form 990-T. Tax act 2012 return When to file. Tax act 2012 return   The Form 990-T of an employees' trust described in section 401(a), an IRA (including a traditional, SEP, SIMPLE, Roth, or Coverdell IRA), or an MSA must be filed by the 15th day of the 4th month after the end of its tax year. Tax act 2012 return The Form 990-T of any other exempt organization must be filed by the 15th day of the 5th month after the end of its tax year. Tax act 2012 return If the due date falls on a Saturday, Sunday, or legal holiday, the return is due by the next business day. Tax act 2012 return Extension of time to file. Tax act 2012 return   A Form 990-T filer may request an automatic 3-month (6 months for corporation) extension of time to file a return by submitting Form 8868, Application for Extension of Time To File an Exempt Organization Return. Tax act 2012 return The Form 990-T filer may also use Form 8868 to apply for an additional (not automatic) 3-month extension to file the return if the original 3-month extension was not enough time. Tax act 2012 return Public Inspection Requirements of Section 501(c)(3) Organizations. Tax act 2012 return   Under section 6104(d), a section 501(c)(3) organization that has gross income from an unrelated trade or business of $1,000 or more must make its annual exempt organization business income tax return (including amended returns) available for public inspection. Tax act 2012 return    A section 501(c)(3) organization filing the Form 990-T only to request a credit for certain federal excise taxes paid does not have to make the Form 990-T available for public inspection. Tax act 2012 return Payment of Tax Estimated tax. Tax act 2012 return   A tax-exempt organization must make estimated tax payments if it expects its tax (unrelated business income tax after certain adjustments) to be $500 or more. Tax act 2012 return Estimated tax payments are generally due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. Tax act 2012 return If any due date falls on a Saturday, Sunday, or legal holiday, the payment is due on the next business day. Tax act 2012 return   Any organization that fails to pay the proper estimated tax when due may be charged an underpayment penalty for the period of underpayment. Tax act 2012 return Generally, to avoid the estimated tax penalty, the organization must make estimated tax payments that total 100% of the organization's current tax year liability. Tax act 2012 return However, an organization can base its required estimated tax payments on 100% of the tax shown on its return for the preceding year (unless no tax is shown) if its taxable income for each of the 3 preceding tax years was less than $1 million. Tax act 2012 return If an organization's taxable income for any of those years was $1 million or more, it can base only its first required installment payment on its last year's tax. Tax act 2012 return   All tax-exempt organizations should use Form 990-W (Worksheet), to figure their estimated tax. Tax act 2012 return    Tax due with Form 990-T. Tax act 2012 return   Any tax due with Form 990-T must be paid in full when the return is filed, but no later than the date the return is due (determined without extensions). Tax act 2012 return Federal Tax Deposits Must be Made by Electronic Funds Transfer You must use electronic funds transfer to make all federal deposits (such as deposits of estimated tax, employment tax, and excise tax). Tax act 2012 return Forms 8109 and 8109-B, Federal Tax Deposit Coupon, are no longer in use. Tax act 2012 return Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). Tax act 2012 return If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make deposits on your behalf. Tax act 2012 return Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Tax act 2012 return EFTPS is a free service provided by the Department of Treasury. Tax act 2012 return Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Tax act 2012 return To get more information about EFTPS or to enroll in EFTPS, visit www. Tax act 2012 return eftps. Tax act 2012 return gov or call 1-800-555-4477. Tax act 2012 return Additional information about EFTPS is available in Publication 966, The Secure Way to Pay Your Federal Taxes. Tax act 2012 return Deposits on business days only. Tax act 2012 return   If a deposit is required to be made on a day that is not a business day, the deposit is considered timely if it is made by the close of the next business day. Tax act 2012 return A business day is any day other than a Saturday, Sunday, or legal holiday. Tax act 2012 return For example, if a deposit is required to be made on a Friday and Friday is a legal holiday, the deposit will be considered timely if it is made by the following Monday (if that Monday is a business day). Tax act 2012 return The term "legal holiday" means any legal holiday in the District of Columbia. 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The Tax Act 2012 Return

Tax act 2012 return Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. Tax act 2012 return Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Tax act 2012 return However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Tax act 2012 return The new provisions are in the Supplement to Publication 463, which is reprinted below. Tax act 2012 return Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. Tax act 2012 return After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Tax act 2012 return Certain provisions of this new law may reduce your taxes for 2001. Tax act 2012 return The new law contains the following provisions. Tax act 2012 return A new depreciation deduction, the special depreciation allowance. Tax act 2012 return An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Tax act 2012 return If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Tax act 2012 return See Amended Return, later. Tax act 2012 return Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. Tax act 2012 return However, there is a limit on the depreciation deduction you can take for your car each year. Tax act 2012 return See Depreciation Limit later. Tax act 2012 return Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Tax act 2012 return This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Tax act 2012 return You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). Tax act 2012 return See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Tax act 2012 return You can claim the special depreciation allowance only for the year the qualified property is placed in service. Tax act 2012 return Qualified property. Tax act 2012 return   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. Tax act 2012 return You bought it new. Tax act 2012 return You bought it after September 10, 2001. Tax act 2012 return (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. Tax act 2012 return ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Tax act 2012 return Example. Tax act 2012 return Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Tax act 2012 return Bob's car is qualified property. Tax act 2012 return Bob chooses not to take a section 179 deduction for the car. Tax act 2012 return He does claim the new special depreciation allowance. Tax act 2012 return Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Tax act 2012 return 75). Tax act 2012 return He then figures the special depreciation allowance of $4,500 ($15,000 × . Tax act 2012 return 30). Tax act 2012 return The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . Tax act 2012 return 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Tax act 2012 return However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Tax act 2012 return 75), as discussed next. Tax act 2012 return Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. Tax act 2012 return The limit is increased to $23,080 if the car is an electric car. Tax act 2012 return The section 179 deduction is treated as depreciation for purposes of this limit. Tax act 2012 return If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. Tax act 2012 return For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). Tax act 2012 return Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. Tax act 2012 return S. Tax act 2012 return Individual Income Tax Return, by April 15, 2003. Tax act 2012 return At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Tax act 2012 return ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Tax act 2012 return If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Tax act 2012 return Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Tax act 2012 return For details, see Revenue Procedure 2002–33. Tax act 2012 return (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Tax act 2012 return ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. Tax act 2012 return Example. Tax act 2012 return The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . Tax act 2012 return 75 x . Tax act 2012 return 20) depreciation deduction for his new car using MACRS. Tax act 2012 return Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Tax act 2012 return Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. Tax act 2012 return Bob's new filled-in Form 2106 is shown later. Tax act 2012 return Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. Tax act 2012 return As a general rule, you must make this election by the due date (including extensions) of your return. Tax act 2012 return You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. Tax act 2012 return To get this extension, you must have filed your original return by the due date (including extensions). Tax act 2012 return At the top of the statement, print “Filed pursuant to section 301. Tax act 2012 return 9100–2. Tax act 2012 return ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. Tax act 2012 return Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. Tax act 2012 return Deemed election for return filed before June 1, 2002. Tax act 2012 return   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. Tax act 2012 return You filed your 2001 return before June 1, 2002. Tax act 2012 return You claimed depreciation on your return but did not claim the special depreciation allowance. Tax act 2012 return You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. Tax act 2012 return Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications