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Vita tax locations 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. Vita tax locations Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Vita tax locations However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Vita tax locations The new provisions are in the Supplement to Publication 463, which is reprinted below. Vita tax locations 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. Vita tax locations After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Vita tax locations Certain provisions of this new law may reduce your taxes for 2001. Vita tax locations The new law contains the following provisions. Vita tax locations A new depreciation deduction, the special depreciation allowance. Vita tax locations An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Vita tax locations If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Vita tax locations See Amended Return, later. Vita tax locations 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. Vita tax locations However, there is a limit on the depreciation deduction you can take for your car each year. Vita tax locations See Depreciation Limit later. Vita tax locations Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Vita tax locations This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Vita tax locations 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). Vita tax locations See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Vita tax locations You can claim the special depreciation allowance only for the year the qualified property is placed in service. Vita tax locations Qualified property. Vita tax locations   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. Vita tax locations You bought it new. Vita tax locations You bought it after September 10, 2001. Vita tax locations (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. Vita tax locations ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Vita tax locations Example. Vita tax locations Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Vita tax locations Bob's car is qualified property. Vita tax locations Bob chooses not to take a section 179 deduction for the car. Vita tax locations He does claim the new special depreciation allowance. Vita tax locations Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Vita tax locations 75). Vita tax locations He then figures the special depreciation allowance of $4,500 ($15,000 × . Vita tax locations 30). Vita tax locations 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 × . Vita tax locations 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Vita tax locations However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Vita tax locations 75), as discussed next. Vita tax locations 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. Vita tax locations The limit is increased to $23,080 if the car is an electric car. Vita tax locations The section 179 deduction is treated as depreciation for purposes of this limit. Vita tax locations 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. Vita tax locations 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). Vita tax locations 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. Vita tax locations S. Vita tax locations Individual Income Tax Return, by April 15, 2003. Vita tax locations At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Vita tax locations ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Vita tax locations If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Vita tax locations Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Vita tax locations For details, see Revenue Procedure 2002–33. Vita tax locations (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Vita tax locations ) 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. Vita tax locations Example. Vita tax locations 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 . Vita tax locations 75 x . Vita tax locations 20) depreciation deduction for his new car using MACRS. Vita tax locations Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Vita tax locations 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. Vita tax locations Bob's new filled-in Form 2106 is shown later. Vita tax locations 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. Vita tax locations As a general rule, you must make this election by the due date (including extensions) of your return. Vita tax locations 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. Vita tax locations To get this extension, you must have filed your original return by the due date (including extensions). Vita tax locations At the top of the statement, print “Filed pursuant to section 301. Vita tax locations 9100–2. Vita tax locations ” 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. Vita tax locations 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. Vita tax locations Deemed election for return filed before June 1, 2002. Vita tax locations   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. Vita tax locations You filed your 2001 return before June 1, 2002. Vita tax locations You claimed depreciation on your return but did not claim the special depreciation allowance. Vita tax locations 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. Vita tax locations Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications
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IRS - Taxpayer Compliance Research

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Taxpayer Compliance Research

This section contains research papers, publications, and other documents dealing with taxpayer compliance. You can learn about the tax gap, specific compliance analysis issues, and studies of the causes of compliance behavior. Below are links to the topics within this section, as well as some examples of what you can find within each topic.

Tax Gap

The tax gap is the difference between true tax liability for a given tax year and the amount that is paid on time. It is comprised of the nonfiling gap, the underreporting gap, and the underpayment gap.

This section contains:

  • IRS reports and presentations on the size of the tax gap for various tax years
  • Related charts and tables
  • Reports on reducing the tax gap
Compliance Analysis

This section contains a wide variety of papers related to taxpayer compliance, including:

  • Overviews of National Research Program (NRP) data
  • Analyses of NRP data
  • Estimates of noncompliance other than the tax gap
Understanding Taxpayer Compliance Behavior

While the tax gap reflects the extent of taxpayer noncompliance, it is also important to understand why taxpayers are compliant or noncompliant. This section contains papers that seek to provide insights into taxpayer behavior through:

  • Econometric analyses
  • Lab experiments
  • Field or natural experiments
  • Other modeling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Page Last Reviewed or Updated: 21-Mar-2013

The Vita Tax Locations

Vita tax locations Index A Additional Medicare Tax, What's New Allocated tips, Allocated Tips Assistance (see Tax help) C Cash tips, How to keep a daily tip record. Vita tax locations Credit card charge tips, How to keep a daily tip record. Vita tax locations D Daily tip record, Keeping a Daily Tip Record E Electronic tip record, Electronic tip record. Vita tax locations Electronic tip statement, Electronic tip statement. Vita tax locations Employers Giving money to, for taxes, Giving your employer money for taxes. Vita tax locations Reporting tips to, Reporting Tips to Your Employer EmTRAC program, Tip Rate Determination and Education Program F Figures Form 4070A, sample filled-in, Form 1040 Schedule C, Self-employed persons. Vita tax locations Unreported tips, Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer. Vita tax locations Form 4070, What tips to report. Vita tax locations Sample filled-in, Form 4070A, How to keep a daily tip record. Vita tax locations Form 4137, Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer. Vita tax locations Form 8027, How to request an approved lower rate. Vita tax locations Form W-2 Uncollected taxes, Giving your employer money for taxes. Vita tax locations , Reporting uncollected social security, Medicare, Additional Medicare, or railroad retirement taxes on tips reported to your employer. Vita tax locations Free tax services, Free help with your tax return. Vita tax locations G Gaming Industry Tip Compliance Agreement Program, Tip Rate Determination and Education Program H Help (see Tax help) M Missing children, photographs of, Reminder N Noncash tips, How to keep a daily tip record. Vita tax locations P Penalties Failure to report tips to employer, Penalty for not reporting tips. Vita tax locations Underpayment of estimated taxes, Giving your employer money for taxes. Vita tax locations Publications (see Tax help) R Recordkeeping requirements Daily tip record, Keeping a Daily Tip Record Reporting Employee to report tips to employer, Reporting Tips to Your Employer Tip income, Introduction S Self-employed persons, Self-employed persons. Vita tax locations Service charge paid as wages, Service charges. Vita tax locations Social security and Medicare taxes Allocated tips, How to report allocated tips. Vita tax locations Reporting of earnings to Social Security Administration, Why report tips to your employer. Vita tax locations Tips not reported to employer, Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer. Vita tax locations Uncollected taxes on tips, Reporting uncollected social security, Medicare, Additional Medicare, or railroad retirement taxes on tips reported to your employer. Vita tax locations T Tax help, How To Get Tax Help Tax returns, Reporting Tips on Your Tax Return Tip pools, How to keep a daily tip record. Vita tax locations Tip Rate Determination and Education Program, Tip Rate Determination and Education Program Tip splitting, How to keep a daily tip record. Vita tax locations TTY/TDD information, How To Get Tax Help U Uncollected taxes, Giving your employer money for taxes. Vita tax locations , Reporting uncollected social security, Medicare, Additional Medicare, or railroad retirement taxes on tips reported to your employer. Vita tax locations W Withholding, Why report tips to your employer. Vita tax locations Prev  Up     Home   More Online Publications