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Www Irs Gov Efile 941

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Www Irs Gov Efile 941

Www irs gov efile 941 10. Www irs gov efile 941   Business Bad Debts Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Definition of Business Bad DebtAccrual method. Www irs gov efile 941 Cash method. Www irs gov efile 941 Debt acquired from a decedent. Www irs gov efile 941 Liquidation. Www irs gov efile 941 Types of Business Bad Debts When a Debt Becomes Worthless How To Claim a Business Bad DebtSpecific Charge-Off Method Nonaccrual-Experience Method Recovery of a Bad DebtNet operating loss (NOL) carryover. Www irs gov efile 941 Introduction You have a bad debt if you cannot collect money owed to you. Www irs gov efile 941 A bad debt is either a business bad debt or a nonbusiness bad debt. Www irs gov efile 941 This chapter discusses only business bad debts. Www irs gov efile 941 Generally, a business bad debt is one that comes from operating your trade or business. Www irs gov efile 941 You can deduct business bad debts on Schedule C (Form 1040) or your applicable business income tax return. Www irs gov efile 941 All other bad debts are nonbusiness bad debts and are deductible only as short-term capital losses. Www irs gov efile 941 For more information on nonbusiness bad debts, see Publication 550. Www irs gov efile 941 Topics - This chapter discusses: Definition of business bad debt When a debt becomes worthless How to claim a business bad debt Recovery of a bad debt Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 556 Examination of Returns, Appeal Rights, and Claims for Refund Form (and Instructions) Schedule C (Form 1040) Profit or Loss From Business 1040X Amended U. Www irs gov efile 941 S. Www irs gov efile 941 Individual Income Tax Return 1045 Application for Tentative Refund 1139 Corporation Application for Tentative Refund 3115 Application for Change in Accounting Method See chapter 12 for information about getting publications and forms. Www irs gov efile 941 Definition of Business Bad Debt A business bad debt is a loss from the worthlessness of a debt that was either: Created or acquired in your trade or business, or Closely related to your trade or business when it became partly or totally worthless. Www irs gov efile 941 A debt is closely related to your trade or business if your primary motive for incurring the debt is business related. Www irs gov efile 941 Bad debts of a corporation (other than an S corporation) are always business bad debts. Www irs gov efile 941 Credit sales. Www irs gov efile 941   Business bad debts are mainly the result of credit sales to customers. Www irs gov efile 941 Goods that have been sold, but not yet paid for, and services that have been performed, but not yet paid for, are recorded in your books as either accounts receivable or notes receivable. Www irs gov efile 941 After a reasonable period of time, if you have tried to collect the amount due, but are unable to do so, the uncollectible part becomes a business bad debt. Www irs gov efile 941   Accounts or notes receivable valued at fair market value (FMV) when received are deductible only at that value, even though the FMV may be less than the face value. Www irs gov efile 941 If you purchased an account receivable for less than its face value, and the receivable subsequently becomes worthless, the most you are allowed to deduct is the amount you paid to acquire it. Www irs gov efile 941    You can claim a business bad debt deduction only if the amount owed to you was previously included in gross income. Www irs gov efile 941 This applies to amounts owed to you from all sources of taxable income, including sales, services, rents, and interest. Www irs gov efile 941 Accrual method. Www irs gov efile 941   If you use the accrual method of accounting, you generally report income as you earn it. Www irs gov efile 941 You can only claim a bad debt deduction for an uncollectible receivable if you have previously included the uncollectible amount in income. Www irs gov efile 941   If you qualify, you can use the nonaccrual-experience method of accounting discussed later. Www irs gov efile 941 Under this method, you do not have to accrue income that, based on your experience, you do not expect to collect. Www irs gov efile 941 Cash method. Www irs gov efile 941   If you use the cash method of accounting, you generally report income when you receive payment. Www irs gov efile 941 You cannot claim a bad debt deduction for amounts owed to you because you never included those amounts in income. Www irs gov efile 941 For example, a cash basis architect cannot claim a bad debt deduction if a client fails to pay the bill because the architect's fee was never included in income. Www irs gov efile 941 Debts from a former business. Www irs gov efile 941   If you sell your business but retain its receivables, these debts are business debts because they arose out of your trade or business. Www irs gov efile 941 If any of these receivables subsequently become worthless, the loss is still a business bad debt. Www irs gov efile 941 Debt acquired from a decedent. Www irs gov efile 941   The character of a loss from debts of a business acquired from a decedent is determined in the same way as debts acquired on the purchase of a business. Www irs gov efile 941 The executor of the decedent's estate treats any loss from the debts as a business bad debt if the debts were closely related to the decedent's trade or business when they became worthless. Www irs gov efile 941 Otherwise, a loss from these debts becomes a nonbusiness bad debt for the decedent's estate. Www irs gov efile 941 Liquidation. Www irs gov efile 941   If you liquidate your business and some of the accounts receivable that you retain become worthless, they become business bad debts. Www irs gov efile 941 Types of Business Bad Debts Business bad debts may result from the following. Www irs gov efile 941 Loans to clients and suppliers. Www irs gov efile 941   If you loan money to a client, supplier, employee, or distributor for a business reason and you are unable to collect the loan after attempting to do so, you have a business bad debt. Www irs gov efile 941 Debts owed by political parties. Www irs gov efile 941   If a political party (or other organization that accepts contributions or spends money to influence elections) owes you money and the debt becomes worthless, you can claim a bad debt deduction only if all of the following requirements are met. Www irs gov efile 941 You use the accrual method of accounting. Www irs gov efile 941 The debt arose from the sale of goods or services in the ordinary course of your trade or business. Www irs gov efile 941 More than 30% of your receivables accrued in the year of the sale were from sales to political parties. Www irs gov efile 941 You made substantial and continuing efforts to collect on the debt. Www irs gov efile 941 Loan or capital contribution. Www irs gov efile 941   You cannot claim a bad debt deduction for a loan you made to a corporation if, based on the facts and circumstances, the loan is actually a contribution to capital. Www irs gov efile 941 Debts of an insolvent partner. Www irs gov efile 941   If your business partnership breaks up and one of your former partners becomes insolvent, you may have to pay more than your pro rata share of the partnership's debts. Www irs gov efile 941 If you pay any part of the insolvent partner's share of the debts, you can claim a bad debt deduction for the amount you paid that is attributable to the insolvent partner's share. Www irs gov efile 941 Business loan guarantee. Www irs gov efile 941   If you guarantee a debt that subsequently becomes worthless, the debt can qualify as a business bad debt if all the following requirements are met. Www irs gov efile 941 You made the guarantee in the course of your trade or business. Www irs gov efile 941 You have a legal duty to pay the debt. Www irs gov efile 941 You made the guarantee before the debt became worthless. Www irs gov efile 941 You meet this requirement if you reasonably expected you would not have to pay the debt without full reimbursement from the borrower. Www irs gov efile 941 You received reasonable consideration for making the guarantee. Www irs gov efile 941 You meet this requirement if you made the guarantee in accord with normal business practice or for a good faith business purpose. Www irs gov efile 941 Example. Www irs gov efile 941 Jane Zayne owns the Zayne Dress Company. Www irs gov efile 941 She guaranteed payment of a $20,000 note for Elegant Fashions, a dress outlet. Www irs gov efile 941 Elegant Fashions is one of Zayne's largest clients. Www irs gov efile 941 Elegant Fashions later defaulted on the loan. Www irs gov efile 941 As a result, Ms. Www irs gov efile 941 Zayne paid the remaining balance of the loan in full to the bank. Www irs gov efile 941 She can claim a business bad debt deduction only for the amount she paid, since her guarantee was made in the course of her trade or business for a good faith business purpose. Www irs gov efile 941 She was motivated by the desire to retain one of her better clients and keep a sales outlet. Www irs gov efile 941 Deductible in the year paid. Www irs gov efile 941   If you make a payment on a loan you guaranteed, you can deduct it in the year paid, unless you have rights against the borrower. Www irs gov efile 941 Rights against a borrower. Www irs gov efile 941   When you make payment on a loan you guaranteed, you may have the right to take the place of the lender. Www irs gov efile 941 The debt is then owed to you. Www irs gov efile 941 If you have this right, or some other right to demand payment from the borrower, you cannot claim a bad debt deduction until these rights become partly or totally worthless. Www irs gov efile 941 Joint debtor. Www irs gov efile 941   If two or more debtors jointly owe you money, your inability to collect from one does not enable you to deduct a proportionate amount as a bad debt. Www irs gov efile 941 Sale of mortgaged property. Www irs gov efile 941   If mortgaged or pledged property is sold for less than the debt, the unpaid, uncollectible balance of the debt is a bad debt. Www irs gov efile 941 When a Debt Becomes Worthless A debt becomes worthless when there is no longer any chance the amount owed will be paid. Www irs gov efile 941 This may occur when the debt is due or prior to that date. Www irs gov efile 941 To demonstrate worthlessness, you must only show that you have taken reasonable steps to collect the debt but were unable to do so. Www irs gov efile 941 It is not necessary to go to court if you can show that a judgment from the court would be uncollectible. Www irs gov efile 941 Bankruptcy of your debtor is generally good evidence of the worthlessness of at least a part of an unsecured and unpreferred debt. Www irs gov efile 941 Property received for debt. Www irs gov efile 941   If you receive property in partial settlement of a debt, reduce the debt by the property's FMV, which becomes the property's basis. Www irs gov efile 941 You can deduct the remaining debt as a bad debt if and when it becomes worthless. Www irs gov efile 941   If you later sell the property for more than its basis, any gain on the sale is due to the appreciation of the property. Www irs gov efile 941 It is not a recovery of a bad debt. Www irs gov efile 941 For information on the sale of an asset, see Publication 544. Www irs gov efile 941 How To Claim a Business Bad Debt There are two methods to claim a business bad debt. Www irs gov efile 941 The specific charge-off method. Www irs gov efile 941 The nonaccrual-experience method. Www irs gov efile 941 Generally, you must use the specific charge-off method. Www irs gov efile 941 However, you may use the nonaccrual-experience method if you meet the requirements discussed later under Nonaccrual-Experience Method . Www irs gov efile 941 Specific Charge-Off Method If you use the specific charge-off method, you can deduct specific business bad debts that become either partly or totally worthless during the tax year. Www irs gov efile 941 However, with respect to partly worthless bad debts, your deduction is limited to the amount you charged off on your books during the year. Www irs gov efile 941 Partly worthless debts. Www irs gov efile 941   You can deduct specific bad debts that become partly uncollectible during the tax year. Www irs gov efile 941 Your tax deduction is limited to the amount you charge off on your books during the year. Www irs gov efile 941 You do not have to charge off and deduct your partly worthless debts annually. Www irs gov efile 941 You can delay the charge off until a later year. Www irs gov efile 941 However, you cannot deduct any part of a debt after the year it becomes totally worthless. Www irs gov efile 941 Significantly modified debt. Www irs gov efile 941   An exception to the charge-off rule exists for debt which has been significantly modified and on which the holder recognized gain. Www irs gov efile 941 For more information, see Regulations section 1. Www irs gov efile 941 166-3(a)(3). Www irs gov efile 941 Deduction disallowed. Www irs gov efile 941   Generally, you can claim a partial bad debt deduction only in the year you make the charge-off on your books. Www irs gov efile 941 If, under audit, the IRS does not allow your deduction and the debt becomes partly worthless in a later tax year, you can deduct the amount you charged off in that year plus the disallowed amount charged off in the earlier year. Www irs gov efile 941 The charge-off in the earlier year, unless reversed on your books, fulfills the charge-off requirement for the later year. Www irs gov efile 941 Totally worthless debts. Www irs gov efile 941   If a debt becomes totally worthless in the current tax year, you can deduct the entire amount, less any amount deducted in an earlier tax year when the debt was only partly worthless. Www irs gov efile 941   You do not have to make an actual charge-off on your books to claim a bad debt deduction for a totally worthless debt. Www irs gov efile 941 However, you may want to do so. Www irs gov efile 941 If you do not and the IRS later rules the debt is only partly worthless, you will not be allowed a deduction for the debt in that tax year because a deduction of a partly worthless bad debt is limited to the amount actually charged off. Www irs gov efile 941 See Partly worthless debts, earlier. Www irs gov efile 941 Filing a claim for refund. Www irs gov efile 941   If you did not deduct a bad debt on your original return for the year it became worthless, you can file a claim for a credit or refund. Www irs gov efile 941 If the bad debt was totally worthless, you must file the claim by the later of the following dates. Www irs gov efile 941 7 years from the date your original return was due (not including extensions). Www irs gov efile 941 2 years from the date you paid the tax. Www irs gov efile 941   If the claim is for a partly worthless bad debt, you must file the claim by the later of the following dates. Www irs gov efile 941 3 years from the date you filed your original return. Www irs gov efile 941 2 years from the date you paid the tax. Www irs gov efile 941 You may have longer to file the claim if you were unable to manage your financial affairs due to a physical or mental impairment. Www irs gov efile 941 Such an impairment requires proof of existence. Www irs gov efile 941   For details and more information about filing a claim, see Publication 556. Www irs gov efile 941 Use one of the following forms to file a claim. Www irs gov efile 941 For more information, see the instructions for the applicable form. Www irs gov efile 941 Table 10-1. Www irs gov efile 941 Forms Used To File a Claim IF you filed as a. Www irs gov efile 941 . Www irs gov efile 941 . Www irs gov efile 941 THEN file. Www irs gov efile 941 . Www irs gov efile 941 . Www irs gov efile 941 Sole proprietor or farmer Form 1040X Corporation Form 1120X S corporation Form 1120S and check box H(4) Partnership Form 1065X if filing on paper or  Form 1065 and check box G(5) if filing electronically Nonaccrual-Experience Method If you use an accrual method of accounting and qualify under the rules explained in this section, you can use the nonaccrual-experience method for bad debts. Www irs gov efile 941 Under this method, you do not accrue service related income you expect to be uncollectible. Www irs gov efile 941 Because the expected uncollectible amounts are not included in income, these amounts are not later deducted from income. Www irs gov efile 941 Generally, you can use the nonaccrual-experience method for accounts receivable for services you performed only if: The services are provided in the fields of accounting, actuarial science, architecture, consulting, engineering, health, law, or the performing arts, or You meet the $5 million gross receipts test for all prior years. Www irs gov efile 941 Service related income. Www irs gov efile 941   You can use the nonaccrual-experience method only for amounts earned by performing services. Www irs gov efile 941 You cannot use this method for amounts owed to you from activities such as lending money, selling goods, or acquiring receivables or other rights to receive payment. Www irs gov efile 941 Gross receipts test. Www irs gov efile 941   To find out if you meet the $5 million gross receipts test for all prior years, you must figure the average annual gross receipts for each prior year. Www irs gov efile 941 If your average annual gross receipts for any year exceeds $5 million, you cannot use the non-accural experience method. Www irs gov efile 941   The average annual gross receipts for any year is the average of gross receipts from the year in question and the 2 previous years. Www irs gov efile 941 For example, if you were figuring the average annual gross receipts for 2013, you would average your gross receipts for 2011, 2012, and 2013. Www irs gov efile 941 Interest or penalty charged. Www irs gov efile 941   Generally, you cannot use the nonaccrual-experience method for amounts due on which you charge interest or a late payment penalty. Www irs gov efile 941 However, do not treat a discount offered for early payment as the charging of interest or a penalty if both the following apply. Www irs gov efile 941 You otherwise accrue the full amount due as gross income at the time you provide the services. Www irs gov efile 941 You treat the discount allowed for early payment as an adjustment to gross income in the year of payment. Www irs gov efile 941 Change in accounting method. Www irs gov efile 941   Generally, you must obtain consent to change to a nonaccrual-experience method (other than one of the safe harbor methods) or to change from one method to another. Www irs gov efile 941 See Form 3115 and the Instructions for Form 3115 for more information. Www irs gov efile 941 Recovery of a Bad Debt If you claim a deduction for a bad debt on your income tax return and later recover (collect) all or part of it, you may have to include all or part of the recovery in gross income. Www irs gov efile 941 The amount you include is limited to the amount you actually deducted. Www irs gov efile 941 However, you can exclude the amount deducted that did not reduce your tax. Www irs gov efile 941 Report the recovery as “Other income” on the appropriate business form or schedule. Www irs gov efile 941 See Recoveries in Publication 525 for more information. Www irs gov efile 941 Net operating loss (NOL) carryover. Www irs gov efile 941   If a bad debt deduction increases an NOL carryover that has not expired before the beginning of the tax year in which the recovery takes place, you treat the deduction as having reduced your tax. Www irs gov efile 941 A bad debt deduction that contributes to a NOL helps lower taxes in the year to which you carry the NOL. Www irs gov efile 941 For more information about NOLs, see Publication 536. Www irs gov efile 941 Also, see the Instructions for Form 1045, and the Instructions for Form 1139. Www irs gov efile 941 Prev  Up  Next   Home   More Online Publications
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The Www Irs Gov Efile 941

Www irs gov efile 941 Index A Additional Medicare Tax, What's New for 2013, What's New, Employment Taxes, Additional Medicare Tax. Www irs gov efile 941 Advertising, Advertising expenses. Www irs gov efile 941 Amortization Anti-abuse rule, Anti-abuse rule. Www irs gov efile 941 Anti-churning rules, Anti-Churning Rules Atmospheric pollution control facilities, Pollution Control Facilities Corporate organization costs, Costs of Organizing a Corporation Dispositions of section 197 intangibles, Disposition of Section 197 Intangibles Experimental costs, Research and Experimental Costs Geological and geophysical costs, Geological and Geophysical Costs How to deduct, How To Deduct Amortization Incorrect amount deducted, Incorrect Amount of Amortization Deducted Partnership organization costs, Costs of Organizing a Partnership Pollution control facilities, Pollution Control Facilities Reforestation costs, Reforestation Costs Reforestation expenses, Reforestation Costs Related person, Related person. Www irs gov efile 941 Research costs, Research and Experimental Costs Section 197 intangibles defined, Section 197 Intangibles Defined Start-up costs, Business Start-Up Costs Starting a businesscosts, Starting a Business Anticipated liabilities, Anticipated liabilities. Www irs gov efile 941 Assessments, local, Taxes for local benefits. Www irs gov efile 941 Assistance (see Tax help) At-risk limits, At-risk limits. Www irs gov efile 941 Attorney fees, Legal and professional fees. Www irs gov efile 941 Awards, Achievement awards. Www irs gov efile 941 , Length-of-service award. Www irs gov efile 941 , Safety achievement award. Www irs gov efile 941 B Bad debts Defined, Definition of Business Bad Debt How to treat, How To Claim a Business Bad Debt Recovery, Recovery of a Bad Debt Types of, Types of Business Bad Debts When worthless, When a Debt Becomes Worthless Bonuses Employee, Bonuses Royalties, Bonuses and advanced royalties. Www irs gov efile 941 Bribes, Bribes and kickbacks. Www irs gov efile 941 Business Assets, Business Assets Books and records, Business books and records, etc. Www irs gov efile 941 Meal expenses, Meals and Entertainment Use of car, Business use of your car. Www irs gov efile 941 , Car and truck expenses. Www irs gov efile 941 Use of home, Business use of your home. Www irs gov efile 941 C Campaign contribution, Political contributions. Www irs gov efile 941 Capital expenses, Capital Expenses, Capital versus Deductible Expenses Capitalization of interest, Capitalization of Interest Car allowance, Car allowance. Www irs gov efile 941 Car and truck expenses, Car and truck expenses. Www irs gov efile 941 Carrying charges, Carrying Charges Charitable contributions, Charitable contributions. Www irs gov efile 941 Circulation costs, newspapers and periodicals, Circulation Costs Club dues, Club dues and membership fees. Www irs gov efile 941 Comments on publication, Comments and suggestions. Www irs gov efile 941 Commitment fees, Commitment fees or standby charges. Www irs gov efile 941 Computer software, Computer software. Www irs gov efile 941 Constant-yield method, OID, Constant-yield method. Www irs gov efile 941 Contested liability, Contested liability. Www irs gov efile 941 Contributions Charitable, Charitable contributions. Www irs gov efile 941 Political, Political contributions. Www irs gov efile 941 Copyrights, Patents, copyrights, etc. Www irs gov efile 941 Cost depletion, Cost Depletion Cost of getting lease, Cost of Getting a Lease, Getting a Lease Cost of goods sold, Cost of Goods Sold Cost recovery, Cost recovery. Www irs gov efile 941 Covenant not to compete, Covenant not to compete. Www irs gov efile 941 Credit card convenience fees, Credit card convenience fees. Www irs gov efile 941 D De minimis OID, De minimis OID. Www irs gov efile 941 Debt-financed distributions, Debt-financed distribution. Www irs gov efile 941 Definitions Business bad debt, Definition of Business Bad Debt Necessary expense, What Can I Deduct? Ordinary expense, What Can I Deduct? Section 197 intangibles, Section 197 Intangibles Defined Demolition expenses, Demolition expenses or losses. Www irs gov efile 941 Depletion Mineral property, Mineral Property Oil and gas wells, Oil and Gas Wells Percentage table, Mines and other natural deposits. Www irs gov efile 941 Timber, Timber Who can claim, Who Can Claim Depletion? Depreciation (see Cost recovery) Development costs, miners, Development Costs Disabled, improvements for, Barrier Removal Costs Drilling and development costs, Intangible Drilling Costs Dues, membership, Club dues and membership fees. Www irs gov efile 941 E Economic interest, Who Can Claim Depletion? Economic performance, Economic performance. Www irs gov efile 941 Education expenses, Education Expenses, Education expenses. Www irs gov efile 941 Elderly, improvements for, Barrier Removal Costs Employee benefit programs, Employee benefit programs. Www irs gov efile 941 Employment taxes, Employment Taxes Entertainment, Reimbursement of Travel, Meals, and Entertainment Excise taxes, Excise taxes. Www irs gov efile 941 Experimentation costs, Research and Experimental Costs, Research and Experimental Costs Exploration costs, Exploration Costs F Fees Commitment, Commitment fees or standby charges. Www irs gov efile 941 Legal and professional, Legal and professional fees. Www irs gov efile 941 Regulatory, Licenses and regulatory fees. Www irs gov efile 941 Tax return preparation, Tax preparation fees. Www irs gov efile 941 Fines, Penalties and fines. Www irs gov efile 941 Forgone, Forgone interest. Www irs gov efile 941 Forgone interest, Forgone interest. Www irs gov efile 941 Form 3115, Form 3115. Www irs gov efile 941 , Changing Your Accounting Method 4562, How To Deduct Amortization 5213, Using the presumption later. Www irs gov efile 941 8826, Disabled access credit. Www irs gov efile 941 8885, Health coverage tax credit. Www irs gov efile 941 T, Form T. Www irs gov efile 941 Franchise, Franchise, trademark, or trade name. Www irs gov efile 941 , Franchise, trademark, trade name. Www irs gov efile 941 Franchise taxes, Franchise taxes. Www irs gov efile 941 Free tax services, Free help with your tax return. Www irs gov efile 941 Fringe benefits, Fringe Benefits Fuel taxes, Fuel taxes. Www irs gov efile 941 G Gas wells, Natural Gas Wells Geological and geophysical costs Development, oil and gas, Geological and Geophysical Costs Exploration, oil and gas, Geological and Geophysical Costs Geothermal wells, Intangible Drilling Costs, Mines and Geothermal Deposits Gifts, nominal value, Gifts of nominal value. Www irs gov efile 941 Going into business, Going Into Business, Starting a Business Goodwill, Goodwill. Www irs gov efile 941 Gross income, not-for-profit activity, Gross Income H Health insurance, deduction for self-employed, Self-Employed Health Insurance Deduction Heating equipment, Heating equipment. Www irs gov efile 941 Help (see Tax help) Home, business use of, Business use of your home. Www irs gov efile 941 I Impairment-related expenses, Impairment-related expenses. Www irs gov efile 941 Improvements, Improvements By lessee, Improvements by Lessee For disabled and elderly, Barrier Removal Costs Income taxes, Income Taxes Incorrect amount of amortization deducted, Incorrect Amount of Amortization Deducted Insurance Capitalized premiums, Capitalized Premiums Deductible premiums, Deductible Premiums Nondeductible premiums, Nondeductible Premiums Self-employed individuals, Self-Employed Health Insurance Deduction Intangible drilling costs, Intangible Drilling Costs Intangibles, amortization, Section 197 Intangibles Interest, Forgone interest. Www irs gov efile 941 Allocation of, Allocation of Interest Below-market, Below-Market Loans Business expense for, Interest Capitalized, Capitalized interest. Www irs gov efile 941 , Capitalization of Interest Carrying charge, Carrying Charges Deductible, Interest You Can Deduct Life insurance policies, Interest on loans with respect to life insurance policies. Www irs gov efile 941 Not deductible, Interest You Cannot Deduct Refunds of, Refunds of interest. Www irs gov efile 941 When to deduct, When To Deduct Interest Internet-related expenses, Internet-related expenses. Www irs gov efile 941 Interview expenses, Interview expense allowances. Www irs gov efile 941 K Key person, Who is a key person? Kickbacks, Bribes and kickbacks. Www irs gov efile 941 L Leases Canceling, Canceling a lease. Www irs gov efile 941 Cost of getting, Cost of Getting a Lease, Getting a Lease Improvements by lessee, Improvements by Lessee Leveraged, Leveraged leases. Www irs gov efile 941 Mineral, Bonuses and advanced royalties. Www irs gov efile 941 Oil and gas, Bonuses and advanced royalties. Www irs gov efile 941 Sales distinguished, Lease or purchase. Www irs gov efile 941 Taxes on, Taxes on Leased Property Legal and professional fees, Legal and professional fees. Www irs gov efile 941 Licenses, Government-granted license, permit, etc. Www irs gov efile 941 , Licenses and regulatory fees. Www irs gov efile 941 Life insurance coverage, Life insurance coverage. Www irs gov efile 941 Limit on deductions, Not-for-Profit Activities Line of credit, Line of credit (continuous borrowings). Www irs gov efile 941 Loans Below-market interestrate, Below-Market Loans Discounted, Discounted loan. Www irs gov efile 941 Loans or Advances, Loans or Advances Lobbying expenses, Lobbying expenses. Www irs gov efile 941 Long-term care insurance, Qualified long-term care insurance. Www irs gov efile 941 Losses, Limits on losses. Www irs gov efile 941 , Not-for-Profit Activities At-risk limits, At-risk limits. Www irs gov efile 941 Net operating, Net operating loss. Www irs gov efile 941 Passive activities, Passive activities. Www irs gov efile 941 M Machinery parts, Machinery parts. Www irs gov efile 941 Meals, Reimbursement of Travel, Meals, and Entertainment Meals and entertainment, Meals and Entertainment Meals and lodging, Meals and lodging. Www irs gov efile 941 Methods of accounting, When Can I Deduct an Expense? Mining Depletion, Mines and Geothermal Deposits Development costs, Development Costs Exploration costs, Exploration Costs Mortgage, Mortgage. Www irs gov efile 941 , Expenses paid to obtain a mortgage. Www irs gov efile 941 Moving expenses, machinery, Moving machinery. Www irs gov efile 941 N Natural gas, Natural Gas Wells Nonqualifying intangibles, Assets That Are Not Section 197 Intangibles Not-for-profit activities, Not-for-Profit Activities Not-for-profit activity, gross income, Gross Income O Office in home, Business use of your home. Www irs gov efile 941 Oil and gas wells Depletion, Oil and Gas Wells Drilling costs, Intangible Drilling Costs Partnerships, Partnerships and S Corporations S corporations, Partnerships and S Corporations Optional safe harbor method, Optional safe harbor method. Www irs gov efile 941 Optional write-off method Circulation costs, Optional Write-off of Certain Tax Preferences Experimental costs, Optional Write-off of Certain Tax Preferences Intangible drilling and development costs, Optional Write-off of Certain Tax Preferences Mining exploration and development costs, Optional Write-off of Certain Tax Preferences Research costs, Optional Write-off of Certain Tax Preferences Organization costs Corporate, Costs of Organizing a Corporation Partnership, Costs of Organizing a Partnership Organizational costs, Business Start-Up and Organizational Costs Original issue discount, Original issue discount (OID). Www irs gov efile 941 Outplacement services, Outplacement services. Www irs gov efile 941 P Passive activities, Passive activities. Www irs gov efile 941 Payments in kind, Payments in kind. Www irs gov efile 941 Penalties, Prepayment penalty. Www irs gov efile 941 Deductible, Penalties and fines. Www irs gov efile 941 Nondeductible, Penalties and fines. Www irs gov efile 941 Prepayment, Prepayment penalty. Www irs gov efile 941 Per diem and car allowances, Per Diem and Car Allowances Percentage depletion, Percentage Depletion Personal property tax, Personal property tax. Www irs gov efile 941 Political contributions, Political contributions. Www irs gov efile 941 Pollution control facilities, Pollution Control Facilities Prepaid expense, Prepayment. Www irs gov efile 941 Extends useful life, Prepayment. Www irs gov efile 941 Interest, Prepaid interest. Www irs gov efile 941 , Prepaid interest. Www irs gov efile 941 Rent, Rent paid in advance. Www irs gov efile 941 Prepayment penalty, Prepayment penalty. Www irs gov efile 941 Presumption of profit, Not-for-Profit Activities Publications (see Tax help) R Real estate taxes, Real Estate Taxes Recapture Exploration expenses, Recapture of exploration expenses. Www irs gov efile 941 Timber property, Recapture. Www irs gov efile 941 Recordkeeping, Partnerships and S Corporations Recovery of amount deducted, Recovery of amount deducted (tax benefit rule). Www irs gov efile 941 Refiners who cannot claim percentage depletion, Refiners who cannot claim percentage depletion. Www irs gov efile 941 Reforestation costs, Reforestation Costs, Reforestation Costs Regulatory fees, Licenses and regulatory fees. Www irs gov efile 941 Reimbursements, Reimbursements Business expenses, Reimbursements for Business Expenses Mileage, Per Diem and Car Allowances Nonaccountable plan, Nonaccountable Plans Per diem , Per Diem and Car Allowances Related persons Anti-churning rules, Related person. Www irs gov efile 941 Coal or iron ore, Disposal to related person. Www irs gov efile 941 Payments to, Related person. Www irs gov efile 941 , Related person. Www irs gov efile 941 Refiners, Related person. Www irs gov efile 941 Unreasonable rent, Unreasonable rent. Www irs gov efile 941 Removal, Retired Asset Removal Costs, Barrier Removal Costs Rent expense, capitalizing, Capitalizing Rent Expenses Repairs, Repairs. Www irs gov efile 941 Repayments (claim of right), Repayments. Www irs gov efile 941 Research costs, Research and Experimental Costs, Research and Experimental Costs Retiree drug subsidy, What's New for 2013, What's New S Sales taxes, Sales tax. Www irs gov efile 941 Section 179 expense deduction (see Cost recovery) Self-employed health insurance deduction, Self-Employed Health Insurance Deduction Self-employment tax, Self-employment tax. Www irs gov efile 941 Self-insurance, reserve for, Nondeductible Premiums Sick pay, Sick and Vacation Pay Standard meal allowance, Standard meal allowance. Www irs gov efile 941 Standard mileage rate, Car allowance. Www irs gov efile 941 (see Business use of your car) Standby charges, Commitment fees or standby charges. Www irs gov efile 941 Start-up costs, Business Start-Up and Organizational Costs, Business Start-Up Costs Subscriptions, Subscriptions. Www irs gov efile 941 Suggestions for publication, Comments and suggestions. Www irs gov efile 941 Supplies and materials, Supplies and materials. Www irs gov efile 941 T Tax help, How To Get Tax Help Tax preparation fees, Tax preparation fees. Www irs gov efile 941 Taxes, Taxes on Leased Property Carrying charge, Carrying Charges Employment, Employment Taxes Excise, Excise taxes. Www irs gov efile 941 Franchise, Franchise taxes. Www irs gov efile 941 Fuel, Fuel taxes. Www irs gov efile 941 Income, Income Taxes Leased property, Taxes on Leased Property Personal property, Personal property tax. Www irs gov efile 941 Real estate, Real Estate Taxes Sales, Sales tax. Www irs gov efile 941 Unemployment fund, Unemployment fund taxes. Www irs gov efile 941 Telephone, Telephone. Www irs gov efile 941 Timber, Reforestation Costs, Timber Tools, Tools. Www irs gov efile 941 Trademark, trade name, Franchise, trademark, or trade name. Www irs gov efile 941 , Franchise, trademark, trade name. Www irs gov efile 941 Travel, Reimbursement of Travel, Meals, and Entertainment TTY/TDD information, How To Get Tax Help U Unemployment fund taxes, Unemployment fund taxes. Www irs gov efile 941 Unpaid expenses, related person, Related person. Www irs gov efile 941 Utilities, Utilities. Www irs gov efile 941 V Vacation pay, Sick and Vacation Pay W Wages Property, Property Tests for deducting pay, Tests for Deducting Pay Welfare benefit funds, Welfare benefit funds. Www irs gov efile 941 Prev  Up     Home   More Online Publications