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1040 Ez Tax Table

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1040 Ez Tax Table

1040 ez tax table 1. 1040 ez tax table   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. 1040 ez tax table This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. 1040 ez tax table Tax records are not the only type of records you need to keep for your farming business. 1040 ez tax table You should also keep records that measure your farm's financial performance. 1040 ez tax table This publication only discusses tax records. 1040 ez tax table The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. 1040 ez tax table For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. 1040 ez tax table ffsc. 1040 ez tax table org. 1040 ez tax table For more information, contact Countryside Marketing, Inc. 1040 ez tax table in the following manner. 1040 ez tax table Call 262-253-6902. 1040 ez tax table Send a fax to 262-253-6903. 1040 ez tax table Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. 1040 ez tax table , #287 Menomonee Falls, WI 53051. 1040 ez tax table Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. 1040 ez tax table Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. 1040 ez tax table Recordkeeping will help you do the following. 1040 ez tax table Monitor the progress of your farming business. 1040 ez tax table   You need records to monitor the progress of your farming business. 1040 ez tax table Records can show whether your business is improving, which items are selling, or what changes you need to make. 1040 ez tax table Records can help you make better decisions that may increase the likelihood of business success. 1040 ez tax table Prepare your financial statements. 1040 ez tax table   You need records to prepare accurate financial statements. 1040 ez tax table These include income (profit and loss) statements and balance sheets. 1040 ez tax table These statements can help you in dealing with your bank or creditors and help you to manage your farm business. 1040 ez tax table Identify source of receipts. 1040 ez tax table   You will receive money or property from many sources. 1040 ez tax table Your records can identify the source of your receipts. 1040 ez tax table You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. 1040 ez tax table Keep track of deductible expenses. 1040 ez tax table   You may forget expenses when you prepare your tax return unless you record them when they occur. 1040 ez tax table Prepare your tax returns. 1040 ez tax table   You need records to prepare your tax return. 1040 ez tax table For example, your records must support the income, expenses, and credits you report. 1040 ez tax table Generally, these are the same records you use to monitor your farming business and prepare your financial statements. 1040 ez tax table Support items reported on tax returns. 1040 ez tax table   You must keep your business records available at all times for inspection by the IRS. 1040 ez tax table If the IRS examines any of your tax returns, you may be asked to explain the items reported. 1040 ez tax table A complete set of records will speed up the examination. 1040 ez tax table Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. 1040 ez tax table You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. 1040 ez tax table You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. 1040 ez tax table See  chapter 2. 1040 ez tax table If you are in more than one business, you should keep a complete and separate set of records for each business. 1040 ez tax table A corporation should keep minutes of board of directors' meetings. 1040 ez tax table Your recordkeeping system should include a summary of your business transactions. 1040 ez tax table This summary is ordinarily made in accounting journals and ledgers. 1040 ez tax table For example, they must show your gross income, as well as your deductions and credits. 1040 ez tax table In addition, you must keep supporting documents. 1040 ez tax table Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. 1040 ez tax table These documents contain the information you need to record in your journals and ledgers. 1040 ez tax table It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. 1040 ez tax table Keep them in an orderly fashion and in a safe place. 1040 ez tax table For instance, organize them by year and type of income or expense. 1040 ez tax table Electronic records. 1040 ez tax table   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. 1040 ez tax table When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. 1040 ez tax table An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. 1040 ez tax table The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. 1040 ez tax table All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. 1040 ez tax table Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. 1040 ez tax table The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. 1040 ez tax table You still have the responsibility of retaining any other books and records that are required to be retained. 1040 ez tax table The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. 1040 ez tax table This test is not considered an examination and the results must be shared with you. 1040 ez tax table If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. 1040 ez tax table If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. 1040 ez tax table For details on electronic storage system requirements, see Rev. 1040 ez tax table Proc. 1040 ez tax table 97-22. 1040 ez tax table You can find Rev. 1040 ez tax table Proc. 1040 ez tax table 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. 1040 ez tax table irs. 1040 ez tax table gov/pub/irs-irbs/irb97-13. 1040 ez tax table pdf. 1040 ez tax table Travel, transportation, entertainment, and gift expenses. 1040 ez tax table   Specific recordkeeping rules apply to these expenses. 1040 ez tax table For more information, see Publication 463. 1040 ez tax table Employment taxes. 1040 ez tax table   There are specific employment tax records you must keep. 1040 ez tax table For a list, see Publication 51 (Circular A). 1040 ez tax table Excise taxes. 1040 ez tax table   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. 1040 ez tax table Assets. 1040 ez tax table   Assets are the property, such as machinery and equipment, you own and use in your business. 1040 ez tax table You must keep records to verify certain information about your business assets. 1040 ez tax table You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. 1040 ez tax table Your records should show all the following. 1040 ez tax table When and how you acquired the asset. 1040 ez tax table Purchase price. 1040 ez tax table Cost of any improvements. 1040 ez tax table Section 179 deduction taken. 1040 ez tax table Deductions taken for depreciation. 1040 ez tax table Deductions taken for casualty losses, such as losses resulting from fires or storms. 1040 ez tax table How you used the asset. 1040 ez tax table When and how you disposed of the asset. 1040 ez tax table Selling price. 1040 ez tax table Expenses of sale. 1040 ez tax table   The following are examples of records that may show this information. 1040 ez tax table Purchase and sales invoices. 1040 ez tax table Real estate closing statements. 1040 ez tax table Canceled checks. 1040 ez tax table Bank statements. 1040 ez tax table Financial account statements as proof of payment. 1040 ez tax table   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. 1040 ez tax table These include account statements prepared for the financial institution by a third party. 1040 ez tax table These account statements must be legible. 1040 ez tax table The following table lists acceptable account statements. 1040 ez tax table IF payment is by. 1040 ez tax table . 1040 ez tax table . 1040 ez tax table THEN the statement must show the. 1040 ez tax table . 1040 ez tax table . 1040 ez tax table Check Check number. 1040 ez tax table Amount. 1040 ez tax table Payee's name. 1040 ez tax table Date the check amount was posted to the account by the financial institution. 1040 ez tax table Electronic funds  transfer Amount transferred. 1040 ez tax table Payee's name. 1040 ez tax table Date the transfer was posted to the account by the financial institution. 1040 ez tax table Credit card Amount charged. 1040 ez tax table Payee's name. 1040 ez tax table Transaction date. 1040 ez tax table    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. 1040 ez tax table You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. 1040 ez tax table Tax returns. 1040 ez tax table   Keep copies of your filed tax returns. 1040 ez tax table They help in preparing future tax returns and making computations if you file an amended return. 1040 ez tax table Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. 1040 ez tax table How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. 1040 ez tax table Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. 1040 ez tax table A period of limitations is the period of time after which no legal action can be brought. 1040 ez tax table Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. 1040 ez tax table However, certain records must be kept for a longer period of time, as discussed below. 1040 ez tax table Employment taxes. 1040 ez tax table   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. 1040 ez tax table Assets. 1040 ez tax table   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. 1040 ez tax table You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. 1040 ez tax table   You may need to keep records relating to the basis of property longer than the period of limitation. 1040 ez tax table Keep those records as long as they are important in figuring the basis of the original or replacement property. 1040 ez tax table Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. 1040 ez tax table For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. 1040 ez tax table For more information on basis, see chapter 6. 1040 ez tax table Records for nontax purposes. 1040 ez tax table   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. 1040 ez tax table For example, your insurance company or creditors may require you to keep them longer than the IRS does. 1040 ez tax table Prev  Up  Next   Home   More Online Publications
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The 1040 Ez Tax Table

1040 ez tax table Publication 554 - Introductory Material Table of Contents What's New Reminders IntroductionVolunteer Income Tax Assistance and Tax Counseling for the Elderly. 1040 ez tax table Ordering forms and publications. 1040 ez tax table Tax questions. 1040 ez tax table What's New Alternative minimum tax exemption increased. 1040 ez tax table  The AMT exemption amount has increased to $51,900 ($80,800 if married filing jointly or qualifying widow(er); $40,400 if married filing separately). 1040 ez tax table Earned income credit. 1040 ez tax table  The maximum amount of income you can earn and still get the credit has increased. 1040 ez tax table You may be able to take the credit if you earn less than: $14,340 ($19,680 if married filing jointly), do not have a qualifying child, and are at least 25 years old and under 65, $37,870 ($43,210 if married filing jointly), and you have one qualifying child, $43,038 ($48,378 if married filing jointly), and you have two qualifying children, or $46,227 ($51,567 if married filing jointly), and you have three or more qualifying children. 1040 ez tax table For more information, see Earned Income Credit , later. 1040 ez tax table Exemption phaseout. 1040 ez tax table  You lose at least part of the benefit of your exemptions if your adjusted gross income is above a certain amount. 1040 ez tax table For 2013, the phaseout begins at $150,000 for married individuals filing separate returns; $250,000 for single individuals; $275,000 for heads of household; and $300,000 for married individuals filing joint returns or qualifying widow(er)s. 1040 ez tax table For more information, see Phaseout of Exemptions in Publication 501. 1040 ez tax table Limit on itemized deductions. 1040 ez tax table   Beginning January 1, 2013, itemized deductions for taxpayers with adjusted gross incomes above $150,000 may be reduced. 1040 ez tax table See Overall limitation , later. 1040 ez tax table Medical and dental expenses. 1040 ez tax table   Beginning January 1, 2013, taxpayers 65 and older can deduct only the part of their medical and dental expenses that exceed 7. 1040 ez tax table 5% of their adjusted gross income (10% for taxpayers under 65). 1040 ez tax table Same-sex marriages. 1040 ez tax table  If you have a same-sex spouse whom you legally married in a state (or foreign country) that recognizes same-sex marriage, you and your spouse generally must use the married filing jointly or married filing separately filing status on your 2013 return, even if you and your spouse now live in a state (or foreign country) that does not recognize same-sex marriage. 1040 ez tax table For more information, see Publication 501. 1040 ez tax table Reminders Future developments. 1040 ez tax table  For the latest information about developments related to Publication 554, such as legislation enacted after it was published, go to www. 1040 ez tax table irs. 1040 ez tax table gov/pub554. 1040 ez tax table Tax return preparers. 1040 ez tax table  Choose your preparer carefully. 1040 ez tax table If you pay someone to prepare your return, the preparer is required, under the law, to sign the return and fill in the other blanks in the Paid Preparer's area of your return. 1040 ez tax table Remember, however, that you are still responsible for the accuracy of every item entered on your return. 1040 ez tax table If there is any underpayment, you are responsible for paying it, plus any interest and penalty that may be due. 1040 ez tax table Sale of home by surviving spouse. 1040 ez tax table  If you are an unmarried widow or widower, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. 1040 ez tax table For more information, see Sale of Home , later. 1040 ez tax table Third party designee. 1040 ez tax table  You can check the “Yes” box in the Third Party Designee area of your return to authorize the IRS to discuss your return with your preparer, a friend, family member, or any other person you choose. 1040 ez tax table This allows the IRS to call the person you identified as your designee to answer any questions that may arise during the processing of your return. 1040 ez tax table It also allows your designee to perform certain actions. 1040 ez tax table See your income tax return instructions for details. 1040 ez tax table Employment tax withholding. 1040 ez tax table  Your wages are subject to withholding for income tax, social security tax, and Medicare tax even if you are receiving social security benefits. 1040 ez tax table Photographs of missing children. 1040 ez tax table  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040 ez tax table Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040 ez tax table You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 1040 ez tax table Introduction The purpose of this publication is to provide a general overview of selected topics that are of interest to older taxpayers. 1040 ez tax table The publication will help you determine if you need to file a return and, if so, what items to report on your return. 1040 ez tax table Each topic is discussed only briefly, so you will find references to other free IRS publications that provide more detail on these topics if you need it. 1040 ez tax table Table I has a list of questions you may have about filing your federal tax return. 1040 ez tax table To the right of each question is the location of the answer in this publication. 1040 ez tax table Also, at the back of this publication there is an index to help you search for the topic you need. 1040 ez tax table While most federal income tax laws apply equally to all taxpayers, regardless of age, there are some provisions that give special treatment to older taxpayers. 1040 ez tax table The following are some examples. 1040 ez tax table Higher gross income threshold for filing. 1040 ez tax table You must be age 65 or older at the end of the year to get this benefit. 1040 ez tax table You are considered age 65 on the day before your 65th birthday. 1040 ez tax table Therefore, you are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. 1040 ez tax table Higher standard deduction. 1040 ez tax table If you do not itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. 1040 ez tax table You are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. 1040 ez tax table Credit for the elderly or the disabled. 1040 ez tax table If you qualify, you may benefit from the credit for the elderly or the disabled. 1040 ez tax table To determine if you qualify and how to figure this credit, see Credit for the Elderly or the Disabled , later. 1040 ez tax table Return preparation assistance. 1040 ez tax table   The IRS wants to make it easier for you to file your federal tax return. 1040 ez tax table You may find it helpful to visit a Volunteer Income Tax Assistance (VITA), Tax Counseling for the Elderly (TCE), or American Association of Retired Persons (AARP) Tax-Aide site near you. 1040 ez tax table Volunteer Income Tax Assistance and Tax Counseling for the Elderly. 1040 ez tax table   These programs provide free help for low-income taxpayers and taxpayers age 60 or older to fill in and file their returns. 1040 ez tax table For the VITA/TCE site nearest you, contact your local IRS office. 1040 ez tax table For more information, see Free help with your tax return under How To Get Tax Help. 1040 ez tax table   For the location of an AARP Tax-Aide site in your community, call 1-888-227-7669. 1040 ez tax table When asked, be ready to press in or speak your 5-digit ZIP code. 1040 ez tax table Or, you can visit their website on the Internet at www. 1040 ez tax table aarp. 1040 ez tax table org/money/taxaide. 1040 ez tax table Comments and suggestions. 1040 ez tax table   We welcome your comments about this publication and your suggestions for future editions. 1040 ez tax table   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 1040 ez tax table NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 1040 ez tax table Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040 ez tax table   You can send your comments from www. 1040 ez tax table irs. 1040 ez tax table gov/formspubs/. 1040 ez tax table Click on “More Information” and then on “Comment on Tax Forms and Publications. 1040 ez tax table ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040 ez tax table Ordering forms and publications. 1040 ez tax table   Visit www. 1040 ez tax table irs. 1040 ez tax table gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 business days after your request is received. 1040 ez tax table Internal Revenue Service 1201 N. 1040 ez tax table Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040 ez tax table   If you have a tax question, check the information available on IRS. 1040 ez tax table gov or call 1-800-829-1040. 1040 ez tax table We cannot answer tax questions sent to either of the above addresses. 1040 ez tax table Table I. 1040 ez tax table What You Should Know About Federal Taxes Note. 1040 ez tax table The following is a list of questions you may have about filling out your federal income tax return. 1040 ez tax table  To the right of each question is the location of the answer in this publication. 1040 ez tax table What I Should Know Where To Find the Answer Do I need to file a return? See chapter 1. 1040 ez tax table Is my income taxable or nontaxable?  If it is nontaxable, must I still report it? See chapter 2. 1040 ez tax table How do I report benefits I received from the Social Security Administration or the Railroad Retirement Board?  Are these benefits taxable? See Social Security and Equivalent Railroad Retirement Benefits in chapter 2. 1040 ez tax table Must I report the sale of my home?  If I had a gain, is any part of it taxable? See Sale of Home in chapter 2. 1040 ez tax table What are some of the items that I can deduct to reduce my income? See chapters 3 and 4. 1040 ez tax table How do I report the amounts I set aside for my IRA? See Individual Retirement Arrangement (IRA) Contributions and Deductions in chapter 3. 1040 ez tax table Would it be better for me to claim the standard deduction or itemize my deductions? See chapter 4. 1040 ez tax table What are some of the credits I can claim to reduce my tax? See chapter 5 for discussions on the credit for the elderly or the disabled, the child and dependent care credit, and the earned income credit. 1040 ez tax table Must I make estimated tax payments? See chapter 6. 1040 ez tax table How do I contact the IRS or get more information? See chapter 7. 1040 ez tax table Prev  Up  Next   Home   More Online Publications