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2012 Taxes Free Online

2012 taxes free online Index A Accelerated death benefits, Accelerated Death Benefits Accounting periods Change in, standard deduction not allowed, Persons not eligible for the standard deduction. 2012 taxes free online Accrued leave payment Disability retirement and, Accrued leave payment. 2012 taxes free online Adjusted gross income (AGI), Adjustments to Income Adjustments to income, Adjustments to Income Age Standard deduction for age 65 or older, Higher standard deduction for age (65 or older). 2012 taxes free online Age 65, Qualified Individual American Association of Retired Persons (AARP), Volunteer Income Tax Assistance and Tax Counseling for the Elderly. 2012 taxes free online Annuities, Pensions and Annuities Assistance (see Tax help) B Base amount, social security benefits, Base Amount Benefits Accident or health, Other compensation. 2012 taxes free online Long-term care, Long-Term Care Insurance Contracts No-fault insurance, Other compensation. 2012 taxes free online Sickness and injury, Sickness and Injury Benefits Social security, Are Any of Your Benefits Taxable? Veterans', Veterans' benefits. 2012 taxes free online Bequests, Gifts and inheritances. 2012 taxes free online Blind persons Standard deduction for, Higher standard deduction for blindness. 2012 taxes free online C Child and dependent care credit, Child and Dependent Care Credit Children Standard deduction for, Standard Deduction for Dependents Chronically ill persons, Chronically ill individual. 2012 taxes free online Chronically ill, defined, Terminally or chronically ill defined. 2012 taxes free online Compensation For services, Compensation for Services Loss or disfigurement, Other compensation. 2012 taxes free online Contributions Foreign employment, Foreign employment contributions. 2012 taxes free online Pension or annuity, Cost. 2012 taxes free online Cost, pension or annuity, Cost. 2012 taxes free online Credit Child and dependent care, Child and Dependent Care Credit Earned income, Earned Income Credit (EIC) The elderly or the disabled, Credit for the Elderly or the Disabled Credit for the elderly or the disabled, Credit for the Elderly or the Disabled D Death benefit, accelerated, Accelerated Death Benefits Decedents, Dependents. 2012 taxes free online Standard deduction, Decedent's final return. 2012 taxes free online Deductions Generally, Deductions Insurance premiums, Medical Insurance Premiums Itemized, Itemized Deductions Meals and lodging, Meals and Lodging Medical and dental, Medical and Dental Expenses Standard, Standard Deduction Dependents, Dependents. 2012 taxes free online Standard deduction for, Standard Deduction for Dependents Disabilities, individuals with Ownership and use test, Exception to use test for individuals with a disability. 2012 taxes free online Disability Person with, Persons with disabilities. 2012 taxes free online Physician's statement, Physician's statement. 2012 taxes free online Total and permanent, Permanent and total disability. 2012 taxes free online Disability income, Disability Pensions, Other compensation. 2012 taxes free online , Disability income. 2012 taxes free online Distributions, retirement plan, Retirement Plan Distributions Drugs (see Medicines) Dual-status taxpayers Standard deduction, Persons not eligible for the standard deduction. 2012 taxes free online E Early distributions, tax, Tax on Early Distributions Earned income credit, Earned Income Credit (EIC) Elderly or disabled credit, Credit for the Elderly or the Disabled Elderly persons Standard deduction for age 65 or older, Higher standard deduction for age (65 or older). 2012 taxes free online Employment tax withholding, Reminders Employment taxes, Employment taxes. 2012 taxes free online Endowment proceeds, Endowment Contract Proceeds Estimated tax, Tax Withholding and Estimated Tax, Estimated Tax, Who Must Make Estimated Tax Payments Excess accumulation, tax on, Tax on Excess Accumulation Exclusion, gain on sale of home, Maximum Amount of Exclusion F Federal Employees Compensation Act (FECA) payments, Federal Employees' Compensation Act (FECA). 2012 taxes free online Filing requirements Decedents, Dependents. 2012 taxes free online General requirements, General Requirements Surviving spouse, Surviving spouse. 2012 taxes free online Final return for decedent Standard deduction, Decedent's final return. 2012 taxes free online First-time homebuyer credit Recapture, Repaying the first-time homebuyer credit because you sold your home. 2012 taxes free online Form, Credit for the Elderly or the Disabled, Physician's statement. 2012 taxes free online 1099-R, Form 1099-R. 2012 taxes free online , Form 1099-R. 2012 taxes free online 5329, Form 5329. 2012 taxes free online 8853, Accelerated Death Benefits Schedule R, Credit for the Elderly or the Disabled, Physician's statement. 2012 taxes free online W-4P, Withholding. 2012 taxes free online Free tax services, Free help with your tax return. 2012 taxes free online G Gain on sale of home (see Sale of home) General rule, pension or annuity, Pensions and Annuities Gifts, Gifts and inheritances. 2012 taxes free online H Help (see Tax help) Home care (see Nursing services) Home improvements, Home Improvements Home, sale of, Sale of Home Hospital services, Hospital Services Household help, Household Help I Income Adjustments, Adjustments to Income Disability, Disability Pensions, Disability income. 2012 taxes free online Gross, defined, Gross income. 2012 taxes free online Nontaxable, Taxable and Nontaxable Income Sale of home, Sale of Home Self-employment, Self-employed persons. 2012 taxes free online Taxable, Taxable and Nontaxable Income Individual retirement arrangement (IRA) Adjustments to income, Individual Retirement Arrangement (IRA) Contributions and Deductions Contributions, Contributions. 2012 taxes free online Deductible contribution, Deductible contribution. 2012 taxes free online Distributions, Individual Retirement Arrangements (IRAs) Inheritances, Gifts and inheritances. 2012 taxes free online Injury benefits, Sickness and Injury Benefits, Cost paid by you. 2012 taxes free online Insurance Accident and health, Other compensation. 2012 taxes free online , Medical Insurance Premiums Benefits, long-term care, Long-Term Care Insurance Contracts Benefits, no-fault insurance, Other compensation. 2012 taxes free online Life insurance proceeds, Life Insurance Proceeds Proceeds paid after death, Life Insurance Proceeds Proceeds paid before death, Accelerated Death Benefits Insurance premiums for retired public safety officers, Insurance Premiums for Retired Public Safety Officers Itemized deductions, Itemized Deductions Married filing separately One spouse has itemized, Persons not eligible for the standard deduction. 2012 taxes free online L Life insurance proceeds, Life Insurance Proceeds Long-term care, Long-Term Care Chronically ill individuals, Chronically ill individual. 2012 taxes free online Maintenance and personal care services, Maintenance and personal care services. 2012 taxes free online Qualified insurance contracts, Qualified long-term care insurance contracts. 2012 taxes free online Qualified services, Qualified long-term care services. 2012 taxes free online Long-term care insurance, Long-Term Care Insurance Contracts Loss or disfigurement compensation, Other compensation. 2012 taxes free online Lump-sum distributions, Lump-sum distributions. 2012 taxes free online Lump-sum election, social security, Lump-Sum Election M Maintenance and personal care services, Maintenance and personal care services. 2012 taxes free online Married filing separately Itemized deductions One spouse has itemized so other must as well, Persons not eligible for the standard deduction. 2012 taxes free online Married taxpayers Age 65 or older spouse Standard deduction, Spouse 65 or older or blind. 2012 taxes free online Blind spouse Standard deduction, Spouse 65 or older or blind. 2012 taxes free online Meals and lodging expenses, Meals and Lodging Medical expenses, Medical and Dental Expenses Medicare, Medicare Part A. 2012 taxes free online , Medicare Part B. 2012 taxes free online , Medicare Part D. 2012 taxes free online Benefits, Medicare. 2012 taxes free online Medicines, Medicines Imported, Imported medicines and drugs. 2012 taxes free online Military retirement pay, Military Retirement Pay Minimum distributions, Tax on Excess Accumulation Minimum wage, Substantial gainful activity. 2012 taxes free online Missing children, Reminders Mortgage assistance payments, Mortgage assistance payments. 2012 taxes free online N Nonperiodic distributions, Nonperiodic Distributions Nonqualified use, Period of nonqualified use. 2012 taxes free online Nonresident aliens Standard deduction, Persons not eligible for the standard deduction. 2012 taxes free online Nontaxable income, Payments from a state fund for victims of crime. 2012 taxes free online Accident or health insurance benefits, Other compensation. 2012 taxes free online Bequests, Gifts and inheritances. 2012 taxes free online Generally, Taxable and Nontaxable Income Gifts, Gifts and inheritances. 2012 taxes free online Inheritances, Gifts and inheritances. 2012 taxes free online Mortgage assistance payments, Mortgage assistance payments. 2012 taxes free online No-fault insurance benefits, Other compensation. 2012 taxes free online Nutrition program for elderly, Nutrition Program for the Elderly. 2012 taxes free online Public assistance payments, Welfare benefits. 2012 taxes free online Sickness and injury benefits, Sickness and Injury Benefits Veterans' benefits, Veterans' benefits. 2012 taxes free online Winter energy use, Payments to reduce cost of winter energy use. 2012 taxes free online Workers' compensation, Workers' Compensation Nursing home, Nursing home. 2012 taxes free online Nursing services, Nursing Services Chronically ill individuals, Chronically ill individual. 2012 taxes free online Nutrition program for elderly, Nutrition Program for the Elderly. 2012 taxes free online O Old-age, survivors, and disability insurance benefits (OASDI), Old-age, survivors, and disability insurance benefits (OASDI). 2012 taxes free online Other items, Other Items Overall limitation, Overall limitation. 2012 taxes free online P Payments, estimated tax, Estimated Tax Pensions, Pensions and Annuities Pensions, disability, Disability Pensions Photographs, missing children, Reminders Physician's statement, disability, Physician's statement. 2012 taxes free online Prepaid insurance premiums, Prepaid insurance premiums. 2012 taxes free online Preparer, paid, Reminders Preparing your return, Return preparation assistance. 2012 taxes free online Profit-sharing plan, Retirement and profit-sharing plans. 2012 taxes free online Public assistance payments, Welfare benefits. 2012 taxes free online Publications (see Tax help) Q Qualified retirement plan, Tax on Early Distributions R Railroad retirement benefits, Railroad Retirement Benefits, Social Security and Equivalent Railroad Retirement Benefits Repayments Social security benefits, Repayment of Benefits Reporting pension income, How to report. 2012 taxes free online Residence, sale of, Sale of Home Retirement plans, distributions, Retirement Plan Distributions Returns Decedent, Dependents. 2012 taxes free online Executors and administrators, Dependents. 2012 taxes free online Filing requirements, 2013 Filing Requirements Surviving spouse, Surviving spouse. 2012 taxes free online Reverse mortgages, Reverse Mortgages S Salaries (see Compensation) Sale of Home First-time homebuyer credit, Repaying the first-time homebuyer credit because you sold your home. 2012 taxes free online Surviving spouse, Reminders Sale of home, Sale of Home Self-employed, Self-employed persons. 2012 taxes free online Short tax year Change in annual accounting period, Persons not eligible for the standard deduction. 2012 taxes free online Sickness and injury benefits, Sickness and Injury Benefits Simplified method, Pensions and Annuities Social security benefits, Social Security and Equivalent Railroad Retirement Benefits Standard deduction, Standard Deduction Age 65 or older, Higher standard deduction for age (65 or older). 2012 taxes free online Blind persons, Higher standard deduction for blindness. 2012 taxes free online Dependents, Standard Deduction for Dependents Final return of decedent, Decedent's final return. 2012 taxes free online Married filing separately One spouse has itemized, Persons not eligible for the standard deduction. 2012 taxes free online Starting date, annuity, Cost. 2012 taxes free online State fund for victims of crime, Payments from a state fund for victims of crime. 2012 taxes free online Substantial gainful activity, Substantial gainful activity. 2012 taxes free online Surrender of Iife insurance, Surrender of policy for cash. 2012 taxes free online Surviving Spouse, Reminders Surviving spouse, Surviving spouse. 2012 taxes free online Surviving spouse, insurance, Surviving spouse. 2012 taxes free online Survivors of retirees, Survivors of retirees. 2012 taxes free online T Tax Early distributions, Tax on Early Distributions Estimated, Tax Withholding and Estimated Tax, Estimated Tax Excess accumulation, Tax on Excess Accumulation Tax counseling for the elderly (TCE), Volunteer Income Tax Assistance and Tax Counseling for the Elderly. 2012 taxes free online Tax help, How To Get Tax Help Tax option, 10-year, Lump-sum distributions. 2012 taxes free online Tax return preparers, Reminders Taxable income, Taxable and Nontaxable Income Taxation of benefits, Are Any of Your Benefits Taxable? Terminally ill, defined, Terminally or chronically ill defined. 2012 taxes free online Total and permanent disability, defined, Permanent and total disability. 2012 taxes free online Transportation expenses, Transportation TTY/TDD information, How To Get Tax Help U U. 2012 taxes free online S. 2012 taxes free online citizen or resident, U. 2012 taxes free online S. 2012 taxes free online citizen or resident alien. 2012 taxes free online Unemployment compensation, Unemployment compensation. 2012 taxes free online V Veterans' benefits, Veterans' benefits. 2012 taxes free online Viatical settlement, Accelerated Death Benefits Victims of crime, Payments from a state fund for victims of crime. 2012 taxes free online Volunteer income tax assistance (VITA), Volunteer Income Tax Assistance and Tax Counseling for the Elderly. 2012 taxes free online Volunteer work, Volunteer work. 2012 taxes free online W Wages (see Compensation) Winter energy use payments, Payments to reduce cost of winter energy use. 2012 taxes free online Withholding Employment tax, Reminders Pensions and annuities, Withholding. 2012 taxes free online Workers' compensation, Workers' Compensation Worksheets, social security, Which worksheet to use. 2012 taxes free online Prev  Up     Home   More Online Publications
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Small Business Administration (SBA)

The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships the SBA aids, counsels, assists and protects the interests of small business concerns.

Contact the Agency or Department

Website: Small Business Administration (SBA)

Contact In-Person: Find an Office Near You

E-mail:

Address: 409 3rd St., SW, Suite 7600
Washington, DC 20416

Phone Number: (202) 205-6740

Toll-free: (800) 827-5722 (Information)

TTY: (704) 344-6640

The 2012 Taxes Free Online

2012 taxes free online 7. 2012 taxes free online   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. 2012 taxes free online Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. 2012 taxes free online You must determine gross profit before you can deduct any business expenses. 2012 taxes free online These expenses are discussed in chapter 8. 2012 taxes free online If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. 2012 taxes free online Businesses that sell products. 2012 taxes free online   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. 2012 taxes free online Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). 2012 taxes free online Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. 2012 taxes free online   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). 2012 taxes free online The result is the gross profit from your business. 2012 taxes free online Businesses that sell services. 2012 taxes free online   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. 2012 taxes free online Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). 2012 taxes free online Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. 2012 taxes free online Illustration. 2012 taxes free online   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. 2012 taxes free online Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. 2012 taxes free online Gross receipts. 2012 taxes free online   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. 2012 taxes free online You may find it helpful to use cash registers to keep track of receipts. 2012 taxes free online You should also use a proper invoicing system and keep a separate bank account for your business. 2012 taxes free online Sales tax collected. 2012 taxes free online   Check to make sure your records show the correct sales tax collected. 2012 taxes free online   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. 2012 taxes free online   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. 2012 taxes free online Inventory at beginning of year. 2012 taxes free online   Compare this figure with last year's ending inventory. 2012 taxes free online The two amounts should usually be the same. 2012 taxes free online Purchases. 2012 taxes free online   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. 2012 taxes free online ) be sure to remove them from the cost of goods sold. 2012 taxes free online For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. 2012 taxes free online Inventory at end of year. 2012 taxes free online   Check to make sure your procedures for taking inventory are adequate. 2012 taxes free online These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. 2012 taxes free online   Use inventory forms and adding machine tapes as the only evidence for your inventory. 2012 taxes free online Inventory forms are available at office supply stores. 2012 taxes free online These forms have columns for recording the description, quantity, unit price, and value of each inventory item. 2012 taxes free online Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. 2012 taxes free online These forms will help satisfy you that the total inventory is accurate. 2012 taxes free online They will also provide you with a permanent record to support its validity. 2012 taxes free online   Inventories are discussed in chapter 2. 2012 taxes free online Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. 2012 taxes free online First, divide gross profit by net receipts. 2012 taxes free online The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. 2012 taxes free online Next, compare this percentage to your markup policy. 2012 taxes free online Little or no difference between these two percentages shows that your gross profit figure is accurate. 2012 taxes free online A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. 2012 taxes free online You should determine the reason for the difference. 2012 taxes free online Example. 2012 taxes free online   Joe Able operates a retail business. 2012 taxes free online On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. 2012 taxes free online The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. 2012 taxes free online His cost of goods sold is $200,000. 2012 taxes free online This results in a gross profit of $100,000 ($300,000 − $200,000). 2012 taxes free online To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). 2012 taxes free online The resulting 331/3% confirms his markup percentage of 331/3%. 2012 taxes free online Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. 2012 taxes free online The result is gross business income. 2012 taxes free online If you use Schedule C-EZ, include the income on line 1 of the schedule. 2012 taxes free online Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. 2012 taxes free online Prev  Up  Next   Home   More Online Publications