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Amend 2011 Tax Return Form

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Amend 2011 Tax Return Form

Amend 2011 tax return form Publication 584-B - Main Content Table of Contents How To Use This Workbook Comments and SuggestionsOrdering forms and publications. Amend 2011 tax return form Tax questions. Amend 2011 tax return form How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Amend 2011 tax return form How To Use This Workbook You can use this workbook by following these five steps. Amend 2011 tax return form Read Publication 547 to learn about the tax rules for casualties, disasters, and thefts. Amend 2011 tax return form Know the definitions of adjusted basis and fair market value, discussed below. Amend 2011 tax return form Fill out Schedules 1 through 6. Amend 2011 tax return form Read the Instructions for Form 4684. Amend 2011 tax return form Fill out Form 4684 using the information you entered in Schedules 1 through 6. Amend 2011 tax return form Use the chart below to find out how to use Schedules 1 through 6 to fill out Form 4684. Amend 2011 tax return form Take what's in each row of. Amend 2011 tax return form . Amend 2011 tax return form . Amend 2011 tax return form And enter it on Form 4684. Amend 2011 tax return form . Amend 2011 tax return form . Amend 2011 tax return form Column 1 Line 19 Column 2 Line 20 Column 3 Line 21 Column 4 Line 22 Column 5 Line 23 Column 6 Line 24 Column 7 Line 25 Column 8 Line 26 Column 9 Line 27 Adjusted basis. Amend 2011 tax return form   Adjusted basis usually means original cost plus improvements, minus depreciation allowed or allowable (including any section 179 expense deduction), amortization, depletion, etc. Amend 2011 tax return form If you did not acquire the property by purchasing it, your basis is determined as discussed in Publication 551, Basis of Assets. Amend 2011 tax return form If you inherited the property from someone who died in 2010 and the executor of the decedent's estate made the election to file Form 8939, Allocation of Increase in Basis for Property Received From a Decedent, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. Amend 2011 tax return form Fair market value. Amend 2011 tax return form   Fair market value is the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts. Amend 2011 tax return form When filling out Schedules 1 through 6, you need to know the fair market value of the property immediately before and immediately after the disaster or casualty. Amend 2011 tax return form Deduction limits. Amend 2011 tax return form   If your casualty or theft loss involved a home you used for business or rented out, your deductible loss may be limited. Amend 2011 tax return form See the Instructions for Form 4684, Section B. Amend 2011 tax return form If the casualty or theft loss involved property used in a passive activity, see Form 8582, Passive Activity Loss Limitations, and its instructions. Amend 2011 tax return form   The casualty and theft loss deduction for employee property, when added to your job expenses and most other miscellaneous itemized deductions on Schedule A (Form 1040), must be reduced by 2% of your adjusted gross income. Amend 2011 tax return form Employee property is property used in performing services as an employee. Amend 2011 tax return form Comments and Suggestions We welcome your comments about this publication and your suggestions for future editions. Amend 2011 tax return form You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Amend 2011 tax return form NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Amend 2011 tax return form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amend 2011 tax return form You can email us at taxforms@irs. Amend 2011 tax return form gov. Amend 2011 tax return form Please put “Publications Comment” on the subject line. Amend 2011 tax return form You can also send us comments from www. Amend 2011 tax return form irs. Amend 2011 tax return form gov/formspubs/. Amend 2011 tax return form Select “Comment on Tax Forms and Publications” under “Information about. Amend 2011 tax return form ” 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. Amend 2011 tax return form Ordering forms and publications. Amend 2011 tax return form   Visit www. Amend 2011 tax return form irs. Amend 2011 tax return form gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Amend 2011 tax return form Internal Revenue Service 1201 N. Amend 2011 tax return form Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amend 2011 tax return form   If you have a tax question, check the information available on IRS. Amend 2011 tax return form gov or call 1-800-829-1040. Amend 2011 tax return form We cannot answer tax questions sent to either of the above addresses. Amend 2011 tax return form How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Amend 2011 tax return form By selecting the method that is best for you, you will have quick and easy access to tax help. Amend 2011 tax return form Free help with your return. Amend 2011 tax return form   Free help in preparing your return is available nationwide from IRS-certified volunteers. Amend 2011 tax return form The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Amend 2011 tax return form Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Amend 2011 tax return form To find the nearest VITA or TCE site, visit IRS. Amend 2011 tax return form gov or call 1-800-906-9887 or 1-800-829-1040. Amend 2011 tax return form   As part of the TCE program, AARP offers the Tax-Aide counseling program. Amend 2011 tax return form To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. Amend 2011 tax return form aarp. Amend 2011 tax return form org/money/taxaide. Amend 2011 tax return form   For more information on these programs, go to IRS. Amend 2011 tax return form gov and enter keyword “VITA” in the upper right-hand corner. Amend 2011 tax return form Internet. Amend 2011 tax return form You can access the IRS website at IRS. Amend 2011 tax return form gov 24 hours a day, 7 days a week to: Check the status of your 2011 refund. Amend 2011 tax return form Go to IRS. Amend 2011 tax return form gov and click on Where's My Refund. Amend 2011 tax return form Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Amend 2011 tax return form If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Amend 2011 tax return form Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Amend 2011 tax return form E-file your return. Amend 2011 tax return form Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Amend 2011 tax return form Download forms, including talking tax forms, instructions, and publications. Amend 2011 tax return form Order IRS products online. Amend 2011 tax return form Research your tax questions online. Amend 2011 tax return form Search publications online by topic or keyword. Amend 2011 tax return form Use the online Internal Revenue Code, regulations, or other official guidance. Amend 2011 tax return form View Internal Revenue Bulletins (IRBs) published in the last few years. Amend 2011 tax return form Figure your withholding allowances using the withholding calculator online at www. Amend 2011 tax return form irs. Amend 2011 tax return form gov/individuals. Amend 2011 tax return form Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at www. Amend 2011 tax return form irs. Amend 2011 tax return form gov/individuals. Amend 2011 tax return form Sign up to receive local and national tax news by email. Amend 2011 tax return form Get information on starting and operating a small business. Amend 2011 tax return form Phone. Amend 2011 tax return form Many services are available by phone. Amend 2011 tax return form   Ordering forms, instructions, and publications. Amend 2011 tax return form Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. Amend 2011 tax return form You should receive your order within 10 days. Amend 2011 tax return form Asking tax questions. Amend 2011 tax return form Call the IRS with your tax questions at 1-800-829-1040. Amend 2011 tax return form Solving problems. Amend 2011 tax return form You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Amend 2011 tax return form An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Amend 2011 tax return form Call your local Taxpayer Assistance Center for an appointment. Amend 2011 tax return form To find the number, go to www. Amend 2011 tax return form irs. Amend 2011 tax return form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Amend 2011 tax return form TTY/TDD equipment. Amend 2011 tax return form If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Amend 2011 tax return form TeleTax topics. Amend 2011 tax return form Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. Amend 2011 tax return form Refund information. Amend 2011 tax return form You can check the status of your refund on the new IRS phone app. Amend 2011 tax return form Download the free IRS2Go app by visiting the iTunes app store or the Android Marketplace. Amend 2011 tax return form IRS2Go is a new way to provide you with information and tools. Amend 2011 tax return form To check the status of your refund by phone, call 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). Amend 2011 tax return form Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Amend 2011 tax return form If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Amend 2011 tax return form Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Amend 2011 tax return form If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. Amend 2011 tax return form Other refund information. Amend 2011 tax return form To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. Amend 2011 tax return form Evaluating the quality of our telephone services. Amend 2011 tax return form To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Amend 2011 tax return form One method is for a second IRS representative to listen in on or record random telephone calls. Amend 2011 tax return form Another is to ask some callers to complete a short survey at the end of the call. Amend 2011 tax return form Walk-in. Amend 2011 tax return form Many products and services are available on a walk-in basis. Amend 2011 tax return form   Products. Amend 2011 tax return form You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Amend 2011 tax return form Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. Amend 2011 tax return form Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Amend 2011 tax return form Services. Amend 2011 tax return form You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Amend 2011 tax return form An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Amend 2011 tax return form If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Amend 2011 tax return form No appointment is necessary—just walk in. Amend 2011 tax return form If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Amend 2011 tax return form A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Amend 2011 tax return form If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. Amend 2011 tax return form All other issues will be handled without an appointment. Amend 2011 tax return form To find the number of your local office, go to  www. Amend 2011 tax return form irs. Amend 2011 tax return form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Amend 2011 tax return form Mail. Amend 2011 tax return form You can send your order for forms, instructions, and publications to the address below. Amend 2011 tax return form You should receive a response within 10 days after your request is received. Amend 2011 tax return form  Internal Revenue Service 1201 N. Amend 2011 tax return form Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. Amend 2011 tax return form   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Amend 2011 tax return form Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. Amend 2011 tax return form We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. Amend 2011 tax return form Remember, the worst thing you can do is nothing at all. Amend 2011 tax return form   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. Amend 2011 tax return form You face (or your business is facing) an immediate threat of adverse action. Amend 2011 tax return form You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. Amend 2011 tax return form   If you qualify for our help, we’ll do everything we can to get your problem resolved. Amend 2011 tax return form You will be assigned to one advocate who will be with you at every turn. Amend 2011 tax return form We have offices in every state, the District of Columbia, and Puerto Rico. Amend 2011 tax return form Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. Amend 2011 tax return form And our services are always free. Amend 2011 tax return form   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Amend 2011 tax return form Our tax toolkit at www. Amend 2011 tax return form TaxpayerAdvocate. Amend 2011 tax return form irs. Amend 2011 tax return form gov can help you understand these rights. Amend 2011 tax return form   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. Amend 2011 tax return form irs. Amend 2011 tax return form gov/advocate. Amend 2011 tax return form You can also call our toll-free number at 1-877-777-4778. Amend 2011 tax return form   TAS also handles large-scale or systemic problems that affect many taxpayers. Amend 2011 tax return form If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Amend 2011 tax return form irs. Amend 2011 tax return form gov/advocate. Amend 2011 tax return form Low Income Taxpayer Clinics (LITCs). Amend 2011 tax return form   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. Amend 2011 tax return form Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. Amend 2011 tax return form These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. Amend 2011 tax return form Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. Amend 2011 tax return form For more information and to find a clinic near you, see the LITC page at www. Amend 2011 tax return form irs. Amend 2011 tax return form gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. Amend 2011 tax return form This publication is also available by calling 1-800-829-3676 or at your local IRS office. Amend 2011 tax return form Free tax services. Amend 2011 tax return form   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. Amend 2011 tax return form Learn about free tax information from the IRS, including publications, services, and education and assistance programs. Amend 2011 tax return form The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. Amend 2011 tax return form The majority of the information and services listed in this publication are available to you free of charge. Amend 2011 tax return form If there is a fee associated with a resource or service, it is listed in the publication. Amend 2011 tax return form   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. Amend 2011 tax return form DVD for tax products. Amend 2011 tax return form You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. Amend 2011 tax return form Prior-year forms, instructions, and publications. Amend 2011 tax return form Tax Map: an electronic research tool and finding aid. Amend 2011 tax return form Tax law frequently asked questions. Amend 2011 tax return form Tax Topics from the IRS telephone response system. Amend 2011 tax return form Internal Revenue Code—Title 26 of the U. Amend 2011 tax return form S. Amend 2011 tax return form Code. Amend 2011 tax return form Links to other Internet based Tax Research Materials. Amend 2011 tax return form Fill-in, print, and save features for most tax forms. Amend 2011 tax return form Internal Revenue Bulletins. Amend 2011 tax return form Toll-free and email technical support. Amend 2011 tax return form Two releases during the year. Amend 2011 tax return form  – The first release will ship the beginning of January 2012. Amend 2011 tax return form  – The final release will ship the beginning of March 2012. Amend 2011 tax return form Purchase the DVD from National Technical Information Service (NTIS) at www. Amend 2011 tax return form irs. Amend 2011 tax return form gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). Amend 2011 tax return form Prev  Up  Next   Home   More Online Publications
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The Amend 2011 Tax Return Form

Amend 2011 tax return form 1. Amend 2011 tax return form   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. Amend 2011 tax return form 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. Amend 2011 tax return form Tax records are not the only type of records you need to keep for your farming business. Amend 2011 tax return form You should also keep records that measure your farm's financial performance. Amend 2011 tax return form This publication only discusses tax records. Amend 2011 tax return form 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. Amend 2011 tax return form For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Amend 2011 tax return form ffsc. Amend 2011 tax return form org. Amend 2011 tax return form For more information, contact Countryside Marketing, Inc. Amend 2011 tax return form in the following manner. Amend 2011 tax return form Call 262-253-6902. Amend 2011 tax return form Send a fax to 262-253-6903. Amend 2011 tax return form Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Amend 2011 tax return form , #287 Menomonee Falls, WI 53051. Amend 2011 tax return form 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. Amend 2011 tax return form Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Amend 2011 tax return form Recordkeeping will help you do the following. Amend 2011 tax return form Monitor the progress of your farming business. Amend 2011 tax return form   You need records to monitor the progress of your farming business. Amend 2011 tax return form Records can show whether your business is improving, which items are selling, or what changes you need to make. Amend 2011 tax return form Records can help you make better decisions that may increase the likelihood of business success. Amend 2011 tax return form Prepare your financial statements. Amend 2011 tax return form   You need records to prepare accurate financial statements. Amend 2011 tax return form These include income (profit and loss) statements and balance sheets. Amend 2011 tax return form These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Amend 2011 tax return form Identify source of receipts. Amend 2011 tax return form   You will receive money or property from many sources. Amend 2011 tax return form Your records can identify the source of your receipts. Amend 2011 tax return form You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Amend 2011 tax return form Keep track of deductible expenses. Amend 2011 tax return form   You may forget expenses when you prepare your tax return unless you record them when they occur. Amend 2011 tax return form Prepare your tax returns. Amend 2011 tax return form   You need records to prepare your tax return. Amend 2011 tax return form For example, your records must support the income, expenses, and credits you report. Amend 2011 tax return form Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Amend 2011 tax return form Support items reported on tax returns. Amend 2011 tax return form   You must keep your business records available at all times for inspection by the IRS. Amend 2011 tax return form If the IRS examines any of your tax returns, you may be asked to explain the items reported. Amend 2011 tax return form A complete set of records will speed up the examination. Amend 2011 tax return form Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Amend 2011 tax return form You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Amend 2011 tax return form You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Amend 2011 tax return form See  chapter 2. Amend 2011 tax return form If you are in more than one business, you should keep a complete and separate set of records for each business. Amend 2011 tax return form A corporation should keep minutes of board of directors' meetings. Amend 2011 tax return form Your recordkeeping system should include a summary of your business transactions. Amend 2011 tax return form This summary is ordinarily made in accounting journals and ledgers. Amend 2011 tax return form For example, they must show your gross income, as well as your deductions and credits. Amend 2011 tax return form In addition, you must keep supporting documents. Amend 2011 tax return form Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Amend 2011 tax return form These documents contain the information you need to record in your journals and ledgers. Amend 2011 tax return form It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Amend 2011 tax return form Keep them in an orderly fashion and in a safe place. Amend 2011 tax return form For instance, organize them by year and type of income or expense. Amend 2011 tax return form Electronic records. Amend 2011 tax return form   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Amend 2011 tax return form 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. Amend 2011 tax return form 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. Amend 2011 tax return form The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Amend 2011 tax return form All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Amend 2011 tax return form Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Amend 2011 tax return form 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. Amend 2011 tax return form You still have the responsibility of retaining any other books and records that are required to be retained. Amend 2011 tax return form The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Amend 2011 tax return form This test is not considered an examination and the results must be shared with you. Amend 2011 tax return form If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Amend 2011 tax return form 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. Amend 2011 tax return form For details on electronic storage system requirements, see Rev. Amend 2011 tax return form Proc. Amend 2011 tax return form 97-22. Amend 2011 tax return form You can find Rev. Amend 2011 tax return form Proc. Amend 2011 tax return form 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. Amend 2011 tax return form irs. Amend 2011 tax return form gov/pub/irs-irbs/irb97-13. Amend 2011 tax return form pdf. Amend 2011 tax return form Travel, transportation, entertainment, and gift expenses. Amend 2011 tax return form   Specific recordkeeping rules apply to these expenses. Amend 2011 tax return form For more information, see Publication 463. Amend 2011 tax return form Employment taxes. Amend 2011 tax return form   There are specific employment tax records you must keep. Amend 2011 tax return form For a list, see Publication 51 (Circular A). Amend 2011 tax return form Excise taxes. Amend 2011 tax return form   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. Amend 2011 tax return form Assets. Amend 2011 tax return form   Assets are the property, such as machinery and equipment, you own and use in your business. Amend 2011 tax return form You must keep records to verify certain information about your business assets. Amend 2011 tax return form You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Amend 2011 tax return form Your records should show all the following. Amend 2011 tax return form When and how you acquired the asset. Amend 2011 tax return form Purchase price. Amend 2011 tax return form Cost of any improvements. Amend 2011 tax return form Section 179 deduction taken. Amend 2011 tax return form Deductions taken for depreciation. Amend 2011 tax return form Deductions taken for casualty losses, such as losses resulting from fires or storms. Amend 2011 tax return form How you used the asset. Amend 2011 tax return form When and how you disposed of the asset. Amend 2011 tax return form Selling price. Amend 2011 tax return form Expenses of sale. Amend 2011 tax return form   The following are examples of records that may show this information. Amend 2011 tax return form Purchase and sales invoices. Amend 2011 tax return form Real estate closing statements. Amend 2011 tax return form Canceled checks. Amend 2011 tax return form Bank statements. Amend 2011 tax return form Financial account statements as proof of payment. Amend 2011 tax return form   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Amend 2011 tax return form These include account statements prepared for the financial institution by a third party. Amend 2011 tax return form These account statements must be legible. Amend 2011 tax return form The following table lists acceptable account statements. Amend 2011 tax return form IF payment is by. Amend 2011 tax return form . Amend 2011 tax return form . Amend 2011 tax return form THEN the statement must show the. Amend 2011 tax return form . Amend 2011 tax return form . Amend 2011 tax return form Check Check number. Amend 2011 tax return form Amount. Amend 2011 tax return form Payee's name. Amend 2011 tax return form Date the check amount was posted to the account by the financial institution. Amend 2011 tax return form Electronic funds  transfer Amount transferred. Amend 2011 tax return form Payee's name. Amend 2011 tax return form Date the transfer was posted to the account by the financial institution. Amend 2011 tax return form Credit card Amount charged. Amend 2011 tax return form Payee's name. Amend 2011 tax return form Transaction date. Amend 2011 tax return form    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Amend 2011 tax return form You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Amend 2011 tax return form Tax returns. Amend 2011 tax return form   Keep copies of your filed tax returns. Amend 2011 tax return form They help in preparing future tax returns and making computations if you file an amended return. Amend 2011 tax return form Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Amend 2011 tax return form 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. Amend 2011 tax return form 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. Amend 2011 tax return form A period of limitations is the period of time after which no legal action can be brought. Amend 2011 tax return form 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. Amend 2011 tax return form However, certain records must be kept for a longer period of time, as discussed below. Amend 2011 tax return form Employment taxes. Amend 2011 tax return form   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. Amend 2011 tax return form Assets. Amend 2011 tax return form   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. Amend 2011 tax return form 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. Amend 2011 tax return form   You may need to keep records relating to the basis of property longer than the period of limitation. Amend 2011 tax return form Keep those records as long as they are important in figuring the basis of the original or replacement property. Amend 2011 tax return form 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. Amend 2011 tax return form 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. Amend 2011 tax return form For more information on basis, see chapter 6. Amend 2011 tax return form Records for nontax purposes. Amend 2011 tax return form   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. Amend 2011 tax return form For example, your insurance company or creditors may require you to keep them longer than the IRS does. Amend 2011 tax return form Prev  Up  Next   Home   More Online Publications