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Amend A 2012 Return

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Amend A 2012 Return

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Contact My Local Office in South Carolina

Face-to-face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

City  Street Address  Days/Hours of Service  Telephone* 
Charleston 1 Poston Rd. 
Charleston, SC 29407

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

    Services Provided

(843) 566-0209 
Columbia  1835 Assembly St.
Columbia, SC 29201 

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

    Services Provided

(803) 765-5544 
Florence  401 W. Evans St.
Florence, SC 29501 

Monday-Friday - 8:30 a.m.- 4:30 p.m. 
(Closed for lunch 12:30 p.m.-1:30 p.m.)

 

     Services Provided

(843) 664-8889 
Greenville  440 Roper Mountain Rd.
Greenville, SC 29615 

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

    Services Provided

(864) 286-7095 
Myrtle Beach  601 19th Ave. N.
Myrtle Beach, SC 29577 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
(Closed for lunch 12:00 noon-1:00 p.m.)

 

     Services Provided

(843) 626-2700 

* Note: The phone numbers listed in the chart above are not toll-free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses). 

For information on where to file your tax return please see Where to File Addresses

The Taxpayer Advocate Service: Call (803)253-3029 in Columbia or 1-877-777-4778 elsewhere, or see Publication 1546, The Taxpayer Advocate Service of the IRS. For further information, see  Tax Topic 104.

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
1835 Assembly St. MDP 16
Columbia, SC 29201

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The Amend A 2012 Return

Amend a 2012 return 6. Amend a 2012 return   How To Figure Cost of Goods Sold Table of Contents Introduction Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42Line 35 Inventory at Beginning of Year Line 36 Purchases Less Cost of Items Withdrawn for Personal Use Line 37 Cost of Labor Line 38 Materials and Supplies Line 39 Other Costs Line 40 Add Lines 35 through 39 Line 41 Inventory at End of Year Line 42 Cost of Goods Sold Introduction If you make or buy goods to sell, you can deduct the cost of goods sold from your gross receipts on Schedule C. Amend a 2012 return However, to determine these costs, you must value your inventory at the beginning and end of each tax year. Amend a 2012 return This chapter applies to you if you are a manufacturer, wholesaler, or retailer or if you are engaged in any business that makes, buys, or sells goods to produce income. Amend a 2012 return This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. Amend a 2012 return However, if you work in a personal service business and also sell or charge for the materials and supplies normally used in your business, this chapter applies to you. Amend a 2012 return If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. Amend a 2012 return For more information, see chapter 2. Amend a 2012 return Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42 Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. Amend a 2012 return These lines are reproduced below and are explained in the discussion that follows. Amend a 2012 return 35 Inventory at beginning of year. Amend a 2012 return If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. Amend a 2012 return Do not include any amounts paid to yourself   38 Materials and supplies   39 Other costs   40 Add lines 35 through 39   41 Inventory at end of year   42 Cost of goods sold. Amend a 2012 return Subtract line 41 from line 40. Amend a 2012 return  Enter the result here and on line 4   Line 35 Inventory at Beginning of Year If you are a merchant, beginning inventory is the cost of merchandise on hand at the beginning of the year that you will sell to customers. Amend a 2012 return If you are a manufacturer or producer, it includes the total cost of raw materials, work in process, finished goods, and materials and supplies used in manufacturing the goods (see Inventories in chapter 2). Amend a 2012 return Opening inventory usually will be identical to the closing inventory of the year before. Amend a 2012 return You must explain any difference in a schedule attached to your return. Amend a 2012 return Donation of inventory. Amend a 2012 return   If you contribute inventory (property that you sell in the course of your business), the amount you can claim as a contribution deduction is the smaller of its fair market value on the day you contributed it or its basis. Amend a 2012 return The basis of donated inventory is any cost incurred for the inventory in an earlier year that you would otherwise include in your opening inventory for the year of the contribution. Amend a 2012 return You must remove the amount of your contribution deduction from your opening inventory. Amend a 2012 return It is not part of the cost of goods sold. Amend a 2012 return   If the cost of donated inventory is not included in your opening inventory, the inventory's basis is zero and you cannot claim a charitable contribution deduction. Amend a 2012 return Treat the inventory's cost as you would ordinarily treat it under your method of accounting. Amend a 2012 return For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. Amend a 2012 return   A special rule may apply to certain donations of food inventory. Amend a 2012 return See Publication 526, Charitable Contributions. Amend a 2012 return Example 1. Amend a 2012 return You are a calendar year taxpayer who uses an accrual method of accounting. Amend a 2012 return In 2013, you contributed property from inventory to a church. Amend a 2012 return It had a fair market value of $600. Amend a 2012 return The closing inventory at the end of 2012 properly included $400 of costs due to the acquisition of the property, and in 2012, you properly deducted $50 of administrative and other expenses attributable to the property as business expenses. Amend a 2012 return The charitable contribution allowed for 2013 is $400 ($600 − $200). Amend a 2012 return The $200 is the amount that would be ordinary income if you had sold the contributed inventory at fair market value on the date of the gift. Amend a 2012 return The cost of goods sold you use in determining gross income for 2013 must not include the $400. Amend a 2012 return You remove that amount from opening inventory for 2013. Amend a 2012 return Example 2. Amend a 2012 return If, in Example 1, you acquired the contributed property in 2013 at a cost of $400, you would include the $400 cost of the property in figuring the cost of goods sold for 2013 and deduct the $50 of administrative and other expenses attributable to the property for that year. Amend a 2012 return You would not be allowed any charitable contribution deduction for the contributed property. Amend a 2012 return Line 36 Purchases Less Cost of Items Withdrawn for Personal Use If you are a merchant, use the cost of all merchandise you bought for sale. Amend a 2012 return If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. Amend a 2012 return Trade discounts. Amend a 2012 return   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. Amend a 2012 return You must use the prices you pay (not the stated prices) in figuring your cost of purchases. Amend a 2012 return Do not show the discount amount separately as an item in gross income. Amend a 2012 return   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. Amend a 2012 return Cash discounts. Amend a 2012 return   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. Amend a 2012 return There are two methods of accounting for cash discounts. Amend a 2012 return You can either credit them to a separate discount account or deduct them from total purchases for the year. Amend a 2012 return Whichever method you use, you must be consistent. Amend a 2012 return If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. Amend a 2012 return For more information, see Change in Accounting Method in chapter 2. Amend a 2012 return   If you credit cash discounts to a separate account, you must include this credit balance in your business income at the end of the tax year. Amend a 2012 return If you use this method, do not reduce your cost of goods sold by the cash discounts. Amend a 2012 return Purchase returns and allowances. Amend a 2012 return   You must deduct all returns and allowances from your total purchases during the year. Amend a 2012 return Merchandise withdrawn from sale. Amend a 2012 return   If you withdraw merchandise for your personal or family use, you must exclude this cost from the total amount of merchandise you bought for sale. Amend a 2012 return Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. Amend a 2012 return You must also charge the amount to your drawing account. Amend a 2012 return   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. Amend a 2012 return As stated above, you also use it to record withdrawals of merchandise for personal or family use. Amend a 2012 return This account is also known as a “withdrawals account” or “personal account. Amend a 2012 return ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. Amend a 2012 return Small merchandisers (wholesalers, retailers, etc. Amend a 2012 return ) usually do not have labor costs that can properly be charged to cost of goods sold. Amend a 2012 return In a manufacturing business, labor costs properly allocable to the cost of goods sold include both the direct and indirect labor used in fabricating the raw material into a finished, saleable product. Amend a 2012 return Direct labor. Amend a 2012 return   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. Amend a 2012 return They also include a part of the wages you pay to employees who work directly on the product part time if you can determine that part of their wages. Amend a 2012 return Indirect labor. Amend a 2012 return   Indirect labor costs are the wages you pay to employees who perform a general factory function that does not have any immediate or direct connection with making the saleable product, but that is a necessary part of the manufacturing process. Amend a 2012 return Other labor. Amend a 2012 return   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. Amend a 2012 return Generally, the only kinds of labor costs properly chargeable to your cost of goods sold are the direct or indirect labor costs and certain other costs treated as overhead expenses properly charged to the manufacturing process, as discussed later under Line 39 Other Costs. Amend a 2012 return Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. Amend a 2012 return Those that are not used in the manufacturing process are treated as deferred charges. Amend a 2012 return You deduct them as a business expense when you use them. Amend a 2012 return Business expenses are discussed in chapter 8. Amend a 2012 return Line 39 Other Costs Examples of other costs incurred in a manufacturing or mining process that you charge to your cost of goods sold are as follows. Amend a 2012 return Containers. Amend a 2012 return   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. Amend a 2012 return If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. Amend a 2012 return Freight-in. Amend a 2012 return   Freight-in, express-in, and cartage-in on raw materials, supplies you use in production, and merchandise you purchase for sale are all part of cost of goods sold. Amend a 2012 return Overhead expenses. Amend a 2012 return   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. Amend a 2012 return The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. Amend a 2012 return Line 40 Add Lines 35 through 39 The total of lines 35 through 39 equals the cost of the goods available for sale during the year. Amend a 2012 return Line 41 Inventory at End of Year Subtract the value of your closing inventory (including, as appropriate, the allocable parts of the cost of raw materials and supplies, direct labor, and overhead expenses) from line 40. Amend a 2012 return Inventory at the end of the year is also known as closing or ending inventory. Amend a 2012 return Your ending inventory will usually become the beginning inventory of your next tax year. Amend a 2012 return Line 42 Cost of Goods Sold When you subtract your closing inventory (inventory at the end of the year) from the cost of goods available for sale, the remainder is your cost of goods sold during the tax year. Amend a 2012 return Prev  Up  Next   Home   More Online Publications