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Amend Your Tax Return

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Amend Your Tax Return

Amend your tax return Publication 936 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. Amend your tax return Tax questions. Amend your tax return Useful Items - You may want to see: Reminders Future developments. Amend your tax return  For the latest information about developments related to Publication 936, Home Mortgage Interest Deduction, such as legislation enacted after it was published, go to www. Amend your tax return irs. Amend your tax return gov/pub936. Amend your tax return Photographs of missing children. Amend your tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Amend your tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Amend your tax return 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. Amend your tax return Introduction This publication discusses the rules for deducting home mortgage interest. Amend your tax return Part I contains general information on home mortgage interest, including points and mortgage insurance premiums. Amend your tax return It also explains how to report deductible interest on your tax return. Amend your tax return Part II explains how your deduction for home mortgage interest may be limited. Amend your tax return It contains Table 1, which is a worksheet you can use to figure the limit on your deduction. Amend your tax return Comments and suggestions. Amend your tax return   We welcome your comments about this publication and your suggestions for future editions. Amend your tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Amend your tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Amend your tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amend your tax return   You can send your comments from www. Amend your tax return irs. Amend your tax return gov/formspubs. Amend your tax return Click on “More Information” and then on “Comment on Tax Forms and Publications. Amend your tax return ”   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 your tax return Ordering forms and publications. Amend your tax return   Visit www. Amend your tax return irs. Amend your tax return 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 days after your request is received. Amend your tax return Internal Revenue Service 1201 N. Amend your tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amend your tax return   If you have a tax question, check the information available on IRS. Amend your tax return gov or call 1-800-829-1040. Amend your tax return We cannot answer tax questions sent to either of the above addresses. Amend your tax return Useful Items - You may want to see: Publication 523 Selling Your Home 527 Residential Rental Property 530 Tax Information for Homeowners 535 Business Expenses   See How To Get Tax Help near the end of this publication, for information about getting these publications. Amend your tax return Prev  Up  Next   Home   More Online Publications
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Videos - American Sign Language (ASL)

Videos are hosted on the IRS YouTube channel. You are welcome to post the videos on your Web site as well.

 

Topic

Transcript

Minutes

Accessible Tax Forms (ASL)

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01:54

Additional Medicare Tax (ASL) Text 03:06
All About IRS.gov (ASL)

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00:58

Amending My Return - (ASL)

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01:52

Are You a Victim of Identity Theft? (ASL) Text 02:19
Careers at the IRS (ASL)

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00:55

Changed Your Name After Marriage or Divorce? (ASL)

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01:48

Charitable Contributions (ASL)

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00:59

Choosing a Tax Preparer (ASL) Text 02:04
Did the IRS Receive My Payment (ASL) Text 01:15
Direct Deposit (ASL)

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00:45

Do It Yourself Free Tax Preparation (ASL) Text 02:30
Do Your Taxes for Free: Sandwich Generation (ASL)

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02:40

Earned Income Tax Credit (ASL) Text 02:29
Education Tax Credits (ASL) Text 02:31
Electronic Federal Tax Payment System (ASL)

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01:03

Employer Identification Number (ASL)

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01:41

Estimated Tax Payments (ASL)

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02:04

Exempt Organizations Select Check (ASL) Text 01:24
Fair Market Value of Charitable Donations (ASL)

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02:33

File Your 1040-EZ Using Free File (ASL) Text 00:45
File Your Taxes for Free: Sandwich Generation (ASL)

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02:40

First-Time Homebuyer Credit Account Look-Up Tool (ASL)

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02:18

For Deaf Users of Relay Services (ASL)

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01:20

Free Help Preparing Your Tax Return (ASL) Text 01:54
Free IRS Tax Help (ASL) Text 01:26
Gambling Winnings and Losses (ASL) Text 02:28
Haven't Filed a Tax Return in Years? (ASL)

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01:16

Health Insurance on W-2 (ASL) Text 02:01
Help for Disaster Victims (ASL)

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02:07

Help Yourself! (ASL) Text 02:12
Home Office Deduction (ASL)

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01:49

How to Get 1040 Forms (ASL) Text 01:50
How to Use the Where's My Refund? Tool (ASL) Text 03:42
Innocent Spouse Relief (ASL)

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03:45

IRS Balance Due Inquiry (ASL) Text 01:15
IRS Efforts On Identity Theft (ASL) Text 02:13
IRS Identity Theft FAQ: First Steps for Victims (ASL) Text 02:54
IRS Identity Theft FAQ: Going After The Bad Guys (ASL) Text 01:57
IRS Information Available in Spanish (ASL)

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01:19

IRS Tax Forms and Publications (ASL)

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01:51

IRS Tax Payment Options (ASL)

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02:31

IRS Withholding Calculator (ASL) Text 02:34
Is Social Security Taxable? (ASL)

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02:05

Job Search Expenses (ASL)

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00:56

Last-Minute Tax Tips (ASL) Text 02:16
Lien Withdrawal (ASL) Text 02:16
Medical and Dental Expenses (ASL) Text 02:59
Message to Taxpayers Text 02:52
Military Tax Tips (ASL)

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02:04

Miscellaneous Income (ASL)

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02:30

Moving Expenses (ASL)

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02:02

Need More Time to File Your Taxes (ASL) Text 01:38
Online Payment Agreement (ASL)

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01:45

Owe More Taxes Than You Expected (ASL)

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01:35

Owe Taxes But Can't Pay (ASL)

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01:18

Phishing-Malware (ASL)

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01:10

Preparing for Disasters (ASL)

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01:26

Protect Yourself From Identity Theft (ASL) Text 02:59
Received a Letter from the IRS? (ASL)

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01:24

Record Keeping(ASL)

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01:02

Renting Your Vacation Home (ASL) Text 02:14
Required Withdrawals from Your IRA (ASL) Text 01:57
Savings Bonds (ASL)

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01:33

Selling Your Home (ASL)

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02:01

Simplified Home Office Deduction (ASL) Text 02:28
Small Tax-Exempts Annual Reporting Reminder (ASL)

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01:43

Split Refunds – Savings Bonds (ASL)

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01:14

Standard Versus Itemized Deductions (ASL)

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01:58

Summer Day Camp Expenses (ASL)

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01:06

Tanning Tax Fitness Center Exception (ASL)

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01:35

Tap into IRS for Accessible Tax Information (ASL)

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01:52

Tax Information About Same-Sex Marriage (ASL) Text 01:52
Tax Refund Scams (ASL)

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02:23

Tax Return Errors (ASL)

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03:14

Tax Scam (ASL)

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00:60

Taxable and Nontaxable Income (ASL)

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02:08

Taxpayer Assistance Centers (ASL)

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01:37

Top Tax Return Mistakes (ASL)

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Undelivered Refunds  (ASL)

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01:22

Understanding Taxes (ASL)

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02:24

Volunteer Income Tax Assistance Recruitment (ASL)

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W-2 Missing? (ASL)

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02:56

What If? (ASL)

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00:50

When Will I Get My Refund? (ASL) Text 02:42
Where Taxpayers With Disabilities Can Find Online Help from the IRS (ASL) Text 02:03
Your Guide to an IRS Audit (ASL)

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02:37

 

 


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Page Last Reviewed or Updated: 28-Mar-2014

The Amend Your Tax Return

Amend your tax return 7. Amend your tax return   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Amend your tax return 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. Amend your tax return You must determine gross profit before you can deduct any business expenses. Amend your tax return These expenses are discussed in chapter 8. Amend your tax return 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. Amend your tax return Businesses that sell products. Amend your tax return   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Amend your tax return Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). Amend your tax return Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. Amend your tax return   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). Amend your tax return The result is the gross profit from your business. Amend your tax return Businesses that sell services. Amend your tax return   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. Amend your tax return Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). Amend your tax return Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. Amend your tax return Illustration. Amend your tax return   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Amend your tax return 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. Amend your tax return Gross receipts. Amend your tax return   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Amend your tax return You may find it helpful to use cash registers to keep track of receipts. Amend your tax return You should also use a proper invoicing system and keep a separate bank account for your business. Amend your tax return Sales tax collected. Amend your tax return   Check to make sure your records show the correct sales tax collected. Amend your tax return   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. Amend your tax return   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. Amend your tax return Inventory at beginning of year. Amend your tax return   Compare this figure with last year's ending inventory. Amend your tax return The two amounts should usually be the same. Amend your tax return Purchases. Amend your tax return   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. Amend your tax return ) be sure to remove them from the cost of goods sold. Amend your tax return For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. Amend your tax return Inventory at end of year. Amend your tax return   Check to make sure your procedures for taking inventory are adequate. Amend your tax return These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. Amend your tax return   Use inventory forms and adding machine tapes as the only evidence for your inventory. Amend your tax return Inventory forms are available at office supply stores. Amend your tax return These forms have columns for recording the description, quantity, unit price, and value of each inventory item. Amend your tax return Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. Amend your tax return These forms will help satisfy you that the total inventory is accurate. Amend your tax return They will also provide you with a permanent record to support its validity. Amend your tax return   Inventories are discussed in chapter 2. Amend your tax return Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. Amend your tax return First, divide gross profit by net receipts. Amend your tax return The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. Amend your tax return Next, compare this percentage to your markup policy. Amend your tax return Little or no difference between these two percentages shows that your gross profit figure is accurate. Amend your tax return A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Amend your tax return You should determine the reason for the difference. Amend your tax return Example. Amend your tax return   Joe Able operates a retail business. Amend your tax return On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Amend your tax return The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Amend your tax return His cost of goods sold is $200,000. Amend your tax return This results in a gross profit of $100,000 ($300,000 − $200,000). Amend your tax return To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Amend your tax return The resulting 331/3% confirms his markup percentage of 331/3%. Amend your tax return 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. Amend your tax return The result is gross business income. Amend your tax return If you use Schedule C-EZ, include the income on line 1 of the schedule. Amend your tax return 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. Amend your tax return Prev  Up  Next   Home   More Online Publications