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Amending My Tax Return

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Amending My Tax Return

Amending my tax return Publication 946 - Additional Material Table of Contents Appendix B — Table of Class Lives and Recovery PeriodsHow To Use the Tables This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Appendix A Please click here for the text description of the image. Amending my tax return Table A-1 and A-2 Please click here for the text description of the image. Amending my tax return Table A-3 and A-4 Please click here for the text description of the image. Amending my tax return Table A-5 and A-6 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-7 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-8 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-8 (continued) This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-9 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-9 (continued) This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-10 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A–10 (continued) This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-11 Please click here for the text description of the image. Amending my tax return Table A-11 (continued) This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-12 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-12 (continued) This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-13, A-14 and A-14 (continued. Amending my tax return 1) Please click here for the text description of the image. Amending my tax return Table A-14 (continued. Amending my tax return 2) Please click here for the text description of the image. Amending my tax return Table A-15 Please click here for the text description of the image. Amending my tax return Table A-15 (continued) Please click here for the text description of the image. Amending my tax return Table A-16 Please click here for the text description of the image. Amending my tax return Table A-16 (continued) This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-17 Please click here for the text description of the image. Amending my tax return Table A-17 (continued) Please click here for the text description of the image. Amending my tax return Table A-18 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-18 (continued) This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table A-19 and Table A-20 Please click here for the text description of the image. Amending my tax return Quality Indian Reservation Property Tables Please click here for the text description of the image. Amending my tax return Qualified Indian Reservation Property Tables 2 Appendix B — Table of Class Lives and Recovery Periods The Table of Class Lives and Recovery Periods has two sections. Amending my tax return The first section, Specific Depreciable Assets Used In All Business Activities, Except As Noted, generally lists assets used in all business activities. Amending my tax return It is shown as Table B-1. Amending my tax return The second section, Depreciable Assets Used In The Following Activities, describes assets used only in certain activities. Amending my tax return It is shown as Table B-2. Amending my tax return How To Use the Tables You will need to look at both Table B-1 and B-2 to find the correct recovery period. Amending my tax return Generally, if the property is listed in Table B-1 you use the recovery period shown in that table. Amending my tax return However, if the property is specifically listed in Table B-2 under the type of activity in which it is used, you use the recovery period listed under the activity in that table. Amending my tax return Use the tables in the order shown below to determine the recovery period of your depreciable property. Amending my tax return Table B-1. Amending my tax return   Check Table B-1 for a description of the property. Amending my tax return If it is described in Table B-1, also check Table B-2 to find the activity in which the property is being used. Amending my tax return If the activity is described in Table B-2, read the text (if any) under the title to determine if the property is specifically included in that asset class. Amending my tax return If it is, use the recovery period shown in the appropriate column of Table B-2 following the description of the activity. Amending my tax return If the activity is not described in Table B-2 or if the activity is described but the property either is not specifically included in or is specifically excluded from that asset class, then use the recovery period shown in the appropriate column following the description of the property in Table B-1. Amending my tax return Tax-exempt use property subject to a lease. Amending my tax return   The recovery period for ADS cannot be less than 125 percent of the lease term for any property leased under a leasing arrangement to a tax-exempt organization, governmental unit, or foreign person or entity (other than a partnership). Amending my tax return Table B-2. Amending my tax return   If the property is not listed in Table B-1, check Table B-2 to find the activity in which the property is being used and use the recovery period shown in the appropriate column following the description. Amending my tax return Property not in either table. Amending my tax return   If the activity or the property is not included in either table, check the end of Table B-2 to find Certain Property for Which Recovery Periods Assigned. Amending my tax return This property generally has a recovery period of 7 years for GDS or 12 years for ADS. Amending my tax return See Which Property Class Applies Under GDS and Which Recovery Period Applies in chapter 4 for the class lives or the recovery periods for GDS and ADS for the following. Amending my tax return Residential rental property and nonresidential real property (also see Appendix A, Chart 2). Amending my tax return Qualified rent-to-own property. Amending my tax return A motorsport entertainment complex placed in service before January 1, 2014. Amending my tax return Any retail motor fuels outlet. Amending my tax return Any qualified leasehold improvement property placed in service before January 1, 2014. Amending my tax return Any qualified restaurant property placed in service before January 1, 2014. Amending my tax return Initial clearing and grading land improvements for gas utility property and electric utility transmission and distribution plants. Amending my tax return Any water utility property. Amending my tax return Certain electric transmission property used in the transmission at 69 or more kilovolts of electricity for sale and placed in service after April 11, 2005. Amending my tax return Natural gas gathering and distribution lines placed in service after April 11, 2005. Amending my tax return Example 1. Amending my tax return Richard Green is a paper manufacturer. Amending my tax return During the year, he made substantial improvements to the land on which his paper plant is located. Amending my tax return He checks Table B-1 and finds land improvements under asset class 00. Amending my tax return 3. Amending my tax return He then checks Table B-2 and finds his activity, paper manufacturing, under asset class 26. Amending my tax return 1, Manufacture of Pulp and Paper. Amending my tax return He uses the recovery period under this asset class because it specifically includes land improvements. Amending my tax return The land improvements have a 13-year class life and a 7-year recovery period for GDS. Amending my tax return If he elects to use ADS, the recovery period is 13 years. Amending my tax return If Richard only looked at Table B-1, he would select asset class 00. Amending my tax return 3, Land Improvements, and incorrectly use a recovery period of 15 years for GDS or 20 years for ADS. Amending my tax return Example 2. Amending my tax return Sam Plower produces rubber products. Amending my tax return During the year, he made substantial improvements to the land on which his rubber plant is located. Amending my tax return He checks Table B-1 and finds land improvements under asset class 00. Amending my tax return 3. Amending my tax return He then checks Table B-2 and finds his activity, producing rubber products, under asset class 30. Amending my tax return 1, Manufacture of Rubber Products. Amending my tax return Reading the headings and descriptions under asset class 30. Amending my tax return 1, Sam finds that it does not include land improvements. Amending my tax return Therefore, Sam uses the recovery period under asset class 00. Amending my tax return 3. Amending my tax return The land improvements have a 20-year class life and a 15-year recovery period for GDS. Amending my tax return If he elects to use ADS, the recovery period is 20 years. Amending my tax return Example 3. Amending my tax return Pam Martin owns a retail clothing store. Amending my tax return During the year, she purchased a desk and a cash register for use in her business. Amending my tax return She checks Table B-1 and finds office furniture under asset class 00. Amending my tax return 11. Amending my tax return Cash registers are not listed in any of the asset classes in Table B-1. Amending my tax return She then checks Table B-2 and finds her activity, retail store, under asset class 57. Amending my tax return 0, Distributive Trades and Services, which includes assets used in wholesale and retail trade. Amending my tax return This asset class does not specifically list office furniture or a cash register. Amending my tax return She looks back at Table B-1 and uses asset class 00. Amending my tax return 11 for the desk. Amending my tax return The desk has a 10-year class life and a 7-year recovery period for GDS. Amending my tax return If she elects to use ADS, the recovery period is 10 years. Amending my tax return For the cash register, she uses asset class 57. Amending my tax return 0 because cash registers are not listed in Table B-1 but it is an asset used in her retail business. Amending my tax return The cash register has a 9-year class life and a 5-year recovery period for GDS. Amending my tax return If she elects to use the ADS method, the recovery period is 9 years. Amending my tax return This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table B-1 Please click here for the text description of the image. Amending my tax return Table B-2 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table B-2 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table B-2 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table B-2 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table B-2 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table B-2 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table B-2 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table B-2 This image is too large to be displayed in the current screen. Amending my tax return Please click the link to view the image. Amending my tax return Table B-2 Tax Publications for Business Taxpayers Prev  Up  Next   Home   More Online Publications
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Tax Information for Federal, State, & Local Governments
Federal, State and Local Governments facilitates cooperation through partnerships with federal, state, and local government agencies for the purpose of meeting their federal tax responsibilities, with a focus on customer service and fairness to all.

Tax Information for Indian Tribal Governments
Indian Tribal Governments (ITG) uses partnership opportunities with Indian tribal governments, tribal associations and other federal agencies to respectfully and cooperatively meet the needs of both governments.

Information for the Tax Exempt Bond Community
Tax Exempt Bonds (TEB) provides specialized information and services to the municipal finance community, including tailored educational programs which focus on bond industry segments; pro-active education and outreach products which address non-compliance trends; and compliance programs devised to foster voluntary resolution of tax law infractions.

Partnering Opportunities for Federal, State & Local Governments
The Office of Governmental Liaison (GL) is responsible for developing and implementing cooperative tax administration initiatives between the IRS and federal, state, and local governments. Each state has an assigned GL to serve as the primary liaison for the GL program.

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The Amending My Tax Return

Amending my tax return 1. Amending my tax return   Filing and Paying Business Taxes Table of Contents Introduction Useful Items - You may want to see: Identification NumbersNew EIN. Amending my tax return Employee. Amending my tax return Other payee. Amending my tax return Income TaxDo I Have To File an Income Tax Return? How Do I File? IRS e-file (Electronic Filing) When Is My Tax Return Due? How Do I Pay Income Tax? Self-Employment (SE) TaxHow to become insured under social security. Amending my tax return Earning credits in 2013 and 2014. Amending my tax return Employment Taxes Excise Taxes Information ReturnsWaiver of penalties. Amending my tax return Penalties. Amending my tax return Introduction This chapter explains the business taxes you may have to pay and the forms you may have to file. Amending my tax return It also discusses taxpayer identification numbers. Amending my tax return Table 1-1 lists the benefits of filing electronically. Amending my tax return Table 1-2 lists the federal taxes you may have to pay, their due dates, and the forms you use to report them. Amending my tax return Table 1-3 provides checklists that highlight the typical forms and schedules you may need to file if you ever go out of business. Amending my tax return You may want to get Publication 509, Tax Calendars. Amending my tax return It has tax calendars that tell you when to file returns and make tax payments. Amending my tax return Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Amending my tax return S. Amending my tax return Individual Income Tax Return 1040-ES Estimated Tax for Individuals Sch C (Form 1040) Profit or Loss From Business Sch C-EZ (Form 1040) Net Profit From Business Sch SE (Form 1040) Self-Employment Tax See chapter 12 for information about getting publications and forms. Amending my tax return Identification Numbers This section explains three types of taxpayer identification numbers, who needs them, when to use them, and how to get them. Amending my tax return Social security number (SSN). Amending my tax return   Generally, use your SSN as your taxpayer identification number. Amending my tax return You must put this number on each of your individual income tax forms, such as Form 1040 and its schedules. Amending my tax return   To apply for an SSN, use Form SS-5, Application for a Social Security Card. Amending my tax return This form is available at Social Security Administration (SSA) offices or by calling 1-800-772-1213. Amending my tax return It is also available from the SSA website at www. Amending my tax return socialsecurity. Amending my tax return gov. Amending my tax return Individual taxpayer identification number (ITIN). Amending my tax return   The IRS will issue an ITIN if you are a nonresident or resident alien and you do not have and are not eligible to get an SSN. Amending my tax return In general, if you need to obtain an ITIN, you must attach Form W-7, Application for IRS Individual Taxpayer Identification Number, with your signed, original, completed tax return and any other required documentation and mail them to the following address. Amending my tax return  Internal Revenue Service ITIN Operation P. Amending my tax return O. Amending my tax return Box 149342 Austin, TX 78714-9342 The exceptions are covered in detail in the instructions for Form W-7. Amending my tax return If you must include another person's SSN on your return and that person does not have and cannot get an SSN, enter that person's ITIN. Amending my tax return The application is also available in Spanish. Amending my tax return The form is available at IRS. Amending my tax return gov or you can call 1-800-829-3676 to order the form. Amending my tax return    An ITIN is for tax use only. Amending my tax return It does not entitle the holder to social security benefits or change the holder's employment or immigration status. Amending my tax return Employer identification number (EIN). Amending my tax return   You must also have an EIN to use as a taxpayer identification number if you do either of the following. Amending my tax return Pay wages to one or more employees. Amending my tax return File pension or excise tax returns. Amending my tax return   If you must have an EIN, include it along with your SSN on your Schedule C or C-EZ. Amending my tax return   You can apply for an EIN: Online by clicking on the Employer ID Numbers (EINs) link at www. Amending my tax return irs. Amending my tax return gov/businesses/small. Amending my tax return The EIN is issued immediately once the application information is validated. Amending my tax return By telephone at 1-800-829-4933. Amending my tax return By mailing or faxing Form SS-4, Application for Employer Identification Number. Amending my tax return New EIN. Amending my tax return   You may need to get a new EIN if either the form or the ownership of your business changes. Amending my tax return For more information, see Publication 1635, Understanding Your EIN. Amending my tax return When you need identification numbers of other persons. Amending my tax return   In operating your business, you will probably make certain payments you must report on information returns. Amending my tax return These payments are discussed under Information Returns, later in this chapter. Amending my tax return You must give the recipient of these payments (the payee) a statement showing the total amount paid during the year. Amending my tax return You must include the payee's identification number and your identification number on the returns and statements. Amending my tax return Employee. Amending my tax return   If you have employees, you must get an SSN from each of them. Amending my tax return Record the name and SSN of each employee exactly as they are shown on the employee's social security card. Amending my tax return If the employee's name is not correct as shown on the card, the employee should request a new card from the SSA. Amending my tax return This may occur if the employee's name was changed due to marriage or divorce. Amending my tax return   Form W-4, Employee's Withholding Allowance Certificate, is completed by each employee so the correct federal income tax can be withheld from their pay. Amending my tax return   If your employee does not have an SSN, he or she should file Form SS-5 with the SSA. Amending my tax return Other payee. Amending my tax return   If you make payments to someone who is not your employee and you must report the payments on an information return, get that person's SSN. Amending my tax return If you must report payments to an organization, such as a corporation or partnership, you must get its EIN. Amending my tax return   To get the payee's SSN or EIN, use Form W-9, Request for Taxpayer Identification Number and Certification. Amending my tax return   A payee who does not provide you with an identification number may be subject to backup withholding. Amending my tax return For information on backup withholding, see the Form W-9 instructions and the General Instructions for Certain Information Returns. Amending my tax return Income Tax This part explains whether you have to file an income tax return and when you file it. Amending my tax return It also explains how you pay the tax. Amending my tax return Do I Have To File an Income Tax Return? You have to file an income tax return for 2013 if your net earnings from self-employment were $400 or more. Amending my tax return If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions. Amending my tax return How Do I File? File your income tax return on Form 1040 and attach Schedule C or Schedule C-EZ. Amending my tax return Enter the net profit or loss from Schedule C or Schedule C-EZ on page 1 of Form 1040. Amending my tax return Use Schedule C to figure your net profit or loss from your business. Amending my tax return If you operated more than one business as a sole proprietorship, you must attach a separate Schedule C for each business. Amending my tax return You can use the simpler Schedule C-EZ if you operated only one business as a sole proprietorship, you did not have a net loss, and you meet the other requirements listed in Part I of the schedule. Amending my tax return IRS e-file (Electronic Filing) Please click here for the text description of the image. Amending my tax return E-file logo You may be able to file your tax returns electronically using an IRS e-file option. Amending my tax return Table 1-1 lists the benefits of IRS e-file. Amending my tax return IRS e-file uses automation to replace most of the manual steps needed to process paper returns. Amending my tax return As a result, the processing of e-file returns is faster and more accurate than the processing of paper returns. Amending my tax return As with a paper return, you are responsible for making sure your return contains accurate information and is filed on time. Amending my tax return Using e-file does not affect your chances of an IRS examination of your return. Amending my tax return You can file most commonly used business forms using IRS e-file. Amending my tax return For more information, visit IRS. Amending my tax return gov. Amending my tax return Electronic signatures. Amending my tax return   Paperless filing is easier than you think and it's available to most taxpayers who file electronically—including those first-time filers who were 16 or older at the end of 2013. Amending my tax return If you file electronically using tax preparation software or a tax professional, you will participate in the Self-Select PIN (personal identification number) program. Amending my tax return If you are married filing jointly, you and your spouse will each need to create a PIN and enter these PINs as your electronic signatures. Amending my tax return    To create a PIN, you must know your adjusted gross income (AGI) from your originally filed 2012 income tax return (not from an amended return, Form 1040X, or any math error notice from the IRS). Amending my tax return You will also need to provide your date of birth (DOB). Amending my tax return Make sure your DOB is accurate and matches the information on record with the Social Security Administration before you e-file. Amending my tax return To do this, check your annual Social Security Statement. Amending my tax return   With a Self-Select PIN, there is nothing to sign and nothing to mail—not even your Forms W-2. Amending my tax return For more details on the Self-Select PIN program, visit IRS. Amending my tax return gov. Amending my tax return State returns. Amending my tax return   In most states, you can file an electronic state return simultaneously with your federal return. Amending my tax return For more information, check with your local IRS office, state tax agency, tax professional, or IRS. Amending my tax return gov. Amending my tax return Refunds. Amending my tax return   You can have your refund check mailed to you, or you can have your refund deposited directly to your checking or savings account. Amending my tax return   With e-file, your refund will be issued in half the time as when filing on paper. Amending my tax return Most refunds are issued within 3 weeks. Amending my tax return If you choose Direct Deposit, you can receive your refund in as few as 10 days. Amending my tax return Offset against debts. Amending my tax return   As with a paper return, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. Amending my tax return You will be notified if the refund you claimed has been offset against your debts. Amending my tax return Refund inquiries. Amending my tax return   You can check the status of your refund if it has been at least 24 hours (4 weeks if you mailed a paper return) from the date you filed your return. Amending my tax return Be sure to have a copy of your tax return available because you will need to know the filing status, the first social security number shown on the return, and the exact whole-dollar amount of the refund. Amending my tax return To check on your refund, do one of the following. Amending my tax return Go to IRS. Amending my tax return gov and click on Where's My Refund. Amending my tax return Call 1-800-829-4477 for automated refund information, and follow the recorded instructions. Amending my tax return Call 1-800-829-1954 during the hours shown in your form instructions. Amending my tax return Balance due. Amending my tax return   If you owe tax, you must pay it by April 15, 2014, to avoid late-payment penalties and interest. Amending my tax return You can make your payment electronically by scheduling an electronic funds withdrawal from your checking or savings account or by credit card. Amending my tax return Using an Authorized IRS e-file Provider Many tax professionals can electronically file paperless returns for their clients. Amending my tax return You have two options. Amending my tax return You can prepare your return, take it to an authorized IRS e-file provider, and have the provider transmit it electronically to the IRS. Amending my tax return You can have an authorized IRS e-file provider prepare your return and transmit it for you electronically. Amending my tax return You will be asked to complete Form 8879, IRS e-file Signature Authorization, to authorize the provider to enter your self-selected PIN on your return. Amending my tax return Depending on the provider and the specific services requested, a fee may be charged. Amending my tax return To find an authorized IRS e-file provider near you, go to IRS. Amending my tax return gov or look for an “Authorized IRS e-file Provider” sign. Amending my tax return Using Your Personal Computer A computer with Internet access is all you need to file your tax return using IRS e-file. Amending my tax return When you use your personal computer, you can e-file your return from your home any time of the day or night. Amending my tax return Sign your return electronically using a self-selected PIN to complete the process. Amending my tax return There is no signature form to submit or Forms W-2 to send in. Amending my tax return Free Internet filing options. Amending my tax return   More taxpayers can now prepare and e-file their individual income tax returns free using commercial tax preparation software accessible through IRS. Amending my tax return gov or www. Amending my tax return usa. Amending my tax return gov. Amending my tax return The IRS is partnering with the tax software industry to offer free preparation and filing services to a significant number of taxpayers. Amending my tax return Security and privacy certificate programs will assure tax data is safe and secure. Amending my tax return To see if you qualify for these services, visit the Return Preparation and Filing Options page at IRS. Amending my tax return gov. Amending my tax return   If you cannot use the free services, you can buy tax preparation software at various electronics stores or computer and office supply stores. Amending my tax return You can also download software from the Internet or prepare and file your return completely online by using tax preparation software available on the Internet. Amending my tax return Filing Through Employers and Financial Institutions Some businesses offer free e-file to their employees, members, or customers. Amending my tax return Others offer it for a fee. Amending my tax return Ask your employer or financial institution if they offer IRS e-file as an employee, member, or customer benefit. Amending my tax return Free Help With Your Return Free help in preparing your return is available nationwide from IRS-trained volunteers. Amending my tax return The Volunteer Income Tax Assistance (VITA) program is designed to help low-income taxpayers, and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 or older with their tax returns. Amending my tax return Some locations offer free electronic filing. Amending my tax return Table 1-1. Amending my tax return Benefits of IRS e-file Accuracy • Your chance of getting an error notice from the IRS is significantly reduced. Amending my tax return Security • Your privacy and security are assured. Amending my tax return Electronic signatures • Create your own personal identification number (PIN) and file a completely paperless return through your tax preparation software or tax professional. Amending my tax return There is nothing to mail. Amending my tax return Proof of acceptance • You receive an electronic acknowledgment within 48 hours that the IRS has accepted your return for processing. Amending my tax return Fast refunds • You get your refund faster with Direct Deposit—in as few as 10 days. Amending my tax return Free Internet filing options • Use IRS. Amending my tax return gov to access commercial tax preparation and e-file services available at no cost to eligible taxpayers. Amending my tax return Electronic payment options • Convenient, safe, and secure electronic payment options are available. Amending my tax return E-file and pay your taxes in a single step. Amending my tax return Schedule an electronic funds withdrawal from your checking or savings account (up to and including April 15, 2014) or pay by credit card. Amending my tax return Federal/State filing • Prepare and file your federal and state tax returns together and double the benefits you get from e-file. Amending my tax return When Is My Tax Return Due? Form 1040 for calendar year 2013 is due by April 15, 2014. Amending my tax return If you use a fiscal year (explained in chapter 2), your return is due by the 15th day of the 4th month after the end of your fiscal year. Amending my tax return If you file late, you may have to pay penalties and interest. Amending my tax return If you cannot file your return on time, use Form 4868, Application for Automatic Extension of Time To File U. Amending my tax return S. Amending my tax return Individual Income Tax Return, to request an automatic 6-month extension. Amending my tax return For calendar year taxpayers, this will extend the tax filing due date until October 15. Amending my tax return Filing an extension does not extend the time to pay your taxes, only the time to file the tax return. Amending my tax return How Do I Pay Income Tax? Federal income tax is a pay-as-you-go tax. Amending my tax return You must pay it as you earn or receive income during the year. Amending my tax return An employee usually has income tax withheld from his or her pay. Amending my tax return If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Amending my tax return You generally have to make estimated tax payments if you expect to owe taxes, including self-employment tax (discussed later), of $1,000 or more when you file your return. Amending my tax return Use Form 1040-ES to figure and pay the tax. Amending my tax return If you do not have to make estimated tax payments, you can pay any tax due when you file your return. Amending my tax return For more information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax. Amending my tax return What are my payment options?   You can pay your estimated tax electronically using various options. Amending my tax return If you pay electronically, there is no need to mail in Form 1040-ES payment vouchers. Amending my tax return These options include: Paying electronically through the Electronic Federal Tax Payment System (EFTPS). Amending my tax return Paying by authorizing an electronic funds withdrawal when you file Form 1040 electronically. Amending my tax return Paying by credit or debit card over the phone or by Internet. Amending my tax return Other options include crediting an overpayment from your 2013 return to your 2014 estimated tax, or mailing a check or money order with a Form 1040-ES payment voucher. Amending my tax return EFTPS    To enroll in EFTPS, go to www. Amending my tax return eftps. Amending my tax return gov or call 1-800-555-4477. Amending my tax return When you request a new EIN and you will have a tax obligation, you are automatically enrolled in EFTPS. Amending my tax return Benefits of EFTPS: The chance of an error in making your payments is reduced. Amending my tax return You receive immediate confirmation of every transaction. Amending my tax return Penalty for underpayment of tax. Amending my tax return   If you did not pay enough income tax and self-employment tax for 2013 by withholding or by making estimated tax payments, you may have to pay a penalty on the amount not paid. Amending my tax return The IRS will figure the penalty for you and send you a bill. Amending my tax return Or you can use Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to see if you have to pay a penalty and to figure the penalty amount. Amending my tax return For more information, see Publication 505. Amending my tax return Self-Employment (SE) Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Amending my tax return It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. Amending my tax return If you earned income as a statutory employee, you do not pay SE tax on that income. Amending my tax return Social security coverage. Amending my tax return   Social security benefits are available to self-employed persons just as they are to wage earners. Amending my tax return Your payments of SE tax contribute to your coverage under the social security system. Amending my tax return Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. Amending my tax return By not reporting all of your self-employment income, you could cause your social security benefits to be lower when you retire. Amending my tax return How to become insured under social security. Amending my tax return   You must be insured under the social security system before you begin receiving social security benefits. Amending my tax return You are insured if you have the required number of credits (also called quarters of coverage), discussed next. Amending my tax return Earning credits in 2013 and 2014. Amending my tax return   For 2013, you received one credit, up to a maximum of four credits, for each $1,160 ($1,200 for 2014) of income subject to social security taxes. Amending my tax return Therefore, for 2013, if you had income (self-employment and wages) of $4,640 that was subject to social security taxes, you receive four credits ($4,640 ÷ $1,160). Amending my tax return   For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office. Amending my tax return    Making false statements to get or to increase social security benefits may subject you to penalties. Amending my tax return The Social Security Administration (SSA) time limit for posting self-employment income. Amending my tax return   Generally, the SSA will give you credit only for self-employment income reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. Amending my tax return If you file your tax return or report a change in your self-employment income after this time limit, the SSA may change its records, but only to remove or reduce the amount. Amending my tax return The SSA will not change its records to increase your self-employment income. Amending my tax return Who must pay self-employment tax. Amending my tax return   You must pay SE tax and file Schedule SE (Form 1040) if either of the following applies. Amending my tax return Your net earnings from self-employment (excluding church employee income) were $400 or more. Amending my tax return You had church employee income of $108. Amending my tax return 28 or more. Amending my tax return The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. Amending my tax return SE tax rate. Amending my tax return   For 2013, the SE tax rate on net earnings is 15. Amending my tax return 3% (12. Amending my tax return 4% social security tax plus 2. Amending my tax return 9% Medicare tax). Amending my tax return Maximum earnings subject to SE tax. Amending my tax return   Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Amending my tax return 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Amending my tax return   All your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Amending my tax return 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Amending my tax return   If wages and tips you receive as an employee are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Amending my tax return 4% social security part of the SE tax on any of your net earnings. Amending my tax return However, you must pay the 2. Amending my tax return 9% Medicare part of the SE tax on all your net earnings. Amending my tax return Deduct one-half of your SE tax as an adjustment to income on line 27 of Form 1040. Amending my tax return   More information. Amending my tax return   For information on methods of calculating SE tax, see Chapter 10, Self-Employment Tax. Amending my tax return Table 1-2. Amending my tax return Which Forms Must I File? IF you are liable for: THEN use Form: DUE by:1 Income tax 1040 and Schedule C or C-EZ2 15th day of 4th month after end of  tax year. Amending my tax return Self-employment tax Schedule SE File with Form 1040. Amending my tax return Estimated tax 1040-ES 15th day of 4th, 6th, and 9th months of tax year, and 15th day of 1st month after the end of tax year. Amending my tax return Social security and Medicare taxes and income tax withholding 941 or 944 April 30, July 31, October 31, and January 313. Amending my tax return     See Publication 15. Amending my tax return Providing information on social security and Medicare taxes and income tax withholding W-2 (to employee)  W-2 and W-3 (to the Social Security Administration) January 313. Amending my tax return   Last day of February (March 31 if filing electronically)3. Amending my tax return Federal unemployment (FUTA) tax 940 January 313. Amending my tax return     April 30, July 31, October 31, and January 31, but only if the liability for unpaid tax is more than $500. Amending my tax return Filing information returns for payments to nonemployees and transactions with other persons See Information Returns Forms 1099 – to the recipient by January 31 and to the IRS by February 28 (March 31 if filing electronically). Amending my tax return     Other forms – see the General Instructions for Certain Information Returns. Amending my tax return Excise tax See Excise Taxes See the instructions to the forms. Amending my tax return 1 If a due date falls on a Saturday, Sunday, or legal holiday, file by the next day that is not a Saturday, Sunday, or legal holiday. Amending my tax return For more information, see Publication 509, Tax Calendars. Amending my tax return 2 File a separate schedule for each business. Amending my tax return 3 See the form instructions if you go out of business, change the form of your business, or stop paying wages. Amending my tax return     Employment Taxes If you have employees, you will need to file forms to report employment taxes. Amending my tax return Employment taxes include the following items. Amending my tax return Social security and Medicare taxes. Amending my tax return Federal income tax withholding. Amending my tax return Federal unemployment (FUTA) tax. Amending my tax return For more information, see Publication 15 (Circular E), Employer's Tax Guide. Amending my tax return That publication explains your tax responsibilities as an employer. Amending my tax return To help you determine whether the people working for you are your employees, see Publication 15-A, Employer's Supplemental Tax Guide. Amending my tax return That publication has information to help you determine whether an individual is an independent contractor or an employee. Amending my tax return If you incorrectly classify an employee as an independent contractor, you may be held liable for employment taxes for that worker plus a penalty. Amending my tax return An independent contractor is someone who is self-employed. Amending my tax return You do not generally have to withhold or pay any taxes on payments made to an independent contractor. Amending my tax return Excise Taxes This section identifies some of the excise taxes you may have to pay and the forms you have to file if you do any of the following. Amending my tax return Manufacture or sell certain products. Amending my tax return Operate certain kinds of businesses. Amending my tax return Use various kinds of equipment, facilities, or products. Amending my tax return Receive payment for certain services. Amending my tax return For more information on excise taxes, see Publication 510, Excise Taxes. Amending my tax return Form 720. Amending my tax return   The federal excise taxes reported on Form 720, Quarterly Federal Excise Tax Return, consist of several broad categories of taxes, including the following. Amending my tax return Environmental taxes on the sale or use of ozone-depleting chemicals and imported products containing or manufactured with these chemicals. Amending my tax return Communications and air transportation taxes. Amending my tax return Fuel taxes. Amending my tax return Tax on the first retail sale of heavy trucks, trailers, and tractors. Amending my tax return Manufacturers taxes on the sale or use of a variety of different articles. Amending my tax return Tax on indoor tanning services. Amending my tax return Form 2290. Amending my tax return   There is a federal excise tax on the use of certain trucks, truck tractors, and buses on public highways. Amending my tax return The tax applies to vehicles having a taxable gross weight of 55,000 pounds or more. Amending my tax return Report the tax on Form 2290, Heavy Highway Vehicle Use Tax Return. Amending my tax return For more information, see the Instructions for Form 2290. Amending my tax return Depositing excise taxes. Amending my tax return   If you have to file a quarterly excise tax return on Form 720, you may have to deposit your excise taxes before the return is due. Amending my tax return For details on depositing excise taxes, see the Instructions for Form 720. Amending my tax return Information Returns If you make or receive payments in your business, you may have to report them to the IRS on information returns. Amending my tax return The IRS compares the payments shown on the information returns with each person's income tax return to see if the payments were included in income. Amending my tax return You must give a copy of each information return you are required to file to the recipient or payer. Amending my tax return In addition to the forms described below, you may have to use other returns to report certain kinds of payments or transactions. Amending my tax return For more details on information returns and when you have to file them, see the General Instructions for Certain Information Returns. Amending my tax return Form 1099-MISC. Amending my tax return   Use Form 1099-MISC, Miscellaneous Income, to report certain payments you make in your business. Amending my tax return These payments include the following items. Amending my tax return Payments of $600 or more for services performed for your business by people not treated as your employees, such as fees to subcontractors, attorneys, accountants, or directors. Amending my tax return Rent payments of $600 or more, other than rents paid to real estate agents. Amending my tax return Prizes and awards of $600 or more that are not for services, such as winnings on TV or radio shows. Amending my tax return Royalty payments of $10 or more. Amending my tax return Payments to certain crew members by operators of fishing boats. Amending my tax return You also use Form 1099-MISC to report your sales of $5,000 or more of consumer goods to a person for resale anywhere other than in a permanent retail establishment. Amending my tax return Form W-2. Amending my tax return   You must file Form W-2, Wage and Tax Statement, to report payments to your employees, such as wages, tips, and other compensation, withheld income, social security, and Medicare taxes. Amending my tax return You can file Form W-2 online. Amending my tax return For more information about Form W-2, see the General Instructions for Forms W-2 and W-3. Amending my tax return Penalties. Amending my tax return   The law provides for the following penalties if you do not file Form 1099-MISC or Form W-2 or do not correctly report the information. Amending my tax return For more information, see the General Instructions for Certain Information Returns. Amending my tax return Failure to file information returns. Amending my tax return This penalty applies if you do not file information returns by the due date, do not include all required information, or report incorrect information. Amending my tax return Failure to furnish correct payee statements. Amending my tax return This penalty applies if you do not furnish a required statement to a payee by the required date, do not include all required information, or report incorrect information. Amending my tax return Waiver of penalties. Amending my tax return   These penalties will not apply if you can show that the failure was due to reasonable cause and not willful neglect. Amending my tax return   In addition, there is no penalty for failure to include all required information, or for including incorrect information, on a de minimis (small) number of information returns if you correct the errors by August 1 of the year the returns are due. Amending my tax return (A de minimis number of returns is the greater of 10 or ½ of 1% of the total number of returns you are required to file for the year. Amending my tax return ) Form 8300. Amending my tax return   You must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if you receive more than $10,000 in cash in one transaction, or two or more related business transactions. Amending my tax return Cash includes U. Amending my tax return S. Amending my tax return and foreign coin and currency. Amending my tax return It also includes certain monetary instruments such as cashier's and traveler's checks and money orders. Amending my tax return Cash does not include a check drawn on an individual's personal account (personal check). Amending my tax return For more information, see Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). Amending my tax return Penalties. Amending my tax return   There are civil and criminal penalties, including up to 5 years in prison, for not filing Form 8300, filing (or causing the filing of) a false or fraudulent Form 8300, or structuring a transaction to evade reporting requirements. Amending my tax return Table 1-3. Amending my tax return Going Out of Business Checklists (Note. Amending my tax return The following checklists highlight the typical final forms and schedules you may need to file if you ever go out of business. Amending my tax return For more information, see the instructions for the listed forms. Amending my tax return ) IF you are liable for:   THEN you may need to: Income tax □ File Schedule C or C-EZ with your Form 1040 for the year in which you go out of business. Amending my tax return   □ File Form 4797 with your Form 1040 for each year in which you sell or exchange property used in your business or in which the business use of certain section 179 or listed property drops to 50% or less. Amending my tax return   □ File Form 8594 with your Form 1040 if you sold your business. Amending my tax return Self-employment tax □ File Schedule SE with your Form 1040 for the year in which you go out of business. Amending my tax return Employment taxes □ File Form 941 (or Form 944) for the calendar quarter in which you make final wage payments. Amending my tax return Note. Amending my tax return Do not forget to check the box and enter the date final wages were paid on line 15 of Form 941 or line 14 of Form 944. Amending my tax return   □ File Form 940 for the calendar year in which final wages were paid. Amending my tax return Note. Amending my tax return Do not forget to check box d, Final: Business closed or stopped paying wages, under Type of Return. Amending my tax return Information returns □ Provide Forms W-2 to your employees for the calendar year in which you make final wage payments. Amending my tax return Note. Amending my tax return These forms are generally due by the due date of your final Form 941 or Form 944. Amending my tax return   □ File Form W-3 to file Forms W-2. Amending my tax return Note. Amending my tax return These forms are generally due within 1 month after the due date of your final Form 941 or Form 944. Amending my tax return   □ Provide Forms 1099-MISC to each person to whom you have paid at least $600 for services (including parts and materials) during the calendar year in which you go out of business. Amending my tax return   □ File Form 1096 to file Forms 1099-MISC. Amending my tax return Prev  Up  Next   Home   More Online Publications