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Can i efile my 2012 taxes now Depreciation Table of Contents Introduction Special Depreciation AllowanceQualified Property Election Not To Claim the Allowance Rules for Returns Filed Before June 1, 2002 Passenger Automobiles New York Liberty Zone BenefitsSpecial Liberty Zone Depreciation Allowance Increased Section 179 Deduction Liberty Zone Leasehold Improvement Property If you depreciate business property that you acquired and placed in service after September 10, 2001, new law contains provisions that may affect your depreciation deduction for that property. Can i efile my 2012 taxes now Publication 946, How To Depreciate Property, contains information on depreciation. Can i efile my 2012 taxes now However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Can i efile my 2012 taxes now The new provisions are in the Supplement to Publication 946, which is reprinted below. Can i efile my 2012 taxes now Supplement to Publication 946 How To Depreciate Property   Introduction After Publication 946 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Can i efile my 2012 taxes now The new law made several changes in the tax rules explained in the publication. Can i efile my 2012 taxes now Some of the changes apply to property placed in service during 2001. Can i efile my 2012 taxes now This supplemental publication describes those changes and explains what you should do if you are affected by them. Can i efile my 2012 taxes now The situations and examples in Publication 946 do not reflect any of the changes made by the Job Creation and Worker Assistance Act of 2002. Can i efile my 2012 taxes now The new law contains the following provisions. Can i efile my 2012 taxes now 30% depreciation deductions (special depreciation allowance and special New York Liberty Zone (Liberty Zone) depreciation allowance) for the year qualified property is placed in service after September 10, 2001. Can i efile my 2012 taxes now An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Can i efile my 2012 taxes now A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Can i efile my 2012 taxes now An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Can i efile my 2012 taxes now If you believe you qualify for an increased deduction under any of these new rules, you must file the revised 2001 Form 4562 (dated March 2002) for 2001 calendar or fiscal years and 2000 fiscal years ending after September 10, 2001. Can i efile my 2012 taxes now If you have already filed a tax return, this supplemental publication explains how to claim these benefits and how to elect not to claim the special depreciation allowance or special Liberty Zone depreciation allowance. Can i efile my 2012 taxes now See Table 2 at the end of the supplement for an overview of the rules that apply if you filed your return before June 1, 2002. Can i efile my 2012 taxes now Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Can i efile my 2012 taxes now The allowance is an additional deduction of 30% of the property's depreciable basis. Can i efile my 2012 taxes now To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Can i efile my 2012 taxes now See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Can i efile my 2012 taxes now The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Can i efile my 2012 taxes now There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Can i efile my 2012 taxes now In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Can i efile my 2012 taxes now Example 1. Can i efile my 2012 taxes now On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Can i efile my 2012 taxes now You did not elect to claim a section 179 deduction. Can i efile my 2012 taxes now You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Can i efile my 2012 taxes now You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Can i efile my 2012 taxes now Example 2. Can i efile my 2012 taxes now The facts are the same as in Example 1, except that you choose to deduct $24,000 of the property's cost as a section 179 deduction. Can i efile my 2012 taxes now You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Can i efile my 2012 taxes now You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Can i efile my 2012 taxes now Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Can i efile my 2012 taxes now It is new property of one of the following types. Can i efile my 2012 taxes now Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Can i efile my 2012 taxes now See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Can i efile my 2012 taxes now Water utility property. Can i efile my 2012 taxes now See 25-year property on page 22 in Publication 946. Can i efile my 2012 taxes now Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Can i efile my 2012 taxes now (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Can i efile my 2012 taxes now ) Qualified leasehold improvement property (defined later). Can i efile my 2012 taxes now It meets the following tests (explained later under Tests To Be Met). Can i efile my 2012 taxes now Acquisition date test. Can i efile my 2012 taxes now Placed in service date test. Can i efile my 2012 taxes now Original use test. Can i efile my 2012 taxes now It is not excepted property (explained later under Excepted Property). Can i efile my 2012 taxes now Qualified leasehold improvement property. Can i efile my 2012 taxes now    Generally, this is any improvement to an interior part of a building that is nonresidential real property, provided all of the following requirements are met. Can i efile my 2012 taxes now The improvement is made under or pursuant to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Can i efile my 2012 taxes now That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Can i efile my 2012 taxes now The improvement is placed in service more than 3 years after the date the building was first placed in service. Can i efile my 2012 taxes now   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Can i efile my 2012 taxes now The enlargement of the building. Can i efile my 2012 taxes now Any elevator or escalator. Can i efile my 2012 taxes now Any structural component benefiting a common area. Can i efile my 2012 taxes now The internal structural framework of the building. Can i efile my 2012 taxes now   Generally, a binding commitment to enter into a lease is treated as a lease and the parties to the commitment are treated as the lessor and lessee. Can i efile my 2012 taxes now However, a binding commitment between related persons is not treated as a lease. Can i efile my 2012 taxes now Related persons. Can i efile my 2012 taxes now   For this purpose, the following are related persons. Can i efile my 2012 taxes now Members of an affiliated group. Can i efile my 2012 taxes now The persons listed in items (1) through (9) under Related persons on page 8 of Publication 946 (except that “80% or more” should be substituted for “more than 10%” each place it appears). Can i efile my 2012 taxes now An executor and a beneficiary of the same estate. Can i efile my 2012 taxes now Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Can i efile my 2012 taxes now Acquisition date test. Can i efile my 2012 taxes now    Generally, you must have acquired the property either: After September 10, 2001, and before September 11, 2004, but only if no written binding contract for the acquisition was in effect before September 11, 2001, or Pursuant to a written binding contract entered into after September 10, 2001, and before September 11, 2004. Can i efile my 2012 taxes now   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001, and before September 11, 2004. Can i efile my 2012 taxes now Placed in service date test. Can i efile my 2012 taxes now   Generally, the property must be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Can i efile my 2012 taxes now   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Can i efile my 2012 taxes now Original use test. Can i efile my 2012 taxes now   The original use of the property must have begun with you after September 10, 2001. Can i efile my 2012 taxes now “Original use” means the first use to which the property is put, whether or not by you. Can i efile my 2012 taxes now Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Can i efile my 2012 taxes now Excepted Property The following property does not qualify for the special depreciation allowance. Can i efile my 2012 taxes now Property used by any person before September 11, 2001. Can i efile my 2012 taxes now Property required to be depreciated using ADS. Can i efile my 2012 taxes now This includes listed property used 50% or less in a qualified business use. Can i efile my 2012 taxes now Qualified New York Liberty Zone leasehold improvement property (defined next). Can i efile my 2012 taxes now Qualified New York Liberty Zone leasehold improvement property. Can i efile my 2012 taxes now   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Can i efile my 2012 taxes now The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Can i efile my 2012 taxes now The improvement is placed in service after September 10, 2001, and before January 1, 2007. Can i efile my 2012 taxes now No written binding contract for the improvement was in effect before September 11, 2001. Can i efile my 2012 taxes now Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Can i efile my 2012 taxes now If you make this election for any property, it applies to all property in the same property class placed in service during the year. Can i efile my 2012 taxes now To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Can i efile my 2012 taxes now When to make election. Can i efile my 2012 taxes now   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Can i efile my 2012 taxes now   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Can i efile my 2012 taxes now Attach the election statement to the amended return. Can i efile my 2012 taxes now At the top of the election statement, write “Filed pursuant to section 301. Can i efile my 2012 taxes now 9100–2. Can i efile my 2012 taxes now ” Revoking an election. Can i efile my 2012 taxes now   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Can i efile my 2012 taxes now A request to revoke the election is subject to a user fee. Can i efile my 2012 taxes now Rules for Returns Filed Before June 1, 2002 The following rules apply if you placed qualified property in service after September 10, 2001, and filed your return before June 1, 2002. Can i efile my 2012 taxes now The rules apply to returns for the following years. Can i efile my 2012 taxes now 2000 fiscal years that end after September 10, 2001. Can i efile my 2012 taxes now 2001 calendar and fiscal years. Can i efile my 2012 taxes now Claiming the allowance. Can i efile my 2012 taxes now   If you did not claim the allowance on your return and did not make the election not to claim the allowance, you can do either of the following to claim the allowance. Can i efile my 2012 taxes now File an amended return by the due date (not including extensions) of your return for the year following the year the property was placed in service. Can i efile my 2012 taxes now Write “Filed Pursuant to Rev. Can i efile my 2012 taxes now Proc. Can i efile my 2012 taxes now 2002–33” at the top of the amended return. Can i efile my 2012 taxes now File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Can i efile my 2012 taxes now Your return must be filed by the due date (including extensions). Can i efile my 2012 taxes now Write “Automatic Change Filed Under Rev. Can i efile my 2012 taxes now Proc. Can i efile my 2012 taxes now 2002–33” on the appropriate line of Form 3115. Can i efile my 2012 taxes now You must also file a copy (with signature) of the completed Form 3115 with the IRS National Office no later than when you file the original with your return. Can i efile my 2012 taxes now For more information about filing Form 3115, including the address to send it to, see Revenue Procedure 2002–9, Revenue Procedure 2002–19, and Revenue Procedure 2002–33. Can i efile my 2012 taxes now Example 1. Can i efile my 2012 taxes now You are an individual and you use the calendar year. Can i efile my 2012 taxes now You placed qualified property in service for your business in December 2001. Can i efile my 2012 taxes now You filed your 2001 income tax return before April 15, 2002. Can i efile my 2012 taxes now You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Can i efile my 2012 taxes now You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Can i efile my 2012 taxes now Proc. Can i efile my 2012 taxes now 2002–33” at the top of the amended return. Can i efile my 2012 taxes now You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Can i efile my 2012 taxes now Example 2. Can i efile my 2012 taxes now The facts concerning your 2001 return are the same as in Example 1. Can i efile my 2012 taxes now In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Can i efile my 2012 taxes now You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Can i efile my 2012 taxes now Proc. Can i efile my 2012 taxes now 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Can i efile my 2012 taxes now You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Can i efile my 2012 taxes now Electing not to claim the allowance. Can i efile my 2012 taxes now   Generally, you have elected not to claim the special depreciation allowance for a class of property if you: Filed your return timely (including extensions) for the year you placed qualified property in service and indicated on a statement with the return that you are not claiming the allowance, or Filed your return timely and filed an amended return within 6 months of the due date of the original return (not including extensions) and indicated on a statement with the amended return that you are not claiming the allowance. Can i efile my 2012 taxes now The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Can i efile my 2012 taxes now The statement can be either attached to or written on the return. Can i efile my 2012 taxes now You can, for example, write “not deducting 30%” on Form 4562. Can i efile my 2012 taxes now Deemed election. Can i efile my 2012 taxes now   If you have not followed either of the procedures described above to elect not to claim the allowance, you may still be treated as making the election. Can i efile my 2012 taxes now You will be treated as making the election if you meet both of the following conditions. Can i efile my 2012 taxes now You filed your return for the year you placed the property in service and claimed depreciation, but not the special allowance, for any class of property. Can i efile my 2012 taxes now You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Can i efile my 2012 taxes now See Claiming the allowance, earlier. Can i efile my 2012 taxes now Passenger Automobiles The limit on your depreciation deduction (including any section 179 deduction) for any passenger automobile that is qualified property (defined earlier) placed in service after September 10, 2001, and for which you claim the special depreciation allowance is increased. Can i efile my 2012 taxes now Generally, the limit is increased from $3,060 to $7,660. Can i efile my 2012 taxes now However, if the automobile is a qualified electric car, the limit is increased from $9,280 to $23,080 ($22,980 if placed in service in 2002). Can i efile my 2012 taxes now Table 1 shows the maximum deduction amounts for 2001. Can i efile my 2012 taxes now Table 1. Can i efile my 2012 taxes now Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Can i efile my 2012 taxes now 11 Placed in Service After Sept. Can i efile my 2012 taxes now 10 Passenger automobile $3,060 $7,660 Electric car 9,280 23,080 1 1$22,980 if you place an electric car in service in 2002. Can i efile my 2012 taxes now Election not to claim the allowance. Can i efile my 2012 taxes now   The increased maximum depreciation deduction does not apply if you elected not to claim the special depreciation allowance as explained earlier under Election Not To Claim the Allowance and Rules for Returns Filed Before June 1, 2002. Can i efile my 2012 taxes now New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Can i efile my 2012 taxes now They include a special depreciation allowance for the year you place the property in service, an increased section 179 deduction, and the classification of certain leasehold improvement property as 5-year property. Can i efile my 2012 taxes now Area defined. Can i efile my 2012 taxes now   The New York Liberty Zone is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway) in the Borough of Manhattan in the City of New York, New York. Can i efile my 2012 taxes now Special Liberty Zone Depreciation Allowance You can take a special depreciation allowance for qualified Liberty Zone property you place in service after September 10, 2001. Can i efile my 2012 taxes now The allowance is an additional deduction of 30% of the property's depreciable basis. Can i efile my 2012 taxes now To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Can i efile my 2012 taxes now See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Can i efile my 2012 taxes now The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Can i efile my 2012 taxes now There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Can i efile my 2012 taxes now In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Can i efile my 2012 taxes now You cannot claim the special Liberty Zone depreciation allowance for property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Can i efile my 2012 taxes now Qualified property is eligible for only one special depreciation allowance. Can i efile my 2012 taxes now Example 1. Can i efile my 2012 taxes now On November 1, 2001, you bought and placed in service in your business, which is in the Liberty Zone, qualified Liberty Zone property that cost $200,000. Can i efile my 2012 taxes now You did not elect to claim a section 179 deduction. Can i efile my 2012 taxes now You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Can i efile my 2012 taxes now You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Can i efile my 2012 taxes now Example 2. Can i efile my 2012 taxes now The facts are the same as in Example 1, except that you choose to deduct $59,000 of the property's cost as a section 179 deduction. Can i efile my 2012 taxes now (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Can i efile my 2012 taxes now You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Can i efile my 2012 taxes now You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Can i efile my 2012 taxes now Qualified Liberty Zone Property For a 2001 calendar or fiscal year and a 2000 fiscal year that ends after September 10, 2001, property qualifies for the special Liberty Zone depreciation allowance if it meets the following requirements. Can i efile my 2012 taxes now It is one of the following types of property. Can i efile my 2012 taxes now Used property depreciated under MACRS with a recovery period of 20 years or less. Can i efile my 2012 taxes now See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Can i efile my 2012 taxes now Used water utility property. Can i efile my 2012 taxes now See 25-year property on page 22 in Publication 946. Can i efile my 2012 taxes now Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Can i efile my 2012 taxes now (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Can i efile my 2012 taxes now ) Certain nonresidential real property and residential rental property (defined later). Can i efile my 2012 taxes now It meets the following tests (explained later under Tests to be met). Can i efile my 2012 taxes now Acquisition date test. Can i efile my 2012 taxes now Placed in service date test. Can i efile my 2012 taxes now Substantial use test. Can i efile my 2012 taxes now Original use test. Can i efile my 2012 taxes now It is not excepted property (explained later under Excepted property). Can i efile my 2012 taxes now Nonresidential real property and residential rental property. Can i efile my 2012 taxes now   This property is qualifying property only to the extent it rehabilitates real property damaged, or replaces real property destroyed or condemned, as a result of the terrorist attack of September 11, 2001. Can i efile my 2012 taxes now Property is treated as replacing destroyed or condemned property if, as part of an integrated plan, such property replaces real property included in a continuous area that includes real property destroyed or condemned. Can i efile my 2012 taxes now   For these purposes, real property is considered destroyed (or condemned) only if an entire building or structure was destroyed (or condemned) as a result of the terrorist attack. Can i efile my 2012 taxes now Otherwise, the property is considered damaged real property. Can i efile my 2012 taxes now For example, if certain structural components of a building (such as walls, floors, or plumbing fixtures) are damaged or destroyed as a result of the terrorist attack, but the building is not destroyed (or condemned), then only costs related to replacing the damaged or destroyed structural components qualify for the special Liberty Zone depreciation allowance. Can i efile my 2012 taxes now Tests to be met. Can i efile my 2012 taxes now   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Can i efile my 2012 taxes now Acquisition date test. Can i efile my 2012 taxes now   You must have acquired the property by purchase after September 10, 2001, and there must not have been a binding written contract for the acquisition in effect before September 11, 2001. Can i efile my 2012 taxes now   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Can i efile my 2012 taxes now   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001. Can i efile my 2012 taxes now Placed in service date test. Can i efile my 2012 taxes now   Generally, the property must be placed in service for use in your trade or business or for the production of income before January 1, 2007 (January 1, 2010, in the case of qualifying nonresidential real property and residential rental property). Can i efile my 2012 taxes now   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Can i efile my 2012 taxes now Substantial use test. Can i efile my 2012 taxes now   Substantially all use of the property must be in the Liberty Zone and in the active conduct of your trade or business in the Liberty Zone. Can i efile my 2012 taxes now Original use test. Can i efile my 2012 taxes now   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Can i efile my 2012 taxes now   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Can i efile my 2012 taxes now Also, additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test if the original use of the property in the Liberty Zone began with you. Can i efile my 2012 taxes now Excepted property. Can i efile my 2012 taxes now   The following property does not qualify for the special Liberty Zone depreciation allowance. Can i efile my 2012 taxes now Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Can i efile my 2012 taxes now Property required to be depreciated using ADS. Can i efile my 2012 taxes now This includes listed property used 50% or less in a qualified business use. Can i efile my 2012 taxes now Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Can i efile my 2012 taxes now Example. Can i efile my 2012 taxes now In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Can i efile my 2012 taxes now New office furniture with a MACRS recovery period of 7 years. Can i efile my 2012 taxes now A used computer with a MACRS recovery period of 5 years. Can i efile my 2012 taxes now The computer had not previously been used within the Liberty Zone. Can i efile my 2012 taxes now Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Can i efile my 2012 taxes now Because the computer is used property that had not previously been used in the Liberty Zone, it qualifies for the special Liberty Zone depreciation allowance, but not the special depreciation allowance. Can i efile my 2012 taxes now Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Can i efile my 2012 taxes now If you make this election for any property, it applies to all property in the same property class placed in service during the year. Can i efile my 2012 taxes now To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Can i efile my 2012 taxes now When to make the election. Can i efile my 2012 taxes now   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Can i efile my 2012 taxes now   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Can i efile my 2012 taxes now Attach the election statement to the amended return. Can i efile my 2012 taxes now At the top of the election statement, write “Filed pursuant to section 301. Can i efile my 2012 taxes now 9100–2. Can i efile my 2012 taxes now ” Revoking an election. Can i efile my 2012 taxes now   Once you elect not to deduct the special Liberty Zone depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Can i efile my 2012 taxes now A request to revoke the election is subject to a user fee. Can i efile my 2012 taxes now Returns filed before June 1, 2002. Can i efile my 2012 taxes now   The rules that apply to the special depreciation allowance discussed earlier in Rules for Returns Filed Before June 1, 2002 under Special Depreciation Allowance also apply to the special Liberty Zone depreciation allowance. Can i efile my 2012 taxes now Increased Section 179 Deduction Under section 179 of the Internal Revenue Code, you can choose to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. Can i efile my 2012 taxes now For tax years beginning in 2000, that limit was $20,000. Can i efile my 2012 taxes now For tax years beginning in 2001 and 2002, that limit is generally $24,000. Can i efile my 2012 taxes now If the cost of qualifying section 179 property placed in service in a year is over $200,000, you must reduce the dollar limit (but not below zero) by the amount of the cost over $200,000. Can i efile my 2012 taxes now Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Can i efile my 2012 taxes now The increase is the smaller of the following amounts. Can i efile my 2012 taxes now $35,000. Can i efile my 2012 taxes now The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Can i efile my 2012 taxes now If you use the revised 2001 Form 4562 (dated March 2002) for a tax year beginning in 2000, you must reduce the section 179 dollar limit to $20,000 before adding the additional amount for qualified property. Can i efile my 2012 taxes now Qualified property. Can i efile my 2012 taxes now   To qualify for the increased section 179 deduction, your property must be section 179 property that is either: Qualified Liberty Zone property, or Property that would be qualified Liberty Zone property except that it is eligible for the special depreciation allowance. Can i efile my 2012 taxes now Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Can i efile my 2012 taxes now Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Can i efile my 2012 taxes now For information on the requirements that must be met for property to qualify for the section 179 deduction, see What Property Qualifies? on page 14 of Publication 946. Can i efile my 2012 taxes now Example 1. Can i efile my 2012 taxes now In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Can i efile my 2012 taxes now Because this cost is less than $35,000, the dollar limit on the section 179 deduction is increased by $25,000 to $49,000 ($24,000 + $25,000). Can i efile my 2012 taxes now Example 2. Can i efile my 2012 taxes now In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Can i efile my 2012 taxes now Because $35,000 is less than the cost of the property you place in service, the dollar limit on the section 179 deduction you can claim is increased by $35,000 to $59,000 ($24,000 + $35,000). Can i efile my 2012 taxes now Reduced Dollar Limit Generally, you must reduce the dollar limit for a year by the cost of qualifying section 179 property placed in service in the year that is more than $200,000. Can i efile my 2012 taxes now However, if the cost of your Liberty Zone property exceeds $200,000, you take into account only 50% (instead of 100%) of the cost of qualified property placed in service in a year. Can i efile my 2012 taxes now Example. Can i efile my 2012 taxes now In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Can i efile my 2012 taxes now Your increased dollar limit is $59,000 ($35,000 + $24,000). Can i efile my 2012 taxes now Because 50% of the cost of the property you place in service ($230,000) is $30,000 more than $200,000, you must reduce your $59,000 dollar limit to $29,000 ($59,000 - $30,000). Can i efile my 2012 taxes now Recapture Rules Rules similar to those explained on page 20 of Publication 946 under When Must You Recapture the Deduction? apply with respect to any qualified property you stop using in the Liberty Zone. Can i efile my 2012 taxes now Returns Filed Before June 1, 2002 If you filed a return before June 1, 2002, and did not deduct the increased section 179 amount for qualified property placed in service after September 10, 2001, you can deduct the increased amount by filing an amended return by the due date (not including extensions) of the return for the year after the year the property was placed in service. Can i efile my 2012 taxes now This rule applies to returns for the following years. Can i efile my 2012 taxes now 2000 fiscal years that end after September 10, 2001. Can i efile my 2012 taxes now 2001 calendar and fiscal years. Can i efile my 2012 taxes now On the amended return, write “Filed Pursuant to Rev. Can i efile my 2012 taxes now Proc. Can i efile my 2012 taxes now 2002–33. Can i efile my 2012 taxes now ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Can i efile my 2012 taxes now This means that it is depreciated over a recovery period of 5 years. Can i efile my 2012 taxes now For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Can i efile my 2012 taxes now The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Can i efile my 2012 taxes now Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Can i efile my 2012 taxes now Returns Filed Before June 1, 2002 If you filed either of the following returns before June 1, 2002, and did not depreciate qualified Liberty Zone leasehold improvement property placed in service during the tax year as 5-year property using the straight line method, you should file an amended return before you file your return for the year after the year the property was placed in service. Can i efile my 2012 taxes now Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Can i efile my 2012 taxes now Your 2001 calendar or fiscal year return. Can i efile my 2012 taxes now On the amended return, write “Filed Pursuant to Rev. Can i efile my 2012 taxes now Proc. Can i efile my 2012 taxes now 2002–33. Can i efile my 2012 taxes now ” Table 2. Can i efile my 2012 taxes now Rules for Returns Filed Before June 1, 2002 Note:This chart highlights the rules for returns affected by the Job Creation and Worker Assistance Act of 2002 that were filed before June 1, 2002, without accounting for any of the new benefits under the law. Can i efile my 2012 taxes now See the text for definitions and examples. Can i efile my 2012 taxes now Do not rely on this chart alone. Can i efile my 2012 taxes now IF you want to. Can i efile my 2012 taxes now . Can i efile my 2012 taxes now . Can i efile my 2012 taxes now THEN you. Can i efile my 2012 taxes now . Can i efile my 2012 taxes now . Can i efile my 2012 taxes now BY. Can i efile my 2012 taxes now . Can i efile my 2012 taxes now . Can i efile my 2012 taxes now claim the special depreciation allowance or special Liberty Zone depreciation allowance • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service, or • must file Form 3115, Application for Change in Accounting Method, with your return for the year after the year the property was placed in service • the due date (including extensions) of your return for the year after the year the property was placed in service, and • must file a copy of your completed Form 3115 with the IRS National Office • the date you file the original Form 3115 with your return for the year after the year the property was placed in service. Can i efile my 2012 taxes now elect not to claim the special depreciation allowance or the special Liberty Zone depreciation allowance 1 • must have filed your return timely for the year the property was placed in service, and   • must file an amended return stating you are not claiming the allowance • the date that is 6 months after the due date of the original return (not including extensions). Can i efile my 2012 taxes now deduct the increased section 179 amount • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service. Can i efile my 2012 taxes now use a 5-year recovery period for depreciating qualified Liberty Zone leasehold improvement property • should file an amended return • the date you file your return for the year after the year the property was placed in service. Can i efile my 2012 taxes now 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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SOI Tax Stats - Estate Tax Statistics

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The OneSheet presents a project description, highlights of the data, and selected figures.

What is the Federal Estate Tax?

The Federal estate tax is a tax on the right to transfer property at death. The tax, reported on Form 706, United States Estate (and Generation Skipping Transfer) Tax Return, is applied to estates for which at-death gross assets, the "gross estate," exceed the filing threshold. Included in gross estate are real estate, cash, stocks, bonds, businesses, and decedent-owned life insurance policies. Deductions are allowed for administrative expenses, indebtedness, taxes, casualty loss, and charitable and marital transfers. The taxable estate is calculated as gross estate less allowable deductions.

For information about selected terms and concepts, a description of the data sources and limitations, and links to recent revisions of Form 706, please visit Estate Tax Study Metadata.

The IRS Estate Tax page provides further information concerning the estate tax.

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The Can I Efile My 2012 Taxes Now

Can i efile my 2012 taxes now Publication 225 - Introductory Material Table of Contents IntroductionOrdering forms and publications. Can i efile my 2012 taxes now Tax questions. Can i efile my 2012 taxes now Future Developments What's New for 2013 What's New for 2014 Reminders Introduction You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant. Can i efile my 2012 taxes now A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. Can i efile my 2012 taxes now It also includes plantations, ranches, ranges, and orchards. Can i efile my 2012 taxes now This publication explains how the federal tax laws apply to farming. Can i efile my 2012 taxes now Use this publication as a guide to figure your taxes and complete your farm tax return. Can i efile my 2012 taxes now If you need more information on a subject, get the specific IRS tax publication covering that subject. Can i efile my 2012 taxes now We refer to many of these free publications throughout this publication. Can i efile my 2012 taxes now See chapter 16 for information on ordering these publications. Can i efile my 2012 taxes now The explanations and examples in this publication reflect the Internal Revenue Service's interpretation of tax laws enacted by Congress, Treasury regulations, and court decisions. Can i efile my 2012 taxes now However, the information given does not cover every situation and is not intended to replace the law or change its meaning. Can i efile my 2012 taxes now This publication covers subjects on which a court may have made a decision more favorable to taxpayers than the interpretation of the Service. Can i efile my 2012 taxes now Until these differing interpretations are resolved by higher court decisions, or in some other way, this publication will continue to present the interpretation of the Service. Can i efile my 2012 taxes now The IRS Mission. Can i efile my 2012 taxes now   Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. Can i efile my 2012 taxes now Comments and suggestions. Can i efile my 2012 taxes now   We welcome your comments about this publication and your suggestions for future editions. Can i efile my 2012 taxes now   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Can i efile my 2012 taxes now NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Can i efile my 2012 taxes now Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Can i efile my 2012 taxes now   You can email us at taxforms@irs. Can i efile my 2012 taxes now gov. Can i efile my 2012 taxes now Please put “Publications Comment” on the subject line. Can i efile my 2012 taxes now You can also send us comments from www. Can i efile my 2012 taxes now irs. Can i efile my 2012 taxes now gov/formspubs/, select “Comment on Tax Forms and Publications” under “More Information. Can i efile my 2012 taxes now ”   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. Can i efile my 2012 taxes now Ordering forms and publications. Can i efile my 2012 taxes now   Visit www. Can i efile my 2012 taxes now irs. Can i efile my 2012 taxes now 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. Can i efile my 2012 taxes now Internal Revenue Service 1201 N. Can i efile my 2012 taxes now Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Can i efile my 2012 taxes now   If you have a tax question, check the information available on IRS. Can i efile my 2012 taxes now gov or call 1-800-829-1040. Can i efile my 2012 taxes now We cannot answer tax questions sent to either of the above addresses. Can i efile my 2012 taxes now Comments on IRS enforcement actions. Can i efile my 2012 taxes now   The Small Business and Agricultural Regulatory Enforcement Ombudsman and 10 Regional Fairness Boards were established to receive comments from small business about federal agency enforcement actions. Can i efile my 2012 taxes now The Ombudsman will annually evaluate the enforcement activities of each agency and rate its responsiveness to small business. Can i efile my 2012 taxes now If you wish to comment on the enforcement actions of the IRS, you can: Call 1-888-734-3247, Fax your comments to 202-481-5719, Write to Office of the National Ombudsman U. Can i efile my 2012 taxes now S. Can i efile my 2012 taxes now Small Business Administration 409 3rd Street, S. Can i efile my 2012 taxes now W. Can i efile my 2012 taxes now  Washington, DC 20416 Send an email to ombudsman@sba. Can i efile my 2012 taxes now gov, or Download the appraisal form at  www. Can i efile my 2012 taxes now sba. Can i efile my 2012 taxes now gov/ombudsman. Can i efile my 2012 taxes now Treasury Inspector General for Tax Administration. Can i efile my 2012 taxes now   If you want to confidentially report misconduct, waste, fraud, or abuse by an IRS employee, you can call 1-800-366-4484 (1-800-877-8339 for TTY/TDD users). Can i efile my 2012 taxes now You can remain anonymous. Can i efile my 2012 taxes now Farm tax classes. Can i efile my 2012 taxes now   Many state Cooperative Extension Services conduct farm tax workshops in conjunction with the IRS. Can i efile my 2012 taxes now Contact your county extension office for more information. Can i efile my 2012 taxes now Rural tax education website. Can i efile my 2012 taxes now   The Rural Tax Education website is a source for information concerning agriculturally related income and deductions and self-employment tax. Can i efile my 2012 taxes now The website is available for farmers and ranchers, other agricultural producers, Extension educators, and any one interested in learning about the tax side of the agricultural community. Can i efile my 2012 taxes now Members of the National Farm Income Tax Extension Committee are contributors for the website and the website is hosted by Utah State University Cooperative Extension. Can i efile my 2012 taxes now You can visit the website at www. Can i efile my 2012 taxes now ruraltax. Can i efile my 2012 taxes now org. Can i efile my 2012 taxes now Future Developments The IRS has created a page on IRS. Can i efile my 2012 taxes now gov for information about Publication 225, at  www. Can i efile my 2012 taxes now irs. Can i efile my 2012 taxes now gov/pub225. Can i efile my 2012 taxes now Information about recent developments affecting Publication 225 will be posted on that page. Can i efile my 2012 taxes now What's New for 2013 The following items highlight a number of administrative and tax law changes for 2013. Can i efile my 2012 taxes now They are discussed in more detail throughout the publication. Can i efile my 2012 taxes now Standard mileage rate. Can i efile my 2012 taxes now  For 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. Can i efile my 2012 taxes now 5 cents. Can i efile my 2012 taxes now See chapter 4. Can i efile my 2012 taxes now Simplified method for business use of home deduction. Can i efile my 2012 taxes now  The IRS now provides a simplified method to determine your expenses for business use of your home. Can i efile my 2012 taxes now For more information, see Schedule C (Form 1040), Part II, and its instructions. Can i efile my 2012 taxes now See chapter 4. Can i efile my 2012 taxes now Increased section 179 expense deduction dollar limits. Can i efile my 2012 taxes now  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000. Can i efile my 2012 taxes now This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2 million. Can i efile my 2012 taxes now See chapter 7. Can i efile my 2012 taxes now Extension of special depreciation allowance for certain qualified property acquired after December 31, 2007. Can i efile my 2012 taxes now  You may be able to take a 50% special depreciation allowance for certain qualified property acquired after December 31, 2007, and placed in service before January 1, 2014. Can i efile my 2012 taxes now See chapter 7. Can i efile my 2012 taxes now Expiration of the 3-year recovery period for certain race horses. Can i efile my 2012 taxes now . Can i efile my 2012 taxes now  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. Can i efile my 2012 taxes now See chapter 7. Can i efile my 2012 taxes now Tax rates. Can i efile my 2012 taxes now  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. Can i efile my 2012 taxes now 4% to 12. Can i efile my 2012 taxes now 4%. Can i efile my 2012 taxes now As a result, the self-employment tax is increased from 13. Can i efile my 2012 taxes now 3% to 15. Can i efile my 2012 taxes now 3%. Can i efile my 2012 taxes now See chapter 12. Can i efile my 2012 taxes now Maximum net earnings. Can i efile my 2012 taxes now  The maximum net self-employment earnings subject to the social security part (12. Can i efile my 2012 taxes now 4%) of the self-employment tax increased to $113,700 for 2013. Can i efile my 2012 taxes now There is no maximum limit on earnings subject to the Medicare part (2. Can i efile my 2012 taxes now 9%). Can i efile my 2012 taxes now See chapter 12. Can i efile my 2012 taxes now Net investment income tax. Can i efile my 2012 taxes now  For tax years beginning in 2013, individuals, estates, and trusts may be subject to the net investment income tax (NIIT). Can i efile my 2012 taxes now If you are a trader in financial instruments and commodities and required to file Schedule C (Form 1040), your investment income (for purposes of the NIIT) may be reduced by your interest and other investment expenses to the extent those expenses are not used to reduce your self-employment income. Can i efile my 2012 taxes now For information about NIIT and the special rule for traders in financial instruments and commodities, see the Instructions for Form 8960. Can i efile my 2012 taxes now Social Security and Medicare Tax for 2013. Can i efile my 2012 taxes now  The employee tax rate for social security is 6. Can i efile my 2012 taxes now 2%. Can i efile my 2012 taxes now The employer tax rate for social security remains unchanged at 6. Can i efile my 2012 taxes now 2%. Can i efile my 2012 taxes now The social security wage base limit is $113,700. Can i efile my 2012 taxes now The Medicare tax rate is 1. Can i efile my 2012 taxes now 45% each for the employee and employer, unchanged from 2012. Can i efile my 2012 taxes now There is no wage base limit for Medicare tax. Can i efile my 2012 taxes now See chapter 13. Can i efile my 2012 taxes now Additional Medicare Tax. Can i efile my 2012 taxes now  For tax years beginning in 2013, a 0. Can i efile my 2012 taxes now 9% Additional Medicare Tax applies to your Medicare wages, Railroad Tax Act (RRTA) compensation, and self-employment income above a threshold amount. Can i efile my 2012 taxes now Use Form 8959, Additional Medicare Tax, to figure this tax. Can i efile my 2012 taxes now For more information, see the Instructions for Form 8959 and the Instructions for Schedule SE (Form 1040). Can i efile my 2012 taxes now In addition to withholding Medicare tax at 1. Can i efile my 2012 taxes now 45%, you must withhold a 0. Can i efile my 2012 taxes now 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Can i efile my 2012 taxes now You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Can i efile my 2012 taxes now Additional Medicare Tax is only imposed on the employee. Can i efile my 2012 taxes now There is no employer share of Additional Medicare Tax. Can i efile my 2012 taxes now All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Can i efile my 2012 taxes now For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. Can i efile my 2012 taxes now For more information on Additional Medicare Tax, visit IRS. Can i efile my 2012 taxes now gov and enter “Additional Medicare Tax” in the search box. Can i efile my 2012 taxes now See chapter 13. Can i efile my 2012 taxes now Leave-Based donation programs to aid victims of Hurricane Sandy. Can i efile my 2012 taxes now  Under these programs, employees may donate their vacation, sick, or personal leave in exchange for employer cash payments made before January 1, 2014, to qualified tax-exempt organizations providing relief for the victims of Hurricane Sandy. Can i efile my 2012 taxes now The donated leave will not be included in the income or wages of the employee. Can i efile my 2012 taxes now The employer may deduct the cash payments as business expenses or charitable contributions. Can i efile my 2012 taxes now See chapter 13. Can i efile my 2012 taxes now Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans extended. Can i efile my 2012 taxes now  The work opportunity tax credit is now available for eligible unemployed veterans who begin work before January 1, 2014. Can i efile my 2012 taxes now Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Can i efile my 2012 taxes now For more information, visit IRS. Can i efile my 2012 taxes now gov and enter “work opportunity credit” in the search box. Can i efile my 2012 taxes now See chapter 13. Can i efile my 2012 taxes now Estimated tax. Can i efile my 2012 taxes now  For tax years beginning in 2013, the Net Investment Income Tax (NIIT) may need to be included when calculating your estimated tax. Can i efile my 2012 taxes now Also, when figuring your estimated tax, you may need to include the 0. Can i efile my 2012 taxes now 9% Additional Medicare Tax applicable to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above the threshold amount based on your filing status. Can i efile my 2012 taxes now For more information, see Publication 505. Can i efile my 2012 taxes now What's New for 2014 Maximum net earnings. Can i efile my 2012 taxes now  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. Can i efile my 2012 taxes now See chapter 12. Can i efile my 2012 taxes now Social security and Medicare tax for 2014. Can i efile my 2012 taxes now  The employee and employer tax rates for social security and the maximum amount of wages subject to social security tax for 2014 will be discussed in Publication 51 (Circular A), Agricultural Employer's Tax Guide (For use in 2014). Can i efile my 2012 taxes now The Medicare tax rate for 2014 will also be discussed in Publication 51 (Circular A) (For use in 2014). Can i efile my 2012 taxes now There is no limit on the amount of wages subject to Medicare tax. Can i efile my 2012 taxes now See chapter 13. Can i efile my 2012 taxes now Reminders The following reminders and other items may help you file your tax return. Can i efile my 2012 taxes now   IRS e-file (Electronic Filing) You can file your tax returns electronically using an IRS e-file option. Can i efile my 2012 taxes now The benefits of IRS e-file include faster refunds, increased accuracy, and acknowledgment of IRS receipt of your return. Can i efile my 2012 taxes now You can use one of the following IRS e-file options. Can i efile my 2012 taxes now Use an authorized IRS e-file provider. Can i efile my 2012 taxes now Use a personal computer. Can i efile my 2012 taxes now Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site. Can i efile my 2012 taxes now For details on these fast filing methods, see your income tax package. Can i efile my 2012 taxes now Principal agricultural activity codes. Can i efile my 2012 taxes now  You must enter on line B of Schedule F (Form 1040) a code that identifies your principal agricultural activity. Can i efile my 2012 taxes now It is important to use the correct code because this information will identify market segments of the public for IRS Taxpayer Education programs. Can i efile my 2012 taxes now The U. Can i efile my 2012 taxes now S. Can i efile my 2012 taxes now Census Bureau also uses this information for its economic census. Can i efile my 2012 taxes now See the list of Principal Agricultural Activity Codes on page 2 of Schedule F (Form 1040). Can i efile my 2012 taxes now Publication on employer identification numbers (EIN). Can i efile my 2012 taxes now  Publication 1635, Understanding Your Employer Identification Number, provides general information on employer identification numbers. Can i efile my 2012 taxes now Topics include how to apply for an EIN and how to complete Form SS-4. Can i efile my 2012 taxes now Change of address. Can i efile my 2012 taxes now  If you change your home address, you should use Form 8822, Change of Addres, to notify the IRS. Can i efile my 2012 taxes now If you change your business address, you should use Form 8822-B, Change of Address or Responsible Party — Business, to notify the IRS. Can i efile my 2012 taxes now Be sure to include your suite, room, or other unit number. Can i efile my 2012 taxes now Reportable transactions. Can i efile my 2012 taxes now  You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. Can i efile my 2012 taxes now You may have to pay a penalty if you are required to file Form 8886 but do not do so. Can i efile my 2012 taxes now Reportable transactions include (1) transactions the same as or substantially similar to tax avoidance transactions identified by the IRS, (2) transactions offered to you under conditions of confidentiality and for which you paid an advisor a minimum fee, (3) transactions for which you have or a related party has a right to a full or partial refund of fees if all or part of the intended tax consequences from the transaction are not sustained, (4) transactions that result in losses of at least $2 million in any single year or $4 million in any combination of years, and (5) transactions with asset holding periods of 45 days or less and that result in a tax credit of more than $250,000. Can i efile my 2012 taxes now For more information, see the Instructions for Form 8886. Can i efile my 2012 taxes now Form W-4 for 2014. Can i efile my 2012 taxes now  You should make new Forms W-4 available to your employees and encourage them to check their income tax withholding for 2014. Can i efile my 2012 taxes now Those employees who owed a large amount of tax or received a large refund for 2013 may need to submit a new Form W-4. Can i efile my 2012 taxes now See Publication 919, How Do I Adjust My Tax Withholding. Can i efile my 2012 taxes now Form 1099-MISC. Can i efile my 2012 taxes now  Generally, file Form 1099-MISC if you pay at least $600 in rents, services, and other miscellaneous payments in your farming business to an individual (for example, an accountant, an attorney, or a veterinarian) who is not your employee. Can i efile my 2012 taxes now Limited Liability Company (LLC). Can i efile my 2012 taxes now  For purposes of this publication, a limited liability company (LLC) is a business entity organized in the United States under state law. Can i efile my 2012 taxes now Unlike a partnership, all of the members of an LLC have limited personal liability for its debts. Can i efile my 2012 taxes now An LLC may be classified for federal income tax purposes as a partnership, corporation, or an entity disregarded as separate from its owner by applying the rules in Regulations section 301. Can i efile my 2012 taxes now 7701-3. Can i efile my 2012 taxes now See Publication 3402 for more details. Can i efile my 2012 taxes now Photographs of missing children. Can i efile my 2012 taxes now  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Can i efile my 2012 taxes now Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Can i efile my 2012 taxes now 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. Can i efile my 2012 taxes now Prev  Up  Next   Home   More Online Publications