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Can I Still File My 2011 Tax Return

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Can I Still File My 2011 Tax Return

Can i still file my 2011 tax return 2. Can i still file my 2011 tax return   Accounting Periods and Methods Table of Contents Introduction Useful Items - You may want to see: Accounting Periods Accounting MethodsCash Method Accrual Method Combination Method Inventories Uniform Capitalization Rules Special Methods Change in Accounting Method Introduction You must figure your taxable income and file an income tax return for an annual accounting period called a tax year. Can i still file my 2011 tax return Also, you must consistently use an accounting method that clearly shows your income and expenses for the tax year. Can i still file my 2011 tax return Useful Items - You may want to see: Publication 538 Accounting Periods and Methods See chapter 12 for information about getting publications and forms. Can i still file my 2011 tax return Accounting Periods When preparing a statement of income and expenses (generally your income tax return), you must use your books and records for a specific interval of time called an accounting period. Can i still file my 2011 tax return The annual accounting period for your income tax return is called a tax year. Can i still file my 2011 tax return You can use one of the following tax years. Can i still file my 2011 tax return A calendar tax year. Can i still file my 2011 tax return A fiscal tax year. Can i still file my 2011 tax return Unless you have a required tax year, you adopt a tax year by filing your first income tax return using that tax year. Can i still file my 2011 tax return A required tax year is a tax year required under the Internal Revenue Code or the Income Tax Regulations. Can i still file my 2011 tax return Calendar tax year. Can i still file my 2011 tax return   A calendar tax year is 12 consecutive months beginning January 1 and ending December 31. Can i still file my 2011 tax return   You must adopt the calendar tax year if any of the following apply. Can i still file my 2011 tax return You do not keep books. Can i still file my 2011 tax return You have no annual accounting period. Can i still file my 2011 tax return Your present tax year does not qualify as a fiscal year. Can i still file my 2011 tax return Your use of the calendar tax year is required under the Internal Revenue Code or the Income Tax Regulations. Can i still file my 2011 tax return   If you filed your first income tax return using the calendar tax year and you later begin business as a sole proprietor, you must continue to use the calendar tax year unless you get IRS approval to change it or are otherwise allowed to change it without IRS approval. Can i still file my 2011 tax return For more information, see Change in tax year, later. Can i still file my 2011 tax return   If you adopt the calendar tax year, you must maintain your books and records and report your income and expenses for the period from January 1 through December 31 of each year. Can i still file my 2011 tax return Fiscal tax year. Can i still file my 2011 tax return   A fiscal tax year is 12 consecutive months ending on the last day of any month except December. Can i still file my 2011 tax return A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month. Can i still file my 2011 tax return   If you adopt a fiscal tax year, you must maintain your books and records and report your income and expenses using the same tax year. Can i still file my 2011 tax return   For more information on a fiscal tax year, including a 52-53-week tax year, see Publication 538. Can i still file my 2011 tax return Change in tax year. Can i still file my 2011 tax return   Generally, you must file Form 1128, Application To Adopt, Change, or Retain a Tax Year, to request IRS approval to change your tax year. Can i still file my 2011 tax return See the Instructions for Form 1128 for exceptions. Can i still file my 2011 tax return If you qualify for an automatic approval request, a user fee is not required. Can i still file my 2011 tax return If you do not qualify for automatic approval, a ruling must be requested. Can i still file my 2011 tax return See the instructions for Form 1128 for information about user fees if you are requesting a ruling. Can i still file my 2011 tax return Accounting Methods An accounting method is a set of rules used to determine when and how income and expenses are reported. Can i still file my 2011 tax return Your accounting method includes not only the overall method of accounting you use, but also the accounting treatment you use for any material item. Can i still file my 2011 tax return You choose an accounting method for your business when you file your first income tax return that includes a Schedule C for the business. Can i still file my 2011 tax return After that, if you want to change your accounting method, you must generally get IRS approval. Can i still file my 2011 tax return See Change in Accounting Method, later. Can i still file my 2011 tax return Kinds of methods. Can i still file my 2011 tax return   Generally, you can use any of the following accounting methods. Can i still file my 2011 tax return Cash method. Can i still file my 2011 tax return An accrual method. Can i still file my 2011 tax return Special methods of accounting for certain items of income and expenses. Can i still file my 2011 tax return Combination method using elements of two or more of the above. Can i still file my 2011 tax return You must use the same accounting method to figure your taxable income and to keep your books. Can i still file my 2011 tax return Also, you must use an accounting method that clearly shows your income. Can i still file my 2011 tax return Business and personal items. Can i still file my 2011 tax return   You can account for business and personal items under different accounting methods. Can i still file my 2011 tax return For example, you can figure your business income under an accrual method, even if you use the cash method to figure personal items. Can i still file my 2011 tax return Two or more businesses. Can i still file my 2011 tax return   If you have two or more separate and distinct businesses, you can use a different accounting method for each if the method clearly reflects the income of each business. Can i still file my 2011 tax return They are separate and distinct only if you maintain complete and separate books and records for each business. Can i still file my 2011 tax return Cash Method Most individuals and many sole proprietors with no inventory use the cash method because they find it easier to keep cash method records. Can i still file my 2011 tax return However, if an inventory is necessary to account for your income, you must generally use an accrual method of accounting for sales and purchases. Can i still file my 2011 tax return For more information, see Inventories, later. Can i still file my 2011 tax return Income Under the cash method, include in your gross income all items of income you actually or constructively receive during your tax year. Can i still file my 2011 tax return If you receive property or services, you must include their fair market value in income. Can i still file my 2011 tax return Example. Can i still file my 2011 tax return On December 30, 2012, Mrs. Can i still file my 2011 tax return Sycamore sent you a check for interior decorating services you provided to her. Can i still file my 2011 tax return You received the check on January 2, 2013. Can i still file my 2011 tax return You must include the amount of the check in income for 2013. Can i still file my 2011 tax return Constructive receipt. Can i still file my 2011 tax return   You have constructive receipt of income when an amount is credited to your account or made available to you without restriction. Can i still file my 2011 tax return You do not need to have possession of it. Can i still file my 2011 tax return If you authorize someone to be your agent and receive income for you, you are treated as having received it when your agent received it. Can i still file my 2011 tax return Example. Can i still file my 2011 tax return Interest is credited to your bank account in December 2013. Can i still file my 2011 tax return You do not withdraw it or enter it into your passbook until 2014. Can i still file my 2011 tax return You must include it in your gross income for 2013. Can i still file my 2011 tax return Delaying receipt of income. Can i still file my 2011 tax return   You cannot hold checks or postpone taking possession of similar property from one tax year to another to avoid paying tax on the income. Can i still file my 2011 tax return You must report the income in the year the property is received or made available to you without restriction. Can i still file my 2011 tax return Example. Can i still file my 2011 tax return Frances Jones, a service contractor, was entitled to receive a $10,000 payment on a contract in December 2013. Can i still file my 2011 tax return She was told in December that her payment was available. Can i still file my 2011 tax return At her request, she was not paid until January 2014. Can i still file my 2011 tax return She must include this payment in her 2013 income because it was constructively received in 2013. Can i still file my 2011 tax return Checks. Can i still file my 2011 tax return   Receipt of a valid check by the end of the tax year is constructive receipt of income in that year, even if you cannot cash or deposit the check until the following year. Can i still file my 2011 tax return Example. Can i still file my 2011 tax return Dr. Can i still file my 2011 tax return Redd received a check for $500 on December 31, 2013, from a patient. Can i still file my 2011 tax return She could not deposit the check in her business account until January 2, 2014. Can i still file my 2011 tax return She must include this fee in her income for 2013. Can i still file my 2011 tax return Debts paid by another person or canceled. Can i still file my 2011 tax return   If your debts are paid by another person or are canceled by your creditors, you may have to report part or all of this debt relief as income. Can i still file my 2011 tax return If you receive income in this way, you constructively receive the income when the debt is canceled or paid. Can i still file my 2011 tax return For more information, see Canceled Debt under Kinds of Income in chapter 5. Can i still file my 2011 tax return Repayment of income. Can i still file my 2011 tax return   If you include an amount in income and in a later year you have to repay all or part of it, you can usually deduct the repayment in the year in which you make it. Can i still file my 2011 tax return If the amount you repay is over $3,000, a special rule applies. Can i still file my 2011 tax return For details about the special rule, see Repayments in chapter 11 of Publication 535, Business Expenses. Can i still file my 2011 tax return Expenses Under the cash method, you generally deduct expenses in the tax year in which you actually pay them. Can i still file my 2011 tax return This includes business expenses for which you contest liability. Can i still file my 2011 tax return However, you may not be able to deduct an expense paid in advance or you may be required to capitalize certain costs, as explained later under Uniform Capitalization Rules. Can i still file my 2011 tax return Expenses paid in advance. Can i still file my 2011 tax return   You can deduct an expense you pay in advance only in the year to which it applies. Can i still file my 2011 tax return Example. Can i still file my 2011 tax return You are a calendar year taxpayer and you pay $1,000 in 2013 for a business insurance policy effective for one year, beginning July 1. Can i still file my 2011 tax return You can deduct $500 in 2013 and $500 in 2014. Can i still file my 2011 tax return Accrual Method Under an accrual method of accounting, you generally report income in the year earned and deduct or capitalize expenses in the year incurred. Can i still file my 2011 tax return The purpose of an accrual method of accounting is to match income and expenses in the correct year. Can i still file my 2011 tax return Income—General Rule Under an accrual method, you generally include an amount in your gross income for the tax year in which all events that fix your right to receive the income have occurred and you can determine the amount with reasonable accuracy. Can i still file my 2011 tax return Example. Can i still file my 2011 tax return You are a calendar year accrual method taxpayer. Can i still file my 2011 tax return You sold a computer on December 28, 2013. Can i still file my 2011 tax return You billed the customer in the first week of January 2014, but you did not receive payment until February 2014. Can i still file my 2011 tax return You must include the amount received for the computer in your 2013 income. Can i still file my 2011 tax return Income—Special Rules The following are special rules that apply to advance payments, estimating income, and changing a payment schedule for services. Can i still file my 2011 tax return Estimated income. Can i still file my 2011 tax return   If you include a reasonably estimated amount in gross income, and later determine the exact amount is different, take the difference into account in the tax year in which you make the determination. Can i still file my 2011 tax return Change in payment schedule for services. Can i still file my 2011 tax return   If you perform services for a basic rate specified in a contract, you must accrue the income at the basic rate, even if you agree to receive payments at a lower rate until you complete the services and then receive the difference. Can i still file my 2011 tax return Advance payments for services. Can i still file my 2011 tax return   Generally, you report an advance payment for services to be performed in a later tax year as income in the year you receive the payment. Can i still file my 2011 tax return However, if you receive an advance payment for services you agree to perform by the end of the next tax year, you can elect to postpone including the advance payment in income until the next tax year. Can i still file my 2011 tax return However, you cannot postpone including any payment beyond that tax year. Can i still file my 2011 tax return   For more information, see Advance Payment for Services under Accrual Method in Publication 538. Can i still file my 2011 tax return That publication also explains special rules for reporting the following types of income. Can i still file my 2011 tax return Advance payments for service agreements. Can i still file my 2011 tax return Prepaid rent. Can i still file my 2011 tax return Advance payments for sales. Can i still file my 2011 tax return   Special rules apply to including income from advance payments on agreements for future sales or other dispositions of goods you hold primarily for sale to your customers in the ordinary course of your business. Can i still file my 2011 tax return If the advance payments are for contracts involving both the sale and service of goods, it may be necessary to treat them as two agreements. Can i still file my 2011 tax return An agreement includes a gift certificate that can be redeemed for goods. Can i still file my 2011 tax return Treat amounts that are due and payable as amounts you received. Can i still file my 2011 tax return   You generally include an advance payment in income for the tax year in which you receive it. Can i still file my 2011 tax return However, you can use an alternative method. Can i still file my 2011 tax return For information about the alternative method, see Publication 538. Can i still file my 2011 tax return Expenses Under an accrual method of accounting, you generally deduct or capitalize a business expense when both the following apply. Can i still file my 2011 tax return The all-events test has been met. Can i still file my 2011 tax return The test has been met when: All events have occurred that fix the fact of liability, and The liability can be determined with reasonable accuracy. Can i still file my 2011 tax return Economic performance has occurred. Can i still file my 2011 tax return Economic performance. Can i still file my 2011 tax return   You generally cannot deduct or capitalize a business expense until economic performance occurs. Can i still file my 2011 tax return If your expense is for property or services provided to you, or for your use of property, economic performance occurs as the property or services are provided or as the property is used. Can i still file my 2011 tax return If your expense is for property or services you provide to others, economic performance occurs as you provide the property or services. Can i still file my 2011 tax return An exception allows certain recurring items to be treated as incurred during a tax year even though economic performance has not occurred. Can i still file my 2011 tax return For more information on economic performance, see Economic Performance under Accrual Method in Publication 538. Can i still file my 2011 tax return Example. Can i still file my 2011 tax return You are a calendar year taxpayer and use an accrual method of accounting. Can i still file my 2011 tax return You buy office supplies in December 2013. Can i still file my 2011 tax return You receive the supplies and the bill in December, but you pay the bill in January 2014. Can i still file my 2011 tax return You can deduct the expense in 2013 because all events that fix the fact of liability have occurred, the amount of the liability could be reasonably determined, and economic performance occurred in that year. Can i still file my 2011 tax return Your office supplies may qualify as a recurring expense. Can i still file my 2011 tax return In that case, you can deduct them in 2013 even if the supplies are not delivered until 2014 (when economic performance occurs). Can i still file my 2011 tax return Keeping inventories. Can i still file my 2011 tax return   When the production, purchase, or sale of merchandise is an income-producing factor in your business, you must generally take inventories into account at the beginning and the end of your tax year. Can i still file my 2011 tax return If you must account for an inventory, you must generally use an accrual method of accounting for your purchases and sales. Can i still file my 2011 tax return For more information, see Inventories , later. Can i still file my 2011 tax return Special rule for related persons. Can i still file my 2011 tax return   You cannot deduct business expenses and interest owed to a related person who uses the cash method of accounting until you make the payment and the corresponding amount is includible in the related person's gross income. Can i still file my 2011 tax return Determine the relationship, for this rule, as of the end of the tax year for which the expense or interest would otherwise be deductible. Can i still file my 2011 tax return If a deduction is not allowed under this rule, the rule will continue to apply even if your relationship with the person ends before the expense or interest is includible in the gross income of that person. Can i still file my 2011 tax return   Related persons include members of your immediate family, including only brothers and sisters (either whole or half), your spouse, ancestors, and lineal descendants. Can i still file my 2011 tax return For a list of other related persons, see section 267 of the Internal Revenue Code. Can i still file my 2011 tax return Combination Method You can generally use any combination of cash, accrual, and special methods of accounting if the combination clearly shows your income and expenses and you use it consistently. Can i still file my 2011 tax return However, the following restrictions apply. Can i still file my 2011 tax return If an inventory is necessary to account for your income, you must generally use an accrual method for purchases and sales. Can i still file my 2011 tax return (See, however, Inventories, later. Can i still file my 2011 tax return ) You can use the cash method for all other items of income and expenses. Can i still file my 2011 tax return If you use the cash method for figuring your income, you must use the cash method for reporting your expenses. Can i still file my 2011 tax return If you use an accrual method for reporting your expenses, you must use an accrual method for figuring your income. Can i still file my 2011 tax return If you use a combination method that includes the cash method, treat that combination method as the cash method. Can i still file my 2011 tax return Inventories Generally, if you produce, purchase, or sell merchandise in your business, you must keep an inventory and use the accrual method for purchases and sales of merchandise. Can i still file my 2011 tax return However, the following taxpayers can use the cash method of accounting even if they produce, purchase, or sell merchandise. Can i still file my 2011 tax return These taxpayers can also account for inventoriable items as materials and supplies that are not incidental (discussed later). Can i still file my 2011 tax return A qualifying taxpayer under Revenue Procedure 2001-10 in Internal Revenue Bulletin 2001-2. Can i still file my 2011 tax return A qualifying small business taxpayer under Revenue Procedure 2002-28 in Internal Revenue Bulletin 2002-18. Can i still file my 2011 tax return Qualifying taxpayer. Can i still file my 2011 tax return   You are a qualifying taxpayer if: Your average annual gross receipts for each prior tax year ending on or after December 17, 1998, is $1 million or less. Can i still file my 2011 tax return (Your average annual gross receipts for a tax year is figured by adding the gross receipts for that tax year and the 2 preceding tax years and dividing by 3. Can i still file my 2011 tax return ) Your business is not a tax shelter, as defined under section 448(d)(3) of the Internal Revenue Code. Can i still file my 2011 tax return Qualifying small business taxpayer. Can i still file my 2011 tax return   You are a qualifying small business taxpayer if: Your average annual gross receipts for each prior tax year ending on or after December 31, 2000, is more than $1 million but not more than $10 million. Can i still file my 2011 tax return (Your average annual gross receipts for a tax year is figured by adding the gross receipts for that tax year and the 2 preceding tax years and dividing the total by 3. Can i still file my 2011 tax return ) You are not prohibited from using the cash method under section 448 of the Internal Revenue Code. Can i still file my 2011 tax return Your principal business activity is an eligible business (described in Publication 538 and Revenue Procedure 2002-28). Can i still file my 2011 tax return Business not owned or not in existence for 3 years. Can i still file my 2011 tax return   If you did not own your business for all of the 3-tax-year period used in figuring your average annual gross receipts, include the period of any predecessor. Can i still file my 2011 tax return If your business has not been in existence for the 3-tax-year period, base your average on the period it has existed including any short tax years, annualizing the short tax year's gross receipts. Can i still file my 2011 tax return Materials and supplies that are not incidental. Can i still file my 2011 tax return   If you account for inventoriable items as materials and supplies that are not incidental, you will deduct the cost of the items you would otherwise include in inventory in the year you sell the items, or the year you pay for them, whichever is later. Can i still file my 2011 tax return If you are a producer, you can use any reasonable method to estimate the raw material in your work in process and finished goods on hand at the end of the year to determine the raw material used to produce finished goods that were sold during the year. Can i still file my 2011 tax return Changing accounting method. Can i still file my 2011 tax return   If you are a qualifying taxpayer or qualifying small business taxpayer and want to change to the cash method or to account for inventoriable items as non-incidental materials and supplies, you must file Form 3115, Application for Change in Accounting Method. Can i still file my 2011 tax return See Change in Accounting Method, later. Can i still file my 2011 tax return More information. Can i still file my 2011 tax return    For more information about the qualifying taxpayer exception, see Revenue Procedure 2001-10 in Internal Revenue Bulletin 2001-2. Can i still file my 2011 tax return For more information about the qualifying small business taxpayer exception, see Revenue Procedure 2002-28 in Internal Revenue Bulletin 2002-18. Can i still file my 2011 tax return Items included in inventory. Can i still file my 2011 tax return   If you are required to account for inventories, include the following items when accounting for your inventory. Can i still file my 2011 tax return Merchandise or stock in trade. Can i still file my 2011 tax return Raw materials. Can i still file my 2011 tax return Work in process. Can i still file my 2011 tax return Finished products. Can i still file my 2011 tax return Supplies that physically become a part of the item intended for sale. Can i still file my 2011 tax return Valuing inventory. Can i still file my 2011 tax return   You must value your inventory at the beginning and end of each tax year to determine your cost of goods sold (Schedule C, line 42). Can i still file my 2011 tax return To determine the value of your inventory, you need a method for identifying the items in your inventory and a method for valuing these items. Can i still file my 2011 tax return   Inventory valuation rules cannot be the same for all kinds of businesses. Can i still file my 2011 tax return The method you use to value your inventory must conform to generally accepted accounting principles for similar businesses and must clearly reflect income. Can i still file my 2011 tax return Your inventory practices must be consistent from year to year. Can i still file my 2011 tax return More information. Can i still file my 2011 tax return   For more information about inventories, see Publication 538. Can i still file my 2011 tax return Uniform Capitalization Rules Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for production or resale activities. Can i still file my 2011 tax return Include these costs in the basis of property you produce or acquire for resale, rather than claiming them as a current deduction. Can i still file my 2011 tax return You recover the costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. Can i still file my 2011 tax return Activities subject to the uniform capitalization rules. Can i still file my 2011 tax return   You may be subject to the uniform capitalization rules if you do any of the following, unless the property is produced for your use other than in a business or an activity carried on for profit. Can i still file my 2011 tax return Produce real or tangible personal property. Can i still file my 2011 tax return For this purpose, tangible personal property includes a film, sound recording, video tape, book, or similar property. Can i still file my 2011 tax return Acquire property for resale. Can i still file my 2011 tax return Exceptions. Can i still file my 2011 tax return   These rules do not apply to the following property. Can i still file my 2011 tax return Personal property you acquire for resale if your average annual gross receipts are $10 million or less. Can i still file my 2011 tax return Property you produce if you meet either of the following conditions. Can i still file my 2011 tax return Your indirect costs of producing the property are $200,000 or less. Can i still file my 2011 tax return You use the cash method of accounting and do not account for inventories. Can i still file my 2011 tax return For more information, see Inventories, earlier. Can i still file my 2011 tax return Special Methods There are special methods of accounting for certain items of income or expense. Can i still file my 2011 tax return These include the following. Can i still file my 2011 tax return Amortization, discussed in chapter 8 of Publication 535, Business Expenses. Can i still file my 2011 tax return Bad debts, discussed in chapter 10 of Publication 535. Can i still file my 2011 tax return Depletion, discussed in chapter 9 of Publication 535. Can i still file my 2011 tax return Depreciation, discussed in Publication 946, How To Depreciate Property. Can i still file my 2011 tax return Installment sales, discussed in Publication 537, Installment Sales. Can i still file my 2011 tax return Change in Accounting Method Once you have set up your accounting method, you must generally get IRS approval before you can change to another method. Can i still file my 2011 tax return A change in your accounting method includes a change in: Your overall method, such as from cash to an accrual method, and Your treatment of any material item. Can i still file my 2011 tax return To get approval, you must file Form 3115, Application for Change in Accounting Method. Can i still file my 2011 tax return You can get IRS approval to change an accounting method under either the automatic change procedures or the advance consent request procedures. Can i still file my 2011 tax return You may have to pay a user fee. Can i still file my 2011 tax return For more information, see the form instructions. Can i still file my 2011 tax return Automatic change procedures. Can i still file my 2011 tax return   Certain taxpayers can presume to have IRS approval to change their method of accounting. Can i still file my 2011 tax return The approval is granted for the tax year for which the taxpayer requests a change (year of change), if the taxpayer complies with the provisions of the automatic change procedures. Can i still file my 2011 tax return No user fee is required for an application filed under an automatic change procedure generally covered in Revenue Procedure 2002-9. Can i still file my 2011 tax return   Generally, you must use Form 3115 to request an automatic change. Can i still file my 2011 tax return For more information, see the Instructions for Form 3115. Can i still file my 2011 tax return Prev  Up  Next   Home   More Online Publications
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IRS - The Basics

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IRS - An Overview
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IRS Timeline
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The Can I Still File My 2011 Tax Return

Can i still file my 2011 tax return 1. Can i still file my 2011 tax return   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. Can i still file my 2011 tax return This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Can i still file my 2011 tax return Tax records are not the only type of records you need to keep for your farming business. Can i still file my 2011 tax return You should also keep records that measure your farm's financial performance. Can i still file my 2011 tax return This publication only discusses tax records. Can i still file my 2011 tax return The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. Can i still file my 2011 tax return For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Can i still file my 2011 tax return ffsc. Can i still file my 2011 tax return org. Can i still file my 2011 tax return For more information, contact Countryside Marketing, Inc. Can i still file my 2011 tax return in the following manner. Can i still file my 2011 tax return Call 262-253-6902. Can i still file my 2011 tax return Send a fax to 262-253-6903. Can i still file my 2011 tax return Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Can i still file my 2011 tax return , #287 Menomonee Falls, WI 53051. Can i still file my 2011 tax return Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. Can i still file my 2011 tax return Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Can i still file my 2011 tax return Recordkeeping will help you do the following. Can i still file my 2011 tax return Monitor the progress of your farming business. Can i still file my 2011 tax return   You need records to monitor the progress of your farming business. Can i still file my 2011 tax return Records can show whether your business is improving, which items are selling, or what changes you need to make. Can i still file my 2011 tax return Records can help you make better decisions that may increase the likelihood of business success. Can i still file my 2011 tax return Prepare your financial statements. Can i still file my 2011 tax return   You need records to prepare accurate financial statements. Can i still file my 2011 tax return These include income (profit and loss) statements and balance sheets. Can i still file my 2011 tax return These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Can i still file my 2011 tax return Identify source of receipts. Can i still file my 2011 tax return   You will receive money or property from many sources. Can i still file my 2011 tax return Your records can identify the source of your receipts. Can i still file my 2011 tax return You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Can i still file my 2011 tax return Keep track of deductible expenses. Can i still file my 2011 tax return   You may forget expenses when you prepare your tax return unless you record them when they occur. Can i still file my 2011 tax return Prepare your tax returns. Can i still file my 2011 tax return   You need records to prepare your tax return. Can i still file my 2011 tax return For example, your records must support the income, expenses, and credits you report. Can i still file my 2011 tax return Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Can i still file my 2011 tax return Support items reported on tax returns. Can i still file my 2011 tax return   You must keep your business records available at all times for inspection by the IRS. Can i still file my 2011 tax return If the IRS examines any of your tax returns, you may be asked to explain the items reported. Can i still file my 2011 tax return A complete set of records will speed up the examination. Can i still file my 2011 tax return Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Can i still file my 2011 tax return You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Can i still file my 2011 tax return You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Can i still file my 2011 tax return See  chapter 2. Can i still file my 2011 tax return If you are in more than one business, you should keep a complete and separate set of records for each business. Can i still file my 2011 tax return A corporation should keep minutes of board of directors' meetings. Can i still file my 2011 tax return Your recordkeeping system should include a summary of your business transactions. Can i still file my 2011 tax return This summary is ordinarily made in accounting journals and ledgers. Can i still file my 2011 tax return For example, they must show your gross income, as well as your deductions and credits. Can i still file my 2011 tax return In addition, you must keep supporting documents. Can i still file my 2011 tax return Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Can i still file my 2011 tax return These documents contain the information you need to record in your journals and ledgers. Can i still file my 2011 tax return It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Can i still file my 2011 tax return Keep them in an orderly fashion and in a safe place. Can i still file my 2011 tax return For instance, organize them by year and type of income or expense. Can i still file my 2011 tax return Electronic records. Can i still file my 2011 tax return   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Can i still file my 2011 tax return When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. Can i still file my 2011 tax return An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. Can i still file my 2011 tax return The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Can i still file my 2011 tax return All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Can i still file my 2011 tax return Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Can i still file my 2011 tax return The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. Can i still file my 2011 tax return You still have the responsibility of retaining any other books and records that are required to be retained. Can i still file my 2011 tax return The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Can i still file my 2011 tax return This test is not considered an examination and the results must be shared with you. Can i still file my 2011 tax return If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Can i still file my 2011 tax return If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. Can i still file my 2011 tax return For details on electronic storage system requirements, see Rev. Can i still file my 2011 tax return Proc. Can i still file my 2011 tax return 97-22. Can i still file my 2011 tax return You can find Rev. Can i still file my 2011 tax return Proc. Can i still file my 2011 tax return 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. Can i still file my 2011 tax return irs. Can i still file my 2011 tax return gov/pub/irs-irbs/irb97-13. Can i still file my 2011 tax return pdf. Can i still file my 2011 tax return Travel, transportation, entertainment, and gift expenses. Can i still file my 2011 tax return   Specific recordkeeping rules apply to these expenses. Can i still file my 2011 tax return For more information, see Publication 463. Can i still file my 2011 tax return Employment taxes. Can i still file my 2011 tax return   There are specific employment tax records you must keep. Can i still file my 2011 tax return For a list, see Publication 51 (Circular A). Can i still file my 2011 tax return Excise taxes. Can i still file my 2011 tax return   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. Can i still file my 2011 tax return Assets. Can i still file my 2011 tax return   Assets are the property, such as machinery and equipment, you own and use in your business. Can i still file my 2011 tax return You must keep records to verify certain information about your business assets. Can i still file my 2011 tax return You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Can i still file my 2011 tax return Your records should show all the following. Can i still file my 2011 tax return When and how you acquired the asset. Can i still file my 2011 tax return Purchase price. Can i still file my 2011 tax return Cost of any improvements. Can i still file my 2011 tax return Section 179 deduction taken. Can i still file my 2011 tax return Deductions taken for depreciation. Can i still file my 2011 tax return Deductions taken for casualty losses, such as losses resulting from fires or storms. Can i still file my 2011 tax return How you used the asset. Can i still file my 2011 tax return When and how you disposed of the asset. Can i still file my 2011 tax return Selling price. Can i still file my 2011 tax return Expenses of sale. Can i still file my 2011 tax return   The following are examples of records that may show this information. Can i still file my 2011 tax return Purchase and sales invoices. Can i still file my 2011 tax return Real estate closing statements. Can i still file my 2011 tax return Canceled checks. Can i still file my 2011 tax return Bank statements. Can i still file my 2011 tax return Financial account statements as proof of payment. Can i still file my 2011 tax return   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Can i still file my 2011 tax return These include account statements prepared for the financial institution by a third party. Can i still file my 2011 tax return These account statements must be legible. Can i still file my 2011 tax return The following table lists acceptable account statements. Can i still file my 2011 tax return IF payment is by. Can i still file my 2011 tax return . Can i still file my 2011 tax return . Can i still file my 2011 tax return THEN the statement must show the. Can i still file my 2011 tax return . Can i still file my 2011 tax return . Can i still file my 2011 tax return Check Check number. Can i still file my 2011 tax return Amount. Can i still file my 2011 tax return Payee's name. Can i still file my 2011 tax return Date the check amount was posted to the account by the financial institution. Can i still file my 2011 tax return Electronic funds  transfer Amount transferred. Can i still file my 2011 tax return Payee's name. Can i still file my 2011 tax return Date the transfer was posted to the account by the financial institution. Can i still file my 2011 tax return Credit card Amount charged. Can i still file my 2011 tax return Payee's name. Can i still file my 2011 tax return Transaction date. Can i still file my 2011 tax return    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Can i still file my 2011 tax return You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Can i still file my 2011 tax return Tax returns. Can i still file my 2011 tax return   Keep copies of your filed tax returns. Can i still file my 2011 tax return They help in preparing future tax returns and making computations if you file an amended return. Can i still file my 2011 tax return Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Can i still file my 2011 tax return How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Can i still file my 2011 tax return Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. Can i still file my 2011 tax return A period of limitations is the period of time after which no legal action can be brought. Can i still file my 2011 tax return Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. Can i still file my 2011 tax return However, certain records must be kept for a longer period of time, as discussed below. Can i still file my 2011 tax return Employment taxes. Can i still file my 2011 tax return   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Can i still file my 2011 tax return Assets. Can i still file my 2011 tax return   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. Can i still file my 2011 tax return You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. Can i still file my 2011 tax return   You may need to keep records relating to the basis of property longer than the period of limitation. Can i still file my 2011 tax return Keep those records as long as they are important in figuring the basis of the original or replacement property. Can i still file my 2011 tax return Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. Can i still file my 2011 tax return For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. Can i still file my 2011 tax return For more information on basis, see chapter 6. Can i still file my 2011 tax return Records for nontax purposes. Can i still file my 2011 tax return   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. Can i still file my 2011 tax return For example, your insurance company or creditors may require you to keep them longer than the IRS does. Can i still file my 2011 tax return Prev  Up  Next   Home   More Online Publications