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Federal Tax Return 2012

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Federal Tax Return 2012

Federal tax return 2012 Index A Assessment of tax, Assessment of tax. Federal tax return 2012 Assistance (see Tax help) B Bankruptcy Code tax compliance, Bankruptcy Code Tax Compliance Requirements Returns due after filing, Tax Returns Due After the Bankruptcy Filing Returns due before chapter 13 filing, Tax Returns Due for Periods Ending Before the Bankruptcy Filing in Chapter 13 Cases Bankruptcy estate, Taxes and the Bankruptcy Estate Attribute carryovers, Carrybacks from the debtor's activities. Federal tax return 2012 Carrybacks, Carrybacks from the debtor's activities. Federal tax return 2012 Disclosure of return information, Disclosure of bankruptcy estate's return information to debtor. Federal tax return 2012 Employer identification number, Employer identification number. Federal tax return 2012 , Employer identification number. Federal tax return 2012 Estimated tax, Estimated tax – Form 1041-ES. Federal tax return 2012 Return filing requirements, Bankruptcy Estate Tax Return Filing Requirements and Payment of Tax Due Separate taxable entity, Separate taxable entity. Federal tax return 2012 Transfer of assets, Transfer of assets between debtor and bankruptcy estate. Federal tax return 2012 C Conversion or dismissal chapter 11 case, Conversion or dismissal of chapter 11 cases. Federal tax return 2012 Corporations, Corporations Filing requirements, Corporations Tax-free reorganizations, Tax-Free Reorganizations D Debt cancellation, Debt Cancellation Bankruptcy exclusion, Bankruptcy case exclusion. Federal tax return 2012 Corporations, Corporations Insolvency exclusion, Insolvency exclusion. Federal tax return 2012 Partnerships, Partnerships S corporations, S Corporations Deductions and credits, Bankruptcy Estate Deductions and Credits Administrative expenses, Administrative expenses. Federal tax return 2012 Discharge of tax, Discharge of Unpaid Tax Disclosure of return information, Disclosure of debtor's return information to trustee. Federal tax return 2012 , Disclosure of return information to trustee. Federal tax return 2012 Dismissal of case Amended return, Dismissal of bankruptcy case. Federal tax return 2012 E Election to end tax year: Form 1040, Debtor's Election To End Tax Year – Form 1040 Annualizing taxable income, Annualizing taxable income. Federal tax return 2012 Election by spouse, Election by debtor's spouse. Federal tax return 2012 Filing requirements, Making the Election - Filing Requirements Short tax years, Short tax years. Federal tax return 2012 Employment taxes, Employment taxes. Federal tax return 2012 , Employment Taxes Examination of return, Examination of return. Federal tax return 2012 F Free tax services, How To Get Tax Help H Help (see Tax help) I Individuals in Chapter 12 or 13, Individuals in Chapter 12 or 13 Individuals in Chapter 7 or 11, Individuals in Chapter 7 or 11 Gross income chapter 11 case, Income of the estate in individual chapter 11 cases. Federal tax return 2012 Gross income chapter 7 case, Income of the estate in individual chapter 7 cases. Federal tax return 2012 J Jurisdiction over tax matters, Court Jurisdiction Over Tax Matters Bankruptcy Court, Bankruptcy Court Tax Court, Tax Court M More information (see Tax help) O Ordering tax return transcripts, Ordering tax transcripts and copies of returns. Federal tax return 2012 P Partnerships, filing requirements, Partnerships Payment of tax claim, Federal Tax Claims Eighth priority taxes, Unsecured Tax Claims Second, third, fourth priority taxes, Higher priority taxes. Federal tax return 2012 Secured tax claims, Secured tax claims. Federal tax return 2012 Penalties, Penalties. Federal tax return 2012 Relief from penalties, Relief from certain penalties. Federal tax return 2012 Publications (see Tax help) R Request for prompt tax determination, Prompt Determination Requests Request for refund, Requests for refund or credit S Statute of limitations collections, Statute of limitations for collection. Federal tax return 2012 T Tax attributes, Reduction of Tax Attributes Basis reduction, Basis. Federal tax return 2012 , Basis Reduction Carryovers, Attribute carryovers. Federal tax return 2012 Order of reduction, Order of reduction. Federal tax return 2012 Reduction of, Reduction of Tax Attributes Tax help, How To Get Tax Help Tax reporting chapter 11 cases, Tax Reporting – Chapter 11 Cases Employment tax returns, Tax Reporting – Chapter 11 Cases Information returns, Employment taxes and employer's obligation to file Form W-2 in individual chapter 11 cases. Federal tax return 2012 Self-employment taxes, Self-employment taxes in individual chapter 11 cases. Federal tax return 2012 Wage reporting, tax withholding, Employment taxes and employer's obligation to file Form W-2 in individual chapter 11 cases. Federal tax return 2012 Tax return: Form 1041, Figuring tax due. Federal tax return 2012 Figuring tax due, Filing Requirements Payment of tax due, Payment of Tax Due When to file, When to file. Federal tax return 2012 Taxpayer Advocate, Taxpayer Advocate Service. Federal tax return 2012 TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications
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The Federal Tax Return 2012

Federal tax return 2012 7. Federal tax return 2012   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Federal tax return 2012 Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. Federal tax return 2012 You must determine gross profit before you can deduct any business expenses. Federal tax return 2012 These expenses are discussed in chapter 8. Federal tax return 2012 If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. Federal tax return 2012 Businesses that sell products. Federal tax return 2012   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Federal tax return 2012 Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). Federal tax return 2012 Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. Federal tax return 2012   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). Federal tax return 2012 The result is the gross profit from your business. Federal tax return 2012 Businesses that sell services. Federal tax return 2012   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. Federal tax return 2012 Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). Federal tax return 2012 Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. Federal tax return 2012 Illustration. Federal tax return 2012   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Federal tax return 2012 Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. Federal tax return 2012 Gross receipts. Federal tax return 2012   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Federal tax return 2012 You may find it helpful to use cash registers to keep track of receipts. Federal tax return 2012 You should also use a proper invoicing system and keep a separate bank account for your business. Federal tax return 2012 Sales tax collected. Federal tax return 2012   Check to make sure your records show the correct sales tax collected. Federal tax return 2012   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. Federal tax return 2012   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. Federal tax return 2012 Inventory at beginning of year. Federal tax return 2012   Compare this figure with last year's ending inventory. Federal tax return 2012 The two amounts should usually be the same. Federal tax return 2012 Purchases. Federal tax return 2012   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. Federal tax return 2012 ) be sure to remove them from the cost of goods sold. Federal tax return 2012 For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. Federal tax return 2012 Inventory at end of year. Federal tax return 2012   Check to make sure your procedures for taking inventory are adequate. Federal tax return 2012 These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. Federal tax return 2012   Use inventory forms and adding machine tapes as the only evidence for your inventory. Federal tax return 2012 Inventory forms are available at office supply stores. Federal tax return 2012 These forms have columns for recording the description, quantity, unit price, and value of each inventory item. Federal tax return 2012 Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. Federal tax return 2012 These forms will help satisfy you that the total inventory is accurate. Federal tax return 2012 They will also provide you with a permanent record to support its validity. Federal tax return 2012   Inventories are discussed in chapter 2. Federal tax return 2012 Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. Federal tax return 2012 First, divide gross profit by net receipts. Federal tax return 2012 The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. Federal tax return 2012 Next, compare this percentage to your markup policy. Federal tax return 2012 Little or no difference between these two percentages shows that your gross profit figure is accurate. Federal tax return 2012 A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Federal tax return 2012 You should determine the reason for the difference. Federal tax return 2012 Example. Federal tax return 2012   Joe Able operates a retail business. Federal tax return 2012 On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Federal tax return 2012 The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Federal tax return 2012 His cost of goods sold is $200,000. Federal tax return 2012 This results in a gross profit of $100,000 ($300,000 − $200,000). Federal tax return 2012 To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Federal tax return 2012 The resulting 331/3% confirms his markup percentage of 331/3%. Federal tax return 2012 Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. Federal tax return 2012 The result is gross business income. Federal tax return 2012 If you use Schedule C-EZ, include the income on line 1 of the schedule. Federal tax return 2012 Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. Federal tax return 2012 Prev  Up  Next   Home   More Online Publications