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File Taxes Past Years

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File Taxes Past Years

File taxes past years 6. File taxes past years   How To Figure Cost of Goods Sold Table of Contents Introduction Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42Line 35 Inventory at Beginning of Year Line 36 Purchases Less Cost of Items Withdrawn for Personal Use Line 37 Cost of Labor Line 38 Materials and Supplies Line 39 Other Costs Line 40 Add Lines 35 through 39 Line 41 Inventory at End of Year Line 42 Cost of Goods Sold Introduction If you make or buy goods to sell, you can deduct the cost of goods sold from your gross receipts on Schedule C. File taxes past years However, to determine these costs, you must value your inventory at the beginning and end of each tax year. File taxes past years This chapter applies to you if you are a manufacturer, wholesaler, or retailer or if you are engaged in any business that makes, buys, or sells goods to produce income. File taxes past years This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. File taxes past years However, if you work in a personal service business and also sell or charge for the materials and supplies normally used in your business, this chapter applies to you. File taxes past years If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. File taxes past years For more information, see chapter 2. File taxes past years Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42 Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. File taxes past years These lines are reproduced below and are explained in the discussion that follows. File taxes past years 35 Inventory at beginning of year. File taxes past years If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. File taxes past years Do not include any amounts paid to yourself   38 Materials and supplies   39 Other costs   40 Add lines 35 through 39   41 Inventory at end of year   42 Cost of goods sold. File taxes past years Subtract line 41 from line 40. File taxes past years  Enter the result here and on line 4   Line 35 Inventory at Beginning of Year If you are a merchant, beginning inventory is the cost of merchandise on hand at the beginning of the year that you will sell to customers. File taxes past years If you are a manufacturer or producer, it includes the total cost of raw materials, work in process, finished goods, and materials and supplies used in manufacturing the goods (see Inventories in chapter 2). File taxes past years Opening inventory usually will be identical to the closing inventory of the year before. File taxes past years You must explain any difference in a schedule attached to your return. File taxes past years Donation of inventory. File taxes past years   If you contribute inventory (property that you sell in the course of your business), the amount you can claim as a contribution deduction is the smaller of its fair market value on the day you contributed it or its basis. File taxes past years The basis of donated inventory is any cost incurred for the inventory in an earlier year that you would otherwise include in your opening inventory for the year of the contribution. File taxes past years You must remove the amount of your contribution deduction from your opening inventory. File taxes past years It is not part of the cost of goods sold. File taxes past years   If the cost of donated inventory is not included in your opening inventory, the inventory's basis is zero and you cannot claim a charitable contribution deduction. File taxes past years Treat the inventory's cost as you would ordinarily treat it under your method of accounting. File taxes past years For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. File taxes past years   A special rule may apply to certain donations of food inventory. File taxes past years See Publication 526, Charitable Contributions. File taxes past years Example 1. File taxes past years You are a calendar year taxpayer who uses an accrual method of accounting. File taxes past years In 2013, you contributed property from inventory to a church. File taxes past years It had a fair market value of $600. File taxes past years The closing inventory at the end of 2012 properly included $400 of costs due to the acquisition of the property, and in 2012, you properly deducted $50 of administrative and other expenses attributable to the property as business expenses. File taxes past years The charitable contribution allowed for 2013 is $400 ($600 − $200). File taxes past years The $200 is the amount that would be ordinary income if you had sold the contributed inventory at fair market value on the date of the gift. File taxes past years The cost of goods sold you use in determining gross income for 2013 must not include the $400. File taxes past years You remove that amount from opening inventory for 2013. File taxes past years Example 2. File taxes past years If, in Example 1, you acquired the contributed property in 2013 at a cost of $400, you would include the $400 cost of the property in figuring the cost of goods sold for 2013 and deduct the $50 of administrative and other expenses attributable to the property for that year. File taxes past years You would not be allowed any charitable contribution deduction for the contributed property. File taxes past years Line 36 Purchases Less Cost of Items Withdrawn for Personal Use If you are a merchant, use the cost of all merchandise you bought for sale. File taxes past years If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. File taxes past years Trade discounts. File taxes past years   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. File taxes past years You must use the prices you pay (not the stated prices) in figuring your cost of purchases. File taxes past years Do not show the discount amount separately as an item in gross income. File taxes past years   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. File taxes past years Cash discounts. File taxes past years   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. File taxes past years There are two methods of accounting for cash discounts. File taxes past years You can either credit them to a separate discount account or deduct them from total purchases for the year. File taxes past years Whichever method you use, you must be consistent. File taxes past years If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. File taxes past years For more information, see Change in Accounting Method in chapter 2. File taxes past years   If you credit cash discounts to a separate account, you must include this credit balance in your business income at the end of the tax year. File taxes past years If you use this method, do not reduce your cost of goods sold by the cash discounts. File taxes past years Purchase returns and allowances. File taxes past years   You must deduct all returns and allowances from your total purchases during the year. File taxes past years Merchandise withdrawn from sale. File taxes past years   If you withdraw merchandise for your personal or family use, you must exclude this cost from the total amount of merchandise you bought for sale. File taxes past years Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. File taxes past years You must also charge the amount to your drawing account. File taxes past years   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. File taxes past years As stated above, you also use it to record withdrawals of merchandise for personal or family use. File taxes past years This account is also known as a “withdrawals account” or “personal account. File taxes past years ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. File taxes past years Small merchandisers (wholesalers, retailers, etc. File taxes past years ) usually do not have labor costs that can properly be charged to cost of goods sold. File taxes past years In a manufacturing business, labor costs properly allocable to the cost of goods sold include both the direct and indirect labor used in fabricating the raw material into a finished, saleable product. File taxes past years Direct labor. File taxes past years   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. File taxes past years They also include a part of the wages you pay to employees who work directly on the product part time if you can determine that part of their wages. File taxes past years Indirect labor. File taxes past years   Indirect labor costs are the wages you pay to employees who perform a general factory function that does not have any immediate or direct connection with making the saleable product, but that is a necessary part of the manufacturing process. File taxes past years Other labor. File taxes past years   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. File taxes past years Generally, the only kinds of labor costs properly chargeable to your cost of goods sold are the direct or indirect labor costs and certain other costs treated as overhead expenses properly charged to the manufacturing process, as discussed later under Line 39 Other Costs. File taxes past years Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. File taxes past years Those that are not used in the manufacturing process are treated as deferred charges. File taxes past years You deduct them as a business expense when you use them. File taxes past years Business expenses are discussed in chapter 8. File taxes past years Line 39 Other Costs Examples of other costs incurred in a manufacturing or mining process that you charge to your cost of goods sold are as follows. File taxes past years Containers. File taxes past years   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. File taxes past years If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. File taxes past years Freight-in. File taxes past years   Freight-in, express-in, and cartage-in on raw materials, supplies you use in production, and merchandise you purchase for sale are all part of cost of goods sold. File taxes past years Overhead expenses. File taxes past years   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. File taxes past years The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. File taxes past years Line 40 Add Lines 35 through 39 The total of lines 35 through 39 equals the cost of the goods available for sale during the year. File taxes past years Line 41 Inventory at End of Year Subtract the value of your closing inventory (including, as appropriate, the allocable parts of the cost of raw materials and supplies, direct labor, and overhead expenses) from line 40. File taxes past years Inventory at the end of the year is also known as closing or ending inventory. File taxes past years Your ending inventory will usually become the beginning inventory of your next tax year. File taxes past years Line 42 Cost of Goods Sold When you subtract your closing inventory (inventory at the end of the year) from the cost of goods available for sale, the remainder is your cost of goods sold during the tax year. File taxes past years Prev  Up  Next   Home   More Online Publications
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File taxes past years 3. File taxes past years   Environmental Taxes Table of Contents Oil Spill Liability Tax ODCs Imported Taxable Products Floor Stocks Tax Environmental taxes are imposed on crude oil and petroleum products (oil spill liability), the sale or use of ozone-depleting chemicals (ODCs), and imported products containing or manufactured with ODCs. File taxes past years In addition, a floor stocks tax is imposed on ODCs held on January 1 by any person (other than the manufacturer or importer of the ODCs) for sale or for use in further manufacture. File taxes past years Figure the environmental tax on Form 6627. File taxes past years Enter the tax on the appropriate lines of Form 720 and attach Form 6627 to Form 720. File taxes past years For environmental tax purposes, United States includes the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, any possession of the United States, the Commonwealth of the Northern Mariana Islands, the Trust Territory of the Pacific Islands, the continental shelf areas (applying the principles of section 638), and foreign trade zones. File taxes past years No one is exempt from the environmental taxes, including the federal government, state and local governments, Indian tribal governments, and nonprofit educational organizations. File taxes past years Oil Spill Liability Tax The oil spill liability tax is reported on Form 6627, Environmental Taxes, and Form 720, Quarterly Federal Excise Tax Return (IRS Nos. File taxes past years 18 and 21). File taxes past years The oil spill liability tax rate is $. File taxes past years 08 per barrel and generally applies to crude oil received at a U. File taxes past years S. File taxes past years refinery and to petroleum products entered into the United States for consumption, use, or warehousing. File taxes past years The tax also applies to certain uses and the exportation of domestic crude oil. File taxes past years Crude oil includes crude oil condensates and natural gasoline. File taxes past years Petroleum products include crude oil, refined and residual oil, and other liquid hydrocarbon refinery products. File taxes past years Crude oil. File taxes past years   Tax is imposed on crude oil when it is received at a United Sates refinery. File taxes past years The operator of the refinery is liable for the tax. File taxes past years   Tax is imposed on domestic crude oil used or exported before it is received at a United States refinery. File taxes past years However, the use of crude oil for extracting oil or natural gas on the premises where such crude oil was produced is not taxable. File taxes past years The user or exporter is liable for the tax. File taxes past years Imported petroleum products. File taxes past years   Tax is imposed on petroleum products when they enter the United States for consumption, use, or warehousing. File taxes past years The person entering the petroleum product into the country is liable for the tax, including the tax on imported crude oil, even if it is subsequently received at a U. File taxes past years S. File taxes past years refinery. File taxes past years   Tax is imposed only once on any imported petroleum product. File taxes past years Thus, the operator of a U. File taxes past years S. File taxes past years refinery that receives imported crude oil must establish that the petroleum tax has already been imposed on such crude oil in order not to be liable for the tax. File taxes past years ODCs For a list of the taxable ODCs and tax rates, see the Form 6627 instructions. File taxes past years Taxable event. File taxes past years   Tax is imposed on an ODC when it is first used or sold by its manufacturer or importer. File taxes past years The manufacturer or importer is liable for the tax. File taxes past years Use of ODCs. File taxes past years   You use an ODC if you put it into service in a trade or business or for the production of income. File taxes past years Also, an ODC is used if you use it in the making of an article, including incorporation into the article, chemical transformation, or release into the air. File taxes past years The loss, destruction, packaging, repackaging, or warehousing of ODCs is not a use of the ODC. File taxes past years   The creation of a mixture containing an ODC is treated as a taxable use of the ODC contained in the mixture. File taxes past years An ODC is contained in a mixture only if the chemical identity of the ODC is not changed. File taxes past years Generally, tax is imposed when the mixture is created and not on its sale or use. File taxes past years However, you can choose to have the tax imposed on its sale or use by checking the appropriate box on Form 6627. File taxes past years You can revoke this choice only with IRS consent. File taxes past years   The creation of a mixture for export or for use as a feedstock is not a taxable use of the ODCs contained in the mixture. File taxes past years Exceptions. File taxes past years   The following may be exempt from the tax on ODCs. File taxes past years Metered-dose inhalers. File taxes past years Recycled ODCs. File taxes past years Exported ODCs. File taxes past years ODCs used as feedstock. File taxes past years Metered-dose inhalers. File taxes past years   There is no tax on ODCs used or sold for use as propellants in metered-dose inhalers. File taxes past years For a sale to be nontaxable, you must obtain from the purchaser an exemption certificate that you rely on in good faith. File taxes past years The certificate must be in substantially the form as the sample certificate set forth in Regulations section 52. File taxes past years 4682-2(d)(5). File taxes past years The certificate may be included as part of the sales documentation. File taxes past years Keep the certificate with your records. File taxes past years Recycled ODCs. File taxes past years   There is no tax on any ODC diverted or recovered in the United States as part of a recycling process (and not as part of the original manufacturing or production process). File taxes past years There is no tax on recycled Halon-1301 or recycled Halon-2402 imported from a country that has signed the Montreal Protocol on Substances that Deplete the Ozone Layer (Montreal Protocol). File taxes past years   The Montreal Protocol is administered by the United Nations (U. File taxes past years N. File taxes past years ). File taxes past years To determine if a country has signed the Montreal Protocol, contact the U. File taxes past years N. File taxes past years The website is untreaty. File taxes past years un. File taxes past years org. File taxes past years Exported ODCs. File taxes past years   Generally, there is no tax on ODCs sold for export if certain requirements are met. File taxes past years For a sale to be nontaxable, you and the purchaser must be registered. File taxes past years See Form 637, Application for Registration (for Certain Excise Tax Activities). File taxes past years Also, you must obtain from the purchaser an exemption certificate that you rely on in good faith. File taxes past years Keep the certificate with your records. File taxes past years The certificate must be in substantially the form as the sample certificate set forth in Regulations section 52. File taxes past years 4682-5(d)(3). File taxes past years The tax benefit of this exemption is limited. File taxes past years For more information, see Regulations section 52. File taxes past years 4682-5. File taxes past years ODCs used as feedstock. File taxes past years   There is no tax on ODCs sold for use or used as a feedstock. File taxes past years An ODC is used as a feedstock only if the ODC is entirely consumed in the manufacture of another chemical. File taxes past years The transformation of an ODC into one or more new compounds qualifies as use as a feedstock, but use of an ODC in a mixture does not qualify. File taxes past years   For a sale to be nontaxable, you must obtain from the purchaser an exemption certificate that you rely on in good faith. File taxes past years The certificate must be in substantially the form as the sample certificate set forth in Regulations section 52. File taxes past years 4682-2(d)(2). File taxes past years Keep the certificate with your records. File taxes past years Credits or refunds. File taxes past years   A credit or refund (without interest) of tax paid on ODCs may be claimed if a taxed ODC is: Used as a propellant in a metered-dose inhaler (the person who used the ODC as a propellant may file a claim), Exported (the manufacturer may file a claim), or Used as a feedstock (the person who used the ODC may file a claim). File taxes past years For information on how to file for credits or refunds, see the Instructions for Form 720 or Schedule 6 (Form 8849). File taxes past years Conditions to allowance for ODCs exported. File taxes past years   To claim a credit or refund for ODCs that are exported, you must have repaid or agreed to repay the tax to the exporter, or obtained the exporter's written consent to allowance of the credit or refund. File taxes past years You must also have the evidence required by the EPA as proof that the ODCs were exported. File taxes past years Imported Taxable Products An imported product containing or manufactured with ODCs is subject to tax if it is entered into the United States for consumption, use, or warehousing and is listed in the Imported Products Table. File taxes past years The Imported Products Table is listed in Regulations section 52. File taxes past years 4682-3(f)(6). File taxes past years The tax is based on the weight of the ODCs used in the manufacture of the product. File taxes past years Use the following methods to figure the ODC weight. File taxes past years The actual (exact) weight of each ODC used as a material in manufacturing the product. File taxes past years If the actual weight cannot be determined, the ODC weight listed for the product in the Imported Products Table. File taxes past years However, if you cannot determine the actual weight and the table does not list an ODC weight for the product, the rate of tax is 1% of the entry value of the product. File taxes past years Taxable event. File taxes past years   Tax is imposed on an imported taxable product when the product is first sold or used by its importer. File taxes past years The importer is liable for the tax. File taxes past years Use of imported products. File taxes past years   You use an imported product if you put it into service in a trade or business or for the production of income or use it in the making of an article, including incorporation into the article. File taxes past years The loss, destruction, packaging, repackaging, warehousing, or repair of an imported product is not a use of that product. File taxes past years Entry as use. File taxes past years   The importer may choose to treat the entry of a product into the United States as the use of the product. File taxes past years Tax is imposed on the date of entry instead of when the product is sold or used. File taxes past years The choice applies to all imported taxable products that you own and have not used when you make the choice and all later entries. File taxes past years Make the choice by checking the box in Part II of Form 6627. File taxes past years The choice is effective as of the beginning of the calendar quarter to which the Form 6627 applies. File taxes past years You can revoke this choice only with IRS consent. File taxes past years Sale of article incorporating imported product. File taxes past years   The importer may treat the sale of an article manufactured or assembled in the United States as the first sale or use of an imported taxable product incorporated in that article if both the following apply. File taxes past years The importer has consistently treated the sale of similar items as the first sale or use of similar taxable imported products. File taxes past years The importer has not chosen to treat entry into the United States as use of the product. File taxes past years Imported products table. File taxes past years   The table lists all the products that are subject to the tax on imported taxable products and specifies the ODC weight (discussed later) of each product. File taxes past years   Each listing in the table identifies a product by name and includes only products that are described by that name. File taxes past years Most listings identify a product by both name and Harmonized Tariff Schedule (HTS) heading. File taxes past years In those cases, a product is included in that listing only if the product is described by that name and the rate of duty on the product is determined by reference to that HTS heading. File taxes past years A product is included in the listing even if it is manufactured with or contains a different ODC than the one specified in the table. File taxes past years   Part II of the table lists electronic items that are not included within any other list in the table. File taxes past years An imported product is included in this list only if the product meets one of the following tests. File taxes past years It is an electronic component whose operation involves the use of nonmechanical amplification or switching devices such as tubes, transistors, and integrated circuits. File taxes past years It contains components described in (1), which account for more than 15% of the cost of the product. File taxes past years   These components do not include passive electrical devices, such as resistors and capacitors. File taxes past years Items such as screws, nuts, bolts, plastic parts, and similar specially fabricated parts that may be used to construct an electronic item are not themselves included in the listing for electronic items. File taxes past years Rules for listing products. File taxes past years   Products are listed in the table according to the following rules. File taxes past years A product is listed in Part I of the table if it is a mixture containing ODCs. File taxes past years A product is listed in Part II of the table if the Commissioner has determined that the ODCs used as materials in the manufacture of the product under the predominant method are used for purposes of refrigeration or air conditioning, creating an aerosol or foam, or manufacturing electronic components. File taxes past years A product is listed in Part III of the table if the Commissioner has determined that the product meets both the following tests. File taxes past years It is not an imported taxable product. File taxes past years It would otherwise be included within a list in Part II of the table. File taxes past years   For example, floppy disk drive units are listed in Part III because they are not imported taxable products and would have been included in the Part II list for electronic items not specifically identified, but for their listing in Part III. File taxes past years ODC weight. File taxes past years   The Table ODC weight of a product is the weight, determined by the Commissioner, of the ODCs used as materials in the manufacture of the product under the predominant method of manufacturing. File taxes past years The ODC weight is listed in Part II in pounds per single unit of product unless otherwise specified. File taxes past years Modifying the table. File taxes past years   A manufacturer or importer of a product may request the IRS add a product and its ODC weight to the table. File taxes past years They also may request the IRS remove a product from the table, or change or specify the ODC weight of a product. File taxes past years To request a modification, see Regulations section 52. File taxes past years 4682-3(g) for the mailing address and information that must be included in the request. File taxes past years Floor Stocks Tax Tax is imposed on any ODC held (other than by the manufacturer or importer of the ODC) on January 1 for sale or use in further manufacturing. File taxes past years The person holding title (as determined under local law) to the ODC is liable for the tax, whether or not delivery has been made. File taxes past years These chemicals are taxable without regard to the type or size of storage container in which the ODCs are held. File taxes past years The tax may apply to an ODC whether it is in a 14-ounce can or a 30-pound tank. File taxes past years You are liable for the floor stocks tax if you hold any of the following on January 1. File taxes past years At least 400 pounds of ODCs other than halons or methyl chloroform, At least 50 pounds of halons, or At least 1,000 pounds of methyl chloroform. File taxes past years If you are liable for the tax, prepare an inventory on January 1 of the taxable ODCs held on that date for sale or for use in further manufacturing. File taxes past years You must pay this floor stocks tax by June 30 of each year. File taxes past years Report the tax on Form 6627 and Part II of Form 720 for the second calendar quarter. File taxes past years For the tax rates, see the Form 6627 instructions. File taxes past years ODCs not subject to floor stocks tax. File taxes past years   The floor stocks tax is not imposed on any of the following ODCs. File taxes past years ODCs mixed with other ingredients that contribute to achieving the purpose for which the mixture will be used, unless the mixture contains only ODCs and one or more stabilizers. File taxes past years ODCs contained in a manufactured article in which the ODCs will be used for their intended purpose without being released from the article. File taxes past years ODCs that have been reclaimed or recycled. File taxes past years ODCs sold in a qualifying sale for: Use as a feedstock, Export, or Use as a propellant in a metered-dose inhaler. File taxes past years Prev  Up  Next   Home   More Online Publications