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Forms To File 2011 Taxes

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Forms To File 2011 Taxes

Forms to file 2011 taxes Publication 583 - Main Content Table of Contents What New Business Owners Need To Know Forms of BusinessMore information. Forms to file 2011 taxes More information. Forms to file 2011 taxes Exception—Community Income. Forms to file 2011 taxes Exception—Qualified joint venture. Forms to file 2011 taxes More information. Forms to file 2011 taxes More information. Forms to file 2011 taxes Identification NumbersEmployer Identification Number (EIN) Payee's Identification Number Tax Year Accounting Method Business TaxesIncome Tax Self-Employment Tax Employment Taxes Excise Taxes Depositing Taxes Information Returns PenaltiesWaiver of penalty. Forms to file 2011 taxes Business ExpensesBusiness Start-Up Costs Depreciation Business Use of Your Home Car and Truck Expenses RecordkeepingWhy Keep Records? Kinds of Records To Keep How Long To Keep Records Sample Record System How to Get More InformationInternal Revenue Service Small Business Administration Other Federal Agencies What New Business Owners Need To Know As a new business owner, you need to know your federal tax responsibilities. Forms to file 2011 taxes Table 1 can help you learn what those responsibilities are. Forms to file 2011 taxes Ask yourself each question listed in the table, then see the related discussion to find the answer. Forms to file 2011 taxes In addition to knowing about federal taxes, you need to make some basic business decisions. Forms to file 2011 taxes Ask yourself: What are my financial resources? What products and services will I sell? How will I market my products and services? How will I develop a strategic business plan? How will I manage my business on a day-to-day basis? How will I recruit employees? The Small Business Administration (SBA) is a federal agency that can help you answer these types of questions. Forms to file 2011 taxes For information on how to contact the SBA, see How to Get More Information, later. Forms to file 2011 taxes Forms of Business The most common forms of business are the sole proprietorship, partnership, and corporation. Forms to file 2011 taxes When beginning a business, you must decide which form of business to use. Forms to file 2011 taxes Legal and tax considerations enter into this decision. Forms to file 2011 taxes Only tax considerations are discussed in this publication. Forms to file 2011 taxes Your form of business determines which income tax return form you have to file. Forms to file 2011 taxes See Table 2 to find out which form you have to file. Forms to file 2011 taxes Sole proprietorships. Forms to file 2011 taxes   A sole proprietorship is an unincorporated business that is owned by one individual. Forms to file 2011 taxes It is the simplest form of business organization to start and maintain. Forms to file 2011 taxes The business has no existence apart from you, the owner. Forms to file 2011 taxes Its liabilities are your personal liabilities. Forms to file 2011 taxes You undertake the risks of the business for all assets owned, whether or not used in the business. Forms to file 2011 taxes You include the income and expenses of the business on your personal tax return. Forms to file 2011 taxes More information. Forms to file 2011 taxes   For more information on sole proprietorships, see Publication 334, Tax Guide for Small Business. Forms to file 2011 taxes If you are a farmer, see Publication 225, Farmer's Tax Guide. Forms to file 2011 taxes Partnerships. Forms to file 2011 taxes   A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Forms to file 2011 taxes Each person contributes money, property, labor, or skill, and expects to share in the profits and losses of the business. Forms to file 2011 taxes   A partnership must file an annual information return to report the income, deductions, gains, losses, etc. Forms to file 2011 taxes , from its operations, but it does not pay income tax. Forms to file 2011 taxes Instead, it “passes through” any profits or losses to its partners. Forms to file 2011 taxes Each partner includes his or her share of the partnership's items on his or her tax return. Forms to file 2011 taxes More information. Forms to file 2011 taxes   For more information on partnerships, see Publication 541, Partnerships. Forms to file 2011 taxes Husband and wife business. Forms to file 2011 taxes   If you and your spouse jointly own and operate an unincorporated business and share in the profits and losses, you are partners in a partnership, whether or not you have a formal partnership agreement. Forms to file 2011 taxes Do not use Schedule C or C-EZ. Forms to file 2011 taxes Instead, file Form 1065, U. Forms to file 2011 taxes S. Forms to file 2011 taxes Return of Partnership Income. Forms to file 2011 taxes For more information, see Publication 541, Partnerships. Forms to file 2011 taxes Exception—Community Income. Forms to file 2011 taxes   If you and your spouse wholly own an unincorporated business as community property under the community property laws of a state, foreign country, or U. Forms to file 2011 taxes S. Forms to file 2011 taxes possession, you can treat the business either as a sole proprietorship or a partnership. Forms to file 2011 taxes The only states with community property laws are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Forms to file 2011 taxes A change in your reporting position will be treated as a conversion of the entity. Forms to file 2011 taxes Exception—Qualified joint venture. Forms to file 2011 taxes   If you and your spouse each materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership for the tax year. Forms to file 2011 taxes Making this election will allow you to avoid the complexity of Form 1065 but still give each spouse credit for social security earnings on which retirement benefits are based. Forms to file 2011 taxes For an explanation of "material participation," see the Instructions for Schedule C, line G. Forms to file 2011 taxes   To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Forms to file 2011 taxes Each of you must file a separate Schedule C or C-EZ and a separate Schedule SE. Forms to file 2011 taxes For more information, see Qualified Joint Venture in the Instructions for Schedule SE. Forms to file 2011 taxes Corporations. Forms to file 2011 taxes   In forming a corporation, prospective shareholders exchange money, property, or both, for the corporation's capital stock. Forms to file 2011 taxes A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income. Forms to file 2011 taxes A corporation can also take special deductions. Forms to file 2011 taxes   The profit of a corporation is taxed to the corporation when earned, and then is taxed to the shareholders when distributed as dividends. Forms to file 2011 taxes However, shareholders cannot deduct any loss of the corporation. Forms to file 2011 taxes More information. Forms to file 2011 taxes   For more information on corporations, see Publication 542, Corporations. Forms to file 2011 taxes S corporations. Forms to file 2011 taxes   An eligible domestic corporation can avoid double taxation (once to the corporation and again to the shareholders) by electing to be treated as an S corporation. Forms to file 2011 taxes Generally, an S corporation is exempt from federal income tax other than tax on certain capital gains and passive income. Forms to file 2011 taxes On their tax returns, the S corporation's shareholders include their share of the corporation's separately stated items of income, deduction, loss, and credit, and their share of nonseparately stated income or loss. Forms to file 2011 taxes More information. Forms to file 2011 taxes   For more information on S corporations, see the instructions for Form 2553, Election by a Small Business Corporation, and Form 1120S, U. Forms to file 2011 taxes S. Forms to file 2011 taxes Income Tax Return for an S Corporation. Forms to file 2011 taxes Limited liability company. Forms to file 2011 taxes   A limited liability company (LLC) is an entity formed under state law by filing articles of organization as an LLC. Forms to file 2011 taxes The members of an LLC are not personally liable for its debts. Forms to file 2011 taxes An LLC may be classified for federal income tax purposes as either a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in regulations section 301. Forms to file 2011 taxes 7701-3. Forms to file 2011 taxes For more information, see the instructions for Form 8832, Entity Classification Election. Forms to file 2011 taxes Identification Numbers You must have a taxpayer identification number so the IRS can process your returns. Forms to file 2011 taxes The two most common kinds of taxpayer identification numbers are the social security number (SSN) and the employer identification number (EIN). Forms to file 2011 taxes An SSN is issued to individuals by the Social Security Administration (SSA) and is in the following format: 000–00–0000. Forms to file 2011 taxes An EIN is issued to individuals (sole proprietors), partnerships, corporations, and other entities by the IRS and is in the following format: 00–0000000. Forms to file 2011 taxes You must include your taxpayer identification number (SSN or EIN) on all returns and other documents you send to the IRS. Forms to file 2011 taxes You must also furnish your number to other persons who use your identification number on any returns or documents they send to the IRS. Forms to file 2011 taxes This includes returns or documents filed to report the following information. Forms to file 2011 taxes Interest, dividends, royalties, etc. Forms to file 2011 taxes , paid to you. Forms to file 2011 taxes Any amount paid to you as a dependent care provider. Forms to file 2011 taxes Certain other amounts paid to you that total $600 or more for the year. Forms to file 2011 taxes If you do not furnish your identification number as required, you may be subject to penalties. Forms to file 2011 taxes See Penalties, later. Forms to file 2011 taxes Employer Identification Number (EIN) EINs are used to identify the tax accounts of employers, certain sole proprietors, corporations, partnerships, estates, trusts, and other entities. Forms to file 2011 taxes If you don't already have an EIN, you need to get one if you: Have employees, Have a qualified retirement plan, Operate your business as a corporation or partnership, or File returns for: Employment taxes, or Excise taxes. Forms to file 2011 taxes Applying for an EIN. Forms to file 2011 taxes   You may apply for an EIN: Online—Click on the EIN link at www. Forms to file 2011 taxes irs. Forms to file 2011 taxes gov/businesses/small. Forms to file 2011 taxes The EIN is issued immediately once the application information is validated. Forms to file 2011 taxes By telephone at 1-800-829-4933. Forms to file 2011 taxes By mailing or faxing Form SS-4, Application for Employer Identification Number. Forms to file 2011 taxes When to apply. Forms to file 2011 taxes   You should apply for an EIN early enough to receive the number by the time you must file a return or statement or make a tax deposit. Forms to file 2011 taxes If you apply by mail, file Form SS-4 at least 4 weeks before you need an EIN. Forms to file 2011 taxes If you apply by telephone or through the IRS website, you can get an EIN immediately. Forms to file 2011 taxes If you apply by fax, you can get an EIN within 4 business days. Forms to file 2011 taxes   If you do not receive your EIN by the time a return is due, file your return anyway. Forms to file 2011 taxes Write “Applied for” and the date you applied for the number in the space for the EIN. Forms to file 2011 taxes Do not use your social security number as a substitute for an EIN on your tax returns. Forms to file 2011 taxes More than one EIN. Forms to file 2011 taxes   You should have only one EIN. Forms to file 2011 taxes If you have more than one EIN and are not sure which to use, contact the Internal Revenue Service Center where you file your return. Forms to file 2011 taxes Give the numbers you have, the name and address to which each was assigned, and the address of your main place of business. Forms to file 2011 taxes The IRS will tell you which number to use. Forms to file 2011 taxes More information. Forms to file 2011 taxes   For more information about EINs, see Publication 1635, Understanding Your EIN. Forms to file 2011 taxes Payee's Identification Number In the operation of a business, you will probably make certain payments you must report on information returns (discussed later under Information Returns). Forms to file 2011 taxes The forms used to report these payments must include the payee's identification number. Forms to file 2011 taxes Employee. Forms to file 2011 taxes   If you have employees, you must get an SSN from each of them. Forms to file 2011 taxes Record the name and SSN of each employee exactly as they are shown on the employee's social security card. Forms to file 2011 taxes If the employee's name is not correct as shown on the card, the employee should request a new card from the SSA. Forms to file 2011 taxes This may occur, for example, if the employee's name has changed due to marriage or divorce. Forms to file 2011 taxes   If your employee does not have an SSN, he or she should file Form SS-5, Application for a Social Security Card, with the SSA. Forms to file 2011 taxes This form is available at SSA offices or by calling 1-800-772-1213. Forms to file 2011 taxes It is also available from the SSA website at www. Forms to file 2011 taxes ssa. Forms to file 2011 taxes gov. Forms to file 2011 taxes Other payee. Forms to file 2011 taxes   If you make payments to someone who is not your employee and you must report the payments on an information return, get that person's SSN. Forms to file 2011 taxes If you make reportable payments to an organization, such as a corporation or partnership, you must get its EIN. Forms to file 2011 taxes   To get the payee's SSN or EIN, use Form W-9, Request for Taxpayer Identification Number and Certification. Forms to file 2011 taxes This form is available from IRS offices or by calling 1-800-829-3676. Forms to file 2011 taxes It is also available from the IRS website at IRS. Forms to file 2011 taxes gov. Forms to file 2011 taxes    If the payee does not provide you with an identification number, you may have to withhold part of the payments as backup withholding. Forms to file 2011 taxes For information on backup withholding, see the Form W-9 instructions and the General Instructions for Certain Information Returns. Forms to file 2011 taxes Tax Year You must figure your taxable income and file an income tax return based on an annual accounting period called a tax year. Forms to file 2011 taxes A tax year is usually 12 consecutive months. Forms to file 2011 taxes There are two kinds of tax years. Forms to file 2011 taxes Calendar tax year. Forms to file 2011 taxes A calendar tax year is 12 consecutive months beginning January 1 and ending December 31. Forms to file 2011 taxes Fiscal tax year. Forms to file 2011 taxes A fiscal tax year is 12 consecutive months ending on the last day of any month except December. Forms to file 2011 taxes 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. Forms to file 2011 taxes If you file your first tax return using the calendar tax year and you later begin business as a sole proprietor, become a partner in a partnership, or become a shareholder in an S corporation, you must continue to use the calendar year unless you get IRS approval to change it or are otherwise allowed to change it without IRS approval. Forms to file 2011 taxes You must use a calendar tax year if: You keep no books. Forms to file 2011 taxes You have no annual accounting period. Forms to file 2011 taxes Your present tax year does not qualify as a fiscal year. Forms to file 2011 taxes You are required to use a calendar year by a provision of the Internal Revenue Code or the Income Tax Regulations. Forms to file 2011 taxes For more information, see Publication 538, Accounting Periods and Methods. Forms to file 2011 taxes First-time filer. Forms to file 2011 taxes   If you have never filed an income tax return, you can adopt either a calendar tax year or a fiscal tax year. Forms to file 2011 taxes You adopt a tax year by filing your first income tax return using that tax year. Forms to file 2011 taxes You have not adopted a tax year if you merely did any of the following. Forms to file 2011 taxes Filed an application for an extension of time to file an income tax return. Forms to file 2011 taxes Filed an application for an employer identification number. Forms to file 2011 taxes Paid estimated taxes for that tax year. Forms to file 2011 taxes Changing your tax year. Forms to file 2011 taxes   Once you have adopted your tax year, you may have to get IRS approval to change it. Forms to file 2011 taxes To get approval, you must file Form 1128, Application To Adopt, Change, or Retain a Tax Year. Forms to file 2011 taxes You may have to pay a fee. Forms to file 2011 taxes For more information, see Publication 538. Forms to file 2011 taxes Accounting Method An accounting method is a set of rules used to determine when and how income and expenses are reported. Forms to file 2011 taxes You choose an accounting method for your business when you file your first income tax return. Forms to file 2011 taxes There are two basic accounting methods. Forms to file 2011 taxes Cash method. Forms to file 2011 taxes Under the cash method, you report income in the tax year you receive it. Forms to file 2011 taxes You usually deduct or capitalize expenses in the tax year you pay them. Forms to file 2011 taxes Accrual method. Forms to file 2011 taxes Under an accrual method, you generally report income in the tax year you earn it, even though you may receive payment in a later year. Forms to file 2011 taxes You deduct or capitalize expenses in the tax year you incur them, whether or not you pay them that year. Forms to file 2011 taxes For other methods, see Publication 538. Forms to file 2011 taxes If you need inventories to show income correctly, you must generally use an accrual method of accounting for purchases and sales. Forms to file 2011 taxes Inventories include goods held for sale in the normal course of business. Forms to file 2011 taxes They also include raw materials and supplies that will physically become a part of merchandise intended for sale. Forms to file 2011 taxes Inventories are explained in Publication 538. Forms to file 2011 taxes Certain small business taxpayers can use the cash method of accounting and can also account for inventoriable items as materials and supplies that are not incidental. Forms to file 2011 taxes For more information, see Publication 538. Forms to file 2011 taxes You must use the same accounting method to figure your taxable income and to keep your books. Forms to file 2011 taxes Also, you must use an accounting method that clearly shows your income. Forms to file 2011 taxes In general, any accounting method that consistently uses accounting principles suitable for your trade or business clearly shows income. Forms to file 2011 taxes An accounting method clearly shows income only if it treats all items of gross income and expense the same from year to year. Forms to file 2011 taxes More than one business. Forms to file 2011 taxes   When you own more than one business, you can use a different accounting method for each business if the method you use for each clearly shows your income. Forms to file 2011 taxes You must keep a complete and separate set of books and records for each business. Forms to file 2011 taxes Changing your method of accounting. Forms to file 2011 taxes   Once you have set up your accounting method, you must generally get IRS approval before you can change to another method. Forms to file 2011 taxes A change in accounting method not only includes a change in your overall system of accounting, but also a change in the treatment of any material item. Forms to file 2011 taxes For examples of changes that require approval and information on how to get approval for the change, see Publication 538. Forms to file 2011 taxes Business Taxes The form of business you operate determines what taxes you must pay and how you pay them. Forms to file 2011 taxes The following are the four general kinds of business taxes. Forms to file 2011 taxes Income tax. Forms to file 2011 taxes Self-employment tax. Forms to file 2011 taxes Employment taxes. Forms to file 2011 taxes Excise taxes. Forms to file 2011 taxes See Table 2 for the forms you file to report these taxes. Forms to file 2011 taxes You may want to get Publication 509. Forms to file 2011 taxes It has tax calendars that tell you when to file returns and make tax payments. Forms to file 2011 taxes Income Tax All businesses except partnerships must file an annual income tax return. Forms to file 2011 taxes Partnerships file an information return. Forms to file 2011 taxes Which form you use depends on how your business is organized. Forms to file 2011 taxes See Table 2 to find out which return you have to file. Forms to file 2011 taxes The federal income tax is a pay-as-you-go tax. Forms to file 2011 taxes You must pay the tax as you earn or receive income during the year. Forms to file 2011 taxes An employee usually has income tax withheld from his or her pay. Forms to file 2011 taxes If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Forms to file 2011 taxes If you are not required to make estimated tax payments, you may pay any tax due when you file your return. Forms to file 2011 taxes Table 2. Forms to file 2011 taxes Which Forms Must I File? IF you are a. Forms to file 2011 taxes . Forms to file 2011 taxes . Forms to file 2011 taxes   THEN you may be liable for. Forms to file 2011 taxes . Forms to file 2011 taxes . Forms to file 2011 taxes   Use Form. Forms to file 2011 taxes . Forms to file 2011 taxes . Forms to file 2011 taxes Sole proprietor   Income tax   1040 and Schedule C 1 or C-EZ (Schedule F 1 for farm business)     Self-employment tax   1040 and Schedule SE     Estimated tax   1040-ES     Employment taxes:         • Social security and Medicare   taxes and income tax   withholding   941 or 944 (943 for farm employees)     • Federal unemployment (FUTA)   tax   940     Excise taxes   See Excise Taxes Partnership   Annual return of income   1065     Employment taxes   Same as sole proprietor     Excise taxes   See Excise Taxes Partner in a partnership (individual)   Income tax   1040 and Schedule E 2     Self-employment tax   1040 and Schedule SE     Estimated tax   1040-ES Corporation or S corporation   Income tax   1120 (corporation) 2  1120S (S corporation) 2     Estimated tax   1120-W (corporation only)     Employment taxes   Same as sole proprietor     Excise taxes   See Excise Taxes S corporation shareholder   Income tax   1040 and Schedule E 2     Estimated tax   1040-ES 1 File a separate schedule for each business. Forms to file 2011 taxes 2 Various other schedules may be needed. Forms to file 2011 taxes Estimated tax. Forms to file 2011 taxes   Generally, you must pay taxes on income, including self-employment tax (discussed next), by making regular payments of estimated tax during the year. Forms to file 2011 taxes Sole proprietors, partners, and S corporation shareholders. Forms to file 2011 taxes   You generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return. Forms to file 2011 taxes Use Form 1040-ES, Estimated Tax for Individuals, to figure and pay your estimated tax. Forms to file 2011 taxes For more information, see Publication 505, Tax Withholding and Estimated Tax. Forms to file 2011 taxes Corporations. Forms to file 2011 taxes   You generally have to make estimated tax payments for your corporation if you expect it to owe tax of $500 or more when you file its return. Forms to file 2011 taxes Use Form 1120-W, Estimated Tax for Corporations, to figure the estimated tax. Forms to file 2011 taxes You must deposit the payments as explained later under Depositing Taxes. Forms to file 2011 taxes For more information, see Publication 542. Forms to file 2011 taxes Self-Employment Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Forms to file 2011 taxes Your payments of SE tax contribute to your coverage under the social security system. Forms to file 2011 taxes Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. Forms to file 2011 taxes You must pay SE tax and file Schedule SE (Form 1040) if either of the following applies. Forms to file 2011 taxes Your net earnings from self-employment were $400 or more. Forms to file 2011 taxes You had church employee income of $108. Forms to file 2011 taxes 28 or more. Forms to file 2011 taxes Use Schedule SE (Form 1040) to figure your SE tax. Forms to file 2011 taxes For more information, see Publication 334, Tax Guide for Small Business. Forms to file 2011 taxes You can deduct a portion of your SE tax as an adjustment to income on your Form 1040. Forms to file 2011 taxes The Social Security Administration (SSA) time limit for posting self-employment income. Forms to file 2011 taxes   Generally, the SSA will give you credit only for self-employment income reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. Forms to file 2011 taxes If you file your tax return or report a change in your self-employment income after this time limit, the SSA may change its records, but only to remove or reduce the amount. Forms to file 2011 taxes The SSA will not change its records to increase your self-employment income. Forms to file 2011 taxes Employment Taxes This section briefly discusses the employment taxes you must pay, the forms you must file to report them, and other forms that must be filed when you have employees. Forms to file 2011 taxes Employment taxes include the following. Forms to file 2011 taxes Social security and Medicare taxes. Forms to file 2011 taxes Federal income tax withholding. Forms to file 2011 taxes Federal unemployment (FUTA) tax. Forms to file 2011 taxes If you have employees, you will need to get Publication 15, Circular E, Employer's Tax Guide. Forms to file 2011 taxes If you have agricultural employees, get Publication 51, Circular A, Agricultural Employer's Tax Guide. Forms to file 2011 taxes These publications explain your tax responsibilities as an employer. Forms to file 2011 taxes If you are not sure whether the people working for you are your employees, see Publication 15-A, Employer's Supplemental Tax Guide. Forms to file 2011 taxes That publication has information to help you determine whether an individual is an employee or an independent contractor. Forms to file 2011 taxes If you classify an employee as an independent contractor, you can be held liable for employment taxes for that worker plus a penalty. Forms to file 2011 taxes An independent contractor is someone who is self-employed. Forms to file 2011 taxes Generally, you do not have to withhold or pay any taxes on payments to an independent contractor. Forms to file 2011 taxes Federal Income, Social Security, and Medicare Taxes You generally must withhold federal income tax from your employee's wages. Forms to file 2011 taxes To figure how much federal income tax to withhold from each wage payment, use the employee's Form W-4 (discussed later under Hiring Employees) and the methods described in Publication 15. Forms to file 2011 taxes Social security and Medicare taxes pay for benefits that workers and their families receive under the Federal Insurance Contributions Act (FICA). Forms to file 2011 taxes Social security tax pays for benefits under the old-age, survivors, and disability insurance part of FICA. Forms to file 2011 taxes Medicare tax pays for benefits under the hospital insurance part of FICA. Forms to file 2011 taxes You withhold part of these taxes from your employee's wages and you pay a part yourself. Forms to file 2011 taxes To find out how much social security and Medicare tax to withhold and to pay, see Publication 15. Forms to file 2011 taxes Which form do I file?   Report these taxes on Form 941, Employer's QUARTERLY Federal Tax Return, or Form 944, Employer's ANNUAL Federal Tax Return. Forms to file 2011 taxes (Farm employers use Form 943, Employer's Annual Federal Tax Return for Agricultural Employees. Forms to file 2011 taxes ) Federal Unemployment (FUTA) Tax The federal unemployment tax is part of the federal and state program under the Federal Unemployment Tax Act (FUTA) that pays unemployment compensation to workers who lose their jobs. Forms to file 2011 taxes You report and pay FUTA tax separately from social security and Medicare taxes and withheld income tax. Forms to file 2011 taxes You pay FUTA tax only from your own funds. Forms to file 2011 taxes Employees do not pay this tax or have it withheld from their pay. Forms to file 2011 taxes Which form do I file?   Report federal unemployment tax on Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. Forms to file 2011 taxes See Publication 15 to find out if you can use this form. Forms to file 2011 taxes Hiring Employees Have the employees you hire fill out Form I-9 and Form W-4. Forms to file 2011 taxes Form I-9. Forms to file 2011 taxes   You must verify that each new employee is legally eligible to work in the United States. Forms to file 2011 taxes Both you and the employee must complete the U. Forms to file 2011 taxes S. Forms to file 2011 taxes Citizenship and Immigration Services (USCIS) Form I-9, Employment Eligibility Verification. Forms to file 2011 taxes You can get the form from USCIS offices or from the USCIS website at www. Forms to file 2011 taxes uscis. Forms to file 2011 taxes gov. Forms to file 2011 taxes Call the USCIS at 1-800-375-5283 for more information about your responsibilities. Forms to file 2011 taxes Form W-4. Forms to file 2011 taxes   Each employee must fill out Form W-4, Employee's Withholding Allowance Certificate. Forms to file 2011 taxes You will use the filing status and withholding allowances shown on this form to figure the amount of income tax to withhold from your employee's wages. Forms to file 2011 taxes For more information, see Publication 15. Forms to file 2011 taxes Employees claiming more than 10 withholding allowances. Forms to file 2011 taxes   An employer of an employee who claims more than 10 withholding allowances for wages paid can use several methods of withholding. Forms to file 2011 taxes See section 16 of Publication 15. Forms to file 2011 taxes Form W-2 Wage Reporting After the calendar year is over, you must furnish copies of Form W-2, Wage and Tax Statement, to each employee to whom you paid wages during the year. Forms to file 2011 taxes You must also send copies to the Social Security Administration. Forms to file 2011 taxes See Information Returns, later, for more information on Form W-2. Forms to file 2011 taxes Excise Taxes This section describes the excise taxes you may have to pay and the forms you have to file if you do any of the following. Forms to file 2011 taxes Manufacture or sell certain products. Forms to file 2011 taxes Operate certain kinds of businesses. Forms to file 2011 taxes Use various kinds of equipment, facilities, or products. Forms to file 2011 taxes Receive payment for certain services. Forms to file 2011 taxes For more information on excise taxes, see Publication 510, Excise Taxes. Forms to file 2011 taxes Form 720. Forms to file 2011 taxes   The federal excise taxes reported on Form 720, Quarterly Federal Excise Tax Return, consist of several broad categories of taxes, including the following. Forms to file 2011 taxes Environmental taxes. Forms to file 2011 taxes Communications and air transportation taxes. Forms to file 2011 taxes Fuel taxes. Forms to file 2011 taxes Tax on the first retail sale of heavy trucks, trailers, and tractors. Forms to file 2011 taxes Manufacturers taxes on the sale or use of a variety of different articles. Forms to file 2011 taxes Form 2290. Forms to file 2011 taxes   There is a federal excise tax on certain trucks, truck tractors, and buses used on public highways. Forms to file 2011 taxes The tax applies to vehicles having a taxable gross weight of 55,000 pounds or more. Forms to file 2011 taxes Report the tax on Form 2290, Heavy Highway Vehicle Use Tax Return. Forms to file 2011 taxes For more information, see the instructions for Form 2290. Forms to file 2011 taxes Form 730. Forms to file 2011 taxes   If you are in the business of accepting wagers or conducting a wagering pool or lottery, you may be liable for the federal excise tax on wagering. Forms to file 2011 taxes Use Form 730, Monthly Tax Return for Wagers, to figure the tax on the wagers you receive. Forms to file 2011 taxes Form 11-C. Forms to file 2011 taxes   Use Form 11-C, Occupational Tax and Registration Return for Wagering, to register for any wagering activity and to pay the federal occupational tax on wagering. Forms to file 2011 taxes Depositing Taxes You generally have to deposit employment taxes, certain excise taxes, corporate income tax, and S corporation taxes before you file your return. Forms to file 2011 taxes Generally, taxpayers are required to deposit taxes through the Electronic Federal Tax Payment System (EFTPS). Forms to file 2011 taxes Any business that has a federal tax obligation and requests a new EIN will automatically be enrolled in EFTPS. Forms to file 2011 taxes Through the mail, the business will receive an EFTPS PIN package that contains instructions for activating its EFTPS enrollment. Forms to file 2011 taxes Information Returns If you make or receive payments in your business, you may have to report them to the IRS on information returns. Forms to file 2011 taxes The IRS compares the payments shown on the information returns with each person's income tax return to see if the payments were included in income. Forms to file 2011 taxes You must give a copy of each information return you are required to file to the recipient or payer. Forms to file 2011 taxes In addition to the forms described below, you may have to use other returns to report certain kinds of payments or transactions. Forms to file 2011 taxes For more details on information returns and when you have to file them, see the General Instructions for Certain Information Returns. Forms to file 2011 taxes Form 1099-MISC. Forms to file 2011 taxes   Use Form 1099-MISC, Miscellaneous Income, to report certain payments you make in your trade or business. Forms to file 2011 taxes These payments include the following items. Forms to file 2011 taxes Payments of $600 or more for services performed for your business by people not treated as your employees, such as subcontractors, attorneys, accountants, or directors. Forms to file 2011 taxes Rent payments of $600 or more, other than rents paid to real estate agents. Forms to file 2011 taxes Prizes and awards of $600 or more that are not for services, such as winnings on TV or radio shows. Forms to file 2011 taxes Royalty payments of $10 or more. Forms to file 2011 taxes Payments to certain crew members by operators of fishing boats. Forms to file 2011 taxes You also use Form 1099-MISC to report your sales of $5,000 or more of consumer goods to a person for resale anywhere other than in a permanent retail establishment. Forms to file 2011 taxes Form W-2. Forms to file 2011 taxes   You must file Form W-2, Wage and Tax Statement, to report payments to your employees, such as wages, tips, and other compensation, withheld income, social security, and Medicare taxes. Forms to file 2011 taxes For more information on what to report on Form W-2, see the Instructions for Forms W-2 and W-3. Forms to file 2011 taxes Form 8300. Forms to file 2011 taxes   You must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if you receive more than $10,000 in cash in one transaction or two or more related business transactions. Forms to file 2011 taxes Cash includes U. Forms to file 2011 taxes S. Forms to file 2011 taxes and foreign coin and currency. Forms to file 2011 taxes It also includes certain monetary instruments such as cashier's and traveler's checks and money orders. Forms to file 2011 taxes For more information, see Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). Forms to file 2011 taxes Penalties The law provides penalties for not filing returns or paying taxes as required. Forms to file 2011 taxes Criminal penalties may be imposed for willful failure to file, tax evasion, or making a false statement. Forms to file 2011 taxes Failure to file tax returns. Forms to file 2011 taxes   If you do not file your tax return by the due date, you may have to pay a penalty. Forms to file 2011 taxes The penalty is based on the tax not paid by the due date. Forms to file 2011 taxes See your tax return instructions for more information about this penalty. Forms to file 2011 taxes Failure to pay tax. Forms to file 2011 taxes   If you do not pay your taxes by the due date, you will have to pay a penalty for each month, or part of a month, that your taxes are not paid. Forms to file 2011 taxes For more information, see your tax return instructions. Forms to file 2011 taxes Failure to withhold, deposit, or pay taxes. Forms to file 2011 taxes   If you do not withhold income, social security, or Medicare taxes from employees, or if you withhold taxes but do not deposit them or pay them to the IRS, you may be subject to a penalty of the unpaid tax, plus interest. Forms to file 2011 taxes You may also be subject to penalties if you deposit the taxes late. Forms to file 2011 taxes For more information, see Publication 15. Forms to file 2011 taxes Failure to follow information reporting requirements. Forms to file 2011 taxes   The following penalties apply if you are required to file information returns. Forms to file 2011 taxes For more information, see the General Instructions for Certain Information Returns. Forms to file 2011 taxes Failure to file information returns. Forms to file 2011 taxes A penalty applies if you do not file information returns by the due date, if you do not include all required information, or if you report incorrect information. Forms to file 2011 taxes Failure to furnish correct payee statements. Forms to file 2011 taxes A penalty applies if you do not furnish a required statement to a payee by the due date, if you do not include all required information, or if you report incorrect information. Forms to file 2011 taxes Waiver of penalty. Forms to file 2011 taxes   These penalties will not apply if you can show that the failures were due to reasonable cause and not willful neglect. Forms to file 2011 taxes   In addition, there is no penalty for failure to include all the required information, or for including incorrect information, on a de minimis number of information returns if you correct the errors by August 1 of the year the returns are due. Forms to file 2011 taxes (To be considered de minimis, the number of returns cannot exceed the greater of 10 or ½ of 1% of the total number of returns you are required to file for the year. Forms to file 2011 taxes ) Failure to supply taxpayer identification number. Forms to file 2011 taxes   If you do not include your taxpayer identification number (SSN or EIN) or the taxpayer identification number of another person where required on a return, statement, or other document, you may be subject to a penalty of $50 for each failure. Forms to file 2011 taxes You may also be subject to the $50 penalty if you do not give your taxpayer identification number to another person when it is required on a return, statement, or other document. Forms to file 2011 taxes Business Expenses You can deduct business expenses on your income tax return. Forms to file 2011 taxes These are the current operating costs of running your business. Forms to file 2011 taxes To be deductible, a business expense must be both ordinary and necessary. Forms to file 2011 taxes An ordinary expense is one that is common and accepted in your field of business, trade, or profession. Forms to file 2011 taxes A necessary expense is one that is helpful and appropriate for your business, trade, or profession. Forms to file 2011 taxes An expense does not have to be indispensable to be considered necessary. Forms to file 2011 taxes The following are brief explanations of some expenses that are of interest to people starting a business. Forms to file 2011 taxes There are many other expenses that you may be able to deduct. Forms to file 2011 taxes See your form instructions and Publication 535, Business Expenses. Forms to file 2011 taxes Business Start-Up Costs Business start-up costs are the expenses you incur before you actually begin business operations. Forms to file 2011 taxes Your business start-up costs will depend on the type of business you are starting. Forms to file 2011 taxes They may include costs for advertising, travel, surveys, and training. Forms to file 2011 taxes These costs are generally capital expenses. Forms to file 2011 taxes You usually recover costs for a particular asset (such as machinery or office equipment) through depreciation (discussed next). Forms to file 2011 taxes You can elect to deduct up to $5,000 of business start-up costs and $5,000 of organizational costs paid or incurred after October 22, 2004. Forms to file 2011 taxes The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Forms to file 2011 taxes Any remaining cost must be amortized. Forms to file 2011 taxes For more information about amortizing start-up and organizational costs, see chapter 7 in Publication 535. Forms to file 2011 taxes Depreciation If property you acquire to use in your business has a useful life that extends substantially beyond the year it is placed in service, you generally cannot deduct the entire cost as a business expense in the year you acquire it. Forms to file 2011 taxes You must spread the cost over more than one tax year and deduct part of it each year. Forms to file 2011 taxes This method of deducting the cost of business property is called depreciation. Forms to file 2011 taxes Business property you must depreciate includes the following items. Forms to file 2011 taxes Office furniture. Forms to file 2011 taxes Buildings. Forms to file 2011 taxes Machinery and equipment. Forms to file 2011 taxes You can choose to deduct a limited amount of the cost of certain depreciable property in the year you place the property in service. Forms to file 2011 taxes This deduction is known as the “section 179 deduction. Forms to file 2011 taxes ” For more information about depreciation and the section 179 deduction, see Publication 946, How To Depreciate Property. Forms to file 2011 taxes Depreciation must be taken in the year it is allowable. Forms to file 2011 taxes Allowable depreciation not taken in a prior year cannot be taken in the current year. Forms to file 2011 taxes If you do not deduct the correct depreciation, you may be able to make a correction by filing Form 1040X, Amended U. Forms to file 2011 taxes S. Forms to file 2011 taxes Individual Income Tax Return, or by changing your accounting method. Forms to file 2011 taxes For more information on how to correct depreciation deductions, see chapter 1 in Publication 946. Forms to file 2011 taxes Business Use of Your Home To deduct expenses related to the business use of part of your home, you must meet specific requirements. Forms to file 2011 taxes Even then, your deduction may be limited. Forms to file 2011 taxes To qualify to claim expenses for business use of your home, you must meet both the following tests. Forms to file 2011 taxes Your use of the business part of your home must be: Exclusive (however, see Exceptions to exclusive use, later), Regular, For your trade or business, AND The business part of your home must be one of the following: Your principal place of business (defined later), A place where you meet or deal with patients, clients, or customers in the normal course of your trade or business, or A separate structure (not attached to your home) you use in connection with your trade or business. Forms to file 2011 taxes Exclusive use. Forms to file 2011 taxes   To qualify under the exclusive use test, you must use a specific area of your home only for your trade or business. Forms to file 2011 taxes The area used for business can be a room or other separately identifiable space. Forms to file 2011 taxes The space does not need to be marked off by a permanent partition. Forms to file 2011 taxes   You do not meet the requirements of the exclusive use test if you use the area in question both for business and for personal purposes. Forms to file 2011 taxes Exceptions to exclusive use. Forms to file 2011 taxes   You do not have to meet the exclusive use test if either of the following applies. Forms to file 2011 taxes You use part of your home for the storage of inventory or product samples. Forms to file 2011 taxes You use part of your home as a daycare facility. Forms to file 2011 taxes For an explanation of these exceptions, see Publication 587, Business Use of Your Home (Including Use by Daycare Providers). Forms to file 2011 taxes Principal place of business. Forms to file 2011 taxes   Your home office will qualify as your principal place of business for deducting expenses for its use if you meet the following requirements. Forms to file 2011 taxes You use it exclusively and regularly for administrative or management activities of your trade or business. Forms to file 2011 taxes You have no other fixed location where you conduct substantial administrative or management activities of your trade or business. Forms to file 2011 taxes   Alternatively, if you use your home exclusively and regularly for your business, but your home office does not qualify as your principal place of business based on the previous rules, you determine your principal place of business based on the following factors. Forms to file 2011 taxes The relative importance of the activities performed at each location. Forms to file 2011 taxes If the relative importance factor does not determine your principal place of business, the time spent at each location. Forms to file 2011 taxes    If, after considering your business locations, your home cannot be identified as your principal place of business, you cannot deduct home office expenses. Forms to file 2011 taxes However, for other ways to qualify to deduct home office expenses, see Publication 587. Forms to file 2011 taxes Which form do I file?   If you file Schedule C (Form 1040), use Form 8829, Expenses for Business Use of Your Home, to figure your deduction. Forms to file 2011 taxes If you file Schedule F (Form 1040) or you are a partner, you can use the worksheet in Publication 587. Forms to file 2011 taxes More information. Forms to file 2011 taxes   For more information about business use of your home, see Publication 587. Forms to file 2011 taxes Car and Truck Expenses If you use your car or truck in your business, you can deduct the costs of operating and maintaining it. Forms to file 2011 taxes You generally can deduct either your actual expenses or the standard mileage rate. Forms to file 2011 taxes Actual expenses. Forms to file 2011 taxes   If you deduct actual expenses, you can deduct the cost of the following items: Depreciation Lease payments Registration Garage rent Licenses Repairs Gas Oil Tires Insurance Parking fees Tolls   If you use your vehicle for both business and personal purposes, you must divide your expenses between business and personal use. Forms to file 2011 taxes You can divide your expenses based on the miles driven for each purpose. Forms to file 2011 taxes Example. Forms to file 2011 taxes You are the sole proprietor of a flower shop. Forms to file 2011 taxes You drove your van 20,000 miles during the year. Forms to file 2011 taxes 16,000 miles were for delivering flowers to customers and 4,000 miles were for personal use. Forms to file 2011 taxes You can claim only 80% (16,000 ÷ 20,000) of the cost of operating your van as a business expense. Forms to file 2011 taxes Standard mileage rate. Forms to file 2011 taxes   Instead of figuring actual expenses, you may be able to use the standard mileage rate to figure the deductible costs of operating your car, van, pickup, or panel truck for business purposes. Forms to file 2011 taxes You can use the standard mileage rate for a vehicle you own or lease. Forms to file 2011 taxes The standard mileage rate is a specified amount of money you can deduct for each business mile you drive. Forms to file 2011 taxes It is announced annually by the IRS. Forms to file 2011 taxes To figure your deduction, multiply your business miles by the standard mileage rate for the year. Forms to file 2011 taxes    Generally, if you use the standard mileage rate, you cannot deduct your actual expenses. Forms to file 2011 taxes However, you may be able to deduct business-related parking fees, tolls, interest on your car loan, and certain state and local taxes. Forms to file 2011 taxes Choosing the standard mileage rate. Forms to file 2011 taxes   If you want to use the standard mileage rate for a car you own, you must choose to use it in the first year the car is available for use in your business. Forms to file 2011 taxes In later years, you can choose to use either the standard mileage rate or actual expenses. Forms to file 2011 taxes   If you use the standard mileage rate for a car you lease, you must choose to use it for the entire lease period (including renewals). Forms to file 2011 taxes Additional information. Forms to file 2011 taxes   For more information about the rules for claiming car and truck expenses, see Publication 463, Travel, Entertainment, Gift, and Car Expenses. Forms to file 2011 taxes Recordkeeping This part explains why you must keep records, what kinds of records you must keep, and how to keep them. Forms to file 2011 taxes It also explains how long you must keep your records for federal tax purposes. Forms to file 2011 taxes A sample recordkeeping system is illustrated at the end of this part. Forms to file 2011 taxes Why Keep Records? Everyone in business must keep records. Forms to file 2011 taxes Good records will help you do the following. Forms to file 2011 taxes Monitor the progress of your business. Forms to file 2011 taxes   You need good records to monitor the progress of your business. Forms to file 2011 taxes Records can show whether your business is improving, which items are selling, or what changes you need to make. Forms to file 2011 taxes Good records can increase the likelihood of business success. Forms to file 2011 taxes Prepare your financial statements. Forms to file 2011 taxes   You need good records to prepare accurate financial statements. Forms to file 2011 taxes These include income (profit and loss) statements and balance sheets. Forms to file 2011 taxes These statements can help you in dealing with your bank or creditors and help you manage your business. Forms to file 2011 taxes An income statement shows the income and expenses of the business for a given period of time. Forms to file 2011 taxes A balance sheet shows the assets, liabilities, and your equity in the business on a given date. Forms to file 2011 taxes Identify source of receipts. Forms to file 2011 taxes   You will receive money or property from many sources. Forms to file 2011 taxes Your records can identify the source of your receipts. Forms to file 2011 taxes You need this information to separate business from nonbusiness receipts and taxable from nontaxable income. Forms to file 2011 taxes Keep track of deductible expenses. Forms to file 2011 taxes   You may forget expenses when you prepare your tax return unless you record them when they occur. Forms to file 2011 taxes Prepare your tax returns. Forms to file 2011 taxes   You need good records to prepare your tax returns. Forms to file 2011 taxes These records must support the income, expenses, and credits you report. Forms to file 2011 taxes Generally, these are the same records you use to monitor your business and prepare your financial statements. Forms to file 2011 taxes Support items reported on tax returns. Forms to file 2011 taxes   You must keep your business records available at all times for inspection by the IRS. Forms to file 2011 taxes If the IRS examines any of your tax returns, you may be asked to explain the items reported. Forms to file 2011 taxes A complete set of records will speed up the examination. Forms to file 2011 taxes Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Forms to file 2011 taxes You can choose any recordkeeping system suited to your business that clearly shows your income and expenses. Forms to file 2011 taxes The business you are in affects the type of records you need to keep for federal tax purposes. Forms to file 2011 taxes You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Forms to file 2011 taxes See Accounting Method, earlier. Forms to file 2011 taxes If you are in more than one business, you should keep a complete and separate set of records for each business. Forms to file 2011 taxes A corporation should keep minutes of board of directors' meetings. Forms to file 2011 taxes Your recordkeeping system should include a summary of your business transactions. Forms to file 2011 taxes This summary is ordinarily made in your books (for example, accounting journals and ledgers). Forms to file 2011 taxes Your books must show your gross income, as well as your deductions and credits. Forms to file 2011 taxes For most small businesses, the business checkbook (discussed later) is the main source for entries in the business books. Forms to file 2011 taxes In addition, you must keep supporting documents, explained later. Forms to file 2011 taxes Electronic records. Forms to file 2011 taxes   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Forms to file 2011 taxes 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. Forms to file 2011 taxes 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. Forms to file 2011 taxes The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Forms to file 2011 taxes All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Forms to file 2011 taxes Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Forms to file 2011 taxes   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. Forms to file 2011 taxes You still have the responsibility of retaining any other books and records that are required to be retained. Forms to file 2011 taxes   The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Forms to file 2011 taxes This test is not considered an examination and the results must be shared with you. Forms to file 2011 taxes If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Forms to file 2011 taxes If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copy books and records in a manner that allows you and the IRS to determine your correct tax. Forms to file 2011 taxes For details on electronic storage system requirements, see Revenue Procedure 97-22, available in Internal Revenue Bulletin 1997-13. Forms to file 2011 taxes Supporting Documents Purchases, sales, payroll, and other transactions you have in your business generate supporting documents. Forms to file 2011 taxes Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. Forms to file 2011 taxes These documents contain information you need to record in your books. Forms to file 2011 taxes It is important to keep these documents because they support the entries in your books and on your tax return. Forms to file 2011 taxes Keep them in an orderly fashion and in a safe place. Forms to file 2011 taxes For instance, organize them by year and type of income or expense. Forms to file 2011 taxes Gross receipts. Forms to file 2011 taxes   Gross receipts are the income you receive from your business. Forms to file 2011 taxes You should keep supporting documents that show the amounts and sources of your gross receipts. Forms to file 2011 taxes Documents that show gross receipts include the following. Forms to file 2011 taxes Cash register tapes. Forms to file 2011 taxes Bank deposit slips. Forms to file 2011 taxes Receipt books. Forms to file 2011 taxes Invoices. Forms to file 2011 taxes Credit card charge slips. Forms to file 2011 taxes Forms 1099-MISC. Forms to file 2011 taxes Purchases. Forms to file 2011 taxes   Purchases are the items you buy and resell to customers. Forms to file 2011 taxes If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into finished products. Forms to file 2011 taxes Your supporting documents should show the amount paid and that the amount was for purchases. Forms to file 2011 taxes Documents for purchases include the following. Forms to file 2011 taxes Canceled checks. Forms to file 2011 taxes Cash register tape receipts. Forms to file 2011 taxes Credit card sales slips. Forms to file 2011 taxes Invoices. Forms to file 2011 taxes These records will help you determine the value of your inventory at the end of the year. Forms to file 2011 taxes See Publication 538 for information on methods for valuing inventory. Forms to file 2011 taxes Expenses. Forms to file 2011 taxes   Expenses are the costs you incur (other than purchases) to carry on your business. Forms to file 2011 taxes Your supporting documents should show the amount paid and that the amount was for a business expense. Forms to file 2011 taxes Documents for expenses include the following. Forms to file 2011 taxes Canceled checks. Forms to file 2011 taxes Cash register tapes. Forms to file 2011 taxes Account statements. Forms to file 2011 taxes Credit card sales slips. Forms to file 2011 taxes Invoices. Forms to file 2011 taxes Petty cash slips for small cash payments. Forms to file 2011 taxes    A petty cash fund allows you to make small payments without having to write checks for small amounts. Forms to file 2011 taxes Each time you make a payment from this fund, you should make out a petty cash slip and attach it to your receipt as proof of payment. Forms to file 2011 taxes Travel, transportation, entertainment, and gift expenses. Forms to file 2011 taxes   Specific recordkeeping rules apply to these expenses. Forms to file 2011 taxes For more information, see Publication 463. Forms to file 2011 taxes Employment taxes. Forms to file 2011 taxes   There are specific employment tax records you must keep. Forms to file 2011 taxes For a list, see Publication 15. Forms to file 2011 taxes Assets. Forms to file 2011 taxes   Assets are the property, such as machinery and furniture you own and use in your business. Forms to file 2011 taxes You must keep records to verify certain information about your business assets. Forms to file 2011 taxes You need records to figure the annual depreciation and the gain or loss when you sell the assets. Forms to file 2011 taxes Your records should show the following information. Forms to file 2011 taxes When and how you acquired the asset. Forms to file 2011 taxes Purchase price. Forms to file 2011 taxes Cost of any improvements. Forms to file 2011 taxes Section 179 deduction taken. Forms to file 2011 taxes Deductions taken for depreciation. Forms to file 2011 taxes Deductions taken for casualty losses, such as losses resulting from fires or storms. Forms to file 2011 taxes How you used the asset. Forms to file 2011 taxes When and how you disposed of the asset. Forms to file 2011 taxes Selling price. Forms to file 2011 taxes Expenses of sale. Forms to file 2011 taxes   The following documents may show this information. Forms to file 2011 taxes Purchase and sales invoices. Forms to file 2011 taxes Real estate closing statements. Forms to file 2011 taxes Canceled checks. Forms to file 2011 taxes What if I don't have a canceled check?   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Forms to file 2011 taxes These include account statements prepared for the financial institution by a third party. Forms to file 2011 taxes These account statements must be highly legible. Forms to file 2011 taxes The following table lists acceptable account statements. Forms to file 2011 taxes  IF payment is by. Forms to file 2011 taxes . Forms to file 2011 taxes . Forms to file 2011 taxes THEN the statement must show the. Forms to file 2011 taxes . Forms to file 2011 taxes . Forms to file 2011 taxes Check Check number. Forms to file 2011 taxes Amount. Forms to file 2011 taxes Payee's name. Forms to file 2011 taxes Date the check amount was posted to the account by the financial institution. Forms to file 2011 taxes Electronic funds transfer Amount transferred. Forms to file 2011 taxes Payee's name. Forms to file 2011 taxes Date the transfer was posted to the account by the financial institution. Forms to file 2011 taxes Credit card Amount charged. Forms to file 2011 taxes Payee's name. Forms to file 2011 taxes Transaction date. Forms to file 2011 taxes    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Forms to file 2011 taxes You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Forms to file 2011 taxes Recording Business Transactions A good recordkeeping system includes a summary of your business transactions. Forms to file 2011 taxes (Your business transactions are shown on the supporting documents just discussed. Forms to file 2011 taxes ) Business transactions are ordinarily summarized in books called journals and ledgers. Forms to file 2011 taxes You can buy them at your local stationery or office supply store. Forms to file 2011 taxes A journal is a book where you record each business transaction shown on your supporting documents. Forms to file 2011 taxes You may have to keep separate journals for transactions that occur frequently. Forms to file 2011 taxes A ledger is a book that contains the totals from all of your journals. Forms to file 2011 taxes It is organized into different accounts. Forms to file 2011 taxes Whether you keep journals and ledgers and how you keep them depends on the type of business you are in. Forms to file 2011 taxes For example, a recordkeeping system for a small business might include the following items. Forms to file 2011 taxes Business checkbook. Forms to file 2011 taxes Daily summary of cash receipts. Forms to file 2011 taxes Monthly summary of cash receipts. Forms to file 2011 taxes Check disbursements journal. Forms to file 2011 taxes Depreciation worksheet. Forms to file 2011 taxes Employee compensation record. Forms to file 2011 taxes The business checkbook is explained next. Forms to file 2011 taxes The other items are illustrated later under Sample Record System. Forms to file 2011 taxes The system you use to record business transactions will be more effective if you follow good recordkeeping practices. Forms to file 2011 taxes For example, record expenses when they occur, and identify the source of recorded receipts. Forms to file 2011 taxes Generally, it is best to record transactions on a daily basis. Forms to file 2011 taxes Business checkbook. Forms to file 2011 taxes   One of the first things you should do when you start a business is open a business checking account. Forms to file 2011 taxes You should keep your business account separate from your personal checking account. Forms to file 2011 taxes   The business checkbook is your basic source of information for recording your business expenses. Forms to file 2011 taxes You should deposit all daily receipts in your business checking account. Forms to file 2011 taxes You should check your account for errors by reconciling it. Forms to file 2011 taxes See Reconciling the checking account, later. Forms to file 2011 taxes   Consider using a checkbook that allows enough space to identify the source of deposits as business income, personal funds, or loans. Forms to file 2011 taxes You should also note on the deposit slip the source of the deposit and keep copies of all slips. Forms to file 2011 taxes   You should make all payments by check to document business expenses. Forms to file 2011 taxes Write checks payable to yourself only when making withdrawals from your business for personal use. Forms to file 2011 taxes Avoid writing checks payable to cash. Forms to file 2011 taxes If you must write a check for cash to pay a business expense, include the receipt for the cash payment in your records. Forms to file 2011 taxes If you cannot get a receipt for a cash payment, you should make an adequate explanation in your records at the time of payment. Forms to file 2011 taxes    Use the business account for business purposes only. Forms to file 2011 taxes Indicate the source of deposits and the type of expense in the checkbook. Forms to file 2011 taxes Reconciling the checking account. Forms to file 2011 taxes   When you receive your bank statement, make sure the statement, your checkbook, and your books agree. Forms to file 2011 taxes The statement balance may not agree with the balance in your checkbook and books if the statement: Includes bank charges you did not enter in your books and subtract from your checkbook balance, or Does not include deposits made after the statement date or checks that did not clear your account before the statement date. Forms to file 2011 taxes   By reconciling your checking account, you will: Verify how much money you have in the account, Make sure that your checkbook and books reflect all bank charges and the correct balance in the checking account, and Correct any errors in your bank statement, checkbook, and books. Forms to file 2011 taxes    You should reconcile your checking account each month. Forms to file 2011 taxes     Before you reconcile your monthly bank statement, check your own figures. Forms to file 2011 taxes Begin with the balance shown in your checkbook at the end of the previous month. Forms to file 2011 taxes To this balance, add the total cash deposited during the month and subtract the total cash disbursements. Forms to file 2011 taxes   After checking your figures, the result should agree with your checkbook balance at the end of the month. Forms to file 2011 taxes If the result does not agree, you may have made an error in recording a check or deposit. Forms to file 2011 taxes You can find the error by doing the following. Forms to file 2011 taxes Adding the amounts on your check stubs and comparing that total with the total in the “amount of check” column in your check disbursements journal. Forms to file 2011 taxes If the totals do not agree, check the individual amounts to see if an error was made in your check stub record or in the related entry in your check disbursements journal. Forms to file 2011 taxes Adding the deposit amounts in your checkbook. Forms to file 2011 taxes Compare that total with the monthly total in your cash receipt book, if you have one. Forms to file 2011 taxes If the totals do not agree, check the individual amounts to find any errors. Forms to file 2011 taxes   If your checkbook and journal entries still disagree, then refigure the running balance in your checkbook to make sure additions and subtractions are correct. Forms to file 2011 taxes   When your checkbook balance agrees with the balance figured from the journal entries, you may begin reconciling your checkbook with the bank statement. Forms to file 2011 taxes Many banks print a reconciliation worksheet on the back of the statement. Forms to file 2011 taxes   To reconcile your account, follow these steps. Forms to file 2011 taxes Compare the deposits listed on the bank statement with the deposits shown in your checkbook. Forms to file 2011 taxes Note all differences in the dollar amounts. Forms to file 2011 taxes Compare each canceled check, including both check number and dollar amount, with the entry in your checkbook. Forms to file 2011 taxes Note all differences in the dollar amounts. Forms to file 2011 taxes Mark the check number in the checkbook as having cleared the bank. Forms to file 2011 taxes After accounting for all checks returned by the bank, those not marked in your checkbook are your outstanding checks. Forms to file 2011 taxes Prepare a bank reconciliation. Forms to file 2011 taxes One is illustrated later under Sample Record System. Forms to file 2011 taxes Update your checkbook and journals for items shown on the reconciliation as not recorded (such as service charges) or recorded incorrectly. Forms to file 2011 taxes At this point, the adjusted bank statement balance should equal your adjusted checkbook balance. Forms to file 2011 taxes If you still have differences, check the previous steps to find the errors. Forms to file 2011 taxes   Table 3. Forms to file 2011 taxes Period of Limitations IF you. Forms to file 2011 taxes . Forms to file 2011 taxes . Forms to file 2011 taxes   THEN the period is. Forms to file 2011 taxes . Forms to file 2011 taxes . Forms to file 2011 taxes 1. Forms to file 2011 taxes Owe additional tax and situations (2), (3), and (4), below, do not apply to you   3 years 2. Forms to file 2011 taxes Do not report income that you should report and it is more than 25% of the gross income shown on the return   6 years 3. Forms to file 2011 taxes File a fraudulent return   Not limited 4. Forms to file 2011 taxes Do not file a return   Not limited 5. Forms to file 2011 taxes File a claim for credit or refund after you filed your return   Later of: 3 years or  2 years after tax   was paid 6. Forms to file 2011 taxes File a claim for a loss from worthless securities or a bad debt deduction   7 years Bookkeeping System You must decide whether to use a single-entry or a double-entry bookkeeping system. Forms to file 2011 taxes The single-entry system of bookkeeping is the simplest to maintain, but it may not be suitable for everyone. Forms to file 2011 taxes You may find the double-entry system better because it has built-in checks and balances to assure accuracy and control. Forms to file 2011 taxes Single-entry. Forms to file 2011 taxes   A single-entry system is based on the income statement (profit or loss statement). Forms to file 2011 taxes It can be a simple and practical system if you are starting a small business. Forms to file 2011 taxes The system records the flow of income and expenses through the use of: A daily summary of cash receipts, and Monthly summaries of cash receipts and disbursements. Forms to file 2011 taxes Double-entry. Forms to file 2011 taxes   A double-entry bookkeeping system uses journals and ledgers. Forms to file 2011 taxes Transactions are first entered in a journal and then posted to ledger accounts. Forms to file 2011 taxes These accounts show income, expenses, assets (property a business owns), liabilities (debts of a business), and net worth (excess of assets over liabilities). Forms to file 2011 taxes You close income and expense accounts at the end of each tax year. Forms to file 2011 taxes You keep asset, liability, and net worth accounts open on a permanent basis. Forms to file 2011 taxes   In the double-entry system, each account has a left side for debits and a right side for credits. Forms to file 2011 taxes It is self-balancing because you record every transaction as a debit entry in one account and as a credit entry in another. Forms to file 2011 taxes   Under this system, the total debits must equal the total credits after you post the journal entries to the ledger accounts. Forms to file 2011 taxes If the amounts do not balance, you have made an error and you must find and correct it. Forms to file 2011 taxes   An example of a journal entry exhibiting a payment of rent in October is shown next. Forms to file 2011 taxes General Journal Date Description of Entry Debit  Credit Oct. Forms to file 2011 taxes 5 Rent expense 780. Forms to file 2011 taxes 00     Cash   780. Forms to file 2011 taxes 00                 Computerized System There are computer software packages you can use for recordkeeping. Forms to file 2011 taxes They can be purchased in many retail stores. Forms to file 2011 taxes These packages are very helpful and relatively easy to use; they require very little knowledge of bookkeeping and accounting. Forms to file 2011 taxes If you use a computerized system, you must be able to produce sufficient legible records to support and verify entries made on your return and determine your correct tax liability. Forms to file 2011 taxes To meet this qualification, the machine-sensible records must reconcile with your books and return. Forms to file 2011 taxes These records must provide enough detail to identify the underlying source documents. Forms to file 2011 taxes You must also keep all machine-sensible records and a complete description of the computerized portion of your recordkeeping system. Forms to file 2011 taxes This documentation must be sufficiently detailed to show all of the following items. Forms to file 2011 taxes Functions being performed as the data flows through the system. Forms to file 2011 taxes Controls used to ensure accurate and reliable processing. Forms to file 2011 taxes Controls used to prevent the unauthorized addition, alteration, or deletion of retained records. Forms to file 2011 taxes Charts of accounts and detailed account descriptions. Forms to file 2011 taxes See Revenue Procedure 98-25 in Cumulative Bulletin 1998-1 for more information. Forms to file 2011 taxes 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. Forms to file 2011 taxes Generally, this means you must keep records that support an item of income or deduction on a return until the period of limitations for that return runs out. Forms to file 2011 taxes The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax. Forms to file 2011 taxes Table 3 contains the periods of limitations that apply to income tax returns. Forms to file 2011 taxes Unless otherwise stated, the years refer to the period after the return was filed. Forms to file 2011 taxes Returns filed before the due date are treated as filed on the due date. Forms to file 2011 taxes Keep copies of your filed tax returns. Forms to file 2011 taxes They help in preparing future tax returns and making computations if you file an amended return. Forms to file 2011 taxes Employment taxes. Forms to file 2011 taxes   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. Forms to file 2011 taxes For more information about recordkeeping for employment taxes, see Publication 15. Forms to file 2011 taxes Assets. Forms to file 2011 taxes   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. Forms to file 2011 taxes 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. Forms to file 2011 taxes   Generally, if you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid. Forms to file 2011 taxes You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. Forms to file 2011 taxes Records for nontax purposes. Forms to file 2011 taxes   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. Forms to file 2011 taxes For example, your insurance company or creditors may require you to keep them longer than the IRS does. Forms to file 2011 taxes Sample Record System This example illustrates a single-entry system used by Henry Brown, who is the sole proprietor of a small automobile body shop. Forms to file 2011 taxes Henry uses part-time help, has no inventory of items held for sale, and uses the cash method of accounting. Forms to file 2011 taxes These sample records should not be viewed as a recommendation of how to keep your records. Forms to file 2011 taxes They are intended only to show how one business keeps its records. Forms to file 2011 taxes 1. Forms to file 2011 taxes Daily Summary of Cash Receipts This summary is a record of cash sales for the day. Forms to file 2011 taxes It accounts for cash at the end of the day over the amount in the Change and Petty Cash Fund at the beginning of the day. Forms to file 2011 taxes Henry takes the cash sales entry from his cash register tape. Forms to file 2011 taxes If he had no cash register, he would simply total his cash sale slips and any other cash received that day. Forms to file 2011 taxes He carries the total receipts shown in this summary for January 3 ($267. Forms to file 2011 taxes 80), including cash sales ($263. Forms to file 2011 taxes 60) and sales tax ($4. Forms to file 2011 taxes 20), to the Monthly Summary of Cash Receipts. Forms to file 2011 taxes Petty cash fund. Forms to file 2011 taxes   Henry uses a petty cash fund to make small payments without having to write checks for small amounts. Forms to file 2011 taxes Each time he makes a payment from this fund, he makes out a petty cash slip and attaches it to his receipt as proof of payment. Forms to file 2011 taxes He sets up a fixed amount ($50) in his petty cash fund. Forms to file 2011 taxes The total of the unspent petty cash and the amounts on the petty cash slips should equal the fixed amount of the fund. Forms to file 2011 taxes When the totals on the petty cash slips approach the fixed amount, he brings the cash in the fund back to the fixed amount by writing a check to “Petty Cash” for the total of the outstanding slips. Forms to file 2011 taxes (See the Check Disbursements Journal entry for check number 92. Forms to file 2011 taxes ) This restores the fund to its fixed amount of $50. Forms to file 2011 taxes He then summarizes the slips and enters them in the proper columns in the monthly check disbursements journal. Forms to file 2011 taxes 2. Forms to file 2011 taxes Monthly Summary of Cash Receipts This shows the income activity for the month. Forms to file 2011 taxes Henry carries the total monthly net sales shown in this summary for January ($4,865. Forms to file 2011 taxes 05) to his Annual Summary. Forms to file 2011 taxes To figure total monthly net sales, Henry reduces the total monthly receipts by the sales tax imposed on his customers and turned over to the state. Forms to file 2011 taxes He cannot take a deduction for sales tax turned over to the state because he only collected the tax. Forms to file 2011 taxes He does not include the tax in his income. Forms to file 2011 taxes 3. Forms to file 2011 taxes Check Disbursements Journal Henry enters checks drawn on the business checking account in the Check Disbursements Journal each day. Forms to file 2011 taxes All checks are prenumbered and each check number is listed and accounted for in the column provided in the journal. Forms to file 2011 taxes Frequent expenses have their own headings across the sheet. Forms to file 2011 taxes He enters in a separate column expenses that require comparatively numerous or large payments each month, such as materials, gross payroll, and rent. Forms to file 2011 taxes Under the General Accounts column, he enters small expenses that normally have only one or two monthly payments, such as licenses and postage. Forms to file 2011 taxes Henry does not pay personal or nonbusiness expenses by checks drawn on the business account. Forms to file 2011 taxes If he did, he would record them in the journal, even though he could not deduct them as business expenses. Forms to file 2011 taxes Henry carries the January total of expenses for materials ($1,083. Forms to file 2011 taxes 50) to the Annual Summary. Forms to file 2011 taxes Similarly, he enters the monthly total of expenses for telephone, truck/auto, etc. Forms to file 2011 taxes , in the appropriate columns of that summary. Forms to file 2011 taxes 4. Forms to file 2011 taxes Employee Compensation Record This record shows the following information. Forms to file 2011 taxes The number of hours Henry's employee worked in a pay period. Forms to file 2011 taxes The employee's total pay for the period. Forms to file 2011 taxes The deductions Henry withheld in figuring the employee's net pay. Forms to file 2011 taxes The monthly gross payroll. Forms to file 2011 taxes Henry carries the January gross payroll ($520) to the Annual Summary. Forms to file 2011 taxes 5. Forms to file 2011 taxes Annual Summary This annual summary of monthly cash receipts and expense totals provides the final amounts to enter on Henry's tax return. Forms to file 2011 taxes He figures the cash receipts total from the total of monthly cash receipts shown in the Monthly Summary of Cash Receipts. Forms to file 2011 taxes He figures the expense totals from the totals of monthly expense items shown in the Check Disbursements Journal. Forms to file 2011 taxes As in the journal, he keeps each major expense in a separate column. Forms to file 2011 taxes Henry carries the cash receipts total shown in the annual summary ($47,440. Forms to file 2011 taxes 9
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The Forms To File 2011 Taxes

Forms to file 2011 taxes Publication 925 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. Forms to file 2011 taxes Tax questions. Forms to file 2011 taxes Useful Items - You may want to see: Future Developments For the latest developments related to Publication 925, such as legislation enacted after it was published, go to www. Forms to file 2011 taxes irs. Forms to file 2011 taxes gov/pub925. Forms to file 2011 taxes Reminders At-risk amounts. Forms to file 2011 taxes  The following rules apply to amounts borrowed after May 3, 2004. Forms to file 2011 taxes You must file Form 6198, At-Risk Limitations, if you are engaged in an activity included in (6) under Activities Covered by the At-Risk Rules and you have borrowed certain amounts described in Certain borrowed amounts excluded under At-Risk Amounts in this publication. Forms to file 2011 taxes You may be considered at risk for certain amounts described in Certain borrowed amounts excluded under At-Risk Amounts secured by real property used in the activity of holding real property (other than mineral property) that, if nonrecourse, would be qualified nonrecourse financing. Forms to file 2011 taxes Photographs of missing children. Forms to file 2011 taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Forms to file 2011 taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Forms to file 2011 taxes 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. Forms to file 2011 taxes Introduction This publication discusses two sets of rules that may limit the amount of your deductible loss from a trade, business, rental, or other income-producing activity. Forms to file 2011 taxes The first part of the publication discusses the passive activity rules. Forms to file 2011 taxes The second part discusses the at-risk rules. Forms to file 2011 taxes However, when you figure your allowable losses from any activity, you must apply the at-risk rules before the passive activity rules. Forms to file 2011 taxes Comments and suggestions. Forms to file 2011 taxes   We welcome your comments about this publication and your suggestions for future editions. Forms to file 2011 taxes   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Forms to file 2011 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Forms to file 2011 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Forms to file 2011 taxes   You can send your comments from www. Forms to file 2011 taxes irs. Forms to file 2011 taxes gov/formspubs/. Forms to file 2011 taxes Click on “More Information” and then on “Comment on Tax Forms and Publications. Forms to file 2011 taxes ”   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. Forms to file 2011 taxes Ordering forms and publications. Forms to file 2011 taxes   Visit www. Forms to file 2011 taxes irs. Forms to file 2011 taxes 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. Forms to file 2011 taxes Internal Revenue Service 1201 N. Forms to file 2011 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Forms to file 2011 taxes   If you have a tax question, check the information available on IRS. Forms to file 2011 taxes gov or call 1-800-829-1040. Forms to file 2011 taxes We cannot answer tax questions sent to either of the above addresses. Forms to file 2011 taxes Useful Items - You may want to see: Publication 527 Residential Rental Property (Including Rental of Vacation Homes) 541 Partnerships Form (and Instructions) 4952 Investment Interest Expense Deduction 6198 At-Risk Limitations 8582 Passive Activity Loss Limitations 8582-CR Passive Activity Credit Limitations 8810 Corporate Passive Activity Loss and Credit Limitations 8949 Sales and Other Dispositions of Capital Assets See How To Get Tax Help near the end of this publication for information about getting these publications and forms. Forms to file 2011 taxes Prev  Up  Next   Home   More Online Publications