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How Do I File Taxes For 2010

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How Do I File Taxes For 2010

How do i file taxes for 2010 12. How do i file taxes for 2010   Self-Employment Tax Table of Contents What's New for 2013 What's New for 2014 Introduction Topics - This chapter discusses: Useful Items - You may want to see: Why Pay Self-Employment Tax? How To Pay Self-Employment TaxReplacing a lost social security card. How do i file taxes for 2010 Name change. How do i file taxes for 2010 Penalty for underpayment of estimated tax. How do i file taxes for 2010 Who Must Pay Self-Employment Tax?Limited partner. How do i file taxes for 2010 Community property. How do i file taxes for 2010 Figuring Self-Employment EarningsLandlord Participation in Farming Methods for Figuring Net EarningsRegular Method Farm Optional Method Nonfarm Optional Method Using Both Optional Methods Reporting Self-Employment Tax What's New for 2013 Tax rates. How do i file taxes for 2010  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. How do i file taxes for 2010 4% to 12. How do i file taxes for 2010 4%. How do i file taxes for 2010 The Medicare part of the tax remains at 2. How do i file taxes for 2010 9%. How do i file taxes for 2010 As a result, the self-employment tax is increased from 13. How do i file taxes for 2010 3% to 15. How do i file taxes for 2010 3%. How do i file taxes for 2010 Additional Medicare Tax. How do i file taxes for 2010 . How do i file taxes for 2010  For tax years beginning in 2013, a 0. How do i file taxes for 2010 9% Additional Medicare Tax applies to your Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above a threshold amount. How do i file taxes for 2010 Use Form 8959, Additional Medicare Tax, to figure this tax. How do i file taxes for 2010 For more information, see the Instructions for Form 8959. How do i file taxes for 2010 Maximum net earnings. How do i file taxes for 2010  The maximum net self-employment earnings subject to the social security part (12. How do i file taxes for 2010 4%) of the self-employment tax increased to $113,700 for 2013. How do i file taxes for 2010 There is no maximum limit on earnings subject to the Medicare part (2. How do i file taxes for 2010 9%). How do i file taxes for 2010 What's New for 2014 Maximum net earnings. How do i file taxes for 2010  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. How do i file taxes for 2010 Introduction Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. How do i file taxes for 2010 It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. How do i file taxes for 2010 You usually have to pay SE tax if you are self-employed. How do i file taxes for 2010 You are usually self-employed if you operate your own farm on land you either own or rent. How do i file taxes for 2010 You have to figure SE tax on Schedule SE (Form 1040). How do i file taxes for 2010 Farmers who have employees may have to pay the employer's share of social security and Medicare taxes, as well. How do i file taxes for 2010 See chapter 13 for information on employment taxes. How do i file taxes for 2010 Self-employment tax rate. How do i file taxes for 2010   For tax years beginning in 2013, the self-employment tax rate is 15. How do i file taxes for 2010 3%. How do i file taxes for 2010 The rate consists of two parts: 12. How do i file taxes for 2010 4% for social security (old-age, survivors, and disability insurance) and 2. How do i file taxes for 2010 9% for Medicare (hospital insurance). How do i file taxes for 2010 Topics - This chapter discusses: Why pay self-employment tax How to pay self-employment tax Who must pay self-employment tax Figuring self-employment earnings Landlord participation in farming Methods for figuring net earnings Reporting self-employment tax Useful Items - You may want to see: Publication 541 Partnerships Form (and Instructions) 1040 U. How do i file taxes for 2010 S. How do i file taxes for 2010 Individual Income Tax Return Sch F (Form 1040) Profit or Loss From Farming Sch SE (Form 1040) Self-Employment Tax 1065 U. How do i file taxes for 2010 S. How do i file taxes for 2010 Return of Partnership Income Sch K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. How do i file taxes for 2010 See chapter 16 for information about getting publications and forms. How do i file taxes for 2010 Why Pay Self-Employment Tax? Social security benefits are available to self-employed persons just as they are to wage earners. How do i file taxes for 2010 Your payments of SE tax contribute to your coverage under the social security system. How do i file taxes for 2010 Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. How do i file taxes for 2010 How to become insured under social security. How do i file taxes for 2010   You must be insured under the social security system before you begin receiving social security benefits. How do i file taxes for 2010 You are insured if you have the required number of credits (also called quarters of coverage). How do i file taxes for 2010 Earning credits in 2013. How do i file taxes for 2010   You can earn a maximum of four credits per year. How do i file taxes for 2010 For 2013, you earn one credit for each $1,160 of combined wages and self-employment earnings subject to social security tax. How do i file taxes for 2010 You need $4,640 ($1,160 × 4) of combined wages and self-employment earnings subject to social security tax to earn four credits in 2013. How do i file taxes for 2010 It does not matter whether the income is earned in 1 quarter or is spread over 2 or more quarters. How do i file taxes for 2010 For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office or visit the SSA website at www. How do i file taxes for 2010 socialsecurity. How do i file taxes for 2010 gov. How do i file taxes for 2010 Making false statements to get or to increase social security benefits may subject you to penalties. How do i file taxes for 2010 The Social Security Administration (SSA) time limit for posting self-employment earnings. How do i file taxes for 2010   Generally, the SSA will give you credit only for self-employment earnings reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. How do i file taxes for 2010    If you file your tax return or report a change in your self-employment earnings after the SSA time limit for posting self-employment earnings, the SSA may change its records, but only to remove or reduce the amount. How do i file taxes for 2010 The SSA will not change its records to increase your self-employment earnings after the SSA time limit listed above. How do i file taxes for 2010 How To Pay Self-Employment Tax To pay SE tax, you must have a social security number (SSN) or an individual taxpayer identification number (ITIN). How do i file taxes for 2010 This section explains how to: Obtain an SSN or ITIN, and Pay your SE tax using estimated tax. How do i file taxes for 2010 An ITIN does not entitle you to social security benefits. How do i file taxes for 2010 Obtaining an ITIN does not change your immigration or employment status under U. How do i file taxes for 2010 S. How do i file taxes for 2010 law. How do i file taxes for 2010 Obtaining a social security number. How do i file taxes for 2010   If you have never had an SSN, apply for one using Form SS-5, Application for a Social Security Card. How do i file taxes for 2010 The application is also available in Spanish. How do i file taxes for 2010 You can get this form at any Social Security office or by calling 1-800-772-1213. How do i file taxes for 2010    You can also download Form SS-5 from the Social Security Administration website at  www. How do i file taxes for 2010 socialsecurity. How do i file taxes for 2010 gov. How do i file taxes for 2010   If you have a social security number from the time you were an employee, you must use that number. How do i file taxes for 2010 Do not apply for a new one. How do i file taxes for 2010 Replacing a lost social security card. How do i file taxes for 2010   If you have a number but lost your card, file Form SS-5. How do i file taxes for 2010 You will get a new card showing your original number, not a new number. How do i file taxes for 2010 Name change. How do i file taxes for 2010   If your name has changed since you received your social security card, complete Form SS-5 to report a name change. How do i file taxes for 2010 Obtaining an individual taxpayer identification number. How do i file taxes for 2010   The IRS will issue you an ITIN, for tax use only, if you are a nonresident or resident alien and you do not have, and are not eligible to get, an SSN. How do i file taxes for 2010 To apply for an ITIN, file Form W-7, Application for IRS Individual Taxpayer Identification Number. How do i file taxes for 2010 You can get this form by calling 1-800-829-3676. How do i file taxes for 2010 For more information on ITINs, see Publication 1915, Understanding Your IRS Individual Taxpayer Identification Number. How do i file taxes for 2010 Form W-7 and Publication 1915 are also available in Spanish. How do i file taxes for 2010    You can also download Form W-7 from the IRS website at IRS. How do i file taxes for 2010 gov. How do i file taxes for 2010 Paying estimated tax. How do i file taxes for 2010   Estimated tax is the method used to pay tax (including SE tax) on income not subject to withholding. How do i file taxes for 2010 You generally have to make estimated tax payments if you expect to owe tax, including SE tax, of $1,000 or more when you file your return. How do i file taxes for 2010 Use Form 1040-ES, Estimated Tax for Individuals, to figure and pay the tax. How do i file taxes for 2010   However, if at least two-thirds of your gross income for 2013 or 2014 was from farming and you file your 2014 Form 1040 and pay all the tax due by March 2, 2015, you do not have to pay any estimated tax. How do i file taxes for 2010 For more information about estimated tax for farmers, see chapter 15. How do i file taxes for 2010 Penalty for underpayment of estimated tax. How do i file taxes for 2010   You may have to pay a penalty if you do not pay enough estimated tax by its due date. How do i file taxes for 2010 Who Must Pay Self-Employment Tax? You must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. How do i file taxes for 2010 The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. How do i file taxes for 2010 Aliens. How do i file taxes for 2010   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. How do i file taxes for 2010 S. How do i file taxes for 2010 citizens. How do i file taxes for 2010 Nonresident aliens are not subject to self-employment tax. How do i file taxes for 2010 However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. How do i file taxes for 2010 S. How do i file taxes for 2010 residents for self-employment tax purposes. How do i file taxes for 2010 For more information on aliens, see Publication 519, U. How do i file taxes for 2010 S. How do i file taxes for 2010 Tax Guide for Aliens. How do i file taxes for 2010 Are you self-employed?   You are self-employed if you carry on a trade or business (such as running a farm) as a sole proprietor, an independent contractor, a member of a partnership, or are otherwise in business for yourself. How do i file taxes for 2010 A trade or business is generally an activity carried on for a livelihood or in good faith to make a profit. How do i file taxes for 2010 Share farmer. How do i file taxes for 2010   You are a self-employed farmer under an income-sharing arrangement if both the following apply. How do i file taxes for 2010 You produce a crop or raise livestock on land belonging to another person. How do i file taxes for 2010 Your share of the crop or livestock, or the proceeds from their sale, depends on the amount produced. How do i file taxes for 2010 Your net farm profit or loss from the income-sharing arrangement is reported on Schedule F (Form 1040) and included in your self-employment earnings. How do i file taxes for 2010   If you produce a crop or livestock on land belonging to another person and are to receive a specified rate of pay, a fixed sum of money, or a fixed quantity of the crop or livestock, and not a share of the crop or livestock or their proceeds, you may be either self-employed or an employee of the landowner. How do i file taxes for 2010 This will depend on whether the landowner has the right to direct or control your performance of services. How do i file taxes for 2010 Example. How do i file taxes for 2010 A share farmer produces a crop on land owned by another person on a 50-50 crop-share basis. How do i file taxes for 2010 Under the terms of their agreement, the share farmer furnishes the labor and half the cost of seed and fertilizer. How do i file taxes for 2010 The landowner furnishes the machinery and equipment used to produce and harvest the crop, and half the cost of seed and fertilizer. How do i file taxes for 2010 The share farmer is provided a house in which to live. How do i file taxes for 2010 The landowner and the share farmer decide on a cropping plan. How do i file taxes for 2010 The share farmer is a self-employed farmer for purposes of the agreement to produce the crops, and the share farmer's part of the profit or loss from the crops is reported on Schedule F (Form 1040) and included in self-employment earnings. How do i file taxes for 2010 The tax treatment of the landowner is discussed later under Landlord Participation in Farming. How do i file taxes for 2010 Contract farming. How do i file taxes for 2010   Under typical contract farming arrangements, the grower receives a fixed payment per unit of crops or finished livestock delivered to the processor or packing company. How do i file taxes for 2010 Since the grower typically furnishes labor and bears some production risk, the payments are reported on Schedule F and are therefore subject to self-employment tax. How do i file taxes for 2010 4-H Club or FFA project. How do i file taxes for 2010   If an individual participates in a 4-H Club or Future Farmers of America (FFA) project, any net income received from sales or prizes related to the project may be subject to income tax. How do i file taxes for 2010 Report the net income as “Other income” on line 21 of Form 1040. How do i file taxes for 2010 If necessary, attach a statement showing the gross income and expenses. How do i file taxes for 2010 The net income may not be subject to SE tax if the project is primarily for educational purposes and not for profit, and is completed by the individual under the rules and economic restrictions of the sponsoring 4-H or FFA organization. How do i file taxes for 2010 Such a project is generally not considered a trade or business. How do i file taxes for 2010 Partners in a partnership. How do i file taxes for 2010   Generally, you are self-employed if you are a member of a partnership that carries on a trade or business. How do i file taxes for 2010 Limited partner. How do i file taxes for 2010   If you are a limited partner, your partnership income is generally not subject to SE tax. How do i file taxes for 2010 However, guaranteed payments you receive for services you perform for the partnership are subject to SE tax and should be reported to you in box 14 of your Schedule K-1 (Form 1065). How do i file taxes for 2010 Business Owned and Operated by Spouses. How do i file taxes for 2010   If you and your spouse jointly own and operate a farm as 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. How do i file taxes for 2010 You must file Form 1065, instead of Schedule F, unless you make a joint election to be treated as a qualified joint venture. How do i file taxes for 2010 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. How do i file taxes for 2010 Qualified joint venture. How do i file taxes for 2010   If you and your spouse each materially participate as the only members of a jointly owned and operated farm, and you file a joint tax 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. How do i file taxes for 2010 For an explanation of “material participation,” see the instructions for Schedule C, line G, and the instructions for Schedule F, line E. How do i file taxes for 2010   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. How do i file taxes for 2010 Each of you must file a separate Schedule F and a separate Schedule SE. How do i file taxes for 2010 For more information, see Qualified Joint Venture in the Instructions for Schedule SE (Form 1040). How do i file taxes for 2010 Spouse employee. How do i file taxes for 2010   If your spouse is your employee, not your partner, you must withhold and pay social security and Medicare taxes for him or her. How do i file taxes for 2010 For more information about employment taxes, see chapter 13. How do i file taxes for 2010 Community property. How do i file taxes for 2010   If you are a partner and your distributive share of any income or loss from a trade or business carried on by the partnership is community property, treat your share as your self-employment earnings. How do i file taxes for 2010 Do not treat any of your share as self-employment earnings of your spouse. How do i file taxes for 2010 Figuring Self-Employment Earnings Farmer. How do i file taxes for 2010   If you are self-employed as a farmer, use Schedule F (Form 1040) to figure your self-employment earnings. How do i file taxes for 2010 Partnership income or loss. How do i file taxes for 2010   If you are a member of a partnership that carries on a trade or business, the partnership should report your self-employment earnings in box 14, code A, of your Schedule K-1 (Form 1065). How do i file taxes for 2010 Box 14 of Schedule K-1 may also provide amounts for gross farming or fishing income (code B) and gross nonfarm income (code C). How do i file taxes for 2010 Use these amounts if you use the farm or nonfarm optional method to figure net earnings from self-employment (see Methods for Figuring Net Earnings , later). How do i file taxes for 2010   If you are a general partner, you may need to reduce these reported earnings by amounts you claim as a section 179 deduction, unreimbursed partnership expenses, or depletion on oil and gas properties. How do i file taxes for 2010   If the amount reported is a loss, include only the deductible amount when you figure your total self-employment earnings. How do i file taxes for 2010   For more information, see the Partner's Instructions for Schedule K-1 (Form 1065). How do i file taxes for 2010   For general information on partnerships, see Publication 541. How do i file taxes for 2010 More than one business. How do i file taxes for 2010   If you have self-employment earnings from more than one trade, business, or profession, you generally must combine the net profit or loss from each to determine your total self-employment earnings. How do i file taxes for 2010 A loss from one business reduces your profit from another business. How do i file taxes for 2010 However, do not combine earnings from farm and nonfarm businesses if you are using one of the optional methods (discussed later) to figure net earnings. How do i file taxes for 2010 Community property. How do i file taxes for 2010   If any of the income from a farm or business, other than a partnership, is community property under state law, it is included in the self-employment earnings of the spouse carrying on the trade or business. How do i file taxes for 2010 Lost income payments. How do i file taxes for 2010   Lost income payments received from insurance or other sources for reducing or stopping farming activities are included in self-employment earnings. How do i file taxes for 2010 These include USDA payments to compensate for lost income resulting from reductions in tobacco quotas and allotments. How do i file taxes for 2010 Even if you are not farming when you receive the payment, it is included in self-employment earnings if it relates to your farm business (even though it is temporarily inactive). How do i file taxes for 2010 A connection exists if it is clear the payment would not have been made but for your conduct of your farm business. How do i file taxes for 2010 Gain or loss. How do i file taxes for 2010   A gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers is not included in self-employment earnings. How do i file taxes for 2010 It does not matter whether the disposition is a sale, exchange, or involuntary conversion. How do i file taxes for 2010 For example, gains or losses from the disposition of the following types of property are not included in self-employment earnings. How do i file taxes for 2010 Investment property. How do i file taxes for 2010 Depreciable property or other fixed assets used in your trade or business. How do i file taxes for 2010 Livestock held for draft, breeding, sport, or dairy purposes, and not held primarily for sale, regardless of how long the livestock was held, or whether it was raised or purchased. How do i file taxes for 2010 Unharvested standing crops sold with land held more than 1 year. How do i file taxes for 2010 Timber, coal, or iron ore held for more than 1 year if an economic interest was retained, such as a right to receive coal royalties. How do i file taxes for 2010   A gain or loss from the cutting of timber is not included in self-employment earnings if the cutting is treated as a sale or exchange. How do i file taxes for 2010 For more information on electing to treat the cutting of timber as a sale or exchange, see Timber in chapter 8. How do i file taxes for 2010 Wages and salaries. How do i file taxes for 2010   Wages and salaries received for services performed as an employee and covered by social security or railroad retirement are not included in self-employment earnings. How do i file taxes for 2010   Wages paid in kind to you for agricultural labor, such as commodity wages, are not included in self-employment earnings. How do i file taxes for 2010 Retired partner. How do i file taxes for 2010   Retirement income received by a partner from his or her partnership under a written plan is not included in self-employment earnings if all the following apply. How do i file taxes for 2010 The retired partner performs no services for the partnership during the year. How do i file taxes for 2010 The retired partner is owed only the retirement payments. How do i file taxes for 2010 The retired partner's share (if any) of the partnership capital was fully paid to the retired partner. How do i file taxes for 2010 The payments to the retired partner are lifelong periodic payments. How do i file taxes for 2010 Conservation Reserve Program (CRP) payments. How do i file taxes for 2010   Under the Conservation Reserve Program (CRP), if you own or operate highly erodible or other specified cropland, you may enter into a longterm contract with the USDA, agreeing to convert to a less intensive use of that cropland. How do i file taxes for 2010 You must include the annual rental payments and any onetime incentive payment you receive under the program on Schedule F, lines 4a and 4b. How do i file taxes for 2010 Cost share payments you receive may qualify for the costsharing exclusion. How do i file taxes for 2010 See Cost-Sharing Exclusion (Improvements), above. How do i file taxes for 2010 CRP payments are reported to you on Form 1099G. How do i file taxes for 2010 Individuals who are receiving Social Security retirement or disability benefits may exclude CRP payments when calculating self-employment tax. How do i file taxes for 2010 See the instructions for Schedule SE (Form 1040). How do i file taxes for 2010 Self-employed health insurance deduction. How do i file taxes for 2010   You cannot deduct the self-employed health insurance deduction you report on Form 1040, line 29, from self-employment earnings on Schedule SE (Form 1040). How do i file taxes for 2010 Landlord Participation in Farming As a general rule, income and deductions from rentals and from personal property leased with real estate are not included in determining self-employment earnings. How do i file taxes for 2010 However, income and deductions from farm rentals, including government commodity program payments received by a landowner who rents land, are included if the rental arrangement provides that the landowner will, and does, materially participate in the production or management of production of the farm products on the land. How do i file taxes for 2010 Crop shares. How do i file taxes for 2010   Rent paid in the form of crop shares is included in self-employment earnings for the year you sell, exchange, give away, or use the crop shares if you meet one of the four material participation tests (discussed next) at the time the crop shares are produced. How do i file taxes for 2010 Feeding such crop shares to livestock is considered using them. How do i file taxes for 2010 Your gross income for figuring your self-employment earnings includes the fair market value of the crop shares when they are used as feed. How do i file taxes for 2010 Material participation for landlords. How do i file taxes for 2010   You materially participate if you have an arrangement with your tenant for your participation and you meet one or more of the following tests. How do i file taxes for 2010 You do at least three of the following. How do i file taxes for 2010 Pay, using cash or credit, at least half the direct costs of producing the crop or livestock. How do i file taxes for 2010 Furnish at least half the tools, equipment, and livestock used in the production activities. How do i file taxes for 2010 Advise or consult with your tenant. How do i file taxes for 2010 Inspect the production activities periodically. How do i file taxes for 2010 You regularly and frequently make, or take an important part in making, management decisions substantially contributing to or affecting the success of the enterprise. How do i file taxes for 2010 You work 100 hours or more spread over a period of 5 weeks or more in activities connected with agricultural production. How do i file taxes for 2010 You do things that, considered in their totality, show you are materially and significantly involved in the production of the farm commodities. How do i file taxes for 2010 These tests may be used as general guides for determining whether you are a material participant. How do i file taxes for 2010 Example. How do i file taxes for 2010 Drew Houston agrees to produce a crop on J. How do i file taxes for 2010 Clarke's cotton farm, with each receiving half the proceeds. How do i file taxes for 2010 Clarke advises Houston when to plant, spray, and pick the cotton. How do i file taxes for 2010 During the growing season, Clarke inspects the crop every few days to determine whether Houston is properly taking care of the crop. How do i file taxes for 2010 Houston furnishes all labor needed to grow and harvest the crop. How do i file taxes for 2010 The management decisions made by Clarke in connection with the care of the cotton crop and his regular inspection of the crop establish that he participates to a material degree in the cotton production operations. How do i file taxes for 2010 The income Clarke receives from his cotton farm is included in his self-employment earnings. How do i file taxes for 2010 Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. How do i file taxes for 2010 The regular method. How do i file taxes for 2010 The farm optional method. How do i file taxes for 2010 The nonfarm optional method. How do i file taxes for 2010 You must use the regular method unless you are eligible to use one or both of the optional methods. How do i file taxes for 2010 See Figure 12-1 , shown later. How do i file taxes for 2010 Figure 12-1. How do i file taxes for 2010 Can I Use the Optional Methods? Please click here for the text description of the image. How do i file taxes for 2010 Figure 12–1. How do i file taxes for 2010 Can I Use the Optional Methods? Why use an optional method?   You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. How do i file taxes for 2010 You want to receive credit for social security benefit coverage. How do i file taxes for 2010 You incurred child or dependent care expenses for which you could claim a credit. How do i file taxes for 2010 (An optional method may increase your earned income, which could increase your credit. How do i file taxes for 2010 ) You are entitled to the earned income credit. How do i file taxes for 2010 (An optional method may increase your earned income, which could increase your credit. How do i file taxes for 2010 ) You are entitled to the additional child tax credit. How do i file taxes for 2010 (An optional method may increase your earned income, which could increase your credit. How do i file taxes for 2010 ) Effects of using an optional method. How do i file taxes for 2010   Using an optional method could increase your SE tax. How do i file taxes for 2010 Paying more SE tax may result in you getting higher social security disability or retirement benefits. How do i file taxes for 2010   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller SE tax or no SE tax using the regular method. How do i file taxes for 2010   The optional methods may be used only to figure your SE tax. How do i file taxes for 2010 To figure your income tax, include your actual self-employment earnings in gross income, regardless of which method you use to determine SE tax. How do i file taxes for 2010 Regular Method Multiply your total self-employment earnings by 92. How do i file taxes for 2010 35% (. How do i file taxes for 2010 9235) to get your net earnings under the regular method. How do i file taxes for 2010 See Short Schedule SE, line 4, or Long Schedule SE, line 4a. How do i file taxes for 2010 Net earnings figured using the regular method are also called “actual net earnings. How do i file taxes for 2010 ” Farm Optional Method Use the farm optional method only for self-employment earnings from a farming business. How do i file taxes for 2010 You can use this method if you meet either of the following tests. How do i file taxes for 2010 Your gross farm income is $6,960 or less. How do i file taxes for 2010 Your net farm profits are less than $5,024. How do i file taxes for 2010 Gross farm income. How do i file taxes for 2010   Your gross farm income is the total of the amounts from: Schedule F (Form 1040), line 9, and Schedule K-1 (Form 1065), box 14, code B (from farm partnerships). How do i file taxes for 2010 Net farm profits. How do i file taxes for 2010   Net farm profits generally are the total of the amounts from: Schedule F (Form 1040), line 34, and Schedule K-1 (Form 1065), box 14, code A (from farm partnerships). How do i file taxes for 2010 However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. How do i file taxes for 2010 For more information, see Partnership income or loss , earlier. How do i file taxes for 2010 Figuring farm net earnings. How do i file taxes for 2010   If you meet either of the two tests explained above, use Table 12-1. How do i file taxes for 2010 Figuring Farm Net Earnings , to figure your net earnings from self-employment under the farm optional method. How do i file taxes for 2010 Table 12-1. How do i file taxes for 2010 Figuring Farm Net Earnings IF your gross farm income  is. How do i file taxes for 2010 . How do i file taxes for 2010 . How do i file taxes for 2010 THEN your net earnings are equal to. How do i file taxes for 2010 . How do i file taxes for 2010 . How do i file taxes for 2010 $6,960 or less Two-thirds of your gross farm income. How do i file taxes for 2010 More than $6,960 $4,640 Optional method can reduce or eliminate SE tax. How do i file taxes for 2010   If your gross farm income is $6,960 or less and your farm net earnings figured under the farm optional method are less than your actual net earnings, you can use the farm optional method to reduce or eliminate your SE tax. How do i file taxes for 2010 Your actual net earnings are your net earnings figured using the regular method, explained earlier. How do i file taxes for 2010 Example. How do i file taxes for 2010 Your gross farm income is $540 and your net farm profit is $460. How do i file taxes for 2010 Consequently, your net earnings figured under the farm optional method are $360 (2/3 of $540) and your actual net earnings are $425 (92. How do i file taxes for 2010 35% of $460). How do i file taxes for 2010 You owe no SE tax if you use the optional method because your net earnings under the farm optional method are less than $400. How do i file taxes for 2010 Nonfarm Optional Method This is an optional method available for determining net earnings from nonfarm self-employment, much like the farm optional method. How do i file taxes for 2010 If you are also engaged in a nonfarm business, you may be able to use this method to figure your nonfarm net earnings. How do i file taxes for 2010 You can use this method even if you do not use the farm optional method for determining your farm net earnings and even if you have a net loss from your nonfarm business. How do i file taxes for 2010 For more information about the nonfarm optional method, see Publication 334. How do i file taxes for 2010 You cannot combine farm and nonfarm self-employment earnings to figure your net earnings under either of the optional methods. How do i file taxes for 2010 Using Both Optional Methods If you use both optional methods, you must add the net earnings figured under each method to arrive at your total net earnings from self-employment. How do i file taxes for 2010 You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. How do i file taxes for 2010 If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. How do i file taxes for 2010 Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. How do i file taxes for 2010 Then, enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. How do i file taxes for 2010 Most taxpayers can use Section A–Short Schedule SE to figure their SE tax. How do i file taxes for 2010 However, certain taxpayers must use Section B–Long Schedule SE. How do i file taxes for 2010 Use the chart on page 1 of Schedule SE to find out which one to use. How do i file taxes for 2010 If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. How do i file taxes for 2010 Deduction for employer-equivalent portion of self-employment tax. How do i file taxes for 2010   You can deduct the employer-equivalent portion of your SE tax in figuring your adjusted gross income. How do i file taxes for 2010 This deduction only affects your income tax. How do i file taxes for 2010 It does not affect either your net earnings from self-employment or your SE tax. How do i file taxes for 2010   To deduct the tax, enter on Form 1040, line 27, the amount shown on Section A, Line 6, or Section B, line 13, Deduction for employer-equivalent portion of self-employment tax, of the Schedule SE. How do i file taxes for 2010 Joint return. How do i file taxes for 2010   Even if you file a joint return, you cannot file a joint Schedule SE. How do i file taxes for 2010 This is true whether one spouse or both spouses have self-employment earnings. How do i file taxes for 2010 Your spouse is not considered self-employed just because you are. How do i file taxes for 2010 If both of you have self-employment earnings, each of you must complete a separate Schedule SE. How do i file taxes for 2010 However, if one spouse uses the Short Schedule SE and the other spouse has to use the Long Schedule SE, both can use the same form. How do i file taxes for 2010 Attach both schedules to the joint return. How do i file taxes for 2010 If you and your spouse operate a business as a partnership, see Business Owned and Operated by Spouses and Qualified joint venture , earlier, under Who Must Pay Self-Employment Tax . How do i file taxes for 2010 Prev  Up  Next   Home   More Online Publications
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IRS Reminds Taxpayers about Direct Deposit and Split Refunds

 

IR-2014-37, March 27, 2014

WASHINGTON — For 57 million Americans, the refund check is no longer in the mail; it’s already in the bank.

So far this year, the Internal Revenue Service has issued direct-deposit refunds valued at more than $170 billion, as a growing number of taxpayers are choosing the speed and convenience of direct deposit, rather than receiving a paper check. So far this year, almost 85 percent of all refunds have been directly deposited into taxpayers’ bank accounts.

Taxpayers can have their refunds directly deposited when they e-file or by including their account information on their paper tax return..

Banks, mutual funds, brokerage firms and credit unions are all eligible to receive direct deposits. Before making this choice, however, taxpayers should make sure the financial institution accepts direct deposits for the type of account chosen.

Taxpayers also have the option and flexibility of splitting refund deposits among two or three different accounts or financial institutions. For instance, a refund could be split between a savings account, a checking account or an Individual Retirement Arrangement (IRA). Taxpayers can split their refunds when they e-file or by filing Form 8888, Direct Deposit of Refund to More Than One Account.

A taxpayer's refund should only be deposited directly into accounts that are in the taxpayer's own name; the taxpayer's spouse's name or both if it's a joint account.

Those who choose direct deposit get their refunds at least a week sooner, and direct deposit eliminates the chance of a lost, stolen or undeliverable refund.

[The filing season statistics table follows.]

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2014 FILING SEASON STATISTICS

Cumulative statistics comparing 3/22/13 and 3/21/14

Individual Income Tax Returns:

2013

2014

% Change

Total Receipts

82,413,000

82,852,000

0.5

Total Processed

77,102,000

81,149,000

5.2

 

 

 

 

E-filing Receipts:

 

 

 

TOTAL           

74,420,000

75,610,000

1.6

Tax Professionals

44,524,000

43,953,000

-1.3

Self-prepared

29,896,000

31,657,000

5.9

 

 

 

 

Web Usage:

 

 

 

Visits to IRS.gov

234,237,695

209,074,699

-10.7

 

 

 

 

Total Refunds:

 

 

 

Number

66,429,000

67,383,000

1.4

Amount

$187.788

Billion

$193.543

Billion

3.1

Average refund

$2,827

$2,872

1.6

 

 

 

 

Direct Deposit Refunds:

 

 

 

Number

56,985,000

57,101,000

0.2

Amount

$170.127

Billion

$170.187

Billion

0.04

Average refund

$2,985

$2,980

-0.2

 

Page Last Reviewed or Updated: 27-Mar-2014

The How Do I File Taxes For 2010

How do i file taxes for 2010 Index C Change in classification Disregarded entity to corporation, Subsequent Elections Disregarded entity to partnership, Change in default classification. How do i file taxes for 2010 , Subsequent Elections Partnership to corporation, Subsequent Elections Partnership to disregarded entity, Change in default classification. How do i file taxes for 2010 , Subsequent Elections Recognition of gain or loss, Change in default classification. How do i file taxes for 2010 , Change in default classification. How do i file taxes for 2010 , Subsequent Elections Classification as a corporation, LLCs Classified as Corporations Classification as a Disregarded Entity, LLCs Classified as Disregarded Entities Classification as a Partnership, LLCs Classified as Partnerships Classification Election, LLCs Classified as Corporations Classification of an LLC Default classification, Classification of an LLC Elected classification, Classification of an LLC Comments on publication, Comments and suggestions. How do i file taxes for 2010 E Employer identification number (see Taxpayer identification number) Employment tax, Employment tax and certain excise taxes. How do i file taxes for 2010 Excise taxes, Employment tax and certain excise taxes. How do i file taxes for 2010 I Information, How to get more, How To Get More Information S Self-employment tax, Self-employment tax rule for disregarded entity LLCs. How do i file taxes for 2010 Small Business Administration, Small Business Administration Social security number (see Taxpayer identification number) Subchapter S election, LLCs Classified as Corporations Suggestions for publication, Comments and suggestions. How do i file taxes for 2010 T Tax help (see Information, How to get more) Taxpayer Advocate, Contacting your Taxpayer Advocate. How do i file taxes for 2010 Taxpayer identification number, Taxpayer identification number. How do i file taxes for 2010 Prev  Up     Home   More Online Publications