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How To File 2012 Tax Return Late

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How To File 2012 Tax Return Late

How to file 2012 tax return late 5. How to file 2012 tax return late   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. How to file 2012 tax return late Making the election. How to file 2012 tax return late Form 3115. How to file 2012 tax return late Income TaxesAccrual of contested income taxes. How to file 2012 tax return late Employment Taxes Other TaxesAdditional Medicare Tax. How to file 2012 tax return late What's New Additional Medicare Tax. How to file 2012 tax return late  Beginning in 2013, you must withhold a 0. How to file 2012 tax return late 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. How to file 2012 tax return late Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. How to file 2012 tax return late See Employment Taxes , and Self-employment tax , later. How to file 2012 tax return late Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. How to file 2012 tax return late You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. How to file 2012 tax return late Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. How to file 2012 tax return late When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. How to file 2012 tax return late This applies whether you use the cash method or an accrual method of accounting. How to file 2012 tax return late Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. How to file 2012 tax return late You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . How to file 2012 tax return late Limit on accrual of taxes. How to file 2012 tax return late   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. How to file 2012 tax return late However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. How to file 2012 tax return late Example. How to file 2012 tax return late Your state imposes a tax on personal property used in a trade or business conducted in the state. How to file 2012 tax return late This tax is assessed and becomes a lien as of July 1 (accrual date). How to file 2012 tax return late In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. How to file 2012 tax return late Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. How to file 2012 tax return late You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. How to file 2012 tax return late Uniform capitalization rules. How to file 2012 tax return late   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. How to file 2012 tax return late They also apply to certain taxpayers who acquire property for resale. How to file 2012 tax return late Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. How to file 2012 tax return late For more information, see chapter 1. How to file 2012 tax return late Carrying charges. How to file 2012 tax return late   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. How to file 2012 tax return late You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. How to file 2012 tax return late For more information, see chapter 7. How to file 2012 tax return late Refunds of taxes. How to file 2012 tax return late   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. How to file 2012 tax return late For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. How to file 2012 tax return late    You must include in income any interest you receive on tax refunds. How to file 2012 tax return late Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. How to file 2012 tax return late The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. How to file 2012 tax return late Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. How to file 2012 tax return late See Taxes for local benefits , later. How to file 2012 tax return late If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. How to file 2012 tax return late However, you can elect to ratably accrue the taxes during the year. How to file 2012 tax return late See Electing to ratably accrue , later. How to file 2012 tax return late Taxes for local benefits. How to file 2012 tax return late   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. How to file 2012 tax return late These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. How to file 2012 tax return late You should increase the basis of your property by the amount of the assessment. How to file 2012 tax return late   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. How to file 2012 tax return late If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. How to file 2012 tax return late Example. How to file 2012 tax return late To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. How to file 2012 tax return late The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. How to file 2012 tax return late The city is paying the principal and interest with the annual payments made by the property owners. How to file 2012 tax return late The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. How to file 2012 tax return late The part of the payments used to pay the interest charges on the bonds is deductible as taxes. How to file 2012 tax return late Charges for services. How to file 2012 tax return late   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. How to file 2012 tax return late Purchase or sale of real estate. How to file 2012 tax return late   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. How to file 2012 tax return late   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. How to file 2012 tax return late Treat the seller as paying the taxes up to but not including the date of sale. How to file 2012 tax return late Treat the buyer as paying the taxes beginning with the date of sale. How to file 2012 tax return late You can usually find this information on the settlement statement you received at closing. How to file 2012 tax return late   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. How to file 2012 tax return late Example. How to file 2012 tax return late Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. How to file 2012 tax return late He has not elected to ratably accrue property taxes. How to file 2012 tax return late November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. How to file 2012 tax return late He sold the property on June 30, 2013. How to file 2012 tax return late Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. How to file 2012 tax return late He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. How to file 2012 tax return late Electing to ratably accrue. How to file 2012 tax return late   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. How to file 2012 tax return late Example. How to file 2012 tax return late Juan Sanchez is a calendar year taxpayer who uses an accrual method. How to file 2012 tax return late His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. How to file 2012 tax return late July 1 is the assessment and lien date. How to file 2012 tax return late If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. How to file 2012 tax return late Separate elections. How to file 2012 tax return late   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. How to file 2012 tax return late Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. How to file 2012 tax return late See Form 3115 , later. How to file 2012 tax return late Making the election. How to file 2012 tax return late   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. How to file 2012 tax return late The statement should show all the following items. How to file 2012 tax return late The trades or businesses to which the election applies and the accounting method or methods used. How to file 2012 tax return late The period to which the taxes relate. How to file 2012 tax return late The computation of the real estate tax deduction for that first year. How to file 2012 tax return late   Generally, you must file your return by the due date (including extensions). How to file 2012 tax return late However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). How to file 2012 tax return late Attach the statement to the amended return and write “Filed pursuant to section 301. How to file 2012 tax return late 9100-2” on the statement. How to file 2012 tax return late File the amended return at the same address where you filed the original return. How to file 2012 tax return late Form 3115. How to file 2012 tax return late    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. How to file 2012 tax return late For more information, including applicable time frames for filing, see the Instructions for Form 3115. How to file 2012 tax return late Note. How to file 2012 tax return late If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. How to file 2012 tax return late R. How to file 2012 tax return late B. How to file 2012 tax return late 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. How to file 2012 tax return late R. How to file 2012 tax return late B. How to file 2012 tax return late 689, and Revenue Procedure 2012-20, 2012-14 I. How to file 2012 tax return late R. How to file 2012 tax return late B. How to file 2012 tax return late 700, or any successor. How to file 2012 tax return late Revenue Procedure 2011-14 is available at  www. How to file 2012 tax return late irs. How to file 2012 tax return late gov/irb/2011-04IRB/ar08. How to file 2012 tax return late html. How to file 2012 tax return late Income Taxes This section discusses federal, state, local, and foreign income taxes. How to file 2012 tax return late Federal income taxes. How to file 2012 tax return late   You cannot deduct federal income taxes. How to file 2012 tax return late State and local income taxes. How to file 2012 tax return late   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. How to file 2012 tax return late An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). How to file 2012 tax return late   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. How to file 2012 tax return late Accrual of contested income taxes. How to file 2012 tax return late   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. How to file 2012 tax return late   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. How to file 2012 tax return late You cannot deduct them in the year in which the liability is finally determined. How to file 2012 tax return late    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. How to file 2012 tax return late Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. How to file 2012 tax return late   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. How to file 2012 tax return late You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. How to file 2012 tax return late For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. How to file 2012 tax return late Foreign income taxes. How to file 2012 tax return late   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. How to file 2012 tax return late S. How to file 2012 tax return late possession. How to file 2012 tax return late However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. How to file 2012 tax return late S. How to file 2012 tax return late tax under the foreign earned income exclusion or the foreign housing exclusion. How to file 2012 tax return late For information on these exclusions, see Publication 54, Tax Guide for U. How to file 2012 tax return late S. How to file 2012 tax return late Citizens and Resident Aliens Abroad. How to file 2012 tax return late For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. How to file 2012 tax return late Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. How to file 2012 tax return late Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. How to file 2012 tax return late You may also need to pay certain employment taxes from your own funds. How to file 2012 tax return late These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. How to file 2012 tax return late Note. How to file 2012 tax return late Additional Medicare Tax is only imposed on the employee. How to file 2012 tax return late There is no employer share of Additional Medicare Tax. How to file 2012 tax return late Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. How to file 2012 tax return late You can deduct the employment taxes you must pay from your own funds as taxes. How to file 2012 tax return late Example. How to file 2012 tax return late You pay your employee $18,000 a year. How to file 2012 tax return late However, after you withhold various taxes, your employee receives $14,500. How to file 2012 tax return late You also pay an additional $1,500 in employment taxes. How to file 2012 tax return late You should deduct the full $18,000 as wages. How to file 2012 tax return late You can deduct the $1,500 you pay from your own funds as taxes. How to file 2012 tax return late For more information on employment taxes, see Publication 15 (Circular E). How to file 2012 tax return late Unemployment fund taxes. How to file 2012 tax return late   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. How to file 2012 tax return late Deduct these payments as taxes. How to file 2012 tax return late Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. How to file 2012 tax return late Excise taxes. How to file 2012 tax return late   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. How to file 2012 tax return late However, see Fuel taxes , later. How to file 2012 tax return late   For more information on excise taxes, see Publication 510. How to file 2012 tax return late Franchise taxes. How to file 2012 tax return late   You can deduct corporate franchise taxes as a business expense. How to file 2012 tax return late Fuel taxes. How to file 2012 tax return late   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. How to file 2012 tax return late Do not deduct these taxes as a separate item. How to file 2012 tax return late   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. How to file 2012 tax return late For more information, see Publication 510. How to file 2012 tax return late Occupational taxes. How to file 2012 tax return late   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. How to file 2012 tax return late Personal property tax. How to file 2012 tax return late   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. How to file 2012 tax return late Sales tax. How to file 2012 tax return late   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. How to file 2012 tax return late If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. How to file 2012 tax return late If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. How to file 2012 tax return late If the property is depreciable, add the sales tax to the basis for depreciation. How to file 2012 tax return late For more information on basis, see Publication 551. How to file 2012 tax return late    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. How to file 2012 tax return late Also, do not include these taxes in gross receipts or sales. How to file 2012 tax return late Self-employment tax. How to file 2012 tax return late   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. How to file 2012 tax return late This deduction only affects your income tax. How to file 2012 tax return late It does not affect your net earnings from self-employment or your self-employment tax. How to file 2012 tax return late   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). How to file 2012 tax return late   For more information on self-employment tax, see Publication 334. How to file 2012 tax return late Additional Medicare Tax. How to file 2012 tax return late   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. How to file 2012 tax return late See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. How to file 2012 tax return late Prev  Up  Next   Home   More Online Publications
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Wills

It's unfortunate how many people believe that estate planning is only for wealthy people. People at all economic levels benefit from an estate plan. Upon death, an estate plan legally protects and distributes property based on your wishes and the needs of your family and/or survivors with as little tax as possible.

A will is the most practical first step in estate planning; it makes clear how you want your property to be distributed after you die.

Writing a will can be as simple as typing out how you want your assets to be transferred to loved ones or charitable organizations after your death. If you don't have a will when you die, your estate will be handled in probate, and your property could be distributed differently than what you would like.

It may help to get legal advice when writing a will, particularly when it comes to understanding all the rules of the estate disposition process in your state. Some states, for instance, have community-property laws that entitle your surviving spouse to keep half of your wealth after you die no matter what percentage you leave him or her. Fees for the execution of a will vary according to its complexity.

Rules To Remember When Writing A Will

  • In most states, you must be 18 years of age or older.
  • A will must be written in sound judgment and mental capacity to be valid.
  • The document must clearly state that it is your will.
  • An executor of your will, who ensures your estate is distributed according to your wishes, must be named.
  • It is not necessary to notarize or record your will but these can safeguard against any claims that your will is invalid. To be valid, you must sign a will in the presence of at least two witnesses.

Choose an Executor

An executor is the person who is responsible for settling the estate after death. Duties of an executor include:

  • Taking inventory of property and belongings
  • Appraising and distributing assets
  • Paying taxes
  • Settling debts owed by the deceased

Most important, the executor is legally obligated to act in the interests of the deceased, following the wishes provided by the will. Here again, it could be helpful to consult an attorney to help with the probate process or offer legal guidance. Any person over the age of 18, who hasn't been convicted of a felony, can be named executor of a will. Some people choose a lawyer, accountant or financial consultant based on their experience. Others choose a spouse, adult child, relative or friend. Since the role of executor can be demanding, it's often a good idea to ask the person being named in a will if he or she is willing to serve.

If you've been named executor in someone's will but are not able or do not want to serve, you need to file a declination, which is a legal document that declines your designation as an executor. The contingent executor named in the will then assumes responsibility. If no contingent executor is named, the court will appoint one.

Review Your Estate Plan

Once you've completed a will, it's a good idea to review it from time to time, and consider changes if:

  • The value of your assets change
  • You marry, divorce or remarry
  • You have a child
  • You move to a different state
  • The executor of your will dies or becomes incapacitated or your relationship changes
  • One of your heirs dies
  • The laws affecting your estate change

Write a Social Media Will

Social media is a part of daily life, so what happens to the online content that you created once you die? If you are active online you should consider creating a statement of how you would like your online identity to be handled, like a social media will. You should appoint someone you trust as an online executor. This person will be responsible for the closure of your email addresses, social media profiles, and blogs after you are deceased. Take these steps to help you write a social media will (download a social media will template in Excel format):

  • Review the privacy policies and the terms and conditions of each website where you have a presence.
  • State how you would like your profiles to be handled. You may want to completely cancel your profile or keep it up for friends and family to visit. Some sites allow users to create a memorial profile where other users can still see your profile but can’t post anything new.
  • Give the social media executor a document that lists all the websites where you have a profile, along with your usernames and passwords.
  • Stipulate in your will that the online executor should have a copy of your death certificate. The online executor may need this as proof in order for websites to take any actions on your behalf.
  • Check to see if the social media platforms have account management features to let you proactively manage what happens to your accounts after you die. For example, Google's Inactive Account Manager allows you to manage how you want your online content to be saved or deleted. This feature also lets you give permission for your family or close friends to access the content you saved on Google websites after you die.

The How To File 2012 Tax Return Late

How to file 2012 tax return late Publication 525 - Additional Material Prev  Up  Next   Home   More Online Publications