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Hrblock freereturn Publication 517 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Hrblock freereturn Tax questions. Hrblock freereturn Useful Items - You may want to see: What's New SE tax rate. Hrblock freereturn  For 2013 and 2014, the Old Age, Survivors, and Disability Insurance (OASDI) portion of the SE tax is 12. Hrblock freereturn 4%. Hrblock freereturn The Medicare (HI) portion of the SE tax remains 2. Hrblock freereturn 9%. Hrblock freereturn As a result, the SE tax rate returns to 15. Hrblock freereturn 3%. Hrblock freereturn For more information, see the Instructions for Schedule SE (Form 1040). Hrblock freereturn Earnings subject to social security. Hrblock freereturn  For 2013, the maximum wages and self-employment income subject to social security tax increases from $110,100 to $113,700. Hrblock freereturn For 2014, the maximum wages and self-employment income subject to social security tax is $117,000. Hrblock freereturn Additional Medicare Tax. Hrblock freereturn  Beginning in 2013, a 0. Hrblock freereturn 9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 for any other filing status. Hrblock freereturn For more information, see Form 8959, Additional Medicare Tax, and its separate instructions. Hrblock freereturn Modified AGI limit for traditional IRA contributions increased. Hrblock freereturn  For 2013, you may be able to take an IRA deduction if you were covered by a retirement plan at work and your modified AGI is: Less than $115,000 if married filing jointly or qualifying widow(er), Less than $69,000 if single or head of household, or Less than $10,000 if married filing separately. Hrblock freereturn If you file a joint return and either you or your spouse was not covered by a retirement plan at work, you may be able to take an IRA deduction if your modified AGI is less than $188,000. Hrblock freereturn Modified AGI limit for Roth IRA contributions increased. Hrblock freereturn  For 2013, you may be able to contribute to your Roth IRA if your modified AGI is: Less than $188,000 if married filing jointly or qualifying widow(er), Less than $127,000 if single, head of household, or married filing separately and you did not live with your spouse at any time during the year, or Less than $10,000 if married filing separately and you lived with your spouse at any time during the year. Hrblock freereturn Earned income credit (EIC). Hrblock freereturn  For 2013, the maximum amount of income you can earn and still claim the EIC has increased. Hrblock freereturn You may be able to take the EIC if you earned less than $46,227 ($51,567 for married filing jointly) and you have three or more qualifying children; $43,038 ($48,378 for married filing jointly) and you have two qualifying children; $37,870 ($43,210 for married filing jointly) and you have one qualifying child; and $14,340 ($19,680 for married filing jointly) and you do not have any qualifying children. Hrblock freereturn Reminders Future developments. Hrblock freereturn . Hrblock freereturn   For the latest information about developments related to Publication 517, such as legislation enacted after it was published, go to www. Hrblock freereturn irs. Hrblock freereturn gov/pub517. Hrblock freereturn Photographs of missing children. Hrblock freereturn  The Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children. Hrblock freereturn Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Hrblock freereturn 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. Hrblock freereturn Introduction Three federal taxes are paid on wages and self-employment income—income tax, social security tax, and Medicare tax. Hrblock freereturn Social security and Medicare taxes are collected under one of two systems. Hrblock freereturn Under the Self-Employment Contributions Act (SECA), the self-employed person pays all the taxes. Hrblock freereturn Under the Federal Insurance Contributions Act (FICA), the employee and the employer each pay half of the social security and Medicare taxes. Hrblock freereturn No earnings are subject to both systems. Hrblock freereturn Table 1. Hrblock freereturn Are Your Ministerial Earnings* Covered Under FICA or SECA? Find the class to which you belong in the left column and read across the table to find if you are covered under FICA or SECA. Hrblock freereturn Do not rely on this table alone. Hrblock freereturn Also read the discussion for the class in the following pages. Hrblock freereturn Class Covered under FICA? Covered under SECA? Minister NO. Hrblock freereturn Your ministerial earnings are exempt. Hrblock freereturn YES, if you do not have an approved exemption from the IRS. Hrblock freereturn   NO, if you have an approved exemption. Hrblock freereturn Member of a religious order who has not taken a vow of poverty NO. Hrblock freereturn Your ministerial earnings are exempt. Hrblock freereturn YES, if you do not have an approved exemption from the IRS. Hrblock freereturn   NO, if you have an approved exemption. Hrblock freereturn Member of a religious order who has taken a vow of poverty YES, if: Your order elected FICA coverage for its members, or You worked outside the order and the work was not required by, or done on behalf of, the order. Hrblock freereturn   NO, if neither of the above applies. Hrblock freereturn NO. Hrblock freereturn Your ministerial earnings are exempt. Hrblock freereturn Christian Science practitioner or reader NO. Hrblock freereturn Your ministerial earnings are exempt. Hrblock freereturn YES, if you do not have an approved exemption from the IRS. Hrblock freereturn   NO, if you have an approved exemption. Hrblock freereturn Religious worker (church employee) YES, if your employer did not elect to exclude you. Hrblock freereturn    NO, if your employer elected to exclude you. Hrblock freereturn YES, if your employer elected to exclude you from FICA. Hrblock freereturn   NO, if you are covered under FICA. Hrblock freereturn Member of a recognized religious sect YES, if you are an employee and do not have an approved exemption from the IRS. Hrblock freereturn    NO, if you have an approved exemption. Hrblock freereturn YES, if you are self-employed and do not have an approved exemption from the IRS. Hrblock freereturn   NO, if you have an approved exemption. Hrblock freereturn * Ministerial earnings are the self-employment earnings that result from ministerial services, defined and discussed later. Hrblock freereturn In addition, all wages and self-employment income that are subject to Medicare tax are subject to a 0. Hrblock freereturn 9% Additional Medicare Tax if they are paid in excess of the applicable threshold for an individual's filing status. Hrblock freereturn Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 for any other filing status. Hrblock freereturn Medicare wages and self-employment income are combined to determine if income exceeds the threshold. Hrblock freereturn A self-employment loss is not considered for purposes of this tax. Hrblock freereturn RRTA compensation is separately compared to the threshold. Hrblock freereturn There is no employer match for Additional Medicare Tax. Hrblock freereturn For more information, see Form 8959, Additional Medicare Tax, and its separate instructions. Hrblock freereturn This publication contains information for the following classes of taxpayers. Hrblock freereturn Ministers. Hrblock freereturn Members of a religious order. Hrblock freereturn Christian Science practitioners and readers. Hrblock freereturn Religious workers (church employees). Hrblock freereturn Members of a recognized religious sect. Hrblock freereturn Note. Hrblock freereturn Unless otherwise noted, in this publication references to members of the clergy include ministers, members of a religious order (but not members of a recognized religious sect), and Christian Science practitioners and readers. Hrblock freereturn This publication covers the following topics about the collection of social security and Medicare taxes from members of the clergy, religious workers, and members of a recognized religious sect. Hrblock freereturn Which earnings are taxed under FICA and which under SECA. Hrblock freereturn See Table 1 above. Hrblock freereturn How a member of the clergy can apply for an exemption from self-employment tax. Hrblock freereturn How a member of a recognized religious sect can apply for an exemption from both self-employment tax and FICA taxes. Hrblock freereturn How a member of the clergy or religious worker figures net earnings from self-employment. Hrblock freereturn This publication also covers certain income tax rules of interest to ministers and members of a religious order. Hrblock freereturn A Comprehensive Example shows filled-in forms for a minister who has income taxed under SECA, other income taxed under FICA, and income tax reporting of items specific to a minister. Hrblock freereturn In the back of Publication 517 is a set of worksheets that you can use to figure the amount of your taxable ministerial income and allowable deductions. Hrblock freereturn You will find these worksheets right after the Comprehensive Example . Hrblock freereturn Note. Hrblock freereturn In this publication, the term “church” is generally used in its generic sense and not in reference to any particular religion. Hrblock freereturn Comments and suggestions. Hrblock freereturn   We welcome your comments about this publication and your suggestions for future editions. Hrblock freereturn   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Hrblock freereturn NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Hrblock freereturn Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Hrblock freereturn   You can send your comments from www. Hrblock freereturn irs. Hrblock freereturn gov/formspubs/. Hrblock freereturn Click on “More Information” and then on “Give us feedback”. Hrblock freereturn   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. Hrblock freereturn Ordering forms and publications. Hrblock freereturn   Visit www. Hrblock freereturn irs. Hrblock freereturn 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. Hrblock freereturn Internal Revenue Service 1201 N. Hrblock freereturn Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Hrblock freereturn   If you have a tax question, check the information available on IRS. Hrblock freereturn gov or call 1-800-829-1040. Hrblock freereturn We cannot answer tax questions sent to either of the above addresses. Hrblock freereturn Useful Items - You may want to see: Publication 54 Tax Guide for U. Hrblock freereturn S. Hrblock freereturn Citizens and Resident Aliens Abroad 525 Taxable and Nontaxable Income 529 Miscellaneous Deductions 535 Business Expenses 590 Individual Retirement Arrangements (IRAs) 596 Earned Income Credit (EIC) Form (and Instructions) SS-8 Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding SS-16 Certificate of Election of Coverage Under the Federal Insurance Contributions Act Schedule C (Form 1040) Profit or Loss From Business (Sole Proprietorship) Schedule C-EZ (Form 1040) Net Profit From Business (Sole Proprietorship) Schedule SE (Form 1040) Self-Employment Tax 1040-ES Estimated Tax for Individuals 1040X Amended U. Hrblock freereturn S. Hrblock freereturn Individual Income Tax Return 4029 Application for Exemption From Social Security and Medicare Taxes and Waiver of Benefits 4361 Application for Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders and Christian Science Practitioners 8274 Certification by Churches and Qualified Church-Controlled Organizations Electing Exemption From Employer Social Security and Medicare Taxes 8959 Additional Medicare Tax Ordering publications and forms. Hrblock freereturn   See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Hrblock freereturn Prev  Up  Next   Home   More Online Publications
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Hrblock freereturn 1. Hrblock freereturn   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. Hrblock freereturn This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Hrblock freereturn Tax records are not the only type of records you need to keep for your farming business. Hrblock freereturn You should also keep records that measure your farm's financial performance. Hrblock freereturn This publication only discusses tax records. Hrblock freereturn The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. Hrblock freereturn For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Hrblock freereturn ffsc. Hrblock freereturn org. Hrblock freereturn For more information, contact Countryside Marketing, Inc. Hrblock freereturn in the following manner. Hrblock freereturn Call 262-253-6902. Hrblock freereturn Send a fax to 262-253-6903. Hrblock freereturn Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Hrblock freereturn , #287 Menomonee Falls, WI 53051. Hrblock freereturn Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. Hrblock freereturn Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Hrblock freereturn Recordkeeping will help you do the following. Hrblock freereturn Monitor the progress of your farming business. Hrblock freereturn   You need records to monitor the progress of your farming business. Hrblock freereturn Records can show whether your business is improving, which items are selling, or what changes you need to make. Hrblock freereturn Records can help you make better decisions that may increase the likelihood of business success. Hrblock freereturn Prepare your financial statements. Hrblock freereturn   You need records to prepare accurate financial statements. Hrblock freereturn These include income (profit and loss) statements and balance sheets. Hrblock freereturn These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Hrblock freereturn Identify source of receipts. Hrblock freereturn   You will receive money or property from many sources. Hrblock freereturn Your records can identify the source of your receipts. Hrblock freereturn You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Hrblock freereturn Keep track of deductible expenses. Hrblock freereturn   You may forget expenses when you prepare your tax return unless you record them when they occur. Hrblock freereturn Prepare your tax returns. Hrblock freereturn   You need records to prepare your tax return. Hrblock freereturn For example, your records must support the income, expenses, and credits you report. Hrblock freereturn Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Hrblock freereturn Support items reported on tax returns. Hrblock freereturn   You must keep your business records available at all times for inspection by the IRS. Hrblock freereturn If the IRS examines any of your tax returns, you may be asked to explain the items reported. Hrblock freereturn A complete set of records will speed up the examination. Hrblock freereturn Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Hrblock freereturn You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Hrblock freereturn You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Hrblock freereturn See  chapter 2. Hrblock freereturn If you are in more than one business, you should keep a complete and separate set of records for each business. Hrblock freereturn A corporation should keep minutes of board of directors' meetings. Hrblock freereturn Your recordkeeping system should include a summary of your business transactions. Hrblock freereturn This summary is ordinarily made in accounting journals and ledgers. Hrblock freereturn For example, they must show your gross income, as well as your deductions and credits. Hrblock freereturn In addition, you must keep supporting documents. Hrblock freereturn Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Hrblock freereturn These documents contain the information you need to record in your journals and ledgers. Hrblock freereturn It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Hrblock freereturn Keep them in an orderly fashion and in a safe place. Hrblock freereturn For instance, organize them by year and type of income or expense. Hrblock freereturn Electronic records. Hrblock freereturn   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Hrblock freereturn 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. Hrblock freereturn 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. Hrblock freereturn The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Hrblock freereturn All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Hrblock freereturn Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Hrblock freereturn 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. Hrblock freereturn You still have the responsibility of retaining any other books and records that are required to be retained. Hrblock freereturn The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Hrblock freereturn This test is not considered an examination and the results must be shared with you. Hrblock freereturn If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Hrblock freereturn If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. Hrblock freereturn For details on electronic storage system requirements, see Rev. Hrblock freereturn Proc. Hrblock freereturn 97-22. Hrblock freereturn You can find Rev. Hrblock freereturn Proc. Hrblock freereturn 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. Hrblock freereturn irs. Hrblock freereturn gov/pub/irs-irbs/irb97-13. Hrblock freereturn pdf. Hrblock freereturn Travel, transportation, entertainment, and gift expenses. Hrblock freereturn   Specific recordkeeping rules apply to these expenses. Hrblock freereturn For more information, see Publication 463. Hrblock freereturn Employment taxes. Hrblock freereturn   There are specific employment tax records you must keep. Hrblock freereturn For a list, see Publication 51 (Circular A). Hrblock freereturn Excise taxes. Hrblock freereturn   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. Hrblock freereturn Assets. Hrblock freereturn   Assets are the property, such as machinery and equipment, you own and use in your business. Hrblock freereturn You must keep records to verify certain information about your business assets. Hrblock freereturn You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Hrblock freereturn Your records should show all the following. Hrblock freereturn When and how you acquired the asset. Hrblock freereturn Purchase price. Hrblock freereturn Cost of any improvements. Hrblock freereturn Section 179 deduction taken. Hrblock freereturn Deductions taken for depreciation. Hrblock freereturn Deductions taken for casualty losses, such as losses resulting from fires or storms. Hrblock freereturn How you used the asset. Hrblock freereturn When and how you disposed of the asset. Hrblock freereturn Selling price. Hrblock freereturn Expenses of sale. Hrblock freereturn   The following are examples of records that may show this information. Hrblock freereturn Purchase and sales invoices. Hrblock freereturn Real estate closing statements. Hrblock freereturn Canceled checks. Hrblock freereturn Bank statements. Hrblock freereturn Financial account statements as proof of payment. Hrblock freereturn   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Hrblock freereturn These include account statements prepared for the financial institution by a third party. Hrblock freereturn These account statements must be legible. Hrblock freereturn The following table lists acceptable account statements. Hrblock freereturn IF payment is by. Hrblock freereturn . Hrblock freereturn . Hrblock freereturn THEN the statement must show the. Hrblock freereturn . Hrblock freereturn . Hrblock freereturn Check Check number. Hrblock freereturn Amount. Hrblock freereturn Payee's name. Hrblock freereturn Date the check amount was posted to the account by the financial institution. Hrblock freereturn Electronic funds  transfer Amount transferred. Hrblock freereturn Payee's name. Hrblock freereturn Date the transfer was posted to the account by the financial institution. Hrblock freereturn Credit card Amount charged. Hrblock freereturn Payee's name. Hrblock freereturn Transaction date. Hrblock freereturn    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Hrblock freereturn You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Hrblock freereturn Tax returns. Hrblock freereturn   Keep copies of your filed tax returns. Hrblock freereturn They help in preparing future tax returns and making computations if you file an amended return. Hrblock freereturn Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Hrblock freereturn 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. Hrblock freereturn Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. Hrblock freereturn A period of limitations is the period of time after which no legal action can be brought. Hrblock freereturn Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. Hrblock freereturn However, certain records must be kept for a longer period of time, as discussed below. Hrblock freereturn Employment taxes. Hrblock freereturn   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. Hrblock freereturn Assets. Hrblock freereturn   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. Hrblock freereturn 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. Hrblock freereturn   You may need to keep records relating to the basis of property longer than the period of limitation. Hrblock freereturn Keep those records as long as they are important in figuring the basis of the original or replacement property. Hrblock freereturn Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. Hrblock freereturn For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. Hrblock freereturn For more information on basis, see chapter 6. Hrblock freereturn Records for nontax purposes. Hrblock freereturn   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. Hrblock freereturn For example, your insurance company or creditors may require you to keep them longer than the IRS does. Hrblock freereturn Prev  Up  Next   Home   More Online Publications