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Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

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Income Tax Filing Online

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Income Tax Filing Online

Income tax filing online 9. Income tax filing online   Figuring Net Profit or Loss Table of Contents Introduction Net Operating Losses (NOLs) Not-for-Profit Activities Introduction After figuring your business income and expenses, you are ready to figure the net profit or net loss from your business. Income tax filing online You do this by subtracting business expenses from business income. Income tax filing online If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040. Income tax filing online If your expenses are more than your income, the difference is a net loss. Income tax filing online You usually can deduct it from gross income on page 1 of Form 1040. Income tax filing online But in some situations your loss is limited. Income tax filing online This chapter briefly explains two of those situations. Income tax filing online Other situations that may limit your loss are explained in the Instructions for Schedule C, line G and line 32. Income tax filing online If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C. Income tax filing online Net Operating Losses (NOLs) If your deductions for the year are more than your income for the year (line 41 of your Form 1040 is a negative number), you may have a net operating loss (NOL). Income tax filing online You can use an NOL by deducting it from your income in another year or years. Income tax filing online Examples of typical losses that may produce an NOL include, but are not limited to, losses incurred from the following. Income tax filing online Your trade or business. Income tax filing online Your work as an employee (unreimbursed employee business expenses). Income tax filing online A casualty or theft. Income tax filing online Moving expenses. Income tax filing online Rental property. Income tax filing online A loss from operating a business is the most common reason for an NOL. Income tax filing online For details about NOLs, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. Income tax filing online It explains how to figure an NOL, when to use it, how to claim an NOL deduction, and how to figure an NOL carryover. Income tax filing online Not-for-Profit Activities If you do not carry on your business to make a profit, there is a limit on the deductions you can take. Income tax filing online You cannot use a loss from the activity to offset other income. Income tax filing online Activities you do as a hobby, or mainly for sport or recreation, come under this limit. Income tax filing online For details about not-for-profit activities, see chapter 1 in Publication 535, Business Expenses. Income tax filing online That chapter explains how to determine whether your activity is carried on to make a profit and how to figure the amount of loss you can deduct. Income tax filing online Prev  Up  Next   Home   More Online Publications
 
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IRS Radio PSAs

The latest IRS radio Public Service Announcements (PSA) can be played during calendar year 2014. The files are :30 and :60 in English and Spanish MP3 format. The PSA files and text transcripts of each recording are downloadable.

 

2014 Radio PSAs

:30 :60 Format - English

Topics Text Script Seconds
Choosing a Preparer Text :30
Choosing a Preparer Text :60
Common Error Text :30
Earned Income Tax Credit (EITC) Text :30
EITC "The List" Text :30
Identity Theft Text :30
IRS Free File - Costs Less Than Text :30
Last Minute Tips (extensions) Text :30
Online Tax Tools Text :30
Payment Options Text :30
Q&A Text :30
Refunds Text :30
Self-Help Options Text :30
Taxpayer Montage Text :30
Transcripts Text :30
VITA-TCE Text :30
     

 

2014 Radio PSAs

:30 :60 Format - Spanish

Topics Text Script Seconds
Cómo Elegir un Preparador Texto :30
Cómo Elegir un Preparador Texto :60
Consejo Tributario de Último Minuto Texto :30
Crédito Tributario por Ingreso del Trabajo Texto :30
Errores Comunes Texto :30
Herramientas De impuestos Disponibles en Línea Texto :30
Montaje Texto :30
Opciones de Pago/Planes de Pago Texto :30
Programa de Voluntarios – VITA/TCE Texto :30
Rembolsos Texto :30
Respuestas a Preguntas Tributarias Texto :30
Robo de Identidad Texto :30
Transcripciones Texto :30
     

 

2013 - Filing Your Taxes Radio PSAs

:30 :60 Format - English

Topic Text Script Seconds
Taxpayer Needs Montage Text :30
Common Errors Text :30
Filing an Extension Text :30
Free Tax Prep Text :30
Identity Theft Text :30
Payment Options Text :30
Refund Expectations Text :30
Transcripts Text :30

 

2013 - Filing Your Taxes Radio PSAs

:30 :60 Format - Spanish

Topics

Text script

Seconds

Errores Comunes Text :30
Consejos de Ultimo Minuto (extensiones) Text :30
Montage de Contribuyente Text :30

 

IRS Free File - Less Taxing

:15 :30 :60 Format - English

Topics

Text script

Seconds

IRS Free File - Less Taxing

Text

:15

IRS Free File - Less Taxing

Text

:30

IRS Free File - Less Taxing

Text

:60

 

IRS Free File - Es Más Sencillo

:15 :30 :60 Format - Spanish

Topics

Text script

Seconds

IRS Free File - es más sencillo

Text

:15

IRS Free File - es más sencillo

Text

:30

IRS Free File - es más sencillo

Text

:60

A copy of the text transcript for audio files will be provided as quickly as we can prepare it, usually within 24 hours.

Due to the large size of the audio clips, we advise that you right click on the link and ‘Save Target As’—in order to save the file to your desktop, to re-open from your computer.

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Page Last Reviewed or Updated: 17-Mar-2014

The Income Tax Filing Online

Income tax filing online 13. Income tax filing online   Payment of Taxes Table of Contents How To Make Deposits When To Make Deposits Amount of DepositsSafe Harbor Rule Generally, semimonthly deposits of excise taxes are required. Income tax filing online A semimonthly period is the first 15 days of a month (the first semimonthly period) or the 16th through the last day of a month (the second semimonthly period). Income tax filing online However, no deposit is required for the situations listed below; the taxes are payable with Form 720. Income tax filing online The net liability for taxes listed in Part I (Form 720) does not exceed $2,500 for the quarter. Income tax filing online The gas guzzler tax is being paid on a one-time filing. Income tax filing online The liability is for taxes listed in Part II (Form 720), except for the floor stocks tax which generally requires a single deposit. Income tax filing online How To Make Deposits Electronic deposit requirement. Income tax filing online   You must use electronic funds transfer to make excise tax deposits. Income tax filing online Generally, electronic funds transfers are made using the Electronic Federal Tax Payment System (EFTPS). Income tax filing online If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make deposits on your behalf. Income tax filing online Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Income tax filing online   EFTPS is a free service provided by the Department of Treasury. Income tax filing online Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Income tax filing online To get more information about EFTPS or to enroll in EFTPS, visit www. Income tax filing online eftps. Income tax filing online gov or call 1-800-555-4477. Income tax filing online Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide to Getting Started. Income tax filing online    Depositing on time. Income tax filing online For EFTPS deposits to be on time, you must initiate the transaction at least 1 day before the date the deposit is due (before 8:00 p. Income tax filing online m. Income tax filing online Eastern time). Income tax filing online You will automatically be enrolled in EFTPS when you apply for an EIN. Income tax filing online You will receive a separate mailing containing instructions for activating your EFTPS enrollment after you receive your EIN. Income tax filing online When To Make Deposits There are two methods for determining deposits: the regular method and the alternative method. Income tax filing online The regular method applies to all taxes in Part I of Form 720 except for communications and air transportation taxes if deposits are based on amounts billed or tickets sold, rather than on amounts actually collected. Income tax filing online See Alternative method below. Income tax filing online If you are depositing more than one tax under a method, combine all the taxes under the method and make one deposit for the semimonthly period. Income tax filing online Regular method. Income tax filing online   The deposit of tax for a semimonthly period is due by the 14th day following that period. Income tax filing online Generally, this is the 29th day of a month for the first semimonthly period and the 14th day of the following month for the second semimonthly period. Income tax filing online If the 14th or the 29th day falls on a Saturday, Sunday, or legal holiday, you must make the deposit by the immediately preceding day that is not a Saturday, Sunday, or legal holiday. Income tax filing online Alternative method (IRS Nos. Income tax filing online 22, 26, 27, and 28). Income tax filing online   Deposits of communications and air transportation taxes may be based on taxes included in amounts billed or tickets sold during a semimonthly period instead of on taxes actually collected during the period. Income tax filing online Under the alternative method, the tax included in amounts billed or tickets sold during a semimonthly period is considered collected during the first 7 days of the second following semimonthly period. Income tax filing online The deposit of tax is due by the 3rd banking day after the 7th day of that period. Income tax filing online   For an example of the alternative method, see the Instructions for Form 720. Income tax filing online To use the alternative method, you must keep a separate account of the tax included in amounts billed or tickets sold during the month and report on Form 720 the tax included in amounts billed or tickets sold and not the amount of tax that is actually collected. Income tax filing online For example, amounts billed in December, January, and February are considered collected during January, February, and March and are reported on Form 720 as the tax for the 1st quarter of the calendar year. Income tax filing online The separate account for each month must reflect: All items of tax included in amounts billed or tickets sold during the month, and Other items of adjustment relating to tax for prior months (within the statute of limitations on credits or refunds). Income tax filing online The separate account for any month cannot include an adjustment resulting from a refusal to pay or inability to collect unless the refusal has been reported to the IRS. Income tax filing online See Uncollected Tax Report in chapter 4. Income tax filing online The net amount of tax that is considered collected during the semimonthly period must be either: The net amount of tax reflected in the separate account for the corresponding semimonthly period of the preceding month, or One-half of the net amount of tax reflected in the separate account for the preceding month. Income tax filing online Special rule for deposits of taxes in September. Income tax filing online   See the Instructions for Form 720 for a special rule on deposits made in September. Income tax filing online Amount of Deposits Deposits for a semimonthly period generally must be at least 95% of the net tax liability for that period unless the safe harbor rule (discussed later) applies. Income tax filing online Generally, you do not have to make a deposit for a period in which you incurred no tax liability. Income tax filing online Net tax liability. Income tax filing online   Your net tax liability is your tax liability for the period minus any claims on Schedule C (Form 720) for the period. Income tax filing online You may figure your net tax liability for a semimonthly period by dividing your net liability incurred during the calendar month by two. Income tax filing online If you use this method, you must use it for all semimonthly periods in the calendar quarter. Income tax filing online Do not reduce your liability by any amounts from Form 720X. Income tax filing online Safe Harbor Rule The safe harbor rule applies separately to deposits under the regular method and the alternative method. Income tax filing online Persons who filed Form 720 for the look-back quarter (the 2nd calendar quarter preceding the current quarter) are considered to meet the semimonthly deposit requirement if the deposit for each semimonthly period in the current quarter is at least 1/6 (16. Income tax filing online 67%) of the net tax liability reported for the look-back quarter. Income tax filing online For the semimonthly period for which the additional deposit is required, the additional deposit must be at least 11/90 12. Income tax filing online 23%), 10/90 (11. Income tax filing online 12%) for non-EFTPS, of the net tax liability reported for the look-back quarter. Income tax filing online Also, the total deposit for that semimonthly period must be at least 1/6 (16. Income tax filing online 67%) of the net tax liability reported for the look-back quarter. Income tax filing online Exceptions. Income tax filing online   The safe harbor rule does not apply to: The 1st and 2nd quarters beginning on or after the effective date of an increase in the rate of tax unless the deposit of taxes for each semimonthly period in the calendar quarter is at least 1/6 (16. Income tax filing online 67%) of the tax liability you would have had for the look-back quarter if the increased rate of tax had been in effect for that look-back quarter, Any quarter if liability includes any tax not in effect throughout the look-back quarter, or For deposits under the alternative method, any quarter if liability includes any tax not in effect throughout the look-back quarter and the month preceding the look-back quarter. Income tax filing online Requirements to be met. Income tax filing online   For the safe harbor rule to apply, you must: Make each deposit timely at an authorized financial institution, and Pay any underpayment for the current quarter by the due date of the return. Income tax filing online    The IRS may withdraw the right to make deposits of tax using the safe harbor rule from any person not complying with these rules. Income tax filing online Tax rate increases. Income tax filing online   You must modify the safe harbor rule if there has been an increase in the rate of tax. Income tax filing online You must figure your tax liability in the look-back quarter as if the increased rate had been in effect. Income tax filing online To qualify for the safe harbor rule, your deposits cannot be less than 1/6 of the refigured tax liability. Income tax filing online Prev  Up  Next   Home   More Online Publications