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Irs Form 1040 2012

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Irs Form 1040 2012

Irs form 1040 2012 Publication 946 - Additional Material Table of Contents Appendix B — Table of Class Lives and Recovery PeriodsHow To Use the Tables This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Appendix A Please click here for the text description of the image. Irs form 1040 2012 Table A-1 and A-2 Please click here for the text description of the image. Irs form 1040 2012 Table A-3 and A-4 Please click here for the text description of the image. Irs form 1040 2012 Table A-5 and A-6 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-7 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-8 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-8 (continued) This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-9 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-9 (continued) This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-10 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A–10 (continued) This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-11 Please click here for the text description of the image. Irs form 1040 2012 Table A-11 (continued) This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-12 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-12 (continued) This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-13, A-14 and A-14 (continued. Irs form 1040 2012 1) Please click here for the text description of the image. Irs form 1040 2012 Table A-14 (continued. Irs form 1040 2012 2) Please click here for the text description of the image. Irs form 1040 2012 Table A-15 Please click here for the text description of the image. Irs form 1040 2012 Table A-15 (continued) Please click here for the text description of the image. Irs form 1040 2012 Table A-16 Please click here for the text description of the image. Irs form 1040 2012 Table A-16 (continued) This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-17 Please click here for the text description of the image. Irs form 1040 2012 Table A-17 (continued) Please click here for the text description of the image. Irs form 1040 2012 Table A-18 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-18 (continued) This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table A-19 and Table A-20 Please click here for the text description of the image. Irs form 1040 2012 Quality Indian Reservation Property Tables Please click here for the text description of the image. Irs form 1040 2012 Qualified Indian Reservation Property Tables 2 Appendix B — Table of Class Lives and Recovery Periods The Table of Class Lives and Recovery Periods has two sections. Irs form 1040 2012 The first section, Specific Depreciable Assets Used In All Business Activities, Except As Noted, generally lists assets used in all business activities. Irs form 1040 2012 It is shown as Table B-1. Irs form 1040 2012 The second section, Depreciable Assets Used In The Following Activities, describes assets used only in certain activities. Irs form 1040 2012 It is shown as Table B-2. Irs form 1040 2012 How To Use the Tables You will need to look at both Table B-1 and B-2 to find the correct recovery period. Irs form 1040 2012 Generally, if the property is listed in Table B-1 you use the recovery period shown in that table. Irs form 1040 2012 However, if the property is specifically listed in Table B-2 under the type of activity in which it is used, you use the recovery period listed under the activity in that table. Irs form 1040 2012 Use the tables in the order shown below to determine the recovery period of your depreciable property. Irs form 1040 2012 Table B-1. Irs form 1040 2012   Check Table B-1 for a description of the property. Irs form 1040 2012 If it is described in Table B-1, also check Table B-2 to find the activity in which the property is being used. Irs form 1040 2012 If the activity is described in Table B-2, read the text (if any) under the title to determine if the property is specifically included in that asset class. Irs form 1040 2012 If it is, use the recovery period shown in the appropriate column of Table B-2 following the description of the activity. Irs form 1040 2012 If the activity is not described in Table B-2 or if the activity is described but the property either is not specifically included in or is specifically excluded from that asset class, then use the recovery period shown in the appropriate column following the description of the property in Table B-1. Irs form 1040 2012 Tax-exempt use property subject to a lease. Irs form 1040 2012   The recovery period for ADS cannot be less than 125 percent of the lease term for any property leased under a leasing arrangement to a tax-exempt organization, governmental unit, or foreign person or entity (other than a partnership). Irs form 1040 2012 Table B-2. Irs form 1040 2012   If the property is not listed in Table B-1, check Table B-2 to find the activity in which the property is being used and use the recovery period shown in the appropriate column following the description. Irs form 1040 2012 Property not in either table. Irs form 1040 2012   If the activity or the property is not included in either table, check the end of Table B-2 to find Certain Property for Which Recovery Periods Assigned. Irs form 1040 2012 This property generally has a recovery period of 7 years for GDS or 12 years for ADS. Irs form 1040 2012 See Which Property Class Applies Under GDS and Which Recovery Period Applies in chapter 4 for the class lives or the recovery periods for GDS and ADS for the following. Irs form 1040 2012 Residential rental property and nonresidential real property (also see Appendix A, Chart 2). Irs form 1040 2012 Qualified rent-to-own property. Irs form 1040 2012 A motorsport entertainment complex placed in service before January 1, 2014. Irs form 1040 2012 Any retail motor fuels outlet. Irs form 1040 2012 Any qualified leasehold improvement property placed in service before January 1, 2014. Irs form 1040 2012 Any qualified restaurant property placed in service before January 1, 2014. Irs form 1040 2012 Initial clearing and grading land improvements for gas utility property and electric utility transmission and distribution plants. Irs form 1040 2012 Any water utility property. Irs form 1040 2012 Certain electric transmission property used in the transmission at 69 or more kilovolts of electricity for sale and placed in service after April 11, 2005. Irs form 1040 2012 Natural gas gathering and distribution lines placed in service after April 11, 2005. Irs form 1040 2012 Example 1. Irs form 1040 2012 Richard Green is a paper manufacturer. Irs form 1040 2012 During the year, he made substantial improvements to the land on which his paper plant is located. Irs form 1040 2012 He checks Table B-1 and finds land improvements under asset class 00. Irs form 1040 2012 3. Irs form 1040 2012 He then checks Table B-2 and finds his activity, paper manufacturing, under asset class 26. Irs form 1040 2012 1, Manufacture of Pulp and Paper. Irs form 1040 2012 He uses the recovery period under this asset class because it specifically includes land improvements. Irs form 1040 2012 The land improvements have a 13-year class life and a 7-year recovery period for GDS. Irs form 1040 2012 If he elects to use ADS, the recovery period is 13 years. Irs form 1040 2012 If Richard only looked at Table B-1, he would select asset class 00. Irs form 1040 2012 3, Land Improvements, and incorrectly use a recovery period of 15 years for GDS or 20 years for ADS. Irs form 1040 2012 Example 2. Irs form 1040 2012 Sam Plower produces rubber products. Irs form 1040 2012 During the year, he made substantial improvements to the land on which his rubber plant is located. Irs form 1040 2012 He checks Table B-1 and finds land improvements under asset class 00. Irs form 1040 2012 3. Irs form 1040 2012 He then checks Table B-2 and finds his activity, producing rubber products, under asset class 30. Irs form 1040 2012 1, Manufacture of Rubber Products. Irs form 1040 2012 Reading the headings and descriptions under asset class 30. Irs form 1040 2012 1, Sam finds that it does not include land improvements. Irs form 1040 2012 Therefore, Sam uses the recovery period under asset class 00. Irs form 1040 2012 3. Irs form 1040 2012 The land improvements have a 20-year class life and a 15-year recovery period for GDS. Irs form 1040 2012 If he elects to use ADS, the recovery period is 20 years. Irs form 1040 2012 Example 3. Irs form 1040 2012 Pam Martin owns a retail clothing store. Irs form 1040 2012 During the year, she purchased a desk and a cash register for use in her business. Irs form 1040 2012 She checks Table B-1 and finds office furniture under asset class 00. Irs form 1040 2012 11. Irs form 1040 2012 Cash registers are not listed in any of the asset classes in Table B-1. Irs form 1040 2012 She then checks Table B-2 and finds her activity, retail store, under asset class 57. Irs form 1040 2012 0, Distributive Trades and Services, which includes assets used in wholesale and retail trade. Irs form 1040 2012 This asset class does not specifically list office furniture or a cash register. Irs form 1040 2012 She looks back at Table B-1 and uses asset class 00. Irs form 1040 2012 11 for the desk. Irs form 1040 2012 The desk has a 10-year class life and a 7-year recovery period for GDS. Irs form 1040 2012 If she elects to use ADS, the recovery period is 10 years. Irs form 1040 2012 For the cash register, she uses asset class 57. Irs form 1040 2012 0 because cash registers are not listed in Table B-1 but it is an asset used in her retail business. Irs form 1040 2012 The cash register has a 9-year class life and a 5-year recovery period for GDS. Irs form 1040 2012 If she elects to use the ADS method, the recovery period is 9 years. Irs form 1040 2012 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table B-1 Please click here for the text description of the image. Irs form 1040 2012 Table B-2 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table B-2 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table B-2 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table B-2 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table B-2 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table B-2 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table B-2 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table B-2 This image is too large to be displayed in the current screen. Irs form 1040 2012 Please click the link to view the image. Irs form 1040 2012 Table B-2 Tax Publications for Business Taxpayers Prev  Up  Next   Home   More Online Publications
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Prepaid Cards

Prepaid cards, also known as prepaid debit, stored value, or gift cards, are convenient ways to pay for your purchases. Banks and retailers issue them to offer consumers a way to make payments and conduct other financial transactions. You do not need to have a bank account or a credit history to use a prepaid card. There are plenty of situations where a prepaid card might be the most convenient choice, but be sure you understand the key terms and conditions BEFORE you buy.

Many cards carry protections similar to credit and debit cards. To obtain these benefits, you must follow the instructions for registering and activating your card. Be sure to record your card information, including the customer service telephone number listed on the back of the card in a separate place, so you can get a replacement if yours is lost or stolen. Some prepaid card issuers may charge fees for card activation, maintenance, and cash withdrawals.

Payroll and General Purpose Spending Cards

Payroll and general purpose spending cards can be very useful for those who want to budget their money and for those who don't have a checking account or credit card.

General purpose spending cards, which may be purchased by consumers, typically charge a monthly maintenance fee and could charge additional fees for adding funds to the card and/or making purchases or getting cash.

Payroll cards are similar to general purpose spending cards except that they are provided by employers in place of paychecks. Payroll cards typically allow a certain number of ATM withdrawals without charge to the cardholder and usually do not assess fees for purchases.

Good News for Gift Cards

Under the Credit Card Accountability Responsibility and Disclosure Act of 2009, gift cards and other similar cards cannot expire within five years from the date they were activated unless the expiration date is clearly disclosed. The law also prohibits an inactivity fee on gift cards except in certain circumstances, such as if there has been no transaction for at least 12 months.

Tips for Using Gift Cards:

  • Read the terms and conditions as soon as you get the card and check the expiration date.
  • Record the card's ID number and the customer service telephone number, and keep the information in a safe place until you've spent all of the money on the card.
  • If you didn't get the card's terms and conditions or original receipt, ask for them from the person who gave you the card.
  • Take care to safeguard your card. If it is lost or stolen, report it to the customer service number immediately, supply the ID number, and request a replacement.
  • Spend the value on your card before the maintenance fees start. If your card expires before you've had the chance to exhaust its value, contact the customer service number. It might be possible to extend the date, although you may be charged a fee.

The Irs Form 1040 2012

Irs form 1040 2012 Publication 80 - Additional Material Prev  Up  Next   Home   More Online Publications