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Irs Form 1040ezWww Irs GovEfile State TaxesHow Can I File My 2012 State Taxes For FreeTax Return AmendmentFree 2010 Tax AmendmentAmending Federal Tax ReturnFree TaxesHow To File 1040ez Online For FreeE File Federal State Taxes FreeForm 1040x Amended Us Individual Income Tax ReturnFile Free 2012 Tax ReturnCheap State Tax FilingFile Federal And State Taxes Free1040ez 2011 OnlineMyfreetaxes De Com1040ez Fill In FormTax Preparation SoftwareHow To File A Amended Tax ReturnHttp Www Hrblock Com1040ez Instruction Booklet1040x Amended Tax Return FormFree Efile For State TaxesWww Irs Gov Amended ReturnUtahtaxhelp OrgCan I File My 2011 Taxes OnlineFree State Filing OnlineWhere To Get A 1040x FormFree Tax Preparation LocationsUnemployment Tax ReturnAmend 2012 TaxesH And R Block Tax ReturnDireccion Irs Para Enviar Form 1040xHow Do I File A 2011 Tax ReturnAmend TaxesFile 2012 Taxes H&r BlockIrs FormsFile 2009 Taxes Online Free State And Federal1040x Amended Tax Form2011 Tax Tables FederalUnemployment Tax
Irs Form 1040ezIrs form 1040ez 2. Irs form 1040ez Employees' Pay Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Tests for Deducting PayTest 1—Reasonableness Test 2—For Services Performed Kinds of PayAwards Bonuses Education Expenses Fringe Benefits Loans or Advances Property Reimbursements for Business Expenses Sick and Vacation Pay Introduction You can generally deduct the amount you pay your employees for the services they perform. Irs form 1040ez The pay may be in cash, property, or services. Irs form 1040ez It may include wages, salaries, bonuses, commissions, or other non-cash compensation such as vacation allowances and fringe benefits. Irs form 1040ez For information about deducting employment taxes, see chapter 5. Irs form 1040ez You can claim employment credits, such as the following, if you hire individuals who meet certain requirements. Irs form 1040ez Empowerment zone employment credit (Form 8844). Irs form 1040ez Indian employment credit (Form 8845). Irs form 1040ez Work opportunity credit (Form 5884). Irs form 1040ez Credit for employer differential wage payments (Form 8932). Irs form 1040ez Reduce your deduction for employee wages by the amount of employment credits you claim. Irs form 1040ez For more information about these credits, see the form on which the credit is claimed. Irs form 1040ez Topics - This chapter discusses: Tests for deducting pay Kinds of pay Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits See chapter 12 for information about getting publications and forms. Irs form 1040ez Tests for Deducting Pay To be deductible, your employees' pay must be an ordinary and necessary business expense and you must pay or incur it. Irs form 1040ez These and other requirements that apply to all business expenses are explained in chapter 1. Irs form 1040ez In addition, the pay must meet both of the following tests. Irs form 1040ez Test 1. Irs form 1040ez It must be reasonable. Irs form 1040ez Test 2. Irs form 1040ez It must be for services performed. Irs form 1040ez The form or method of figuring the pay does not affect its deductibility. Irs form 1040ez For example, bonuses and commissions based on sales or earnings, and paid under an agreement made before the services were performed, are both deductible. Irs form 1040ez Test 1—Reasonableness You must be able to prove that the pay is reasonable. Irs form 1040ez Whether the pay is reasonable depends on the circumstances that existed when you contracted for the services, not those that exist when reasonableness is questioned. Irs form 1040ez If the pay is excessive, the excess pay is disallowed as a deduction. Irs form 1040ez Factors to consider. Irs form 1040ez Determine the reasonableness of pay by the facts and circumstances. Irs form 1040ez Generally, reasonable pay is the amount that a similar business would pay for the same or similar services. Irs form 1040ez To determine if pay is reasonable, also consider the following items and any other pertinent facts. Irs form 1040ez The duties performed by the employee. Irs form 1040ez The volume of business handled. Irs form 1040ez The character and amount of responsibility. Irs form 1040ez The complexities of your business. Irs form 1040ez The amount of time required. Irs form 1040ez The cost of living in the locality. Irs form 1040ez The ability and achievements of the individual employee performing the service. Irs form 1040ez The pay compared with the gross and net income of the business, as well as with distributions to shareholders if the business is a corporation. Irs form 1040ez Your policy regarding pay for all your employees. Irs form 1040ez The history of pay for each employee. Irs form 1040ez Test 2—For Services Performed You must be able to prove the payment was made for services actually performed. Irs form 1040ez Employee-shareholder salaries. Irs form 1040ez If a corporation pays an employee who is also a shareholder a salary that is unreasonably high considering the services actually performed, the excessive part of the salary may be treated as a constructive dividend to the employee-shareholder. Irs form 1040ez The excessive part of the salary would not be allowed as a salary deduction by the corporation. Irs form 1040ez For more information on corporate distributions to shareholders, see Publication 542, Corporations. Irs form 1040ez Kinds of Pay Some of the ways you may provide pay to your employees in addition to regular wages or salaries are discussed next. Irs form 1040ez For specialized and detailed information on employees' pay and the employment tax treatment of employees' pay, see Publications 15, 15-A, and 15-B. Irs form 1040ez Awards You can generally deduct amounts you pay to your employees as awards, whether paid in cash or property. Irs form 1040ez If you give property to an employee as an employee achievement award, your deduction may be limited. Irs form 1040ez Achievement awards. Irs form 1040ez An achievement award is an item of tangible personal property that meets all the following requirements. Irs form 1040ez It is given to an employee for length of service or safety achievement. Irs form 1040ez It is awarded as part of a meaningful presentation. Irs form 1040ez It is awarded under conditions and circumstances that do not create a significant likelihood of disguised pay. Irs form 1040ez Length-of-service award. Irs form 1040ez An award will qualify as a length-of-service award only if either of the following applies. Irs form 1040ez The employee receives the award after his or her first 5 years of employment. Irs form 1040ez The employee did not receive another length-of-service award (other than one of very small value) during the same year or in any of the prior 4 years. Irs form 1040ez Safety achievement award. Irs form 1040ez An award for safety achievement will qualify as an achievement award unless one of the following applies. Irs form 1040ez It is given to a manager, administrator, clerical employee, or other professional employee. Irs form 1040ez During the tax year, more than 10% of your employees, excluding those listed in (1), have already received a safety achievement award (other than one of very small value). Irs form 1040ez Deduction limit. Irs form 1040ez Your deduction for the cost of employee achievement awards given to any one employee during the tax year is limited to the following. Irs form 1040ez $400 for awards that are not qualified plan awards. Irs form 1040ez $1,600 for all awards, whether or not qualified plan awards. Irs form 1040ez A qualified plan award is an achievement award given as part of an established written plan or program that does not favor highly compensated employees as to eligibility or benefits. Irs form 1040ez A highly compensated employee is an employee who meets either of the following tests. Irs form 1040ez The employee was a 5% owner at any time during the year or the preceding year. Irs form 1040ez The employee received more than $115,000 in pay for the preceding year. Irs form 1040ez You can choose to ignore test (2) if the employee was not also in the top 20% of employees ranked by pay for the preceding year. Irs form 1040ez An award is not a qualified plan award if the average cost of all the employee achievement awards given during the tax year (that would be qualified plan awards except for this limit) is more than $400. Irs form 1040ez To figure this average cost, ignore awards of nominal value. Irs form 1040ez Deduct achievement awards as a nonwage business expense on your return or business schedule. Irs form 1040ez You may not owe employment taxes on the value of some achievement awards you provide to an employee. Irs form 1040ez See Publication 15-B. Irs form 1040ez Bonuses You can generally deduct a bonus paid to an employee if you intended the bonus as additional pay for services, not as a gift, and the services were performed. Irs form 1040ez However, the total bonuses, salaries, and other pay must be reasonable for the services performed. Irs form 1040ez If the bonus is paid in property, see Property , later. Irs form 1040ez Gifts of nominal value. Irs form 1040ez If, to promote employee goodwill, you distribute food or merchandise of nominal value to your employees at holidays, you can deduct the cost of these items as a nonwage business expense. Irs form 1040ez Your deduction for de minimis gifts of food or drink are not subject to the 50% deduction limit that generally applies to meals. Irs form 1040ez For more information on this deduction limit, see Meals and lodging , later. Irs form 1040ez Education Expenses If you pay or reimburse education expenses for an employee, you can deduct the payments if they are part of a qualified educational assistance program. Irs form 1040ez Deduct them on the “Employee benefit programs” or other appropriate line of your tax return. Irs form 1040ez For information on educational assistance programs, see Educational Assistance in section 2 of Publication 15-B. Irs form 1040ez Fringe Benefits A fringe benefit is a form of pay for the performance of services. Irs form 1040ez You can generally deduct the cost of fringe benefits. Irs form 1040ez You may be able to exclude all or part of the value of some fringe benefits from your employees' pay. Irs form 1040ez You also may not owe employment taxes on the value of the fringe benefits. Irs form 1040ez See Table 2-1, Special Rules for Various Types of Fringe Benefits, in Publication 15-B for details. Irs form 1040ez Your deduction for the cost of fringe benefits for activities generally considered entertainment, amusement, or recreation, or for a facility used in connection with such an activity (for example, a company aircraft) for certain officers, directors, and more-than-10% shareholders is limited. Irs form 1040ez Certain fringe benefits are discussed next. Irs form 1040ez See Publication 15-B for more details on these and other fringe benefits. Irs form 1040ez Meals and lodging. Irs form 1040ez You can usually deduct the cost of furnishing meals and lodging to your employees. Irs form 1040ez Deduct the cost in whatever category the expense falls. Irs form 1040ez For example, if you operate a restaurant, deduct the cost of the meals you furnish to employees as part of the cost of goods sold. Irs form 1040ez If you operate a nursing home, motel, or rental property, deduct the cost of furnishing lodging to an employee as expenses for utilities, linen service, salaries, depreciation, etc. Irs form 1040ez Deduction limit on meals. Irs form 1040ez You can generally deduct only 50% of the cost of furnishing meals to your employees. Irs form 1040ez However, you can deduct the full cost of the following meals. Irs form 1040ez Meals whose value you include in an employee's wages. Irs form 1040ez Meals that qualify as a de minimis fringe benefit as discussed in section 2 of Publication 15-B. Irs form 1040ez This generally includes meals you furnish to employees at your place of business if more than half of these employees are provided the meals for your convenience. Irs form 1040ez Meals you furnish to your employees at the work site when you operate a restaurant or catering service. Irs form 1040ez Meals you furnish to your employees as part of the expense of providing recreational or social activities, such as a company picnic. Irs form 1040ez Meals you are required by federal law to furnish to crew members of certain commercial vessels (or would be required to furnish if the vessels were operated at sea). Irs form 1040ez This does not include meals you furnish on vessels primarily providing luxury water transportation. Irs form 1040ez Meals you furnish on an oil or gas platform or drilling rig located offshore or in Alaska. Irs form 1040ez This includes meals you furnish at a support camp that is near and integral to an oil or gas drilling rig located in Alaska. Irs form 1040ez Employee benefit programs. Irs form 1040ez Employee benefit programs include the following. Irs form 1040ez Accident and health plans. Irs form 1040ez Adoption assistance. Irs form 1040ez Cafeteria plans. Irs form 1040ez Dependent care assistance. Irs form 1040ez Education assistance. Irs form 1040ez Life insurance coverage. Irs form 1040ez Welfare benefit funds. Irs form 1040ez You can generally deduct amounts you spend on employee benefit programs on the applicable line of your tax return. Irs form 1040ez For example, if you provide dependent care by operating a dependent care facility for your employees, deduct your costs in whatever categories they fall (utilities, salaries, etc. Irs form 1040ez ). Irs form 1040ez Life insurance coverage. Irs form 1040ez You cannot deduct the cost of life insurance coverage for you, an employee, or any person with a financial interest in your business, if you are directly or indirectly the beneficiary of the policy. Irs form 1040ez See Regulations section 1. Irs form 1040ez 264-1 for more information. Irs form 1040ez Welfare benefit funds. Irs form 1040ez A welfare benefit fund is a funded plan (or a funded arrangement having the effect of a plan) that provides welfare benefits to your employees, independent contractors, or their beneficiaries. Irs form 1040ez Welfare benefits are any benefits other than deferred compensation or transfers of restricted property. Irs form 1040ez Your deduction for contributions to a welfare benefit fund is limited to the fund's qualified cost for the tax year. Irs form 1040ez If your contributions to the fund are more than its qualified cost, carry the excess over to the next tax year. Irs form 1040ez Generally, the fund's “qualified cost” is the total of the following amounts, reduced by the after-tax income of the fund. Irs form 1040ez The cost you would have been able to deduct using the cash method of accounting if you had paid for the benefits directly. Irs form 1040ez The contributions added to a reserve account that are needed to fund claims incurred but not paid as of the end of the year. Irs form 1040ez These claims can be for supplemental unemployment benefits, severance pay, or disability, medical, or life insurance benefits. Irs form 1040ez For more information, see sections 419(c) and 419A of the Internal Revenue Code and the related regulations. Irs form 1040ez Loans or Advances You generally can deduct as wages an advance you make to an employee for services performed if you do not expect the employee to repay the advance. Irs form 1040ez However, if the employee performs no services, treat the amount you advanced as a loan. Irs form 1040ez If the employee does not repay the loan, treat it as income to the employee. Irs form 1040ez Below-market interest rate loans. Irs form 1040ez On certain loans you make to an employee or shareholder, you are treated as having received interest income and as having paid compensation or dividends equal to that interest. Irs form 1040ez See Below-Market Loans in chapter 4. Irs form 1040ez Property If you transfer property (including your company's stock) to an employee as payment for services, you can generally deduct it as wages. Irs form 1040ez The amount you can deduct is the property's fair market value on the date of the transfer less any amount the employee paid for the property. Irs form 1040ez You can claim the deduction only for the tax year in which your employee includes the property's value in income. Irs form 1040ez Your employee is deemed to have included the value in income if you report it on Form W-2, Wage and Tax Statement, in a timely manner. Irs form 1040ez You treat the deductible amount as received in exchange for the property, and you must recognize any gain or loss realized on the transfer, unless it is the company's stock transferred as payment for services. Irs form 1040ez Your gain or loss is the difference between the fair market value of the property and its adjusted basis on the date of transfer. Irs form 1040ez These rules also apply to property transferred to an independent contractor for services, generally reported on Form 1099-MISC, Miscellaneous Income. Irs form 1040ez Restricted property. Irs form 1040ez If the property you transfer for services is subject to restrictions that affect its value, you generally cannot deduct it and do not report gain or loss until it is substantially vested in the recipient. Irs form 1040ez However, if the recipient pays for the property, you must report any gain at the time of the transfer up to the amount paid. Irs form 1040ez “Substantially vested” means the property is not subject to a substantial risk of forfeiture. Irs form 1040ez This means that the recipient is not likely to have to give up his or her rights in the property in the future. Irs form 1040ez Reimbursements for Business Expenses You can generally deduct the amount you pay or reimburse employees for business expenses incurred for your business. Irs form 1040ez However, your deduction may be limited. Irs form 1040ez If you make the payment under an accountable plan, deduct it in the category of the expense paid. Irs form 1040ez For example, if you pay an employee for travel expenses incurred on your behalf, deduct this payment as a travel expense. Irs form 1040ez If you make the payment under a nonaccountable plan, deduct it as wages and include it in the employee's Form W-2. Irs form 1040ez See Reimbursement of Travel, Meals, and Entertainment in chapter 11 for more information about deducting reimbursements and an explanation of accountable and nonaccountable plans. Irs form 1040ez Sick and Vacation Pay Sick pay. Irs form 1040ez You can deduct amounts you pay to your employees for sickness and injury, including lump-sum amounts, as wages. Irs form 1040ez However, your deduction is limited to amounts not compensated by insurance or other means. Irs form 1040ez Vacation pay. Irs form 1040ez Vacation pay is an employee benefit. Irs form 1040ez It includes amounts paid for unused vacation leave. Irs form 1040ez You can deduct vacation pay only in the tax year in which the employee actually receives it. Irs form 1040ez This rule applies regardless of whether you use the cash or accrual method of accounting. Irs form 1040ez Prev Up Next Home More Online Publications
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