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Irs Gov Forms1040x

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Irs Gov Forms1040x

Irs gov forms1040x 12. Irs gov forms1040x   How To Get More Information Table of Contents Internal Revenue ServiceLow Income Taxpayer Clinics (LITCs) Small Business Administration Other Federal Agencies This section describes the help the IRS and other federal agencies offer to taxpayers who operate their own businesses. Irs gov forms1040x Internal Revenue Service Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Irs gov forms1040x Free help with your return. Irs gov forms1040x   You can get free help preparing your return nationwide from IRS-certified volunteers. Irs gov forms1040x The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Irs gov forms1040x The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Irs gov forms1040x Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Irs gov forms1040x In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Irs gov forms1040x To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Irs gov forms1040x gov, download the IRS2Go app, or call 1-800-906-9887. Irs gov forms1040x   As part of the TCE program, AARP offers the Tax-Aide counseling program. Irs gov forms1040x To find the nearest AARP Tax-Aide site, visit AARP's website at www. Irs gov forms1040x aarp. Irs gov forms1040x org/money/taxaide or call 1-888-227-7669. Irs gov forms1040x For more information on these programs, go to IRS. Irs gov forms1040x gov and enter “VITA” in the search box. Irs gov forms1040x Internet. Irs gov forms1040x    IRS. Irs gov forms1040x gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Irs gov forms1040x Download the free IRS2Go app from the iTunes app store or from Google Play. Irs gov forms1040x Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Irs gov forms1040x Check the status of your 2013 refund with the Where's My Refund? application on IRS. Irs gov forms1040x gov or download the IRS2Go app and select the Refund Status option. Irs gov forms1040x The IRS issues more than 9 out of 10 refunds in less than 21 days. Irs gov forms1040x Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Irs gov forms1040x You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Irs gov forms1040x The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Irs gov forms1040x Use the Interactive Tax Assistant (ITA) to research your tax questions. Irs gov forms1040x No need to wait on the phone or stand in line. Irs gov forms1040x The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Irs gov forms1040x When you reach the response screen, you can print the entire interview and the final response for your records. Irs gov forms1040x New subject areas are added on a regular basis. Irs gov forms1040x  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Irs gov forms1040x gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Irs gov forms1040x You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Irs gov forms1040x The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Irs gov forms1040x When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Irs gov forms1040x Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Irs gov forms1040x You can also ask the IRS to mail a return or an account transcript to you. Irs gov forms1040x Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Irs gov forms1040x gov or by calling 1-800-908-9946. Irs gov forms1040x Tax return and tax account transcripts are generally available for the current year and the past three years. Irs gov forms1040x Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Irs gov forms1040x Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Irs gov forms1040x If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Irs gov forms1040x Check the status of your amended return using Where's My Amended Return? Go to IRS. Irs gov forms1040x gov and enter Where's My Amended Return? in the search box. Irs gov forms1040x You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Irs gov forms1040x It can take up to 3 weeks from the date you mailed it to show up in our system. Irs gov forms1040x Make a payment using one of several safe and convenient electronic payment options available on IRS. Irs gov forms1040x gov. Irs gov forms1040x Select the Payment tab on the front page of IRS. Irs gov forms1040x gov for more information. Irs gov forms1040x Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Irs gov forms1040x Figure your income tax withholding with the IRS Withholding Calculator on IRS. Irs gov forms1040x gov. Irs gov forms1040x Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Irs gov forms1040x Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Irs gov forms1040x gov. Irs gov forms1040x Request an Electronic Filing PIN by going to IRS. Irs gov forms1040x gov and entering Electronic Filing PIN in the search box. Irs gov forms1040x Download forms, instructions and publications, including accessible versions for people with disabilities. Irs gov forms1040x Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Irs gov forms1040x gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Irs gov forms1040x An employee can answer questions about your tax account or help you set up a payment plan. Irs gov forms1040x Before you visit, check the Office Locator on IRS. Irs gov forms1040x gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Irs gov forms1040x If you have a special need, such as a disability, you can request an appointment. Irs gov forms1040x Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Irs gov forms1040x Apply for an Employer Identification Number (EIN). Irs gov forms1040x Go to IRS. Irs gov forms1040x gov and enter Apply for an EIN in the search box. Irs gov forms1040x Read the Internal Revenue Code, regulations, or other official guidance. Irs gov forms1040x Read Internal Revenue Bulletins. Irs gov forms1040x Sign up to receive local and national tax news and more by email. Irs gov forms1040x Just click on “subscriptions” above the search box on IRS. Irs gov forms1040x gov and choose from a variety of options. Irs gov forms1040x    Phone. Irs gov forms1040x You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Irs gov forms1040x Download the free IRS2Go app from the iTunes app store or from Google Play. Irs gov forms1040x Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Irs gov forms1040x gov, or download the IRS2Go app. Irs gov forms1040x Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Irs gov forms1040x The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Irs gov forms1040x Most VITA and TCE sites offer free electronic filing. Irs gov forms1040x Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Irs gov forms1040x Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Irs gov forms1040x Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Irs gov forms1040x If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Irs gov forms1040x The IRS issues more than 9 out of 10 refunds in less than 21 days. Irs gov forms1040x Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Irs gov forms1040x Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Irs gov forms1040x The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Irs gov forms1040x Note, the above information is for our automated hotline. Irs gov forms1040x Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Irs gov forms1040x Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Irs gov forms1040x You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Irs gov forms1040x It can take up to 3 weeks from the date you mailed it to show up in our system. Irs gov forms1040x Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Irs gov forms1040x You should receive your order within 10 business days. Irs gov forms1040x Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Irs gov forms1040x If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Irs gov forms1040x Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Irs gov forms1040x The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Irs gov forms1040x These individuals can also contact the IRS through relay services such as the Federal Relay Service. Irs gov forms1040x    Walk-in. Irs gov forms1040x You can find a selection of forms, publications and services — in-person. Irs gov forms1040x Products. Irs gov forms1040x You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Irs gov forms1040x Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Irs gov forms1040x Services. Irs gov forms1040x You can walk in to your local TAC for face-to-face tax help. Irs gov forms1040x An employee can answer questions about your tax account or help you set up a payment plan. Irs gov forms1040x Before visiting, use the Office Locator tool on IRS. Irs gov forms1040x gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Irs gov forms1040x    Mail. Irs gov forms1040x You can send your order for forms, instructions, and publications to the address below. Irs gov forms1040x You should receive a response within 10 business days after your request is received. Irs gov forms1040x  Internal Revenue Service 1201 N. Irs gov forms1040x Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Irs gov forms1040x The Taxpayer Advocate Service (TAS) is your voice at the IRS. Irs gov forms1040x Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Irs gov forms1040x   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Irs gov forms1040x We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Irs gov forms1040x You face (or your business is facing) an immediate threat of adverse action. Irs gov forms1040x You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Irs gov forms1040x   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Irs gov forms1040x Here's why we can help: TAS is an independent organization within the IRS. Irs gov forms1040x Our advocates know how to work with the IRS. Irs gov forms1040x Our services are free and tailored to meet your needs. Irs gov forms1040x We have offices in every state, the District of Columbia, and Puerto Rico. Irs gov forms1040x   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Irs gov forms1040x   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Irs gov forms1040x If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Irs gov forms1040x Low Income Taxpayer Clinics (LITCs) Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Irs gov forms1040x Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Irs gov forms1040x Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Irs gov forms1040x Small Business Administration The Small Business Administration (SBA) offers training and educational programs, counseling services, financial programs, and contract assistance for small business owners. Irs gov forms1040x The SBA also has publications and videos on a variety of business topics. Irs gov forms1040x The following briefly describes assistance provided by the SBA. Irs gov forms1040x Small Business Development Centers (SBDCs). Irs gov forms1040x   SBDCs provide counseling, training, and technical services to current and prospective small business owners who cannot afford the services of a private consultant. Irs gov forms1040x Help is available when beginning, improving, or expanding a small business. Irs gov forms1040x Business Information Centers (BICs). Irs gov forms1040x   BICs offer a small business reference library, management video tapes, and computer technology to help plan a business. Irs gov forms1040x BICs also offer one-on-one assistance. Irs gov forms1040x Individuals who are in business or are interested in starting a business can use BICs as often as they wish at no charge. Irs gov forms1040x Service Corps of Retired Executives (SCORE). Irs gov forms1040x   SCORE provides small business counseling and training to current and prospective small business owners. Irs gov forms1040x SCORE is made up of current and former business people who offer their expertise and knowledge to help people start, manage, and expand a small business. Irs gov forms1040x SCORE also offers a variety of small business workshops. Irs gov forms1040x Internet. Irs gov forms1040x    You can visit the SBA website at www. Irs gov forms1040x sba. Irs gov forms1040x gov. Irs gov forms1040x While visiting the SBA website, you can find a variety of information of interest to small business owners. Irs gov forms1040x Phone. Irs gov forms1040x    Call the SBA Answer Desk at 1-800-U-ASK-SBA (1-800-827-5722) for general information about programs available to assist small business owners. Irs gov forms1040x Walk-in. Irs gov forms1040x   You can walk in to a Small Business Development Center or Business Information Center to request assistance with your small business. Irs gov forms1040x To find the location nearest you, visit the SBA website or call the SBA Answer Desk. Irs gov forms1040x Other Federal Agencies Other federal agencies also publish publications and pamphlets to assist small businesses. Irs gov forms1040x Most of these are available from the Superintendent of Documents at the Government Printing Office. Irs gov forms1040x You can get information and order these publications and pamphlets in several ways. Irs gov forms1040x Internet. Irs gov forms1040x   You can visit the GPO website at  www. Irs gov forms1040x access. Irs gov forms1040x gpo. Irs gov forms1040x gov. Irs gov forms1040x Mail. Irs gov forms1040x   Write to the GPO at the following address. Irs gov forms1040x  Superintendent of Documents U. Irs gov forms1040x S. Irs gov forms1040x Government Printing Office P. Irs gov forms1040x O. Irs gov forms1040x Box 979050 St. Irs gov forms1040x Louis, MO 63917-9000 Phone. Irs gov forms1040x   Call the GPO toll-free at 1-866-512-1800 or at 202-512-1800 from the Washington, DC, area. Irs gov forms1040x Prev  Up  Next   Home   More Online Publications
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The Irs Gov Forms1040x

Irs gov forms1040x Tax Changes for Businesses Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Electronic Form 1099 Tax Incentives for New York Liberty Zone Other 2001 Changes 2002 ChangesNonaccrual-Experience Method Issuance of Qualified Zone Academy Bonds Depletion Work Opportunity Credit Expanded in New York Liberty Zone Credit For Pension Plan Startup Costs Welfare-to-Work Credit Extended Work Opportunity Credit Extended Electric and Clean-Fuel Vehicles Renewable Electricity Production Credit Later ChangesSpecial Depreciation Allowance Extension of Placed in Service Date Special Liberty Zone Depreciation Allowance for New and Used Property Depreciation of Property Used on Indian Reservations Indian Employment Credit Extended 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). Irs gov forms1040x However, you can still choose to use the previous carryback period. Irs gov forms1040x You also can choose not to carry back an NOL and only carry it forward. Irs gov forms1040x Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. Irs gov forms1040x Corporations can file Form 1139, Corporation Application for Tentative Refund. Irs gov forms1040x The instructions for these forms will be revised to reflect the new law. Irs gov forms1040x Electronic Form 1099 For tax years ending after March 9, 2002, most Forms 1099 can be furnished electronically if the recipient consents, according to IRS regulations, to receive it that way. Irs gov forms1040x Tax Incentives for New York Liberty Zone New tax benefits are provided for the parts of New York City damaged in the terrorist attacks on September 11, 2001. Irs gov forms1040x These benefits apply to the newly created New York Liberty Zone, which is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway), in the Borough of Manhattan. Irs gov forms1040x Tax benefits for the New York Liberty Zone include the following. Irs gov forms1040x A special depreciation allowance equal to 30% of the adjusted basis of qualified Liberty Zone property. Irs gov forms1040x It is allowed for the year the property is placed in service. Irs gov forms1040x No alternative minimum tax depreciation adjustment for qualified Liberty Zone property. Irs gov forms1040x Classification of Liberty Zone leasehold improvement property as 5-year property. Irs gov forms1040x Authorization of the issuance of tax-exempt New York Liberty bonds to finance the acquisition, construction, reconstruction, and renovation of nonresidential real property, residential rental property, and public utility property in the Liberty Zone. Irs gov forms1040x An increased section 179 deduction for certain Liberty Zone property. Irs gov forms1040x Extension of the replacement period from 2 years to 5 years for certain property involuntarily converted as a result of the terrorist attacks on September 11, 2001, but only if substantially all of the use of the replacement property is in New York City. Irs gov forms1040x For more information about involuntary conversions, see Postponement of Gain in Publication 547, Casualties, Disasters, and Thefts. Irs gov forms1040x In addition, for 2002 and 2003, the work opportunity credit is expanded by creating a new targeted group, consisting generally of employees who work in the Liberty Zone or, in certain cases, in New York City outside the Liberty Zone. Irs gov forms1040x For more information, see Work Opportunity Credit Expanded in New York Liberty Zone under 2002 Changes, later. Irs gov forms1040x For more information about the 30% special depreciation allowance, Liberty Zone leasehold improvement property, or increased section 179 deduction, see New York Liberty Zone Benefits, in chapter 5. Irs gov forms1040x In addition, the tax benefits for the Liberty Zone will be covered in a new edition of Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities, available later in 2002. Irs gov forms1040x Other 2001 Changes Other changes are discussed in the following chapters. Irs gov forms1040x Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Nonaccrual-Experience Method Under current law, if you perform services and use an accrual method of accounting, you do not accrue income which, based on experience, you expect to be uncollectible. Irs gov forms1040x Beginning in 2002, this rule only applies if you perform services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, and consulting, or your average annual gross receipts for the 3 prior tax years does not exceed $5,000,000. Irs gov forms1040x As under current law, the nonaccrual-experience method will not apply to amounts on which you charge interest or a late payment penalty. Irs gov forms1040x For more information, see Nonaccrual-Experience Method in chapter 11 of Publication 535, Business Expenses. Irs gov forms1040x Issuance of Qualified Zone Academy Bonds State and local governments issue qualified zone academy bonds to raise funds for the use of qualified zone academies. Irs gov forms1040x The amount of bonds that may be issued was limited to $400 million each year for 1998, 1999, 2000, and 2001. Irs gov forms1040x This provision has been extended to provide for an additional $400 million of bonds to be issued each year for 2002 and 2003. Irs gov forms1040x For more information about qualified zone academy bonds, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Irs gov forms1040x Depletion The suspension of the taxable income limit on percentage depletion from the marginal production of oil and natural gas that was scheduled to expire for tax years beginning after 2001 has been extended to tax years beginning before 2004. Irs gov forms1040x For more information on marginal production, see section 613A(c) of the Internal Revenue Code. Irs gov forms1040x Work Opportunity Credit Expanded in New York Liberty Zone The work opportunity credit is expanded to include a new targeted group consisting generally of employees who perform substantially all their services: In the New York Liberty Zone (defined earlier under Tax Incentives for New York Liberty Zone, under 2001 Changes), or Elsewhere in New York City for a business that relocated from the Liberty Zone due to the destruction or damage of its place of business by the September 11, 2001, terrorist attack. Irs gov forms1040x The credit is available to employers for wages paid to new employees and existing employees for work performed during 2002 or 2003. Irs gov forms1040x Certain limits apply. Irs gov forms1040x For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Irs gov forms1040x Credit For Pension Plan Startup Costs The credit for pension plan startup costs is now allowed for plans that become effective after December 31, 2001. Irs gov forms1040x Previously, the credit was only allowed for plans established after December 31, 2001. Irs gov forms1040x For more information on the credit, see Important Changes for 2002 in Publication 560, Retirement Plans for Small Business. Irs gov forms1040x Welfare-to-Work Credit Extended The welfare-to-work credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Irs gov forms1040x For more information on the welfare-to-work credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Irs gov forms1040x Work Opportunity Credit Extended The work opportunity credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Irs gov forms1040x For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Irs gov forms1040x Electric and Clean-Fuel Vehicles The maximum clean-fuel vehicle deduction and qualified electric vehicle credit were scheduled to be 25% lower for 2002 and both were scheduled to be phased out completely by 2005. Irs gov forms1040x The full deduction and credit are now allowed for qualified property placed in service in 2002 and 2003. Irs gov forms1040x The phaseout of the deduction and the credit will begin in 2004, and no deduction or credit will be allowed for property placed in service after 2006. Irs gov forms1040x For more information about electric and clean-fuel vehicles, see chapter 12 in Publication 535, Business Expenses. Irs gov forms1040x Renewable Electricity Production Credit The renewable electricity production credit is extended to include electricity produced by facilities placed in service after 2001 and before 2004. Irs gov forms1040x Later Changes Special Depreciation Allowance You can claim the special depreciation allowance (an additional 30% depreciation deduction) for new property that you acquire before September 11, 2004, and place in service for your business generally before January 1, 2005, if you meet the other requirements for qualified property covered in chapter 5. Irs gov forms1040x Accordingly, you will generally no longer be able to claim the special depreciation allowance for the qualified property if you acquire it after September 10, 2004, or place it in service for your business after December 31, 2004. Irs gov forms1040x However, you will be able to claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for most qualified property if you place it in service in the Liberty Zone after December 31, 2004, and generally before January 1, 2007, provided you meet the other requirements for qualified Liberty Zone property covered in chapter 5. Irs gov forms1040x Extension of Placed in Service Date To qualify for the special depreciation allowance, your property must meet certain tests, including the placed in service date test, as well as the other requirements covered in chapter 5 of this publication. Irs gov forms1040x To meet the placed in service date test, your property must generally be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Irs gov forms1040x However, certain property placed in service before January 1, 2006, may meet this test. Irs gov forms1040x Transportation property and property with a recovery period of 10 years or longer meet the test if one of the following applies. Irs gov forms1040x The property has an estimated production period of more than 2 years. Irs gov forms1040x The property has an estimated production period of more than 1 year and it costs more than $1 million. Irs gov forms1040x Transportation property is any tangible personal property used in the trade or business of transporting persons or property. Irs gov forms1040x For property that qualifies for the special depreciation allowance solely because of the one-year extension of the placed in service date, only the part of the basis attributable to manufacture, construction, or production before September 11, 2004, is eligible for the special depreciation allowance. Irs gov forms1040x Special Liberty Zone Depreciation Allowance for New and Used Property You can claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for used property that you acquire after September 10, 2001, if the property meets the requirements listed under Qualified Liberty Zone Property in chapter 5 of this publication. Irs gov forms1040x You will be able to claim the allowance for both new and used property that you acquire after September 10, 2004, provided the property meets the other requirements for qualified Liberty Zone property. Irs gov forms1040x Depreciation of Property Used on Indian Reservations The special depreciation rules that apply to qualified property used on an Indian reservation were scheduled to expire for property placed in service after 2003. Irs gov forms1040x These special rules have been extended to include property placed in service in 2004. Irs gov forms1040x For more information about these rules, see Publication 946, How To Depreciate Property. Irs gov forms1040x Indian Employment Credit Extended The Indian employment credit that was scheduled to expire for tax years beginning after 2003 has been extended to include a tax year beginning in 2004. Irs gov forms1040x For more information about this credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Irs gov forms1040x Prev  Up  Next   Home   More Online Publications