Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

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.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

Last Day To File Taxes 2014

Taxact 1040ezHow Do You Do State Taxes1040ez Fill In FormFree Military Tax FilingFree E File 1040xFree FileFile 2007 TaxesWww Freefilefillableforms ComFederal Tax Return FormsFilling Out A 1040ez1040nr FilingCan You File An Amended Tax Return OnlineFree Online Income Tax FilingColorado Amended Tax Return 2011Turbotax Amended Return 20112006 Taxes OnlineIrs Tax Forms 1040ezHow Do I File Taxes From 2012Instructions For 1040x 2012Tax Addendum FormTax Forms For StudentsHow To File An Amended Return1040ez Tax BookletFree 1040x Tax FormsFiling/late Taxes For 2012College Students TaxesFree State Tax Preparation And FilingTax Software 1040nr2009 1040 FormNeed 2009 Tax ReturnCompare State Income TaxesIrs 1040v Form1040ez Forms 20141040ez Fillable FormHow To File 2010 Taxes LateFree State Tax E FilingTax Forms For 2009Irs Gov Free File 2011H&r Block 2011 Tax SoftwareH And R Block Com

Last Day To File Taxes 2014

Last day to file taxes 2014 10. Last day to file taxes 2014   Self-Employment (SE) Tax Table of Contents Who Must Pay SE Tax?Special Rules and Exceptions Figuring Earnings Subject to SE Tax Farm Optional Method Using Both Optional Methods Reporting Self-Employment Tax The SE tax rules apply no matter how old you are and even if you are already receiving social security and Medicare benefits. Last day to file taxes 2014 Who Must Pay SE Tax? Generally, you must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. Last day to file taxes 2014 Use Schedule SE to figure net earnings from self-employment. Last day to file taxes 2014 Sole proprietor or independent contractor. Last day to file taxes 2014   If you are self-employed as a sole proprietor or independent contractor, you generally use Schedule C or C-EZ (Form 1040) to figure your earnings subject to SE tax. Last day to file taxes 2014 SE tax rate. Last day to file taxes 2014    For 2013, the SE tax rate on net earnings is 15. Last day to file taxes 2014 3% (12. Last day to file taxes 2014 4% social security tax plus 2. Last day to file taxes 2014 9% Medicare tax). Last day to file taxes 2014 Maximum earnings subject to self-employment tax. Last day to file taxes 2014    Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Last day to file taxes 2014 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Last day to file taxes 2014   All of your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Last day to file taxes 2014 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Last day to file taxes 2014   If your wages and tips are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Last day to file taxes 2014 4% social security part of the SE tax on any of your net earnings. Last day to file taxes 2014 However, you must pay the 2. Last day to file taxes 2014 9% Medicare part of the SE tax on all your net earnings. Last day to file taxes 2014 Special Rules and Exceptions Aliens. Last day to file taxes 2014   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. Last day to file taxes 2014 S. Last day to file taxes 2014 citizens. Last day to file taxes 2014 Nonresident aliens are not subject to SE tax unless an international social security agreement in effect determines that they are covered under the U. Last day to file taxes 2014 S. Last day to file taxes 2014 social security system. Last day to file taxes 2014 However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. Last day to file taxes 2014 S. Last day to file taxes 2014 residents for self-employment tax purposes. Last day to file taxes 2014 For more information on aliens, see Publication 519, U. Last day to file taxes 2014 S. Last day to file taxes 2014 Tax Guide for Aliens. Last day to file taxes 2014 Child employed by parent. Last day to file taxes 2014   You are not subject to SE tax if you are under age 18 and you are working for your father or mother. Last day to file taxes 2014 Church employee. Last day to file taxes 2014    If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108. Last day to file taxes 2014 28 or more in wages from the church or organization. Last day to file taxes 2014 For more information, see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. Last day to file taxes 2014 Fishing crew member. Last day to file taxes 2014   If you are a member of the crew on a boat that catches fish or other water life, your earnings are subject to SE tax if all the following conditions apply. Last day to file taxes 2014 You do not get any pay for the work except your share of the catch or a share of the proceeds from the sale of the catch, unless the pay meets all the following conditions. Last day to file taxes 2014 The pay is not more than $100 per trip. Last day to file taxes 2014 The pay is received only if there is a minimum catch. Last day to file taxes 2014 The pay is solely for additional duties (such as mate, engineer, or cook) for which additional cash pay is traditional in the fishing industry. Last day to file taxes 2014 You get a share of the catch or a share of the proceeds from the sale of the catch. Last day to file taxes 2014 Your share depends on the amount of the catch. Last day to file taxes 2014 The boat's operating crew normally numbers fewer than 10 individuals. Last day to file taxes 2014 (An operating crew is considered as normally made up of fewer than 10 if the average size of the crew on trips made during the last four calendar quarters is fewer than 10. Last day to file taxes 2014 ) Notary public. Last day to file taxes 2014   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ but are not subject to self-employment tax (see the Instructions for Schedule SE (Form 1040)). Last day to file taxes 2014 State or local government employee. Last day to file taxes 2014   You are subject to SE tax if you are an employee of a state or local government, are paid solely on a fee basis, and your services are not covered under a federal-state social security agreement. Last day to file taxes 2014 Foreign government or international organization employee. Last day to file taxes 2014   You are subject to SE tax if both the following conditions are true. Last day to file taxes 2014 You are a U. Last day to file taxes 2014 S. Last day to file taxes 2014 citizen employed in the United States, Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the Virgin Islands by: A foreign government, A wholly-owned agency of a foreign government, or An international organization. Last day to file taxes 2014 Your employer is not required to withhold social security and Medicare taxes from your wages. Last day to file taxes 2014 U. Last day to file taxes 2014 S. Last day to file taxes 2014 citizen or resident alien residing abroad. Last day to file taxes 2014    If you are a self-employed U. Last day to file taxes 2014 S. Last day to file taxes 2014 citizen or resident alien living outside the United States, in most cases you must pay SE tax. Last day to file taxes 2014 Do not reduce your foreign earnings from self-employment by your foreign earned income exclusion. Last day to file taxes 2014 Exception. Last day to file taxes 2014    The United States has social security agreements with many countries to eliminate double taxation under two social security systems. Last day to file taxes 2014 Under these agreements, you generally must only pay social security and Medicare taxes to the country in which you live. Last day to file taxes 2014 The country to which you must pay the tax will issue a certificate which serves as proof of exemption from social security tax in the other country. Last day to file taxes 2014   For more information, see the Instructions for Schedule SE (Form 1040). Last day to file taxes 2014 More Than One Business If you have earnings subject to SE tax from more than one trade, business, or profession, you must combine the net profit (or loss) from each to determine your total earnings subject to SE tax. Last day to file taxes 2014 A loss from one business reduces your profit from another business. Last day to file taxes 2014 Community Property Income If any of the income from a trade or business, other than a partnership, is community property income under state law, it is included in the earnings subject to SE tax of the spouse carrying on the trade or business. Last day to file taxes 2014 Gain or Loss Do not include in earnings subject to SE tax a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Last day to file taxes 2014 It does not matter whether the disposition is a sale, exchange, or an involuntary conversion. Last day to file taxes 2014 Lost Income Payments If you are self-employed and reduce or stop your business activities, any payment you receive from insurance or other sources for the lost business income is included in earnings subject to SE tax. Last day to file taxes 2014 If you are not working when you receive the payment, it still relates to your business and is included in earnings subject to SE tax, even though your business is temporarily inactive. Last day to file taxes 2014 Figuring Earnings Subject to SE Tax Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. Last day to file taxes 2014 The regular method. Last day to file taxes 2014 The nonfarm optional method. Last day to file taxes 2014 The farm optional method. Last day to file taxes 2014 You must use the regular method unless you are eligible to use one or both of the optional methods. Last day to file taxes 2014 Why use an optional method?    You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. Last day to file taxes 2014 You want to receive credit for social security benefit coverage. Last day to file taxes 2014 You incurred child or dependent care expenses for which you could claim a credit. Last day to file taxes 2014 (An optional method may increase your earned income, which could increase your credit. Last day to file taxes 2014 ) You are entitled to the earned income credit. Last day to file taxes 2014 (An optional method may increase your earned income, which could increase your credit. Last day to file taxes 2014 ) You are entitled to the additional child tax credit. Last day to file taxes 2014 (An optional method may increase your earned income, which could increase your credit. Last day to file taxes 2014 ) Effects of using an optional method. Last day to file taxes 2014   Using an optional method could increase your SE tax. Last day to file taxes 2014 Paying more SE tax could result in your getting higher benefits when you retire. Last day to file taxes 2014   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller tax or no tax using the regular method. Last day to file taxes 2014   The optional methods may be used only to figure your SE tax. Last day to file taxes 2014 To figure your income tax, include your actual earnings in gross income, regardless of which method you use to determine SE tax. Last day to file taxes 2014 Regular Method Multiply your total earnings subject to SE tax by 92. Last day to file taxes 2014 35% (. Last day to file taxes 2014 9235) to get your net earnings under the regular method. Last day to file taxes 2014 See Short Schedule SE, line 4, or Long Schedule SE, line 4a. Last day to file taxes 2014 Net earnings figured using the regular method are also called actual net earnings. Last day to file taxes 2014 Nonfarm Optional Method Use the nonfarm optional method only for earnings that do not come from farming. Last day to file taxes 2014 You may use this method if you meet all the following tests. Last day to file taxes 2014 You are self-employed on a regular basis. Last day to file taxes 2014 This means that your actual net earnings from self-employment were $400 or more in at least 2 of the 3 tax years before the one for which you use this method. Last day to file taxes 2014 The net earnings can be from either farm or nonfarm earnings or both. Last day to file taxes 2014 You have used this method less than 5 years. Last day to file taxes 2014 (There is a 5-year lifetime limit. Last day to file taxes 2014 ) The years do not have to be one after another. Last day to file taxes 2014 Your net nonfarm profits were: Less than $5,024, and Less than 72. Last day to file taxes 2014 189% of your gross nonfarm income. Last day to file taxes 2014 Net nonfarm profits. Last day to file taxes 2014   Net nonfarm profit generally is the total of the amounts from: Line 31, Schedule C (Form 1040), Line 3, Schedule C-EZ (Form 1040), Box 14, code A, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J1, Schedule K-1 (Form 1065-B). Last day to file taxes 2014   However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. Last day to file taxes 2014 Gross nonfarm income. Last day to file taxes 2014   Your gross nonfarm income generally is the total of the amounts from: Line 7, Schedule C (Form 1040), Line 1, Schedule C-EZ (Form 1040), Box 14, code C, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J2, Schedule K-1 (Form 1065-B). Last day to file taxes 2014 Figuring Nonfarm Net Earnings If you meet the three tests explained earlier, use the following table to figure your net earnings from self-employment under the nonfarm optional method. Last day to file taxes 2014 Table 10-1. Last day to file taxes 2014 Figuring Nonfarm Net Earnings IF your gross nonfarm income is. Last day to file taxes 2014 . Last day to file taxes 2014 . Last day to file taxes 2014 THEN your net earnings are equal to. Last day to file taxes 2014 . Last day to file taxes 2014 . Last day to file taxes 2014 $6,960 or less Two-thirds of your gross nonfarm income. Last day to file taxes 2014 More than $6,960 $4,640 Actual net earnings. Last day to file taxes 2014   Your actual net earnings are 92. Last day to file taxes 2014 35% of your total earnings subject to SE tax (that is, multiply total earnings subject to SE tax by 92. Last day to file taxes 2014 35% (. Last day to file taxes 2014 9235) to get actual net earnings). Last day to file taxes 2014 Actual net earnings are equivalent to net earnings figured using the regular method. Last day to file taxes 2014 Optional net earnings less than actual net earnings. Last day to file taxes 2014   You cannot use this method to report an amount less than your actual net earnings from self-employment. Last day to file taxes 2014 Gross nonfarm income of $6,960 or less. Last day to file taxes 2014   The following examples illustrate how to figure net earnings when gross nonfarm income is $6,960 or less. Last day to file taxes 2014 Example 1. Last day to file taxes 2014 Net nonfarm profit less than $5,024 and less than 72. Last day to file taxes 2014 189% of gross nonfarm income. Last day to file taxes 2014 Ann Green runs a craft business. Last day to file taxes 2014 Her actual net earnings from self-employment were $800 in 2011 and $900 in 2012. Last day to file taxes 2014 She meets the test for being self-employed on a regular basis. Last day to file taxes 2014 She has used the nonfarm optional method less than 5 years. Last day to file taxes 2014 Her gross income and net profit in 2013 are as follows: Gross nonfarm income $5,400 Net nonfarm profit $1,200 Ann's actual net earnings for 2013 are $1,108 ($1,200 × . Last day to file taxes 2014 9235). Last day to file taxes 2014 Because her net profit is less than $5,024 and less than 72. Last day to file taxes 2014 189% of her gross income, she can use the nonfarm optional method to figure net earnings of $3,600 (2/3 × $5,400). Last day to file taxes 2014 Because these net earnings are higher than her actual net earnings, she can report net earnings of $3,600 for 2013. Last day to file taxes 2014 Example 2. Last day to file taxes 2014 Net nonfarm profit less than $5,024 but not less than 72. Last day to file taxes 2014 189% of gross nonfarm income. Last day to file taxes 2014 Assume that in Example 1 Ann's gross income is $1,000 and her net profit is $800. Last day to file taxes 2014 She must use the regular method to figure her net earnings. Last day to file taxes 2014 She cannot use the nonfarm optional method because her net profit is not less than 72. Last day to file taxes 2014 189% of her gross income. Last day to file taxes 2014 Example 3. Last day to file taxes 2014 Net loss from a nonfarm business. Last day to file taxes 2014 Assume that in Example 1 Ann has a net loss of $700. Last day to file taxes 2014 She can use the nonfarm optional method and report $3,600 (2/3 × $5,400) as her net earnings. Last day to file taxes 2014 Example 4. Last day to file taxes 2014 Nonfarm net earnings less than $400. Last day to file taxes 2014 Assume that in Example 1 Ann has gross income of $525 and a net profit of $175. Last day to file taxes 2014 In this situation, she would not pay any SE tax under either the regular method or the nonfarm optional method because her net earnings under both methods are less than $400. Last day to file taxes 2014 Gross nonfarm income of more than $6,960. Last day to file taxes 2014   The following examples illustrate how to figure net earnings when gross nonfarm income is more than $6,960. Last day to file taxes 2014 Example 1. Last day to file taxes 2014 Net nonfarm profit less than $5,024 and less than 72. Last day to file taxes 2014 189% of gross nonfarm income. Last day to file taxes 2014 John White runs an appliance repair shop. Last day to file taxes 2014 His actual net earnings from self-employment were $10,500 in 2011 and $9,500 in 2012. Last day to file taxes 2014 He meets the test for being self-employed on a regular basis. Last day to file taxes 2014 He has used the nonfarm optional method less than 5 years. Last day to file taxes 2014 His gross income and net profit in 2013 are as follows: Gross nonfarm income $12,000 Net nonfarm profit $1,200 John's actual net earnings for 2013 are $1,108 ($1,200 × . Last day to file taxes 2014 9235). Last day to file taxes 2014 Because his net profit is less than $5,024 and less than 72. Last day to file taxes 2014 189% of his gross income, he can use the nonfarm optional method to figure net earnings of $4,640. Last day to file taxes 2014 Because these net earnings are higher than his actual net earnings, he can report net earnings of $4,640 for 2013. Last day to file taxes 2014 Example 2. Last day to file taxes 2014 Net nonfarm profit not less than $5,024. Last day to file taxes 2014 Assume that in Example 1 John's net profit is $5,400. Last day to file taxes 2014 He must use the regular method. Last day to file taxes 2014 He cannot use the nonfarm optional method because his net nonfarm profit is not less than $5,024. Last day to file taxes 2014 Example 3. Last day to file taxes 2014 Net loss from a nonfarm business. Last day to file taxes 2014 Assume that in Example 1 John has a net loss of $700. Last day to file taxes 2014 He can use the nonfarm optional method and report $4,640 as his net earnings from self-employment. Last day to file taxes 2014 Farm Optional Method Use the farm optional method only for earnings from a farming business. Last day to file taxes 2014 See Publication 225 for information about this method. Last day to file taxes 2014 Using Both Optional Methods If you have both farm and nonfarm earnings, you may be able to use both optional methods to determine your net earnings from self-employment. Last day to file taxes 2014 To figure your net earnings using both optional methods, you must: Figure your farm and nonfarm net earnings separately under each method. Last day to file taxes 2014 Do not combine farm earnings with nonfarm earnings to figure your net earnings under either method. Last day to file taxes 2014 Add the net earnings figured under each method to arrive at your total net earnings from self-employment. Last day to file taxes 2014 You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. Last day to file taxes 2014 If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. Last day to file taxes 2014 Example. Last day to file taxes 2014 You are a self-employed farmer. Last day to file taxes 2014 You also operate a retail grocery store. Last day to file taxes 2014 Your gross income, actual net earnings from self-employment, and optional farm and optional nonfarm net earnings from self-employment are shown in Table 10-2. Last day to file taxes 2014 Table 10-2. Last day to file taxes 2014 Example—Farm and Nonfarm Earnings Income and Earnings Farm Nonfarm Gross income $3,000 $6,000 Actual net earnings $900 $500 Optional net earnings (2/3 of gross income) $2,000 $4,000 Table 10-3 shows four methods or combinations of methods you can use to figure net earnings from self-employment using the farm and nonfarm gross income and actual net earnings shown in Table 10-2. Last day to file taxes 2014 Method 1. Last day to file taxes 2014 Using the regular method for both farm and nonfarm income. Last day to file taxes 2014 Method 2. Last day to file taxes 2014 Using the optional method for farm income and the regular method for nonfarm income. Last day to file taxes 2014 Method 3. Last day to file taxes 2014 Using the regular method for farm income and the optional method for nonfarm income. Last day to file taxes 2014 Method 4. Last day to file taxes 2014 Using the optional method for both farm and nonfarm income. Last day to file taxes 2014 Note. Last day to file taxes 2014 Actual net earnings is the same as net earnings figured using the regular method. Last day to file taxes 2014 Table 10-3. Last day to file taxes 2014 Example—Net Earnings Net Earnings 1 2 3 4 Actual  farm $ 900   $ 900   Optional  farm   $ 2,000   $ 2,000 Actual nonfarm $ 500 $ 500     Optional nonfarm     $4,000 $4,000 Amount you can report: $1,400 $2,500 $4,900 $4,640* *Limited to $4,640 because you used both optional methods. Last day to file taxes 2014 Fiscal Year Filer If you use a tax year other than the calendar year, you must use the tax rate and maximum earnings limit in effect at the beginning of your tax year. Last day to file taxes 2014 Even if the tax rate or maximum earnings limit changes during your tax year, continue to use the same rate and limit throughout your tax year. Last day to file taxes 2014 Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. Last day to file taxes 2014 Then enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. Last day to file taxes 2014 Most taxpayers can use Section A—Short Schedule SE to figure their SE tax. Last day to file taxes 2014 However, certain taxpayers must use Section B—Long Schedule SE. Last day to file taxes 2014 If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. Last day to file taxes 2014 Joint return. Last day to file taxes 2014   Even if you file a joint return, you cannot file a joint Schedule SE. Last day to file taxes 2014 This is true whether one spouse or both spouses have earnings subject to SE tax. Last day to file taxes 2014 If both of you have earnings subject to SE tax, each of you must complete a separate Schedule SE. Last day to file taxes 2014 However, if one spouse uses the Short Schedule SE and the other spouse has to use the Long Schedule SE, both can use the same form. Last day to file taxes 2014 Attach both schedules to the joint return. Last day to file taxes 2014 More than one business. Last day to file taxes 2014   If you have more than one trade or business, you must combine the net profit (or loss) from each business to figure your SE tax. Last day to file taxes 2014 A loss from one business will reduce your profit from another business. Last day to file taxes 2014 File one Schedule SE showing the earnings from self-employment, but file a separate Schedule C, C-EZ, or F for each business. Last day to file taxes 2014 Example. Last day to file taxes 2014 You are the sole proprietor of two separate businesses. Last day to file taxes 2014 You operate a restaurant that made a net profit of $25,000. Last day to file taxes 2014 You also have a cabinetmaking business that had a net loss of $500. Last day to file taxes 2014 You must file a Schedule C for the restaurant showing your net profit of $25,000 and another Schedule C for the cabinetmaking business showing your net loss of $500. Last day to file taxes 2014 You file Schedule SE showing total earnings subject to SE tax of $24,500. Last day to file taxes 2014 Prev  Up  Next   Home   More Online Publications
Español

Consider These Factors

There are many types of credit cards with various features, but there is no one best credit card. The card you use depends entirely on how you plan to use it. Are you going to use it for everyday purchases or larger purchases? Do you plan to pay your balance off each month?When you apply for a credit card, consider:

  • The Annual Percentage Rate (APR). If the interest rate is variable, how is it determined and when can it change?
  • Periodic rate. This is the interest rate used to determine the finance charge on your balance each billing period.
  • Annual fee. While some cards have no annual fee, others expect you to pay an amount each year for being a cardholder.
  • Rewards programs. Can you earn points for flights, hotel stays, and gift certificates to your favorite retailers? Use online tools to find the card that offers the best rewards for you.
  • Grace period. This is the number of days you have to pay your bill before finance charges start. Without this period, you may have to pay interest from the date you use your card or when the purchase is posted to your account.
  • Finance charges. Most lenders calculate finance charges using an average daily account balance, which is the average of what you owed each day in the billing cycle. Look for offers that use an adjusted balance, which subtracts your monthly payment from your beginning balance. This method usually has the lowest finance charges. Stay away from offers that use the previous balance in calculating what you owe; this method has the highest finance charge. Also don't forget to check if there is a minimum finance charge.
  • Swipe fees. Some credit card companies may allow individual retailers to set and charge a fee when you swipe your credit card.
  • Other fees. Ask about fees when you get a cash advance, make a late payment, or go over your credit limit. Some credit card companies also charge a monthly fee. Be careful: sometimes companies may also try to upsell by offering other services such as credit protection, insurance, or debt coverage. The Federal Reserve has more information about credit card fees.

The Fair Credit and Charge Card Disclosure Act require credit and charge card issuers to include this information on credit applications. The Federal Trade Commission (FTC) offers a wide range of free publications on credit and consumer rights. The Federal Reserve Board provides a free brochure on choosing a credit card and a guide to credit protection laws.

Lost and Stolen Credit Cards

Immediately call the card issuer when you suspect a credit or charge card has been lost or stolen. Once you report the loss or theft of a card, you have no further responsibility for unauthorized charges. In any event, your maximum liability under federal law is $50 per card.

By federal law, once you report the loss or theft of a card, you have no further responsibility for unauthorized charges. In any event, your maximum liability under federal law is $50 per card.

The Last Day To File Taxes 2014

Last day to file taxes 2014 1. Last day to file taxes 2014   Canceled Debts Table of Contents General RulesForm 1099-C Discounts and loan modifications Sales or other dispositions (such as foreclosures and repossessions) Abandonments Stockholder debt This chapter discusses the tax treatment of canceled debts. Last day to file taxes 2014 General Rules Generally, if a debt for which you are personally liable is forgiven or discharged for less than the full amount owed, the debt is considered canceled in whatever amount it remained unpaid. Last day to file taxes 2014 There are exceptions to this rule, discussed under Exceptions , later. Last day to file taxes 2014 Generally, you must include the canceled debt in your income. Last day to file taxes 2014 However, you may be able to exclude the canceled debt. Last day to file taxes 2014 See Exclusions , later. Last day to file taxes 2014 Example. Last day to file taxes 2014 John owed $1,000 to Mary. Last day to file taxes 2014 Mary agreed to accept and John paid $400 in satisfaction of the entire debt. Last day to file taxes 2014 John has canceled debt of $600. Last day to file taxes 2014 Example. Last day to file taxes 2014 Margaret owed $1,000 to Henry. Last day to file taxes 2014 Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. Last day to file taxes 2014 Margaret does not have canceled debt. Last day to file taxes 2014 Instead, she has income from services. Last day to file taxes 2014 A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. Last day to file taxes 2014 Debt for which you are personally liable is recourse debt. Last day to file taxes 2014 All other debt is nonrecourse debt. Last day to file taxes 2014 If you are not personally liable for the debt, you do not have ordinary income from the cancellation of debt unless you retain the collateral and either: The lender offers a discount for the early payment of the debt, or The lender agrees to a loan modification that results in the reduction of the principal balance of the debt. Last day to file taxes 2014 See Discounts and loan modifications , later. Last day to file taxes 2014 However, upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. Last day to file taxes 2014 As a result, you may realize a gain or loss if the outstanding debt immediately before the disposition is more or less than your adjusted basis in the property. Last day to file taxes 2014 For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. Last day to file taxes 2014 There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. Last day to file taxes 2014 See Exceptions and Exclusions, later. Last day to file taxes 2014 You must report any taxable canceled debt as ordinary income on: Form 1040 or Form 1040NR, line 21, if the debt is a nonbusiness debt; Schedule C (Form 1040), line 6 (or Schedule C-EZ (Form 1040), line 1), if the debt is related to a nonfarm sole proprietorship; Schedule E (Form 1040), line 3, if the debt is related to nonfarm rental of real property; Form 4835, line 6, if the debt is related to a farm rental activity for which you use Form 4835 to report farm rental income based on crops or livestock produced by a tenant; or Schedule F (Form 1040), line 8, if the debt is farm debt and you are a farmer. Last day to file taxes 2014 Form 1099-C If you receive a Form 1099-C, that means an applicable entity has reported an identifiable event to the IRS regarding a debt you owe. Last day to file taxes 2014 The identifiable event may be an actual cancellation of the debt or it may be an event the applicable entity is required, solely for purposes of reporting to the IRS, to treat as a cancellation of debt. Last day to file taxes 2014 For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. Last day to file taxes 2014 Unless you meet one of the exceptions or exclusions discussed later, this canceled debt is ordinary income and must be reported on the appropriate form discussed above. Last day to file taxes 2014 An applicable entity includes: A federal government agency, A financial institution, A credit union, and Any organization a significant trade or business of which is lending money. Last day to file taxes 2014 Identifiable event codes. Last day to file taxes 2014    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. Last day to file taxes 2014 The codes shown in box 6 are explained below. Last day to file taxes 2014 Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. Last day to file taxes 2014 Note. Last day to file taxes 2014 Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. Last day to file taxes 2014 However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. Last day to file taxes 2014 Code A — Bankruptcy. Last day to file taxes 2014 Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. Last day to file taxes 2014 See Bankruptcy , later. Last day to file taxes 2014 Code B — Other judicial debt relief. Last day to file taxes 2014 Code B is used to identify cancellation of debt as a result of a receivership, foreclosure, or similar federal or state court proceeding other than bankruptcy. Last day to file taxes 2014 Code C — Statute of limitations or expiration of deficiency period. Last day to file taxes 2014 Code C is used to identify cancellation of debt either when the statute of limitations for collecting the debt expires or when the statutory period for filing a claim or beginning a deficiency judgment proceeding expires. Last day to file taxes 2014 In the case of the expiration of a statute of limitations, an identifiable event occurs only if and when your affirmative defense of the statute of limitations is upheld in a final judgment or decision in a judicial proceeding, and the period for appealing the judgment or decision has expired. Last day to file taxes 2014 Code D — Foreclosure election. Last day to file taxes 2014 Code D is used to identify cancellation of debt when the creditor elects foreclosure remedies that statutorily end or bar the creditor's right to pursue collection of the debt. Last day to file taxes 2014 This event applies to a mortgage lender or holder who is barred from pursuing debt collection after a power of sale in the mortgage or deed of trust is exercised. Last day to file taxes 2014 Code E — Debt relief from probate or similar proceeding. Last day to file taxes 2014 Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. Last day to file taxes 2014 Code F — By agreement. Last day to file taxes 2014 Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration. Last day to file taxes 2014 Code G — Decision or policy to discontinue collection. Last day to file taxes 2014 Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. Last day to file taxes 2014 For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. Last day to file taxes 2014 Code H — Expiration of nonpayment testing period. Last day to file taxes 2014 Code H is used to indicate that the creditor has not received a payment on the debt during a testing period ending on December 31, 2013. Last day to file taxes 2014 The testing period is a 36-month period increased by the number of months the creditor was prevented from engaging in collection activity by a stay in bankruptcy or similar bar under state or local law. Last day to file taxes 2014 This identifiable event applies only for a creditor that is a financial institution or credit union (and certain of their subsidiaries), the Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), National Credit Union Administration (NCUA), and other Federal executive agencies. Last day to file taxes 2014 Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. Last day to file taxes 2014 Code I — Other actual discharge before identifiable event. Last day to file taxes 2014 Code I is used to identify an actual cancellation of debt that occurs before any of the identifiable events described in codes A through H. Last day to file taxes 2014 Form 1099-C Reference Guide for Box 6 Identifiable Event Codes A Bankruptcy B Other judicial debt relief C Statute of limitations or expiration of deficiency period D Foreclosure election E Debt relief from probate or similar proceeding F By agreement G Decision or policy to discontinue collection H Expiration of nonpayment testing period I Other actual discharge before identifiable event Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. Last day to file taxes 2014 Amount of canceled debt. Last day to file taxes 2014    The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled or treated as canceled. Last day to file taxes 2014 The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). Last day to file taxes 2014 Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form as discussed earlier. Last day to file taxes 2014 Interest included in canceled debt. Last day to file taxes 2014    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. Last day to file taxes 2014 Whether the interest portion of the canceled debt must be included in your income depends on whether the interest would be deductible if you paid it. Last day to file taxes 2014 See Deductible Debt under Exceptions, later. Last day to file taxes 2014 Persons who each receive a Form 1099-C showing the full amount of debt. Last day to file taxes 2014    If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. Last day to file taxes 2014 However, you may not have to report that entire amount as income. Last day to file taxes 2014 The amount, if any, you must report depends on all the facts and circumstances, including: State law, The amount of debt proceeds each person received, How much of any interest deduction from the debt was claimed by each person, How much of the basis of any co-owned property bought with the debt proceeds was allocated to each co-owner, and Whether the canceled debt qualifies for any of the exceptions or exclusions described in this publication. Last day to file taxes 2014 See Example 3 under Insolvency, later. Last day to file taxes 2014 Discounts and loan modifications If a lender discounts (reduces) the principal balance of a loan because you pay it off early, or agrees to a loan modification (a “workout”) that includes a reduction in the principal balance of a loan, the amount of the discount or the amount of principal reduction is canceled debt. Last day to file taxes 2014 However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. Last day to file taxes 2014 The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. Last day to file taxes 2014 For more details, see Exceptions and Exclusions, later. Last day to file taxes 2014 Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. Last day to file taxes 2014   If you owned property that was subject to a recourse debt in excess of the FMV of the property, the lender's foreclosure or repossession of the property is treated as a sale or disposition of the property by you and may result in your realization of gain or loss. Last day to file taxes 2014 The gain or loss on the disposition of the property is measured by the difference between the FMV of the property at the time of the disposition and your adjusted basis (usually your cost) in the property. Last day to file taxes 2014 The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. Last day to file taxes 2014 If the lender forgives all or part of the amount of the debt in excess of the FMV of the property, the cancellation of the excess debt may result in ordinary income. Last day to file taxes 2014 The ordinary income from the cancellation of debt (the excess of the canceled debt over the FMV of the property) must be included in your gross income reported on your tax return unless one of the exceptions or exclusions described later applies. Last day to file taxes 2014 For more details, see Exceptions and Exclusions, later. Last day to file taxes 2014 Nonrecourse debt. Last day to file taxes 2014   If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. Last day to file taxes 2014 The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. Last day to file taxes 2014 The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. Last day to file taxes 2014 The character of the gain or loss is determined by the character of the property. Last day to file taxes 2014 More information. Last day to file taxes 2014    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. Last day to file taxes 2014 Abandonments Recourse debt. Last day to file taxes 2014   If you abandon property that secures a debt for which you are personally liable (recourse debt) and the debt is canceled, you will realize ordinary income equal to the canceled debt. Last day to file taxes 2014 You must report this income on your tax return unless one of the exceptions or exclusions described later applies. Last day to file taxes 2014 For more details, see Exceptions and Exclusions, later. Last day to file taxes 2014 This income is separate from any amount realized from the abandonment of the property. Last day to file taxes 2014 For more details, see chapter 3. Last day to file taxes 2014 Nonrecourse debt. Last day to file taxes 2014   If you abandon property that secures a debt for which you are not personally liable (nonrecourse debt), you may realize gain or loss but will not have cancellation of indebtedness income. Last day to file taxes 2014 Stockholder debt If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution. Last day to file taxes 2014 For more information, see Publication 542, Corporations. Last day to file taxes 2014 Prev  Up  Next   Home   More Online Publications