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Late Filing 2011 Taxes

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Late Filing 2011 Taxes

Late filing 2011 taxes 5. Late filing 2011 taxes   Business Income Table of Contents Introduction Kinds of IncomeBartering for Property or Services Real Estate Rents Personal Property Rents Interest and Dividend Income Canceled Debt Other Income Items That Are Not IncomeAmount you can exclude. Late filing 2011 taxes Short-term lease. Late filing 2011 taxes Retail space. Late filing 2011 taxes Qualified long-term real property. Late filing 2011 taxes Guidelines for Selected Occupations Accounting for Your Income Introduction This chapter primarily explains business income and how to account for it on your tax return, what items are not considered income, and gives guidelines for selected occupations. Late filing 2011 taxes If there is a connection between any income you receive and your business, the income is business income. Late filing 2011 taxes A connection exists if it is clear that the payment of income would not have been made if you did not have the business. Late filing 2011 taxes You can have business income even if you are not involved in the activity on a regular full-time basis. Late filing 2011 taxes Income from work you do on the side in addition to your regular job can be business income. Late filing 2011 taxes You report most business income, such as income from selling your products or services, on Schedule C or C-EZ. Late filing 2011 taxes But you report the income from the sale of business assets, such as land and office buildings, on other forms instead of Schedule C or C-EZ. Late filing 2011 taxes For information on selling business assets, see chapter 3. Late filing 2011 taxes Nonemployee compensation. Late filing 2011 taxes Business income includes amounts you received in your business that were properly shown on Forms 1099-MISC. Late filing 2011 taxes This includes amounts reported as nonemployee compensation in box 7 of the form. Late filing 2011 taxes You can find more information in the instructions on the back of the Form 1099-MISC you received. Late filing 2011 taxes Kinds of Income You must report on your tax return all income you receive from your business unless it is excluded by law. Late filing 2011 taxes In most cases, your business income will be in the form of cash, checks, and credit card charges. Late filing 2011 taxes But business income can be in other forms, such as property or services. Late filing 2011 taxes These and other types of income are explained next. Late filing 2011 taxes If you are a U. Late filing 2011 taxes S. Late filing 2011 taxes citizen who has business income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt from tax under U. Late filing 2011 taxes S. Late filing 2011 taxes law. Late filing 2011 taxes If you live outside the United States, you may be able to exclude part or all of your foreign-source business income. Late filing 2011 taxes For details, see Publication 54, Tax Guide for U. Late filing 2011 taxes S. Late filing 2011 taxes Citizens and Resident Aliens Abroad. Late filing 2011 taxes Bartering for Property or Services Bartering is an exchange of property or services. Late filing 2011 taxes You must include in your gross receipts, at the time received, the fair market value of property or services you receive in exchange for something else. Late filing 2011 taxes If you exchange services with another person and you both have agreed ahead of time on the value of the services, that value will be accepted as the fair market value unless the value can be shown to be otherwise. Late filing 2011 taxes Example 1. Late filing 2011 taxes You are a self-employed lawyer. Late filing 2011 taxes You perform legal services for a client, a small corporation. Late filing 2011 taxes In payment for your services, you receive shares of stock in the corporation. Late filing 2011 taxes You must include the fair market value of the shares in income. Late filing 2011 taxes Example 2. Late filing 2011 taxes You are an artist and create a work of art to compensate your landlord for the rent-free use of your apartment. Late filing 2011 taxes You must include the fair rental value of the apartment in your gross receipts. Late filing 2011 taxes Your landlord must include the fair market value of the work of art in his or her rental income. Late filing 2011 taxes Example 3. Late filing 2011 taxes You are a self-employed accountant. Late filing 2011 taxes Both you and a house painter are members of a barter club, an organization that each year gives its members a directory of members and the services each member provides. Late filing 2011 taxes Members get in touch with other members directly and bargain for the value of the services to be performed. Late filing 2011 taxes In return for accounting services you provided for the house painter's business, the house painter painted your home. Late filing 2011 taxes You must include in gross receipts the fair market value of the services you received from the house painter. Late filing 2011 taxes The house painter must include the fair market value of your accounting services in his or her gross receipts. Late filing 2011 taxes Example 4. Late filing 2011 taxes You are a member of a barter club that uses credit units to credit or debit members' accounts for goods or services provided or received. Late filing 2011 taxes As soon as units are credited to your account, you can use them to buy goods or services or sell or transfer the units to other members. Late filing 2011 taxes You must include the value of credit units you received in your gross receipts for the tax year in which the units are credited to your account. Late filing 2011 taxes The dollar value of units received for services by an employee of the club, who can use the units in the same manner as other members, must be included in the employee's gross income for the tax year in which received. Late filing 2011 taxes It is wages subject to social security and Medicare taxes (FICA), federal unemployment taxes (FUTA), and income tax withholding. Late filing 2011 taxes See Publication 15 (Circular E), Employer's Tax Guide. Late filing 2011 taxes Example 5. Late filing 2011 taxes You operate a plumbing business and use the cash method of accounting. Late filing 2011 taxes You join a barter club and agree to provide plumbing services to any member for a specified number of hours. Late filing 2011 taxes Each member has access to a directory that lists the members of the club and the services available. Late filing 2011 taxes Members contact each other directly and request services to be performed. Late filing 2011 taxes You are not required to provide services unless requested by another member, but you can use as many of the offered services as you wish without paying a fee. Late filing 2011 taxes You must include the fair market value of any services you receive from club members in your gross receipts when you receive them even if you have not provided any services to club members. Late filing 2011 taxes Information returns. Late filing 2011 taxes   If you are involved in a bartering transaction, you may have to file either of the following forms. Late filing 2011 taxes Form 1099-B, Proceeds From Broker and Barter Exchange Transactions. Late filing 2011 taxes Form 1099-MISC, Miscellaneous Income. Late filing 2011 taxes For information about these forms, see the General Instructions for Certain Information Returns. Late filing 2011 taxes Real Estate Rents If you are a real estate dealer who receives income from renting real property or an owner of a hotel, motel, etc. Late filing 2011 taxes , who provides services (maid services, etc. Late filing 2011 taxes ) for guests, report the rental income and expenses on Schedule C or C-EZ. Late filing 2011 taxes If you are not a real estate dealer or the kind of owner described in the preceding sentence, report the rental income and expenses on Schedule E. Late filing 2011 taxes For more information, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes). Late filing 2011 taxes Real estate dealer. Late filing 2011 taxes   You are a real estate dealer if you are engaged in the business of selling real estate to customers with the purpose of making a profit from those sales. Late filing 2011 taxes Rent you receive from real estate held for sale to customers is subject to SE tax. Late filing 2011 taxes However, rent you receive from real estate held for speculation or investment is not subject to SE tax. Late filing 2011 taxes Trailer park owner. Late filing 2011 taxes   Rental income from a trailer park is subject to SE tax if you are a self-employed trailer park owner who provides trailer lots and facilities and substantial services for the convenience of your tenants. Late filing 2011 taxes    You generally are considered to provide substantial services for tenants if they are primarily for the tenants' convenience and normally are not provided to maintain the lots in a condition for occupancy. Late filing 2011 taxes Services are substantial if the compensation for the services makes up a material part of the tenants' rental payments. Late filing 2011 taxes   Examples of services that are not normally provided for the tenants' convenience include supervising and maintaining a recreational hall provided by the park, distributing a monthly newsletter to tenants, operating a laundry facility, and helping tenants buy or sell their trailers. Late filing 2011 taxes   Examples of services that are normally provided to maintain the lots in a condition for tenant occupancy include city sewerage, electrical connections, and roadways. Late filing 2011 taxes Hotels, boarding houses, and apartments. Late filing 2011 taxes   Rental income you receive for the use or occupancy of hotels, boarding houses, or apartment houses is subject to SE tax if you provide services for the occupants. Late filing 2011 taxes   Generally, you are considered to provide services for the occupants if the services are primarily for their convenience and are not services normally provided with the rental of rooms for occupancy only. Late filing 2011 taxes An example of a service that is not normally provided for the convenience of the occupants is maid service. Late filing 2011 taxes However, providing heat and light, cleaning stairways and lobbies, and collecting trash are services normally provided for the occupants' convenience. Late filing 2011 taxes Prepaid rent. Late filing 2011 taxes   Advance payments received under a lease that does not put any restriction on their use or enjoyment are income in the year you receive them. Late filing 2011 taxes This is true no matter what accounting method or period you use. Late filing 2011 taxes Lease bonus. Late filing 2011 taxes   A bonus you receive from a lessee for granting a lease is an addition to the rent. Late filing 2011 taxes Include it in your gross receipts in the year received. Late filing 2011 taxes Lease cancellation payments. Late filing 2011 taxes   Report payments you receive from your lessee for canceling a lease in your gross receipts in the year received. Late filing 2011 taxes Payments to third parties. Late filing 2011 taxes   If your lessee makes payments to someone else under an agreement to pay your debts or obligations, include the payments in your gross receipts when the lessee makes the payments. Late filing 2011 taxes A common example of this kind of income is a lessee's payment of your property taxes on leased real property. Late filing 2011 taxes Settlement payments. Late filing 2011 taxes   Payments you receive in settlement of a lessee's obligation to restore the leased property to its original condition are income in the amount that the payments exceed the adjusted basis of the leasehold improvements destroyed, damaged, removed, or disconnected by the lessee. Late filing 2011 taxes Personal Property Rents If you are in the business of renting personal property (equipment, vehicles, formal wear, etc. Late filing 2011 taxes ), include the rental amount you receive in your gross receipts on Schedule C or C-EZ. Late filing 2011 taxes Prepaid rent and other payments described in the preceding Real Estate Rents discussion can also be received for renting personal property. Late filing 2011 taxes If you receive any of those payments, include them in your gross receipts as explained in that discussion. Late filing 2011 taxes Interest and Dividend Income Interest and dividends may be considered business income. Late filing 2011 taxes Interest. Late filing 2011 taxes   Interest received on notes receivable that you have accepted in the ordinary course of business is business income. Late filing 2011 taxes Interest received on loans is business income if you are in the business of lending money. Late filing 2011 taxes Uncollectible loans. Late filing 2011 taxes   If a loan payable to you becomes uncollectible during the tax year and you use an accrual method of accounting, you must include in gross income interest accrued up to the time the loan became uncollectible. Late filing 2011 taxes If the accrued interest later becomes uncollectible, you may be able to take a bad debt deduction. Late filing 2011 taxes See Bad Debts in chapter 8. Late filing 2011 taxes Unstated interest. Late filing 2011 taxes   If little or no interest is charged on an installment sale, you may have to treat a part of each payment as unstated interest. Late filing 2011 taxes See Unstated Interest and Original Issue Discount (OID) in Publication 537, Installment Sales. Late filing 2011 taxes Dividends. Late filing 2011 taxes   Generally, dividends are business income to dealers in securities. Late filing 2011 taxes For most sole proprietors and statutory employees, however, dividends are nonbusiness income. Late filing 2011 taxes If you hold stock as a personal investment separately from your business activity, the dividends from the stock are nonbusiness income. Late filing 2011 taxes   If you receive dividends from business insurance premiums you deducted in an earlier year, you must report all or part of the dividend as business income on your return. Late filing 2011 taxes To find out how much you have to report, see   Recovery of items previously deducted under Other Income, later. Late filing 2011 taxes Canceled Debt The following explains the general rule for including canceled debt in income and the exceptions to the general rule. Late filing 2011 taxes General Rule Generally, if your debt is canceled or forgiven, other than as a gift or bequest to you, you must include the canceled amount in your gross income for tax purposes. Late filing 2011 taxes Report the canceled amount on line 6 of Schedule C if you incurred the debt in your business. Late filing 2011 taxes If the debt is a nonbusiness debt, report the canceled amount on line 21 of Form 1040. Late filing 2011 taxes Exceptions The following discussion covers some exceptions to the general rule for canceled debt. Late filing 2011 taxes Price reduced after purchase. Late filing 2011 taxes   If you owe a debt to the seller for property you bought and the seller reduces the amount you owe, you generally do not have income from the reduction. Late filing 2011 taxes Unless you are bankrupt or insolvent, treat the amount of the reduction as a purchase price adjustment and reduce your basis in the property. Late filing 2011 taxes Deductible debt. Late filing 2011 taxes   You do not realize income from a canceled debt to the extent the payment of the debt would have led to a deduction. Late filing 2011 taxes Example. Late filing 2011 taxes You get accounting services for your business on credit. Late filing 2011 taxes Later, you have trouble paying your business debts, but you are not bankrupt or insolvent. Late filing 2011 taxes Your accountant forgives part of the amount you owe for the accounting services. Late filing 2011 taxes How you treat the canceled debt depends on your method of accounting. Late filing 2011 taxes Cash method — You do not include the canceled debt in income because payment of the debt would have been deductible as a business expense. Late filing 2011 taxes Accrual method — You include the canceled debt in income because the expense was deductible when you incurred the debt. Late filing 2011 taxes   For information on the cash and accrual methods of accounting, see chapter 2. Late filing 2011 taxes Exclusions Do not include canceled debt in income in the following situations. Late filing 2011 taxes However, you may be required to file Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. Late filing 2011 taxes For more information, see Form 982. Late filing 2011 taxes The cancellation takes place in a bankruptcy case under title 11 of the U. Late filing 2011 taxes S. Late filing 2011 taxes Code (relating to bankruptcy). Late filing 2011 taxes See Publication 908, Bankruptcy Tax Guide. Late filing 2011 taxes The cancellation takes place when you are insolvent. Late filing 2011 taxes You can exclude the canceled debt to the extent you are insolvent. Late filing 2011 taxes See Publication 908. Late filing 2011 taxes The canceled debt is a qualified farm debt owed to a qualified person. Late filing 2011 taxes See chapter 3 in Publication 225, Farmer's Tax Guide. Late filing 2011 taxes The canceled debt is a qualified real property business debt. Late filing 2011 taxes This situation is explained later. Late filing 2011 taxes The canceled debt is qualified principal residence indebtedness which is discharged after 2006. Late filing 2011 taxes See Form 982. Late filing 2011 taxes If a canceled debt is excluded from income because it takes place in a bankruptcy case, the exclusions in situations 2 through 5 do not apply. Late filing 2011 taxes If it takes place when you are insolvent, the exclusions in situations 3 and 4 do not apply to the extent you are insolvent. Late filing 2011 taxes Debt. Late filing 2011 taxes   For purposes of this discussion, debt includes any debt for which you are liable or which attaches to property you hold. Late filing 2011 taxes Qualified real property business debt. Late filing 2011 taxes   You can elect to exclude (up to certain limits) the cancellation of qualified real property business debt. Late filing 2011 taxes If you make the election, you must reduce the basis of your depreciable real property by the amount excluded. Late filing 2011 taxes Make this reduction at the beginning of your tax year following the tax year in which the cancellation occurs. Late filing 2011 taxes However, if you dispose of the property before that time, you must reduce its basis immediately before the disposition. Late filing 2011 taxes Cancellation of qualified real property business debt. Late filing 2011 taxes   Qualified real property business debt is debt (other than qualified farm debt) that meets all the following conditions. Late filing 2011 taxes It was incurred or assumed in connection with real property used in a trade or business. Late filing 2011 taxes It was secured by such real property. Late filing 2011 taxes It was incurred or assumed at either of the following times. Late filing 2011 taxes Before January 1, 1993. Late filing 2011 taxes After December 31, 1992, if incurred or assumed to acquire, construct, or substantially improve the real property. Late filing 2011 taxes It is debt to which you choose to apply these rules. Late filing 2011 taxes   Qualified real property business debt includes refinancing of debt described in (3) earlier, but only to the extent it does not exceed the debt being refinanced. Late filing 2011 taxes   You cannot exclude more than either of the following amounts. Late filing 2011 taxes The excess (if any) of: The outstanding principal of qualified real property business debt (immediately before the cancellation), over The fair market value (immediately before the cancellation) of the business real property that is security for the debt, reduced by the outstanding principal amount of any other qualified real property business debt secured by this property immediately before the cancellation. Late filing 2011 taxes The total adjusted bases of depreciable real property held by you immediately before the cancellation. Late filing 2011 taxes These adjusted bases are determined after any basis reduction due to a cancellation in bankruptcy, insolvency, or of qualified farm debt. Late filing 2011 taxes Do not take into account depreciable real property acquired in contemplation of the cancellation. Late filing 2011 taxes Election. Late filing 2011 taxes   To make this election, complete Form 982 and attach it to your income tax return for the tax year in which the cancellation occurs. Late filing 2011 taxes You must file your return by the due date (including extensions). Late filing 2011 taxes If you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Late filing 2011 taxes For more information, see When To File in the form instructions. Late filing 2011 taxes Other Income The following discussion explains how to treat other types of business income you may receive. Late filing 2011 taxes Restricted property. Late filing 2011 taxes   Restricted property is property that has certain restrictions that affect its value. Late filing 2011 taxes If you receive restricted stock or other property for services performed, the fair market value of the property in excess of your cost is included in your income on Schedule C or C-EZ when the restriction is lifted. Late filing 2011 taxes However, you can choose to be taxed in the year you receive the property. Late filing 2011 taxes For more information on including restricted property in income, see Publication 525, Taxable and Nontaxable Income. Late filing 2011 taxes Gains and losses. Late filing 2011 taxes   Do not report on Schedule C or C-EZ a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Late filing 2011 taxes Instead, you must report these gains and losses on other forms. Late filing 2011 taxes For more information, see chapter 3. Late filing 2011 taxes Promissory notes. Late filing 2011 taxes   Report promissory notes and other evidences of debt issued to you in a sale or exchange of property that is stock in trade or held primarily for sale to customers on Schedule C or C-EZ. Late filing 2011 taxes In general, you report them at their stated principal amount (minus any unstated interest) when you receive them. Late filing 2011 taxes Lost income payments. Late filing 2011 taxes   If you reduce or stop your business activities, report on Schedule C or C-EZ any payment you receive for the lost income of your business from insurance or other sources. Late filing 2011 taxes Report it on Schedule C or C-EZ even if your business is inactive when you receive the payment. Late filing 2011 taxes Damages. Late filing 2011 taxes   You must include in gross income compensation you receive during the tax year as a result of any of the following injuries connected with your business. Late filing 2011 taxes Patent infringement. Late filing 2011 taxes Breach of contract or fiduciary duty. Late filing 2011 taxes Antitrust injury. Late filing 2011 taxes Economic injury. Late filing 2011 taxes   You may be entitled to a deduction against the income if it compensates you for actual economic injury. Late filing 2011 taxes Your deduction is the smaller of the following amounts. Late filing 2011 taxes The amount you receive or accrue for damages in the tax year reduced by the amount you pay or incur in the tax year to recover that amount. Late filing 2011 taxes Your loss from the injury that you have not yet deducted. Late filing 2011 taxes Punitive damages. Late filing 2011 taxes   You must also include punitive damages in income. Late filing 2011 taxes Kickbacks. Late filing 2011 taxes   If you receive any kickbacks, include them in your income on Schedule C or C-EZ. Late filing 2011 taxes However, do not include them if you properly treat them as a reduction of a related expense item, a capital expenditure, or cost of goods sold. Late filing 2011 taxes Recovery of items previously deducted. Late filing 2011 taxes   If you recover a bad debt or any other item deducted in a previous year, include the recovery in income on Schedule C or C-EZ. Late filing 2011 taxes However, if all or part of the deduction in earlier years did not reduce your tax, you can exclude the part that did not reduce your tax. Late filing 2011 taxes If you exclude part of the recovery from income, you must include with your return a computation showing how you figured the exclusion. Late filing 2011 taxes Example. Late filing 2011 taxes Joe Smith, a sole proprietor, had gross income of $8,000, a bad debt deduction of $300, and other allowable deductions of $7,700. Late filing 2011 taxes He also had 2 personal exemptions for a total of $7,800. Late filing 2011 taxes He would not pay income tax even if he did not deduct the bad debt. Late filing 2011 taxes Therefore, he will not report as income any part of the $300 he may recover in any future year. Late filing 2011 taxes Exception for depreciation. Late filing 2011 taxes   This rule does not apply to depreciation. Late filing 2011 taxes You recover depreciation using the rules explained next. Late filing 2011 taxes Recapture of depreciation. Late filing 2011 taxes   In the following situations, you have to recapture the depreciation deduction. Late filing 2011 taxes This means you include in income part or all of the depreciation you deducted in previous years. Late filing 2011 taxes Listed property. Late filing 2011 taxes   If your business use of listed property (explained in chapter 8 under Depreciation ) falls to 50% or less in a tax year after the tax year you placed the property in service, you may have to recapture part of the depreciation deduction. Late filing 2011 taxes You do this by including in income on Schedule C part of the depreciation you deducted in previous years. Late filing 2011 taxes Use Part IV of Form 4797, Sales of Business Property, to figure the amount to include on Schedule C. Late filing 2011 taxes For more information, see What is the Business-Use Requirement? in chapter 5 of Publication 946, How To Depreciate Property. Late filing 2011 taxes That chapter explains how to determine whether property is used more than 50% in your business. Late filing 2011 taxes Section 179 property. Late filing 2011 taxes   If you take a section 179 deduction (explained in chapter 8 under Depreciation ) for an asset and before the end of the asset's recovery period the percentage of business use drops to 50% or less, you must recapture part of the section 179 deduction. Late filing 2011 taxes You do this by including in income on Schedule C part of the deduction you took. Late filing 2011 taxes Use Part IV of Form 4797 to figure the amount to include on Schedule C. Late filing 2011 taxes See chapter 2 in Publication 946 to find out when you recapture the deduction. Late filing 2011 taxes Sale or exchange of depreciable property. Late filing 2011 taxes   If you sell or exchange depreciable property at a gain, you may have to treat all or part of the gain due to depreciation as ordinary income. Late filing 2011 taxes You figure the income due to depreciation recapture in Part III of Form 4797. Late filing 2011 taxes For more information, see chapter 4 in Publication 544, Sales and Other Dispositions of Assets. Late filing 2011 taxes Items That Are Not Income In some cases the property or money you receive is not income. Late filing 2011 taxes Appreciation. Late filing 2011 taxes   Increases in value of your property are not income until you realize the increases through a sale or other taxable disposition. Late filing 2011 taxes Consignments. Late filing 2011 taxes   Consignments of merchandise to others to sell for you are not sales. Late filing 2011 taxes The title of merchandise remains with you, the consignor, even after the consignee possesses the merchandise. Late filing 2011 taxes Therefore, if you ship goods on consignment, you have no profit or loss until the consignee sells the merchandise. Late filing 2011 taxes Merchandise you have shipped out on consignment is included in your inventory until it is sold. Late filing 2011 taxes   Do not include merchandise you receive on consignment in your inventory. Late filing 2011 taxes Include your profit or commission on merchandise consigned to you in your income when you sell the merchandise or when you receive your profit or commission, depending upon the method of accounting you use. Late filing 2011 taxes Construction allowances. Late filing 2011 taxes   If you enter into a lease after August 5, 1997, you can exclude from income the construction allowance you receive (in cash or as a rent reduction) from your landlord if you receive it under both the following conditions. Late filing 2011 taxes Under a short-term lease of retail space. Late filing 2011 taxes For the purpose of constructing or improving qualified long-term real property for use in your business at that retail space. Late filing 2011 taxes Amount you can exclude. Late filing 2011 taxes   You can exclude the construction allowance to the extent it does not exceed the amount you spent for construction or improvements. Late filing 2011 taxes Short-term lease. Late filing 2011 taxes   A short-term lease is a lease (or other agreement for occupancy or use) of retail space for 15 years or less. Late filing 2011 taxes The following rules apply in determining whether the lease is for 15 years or less. Late filing 2011 taxes Take into account options to renew when figuring whether the lease is for 15 years or less. Late filing 2011 taxes But do not take into account any option to renew at fair market value determined at the time of renewal. Late filing 2011 taxes Two or more successive leases that are part of the same transaction (or a series of related transactions) for the same or substantially similar retail space are treated as one lease. Late filing 2011 taxes Retail space. Late filing 2011 taxes   Retail space is real property leased, occupied, or otherwise used by you as a tenant in your business of selling tangible personal property or services to the general public. Late filing 2011 taxes Qualified long-term real property. Late filing 2011 taxes   Qualified long-term real property is nonresidential real property that is part of, or otherwise present at, your retail space and that reverts to the landlord when the lease ends. Late filing 2011 taxes Exchange of like-kind property. Late filing 2011 taxes   If you exchange your business property or property you hold for investment solely for property of a like kind to be used in your business or to be held for investment, no gain or loss is recognized. Late filing 2011 taxes This means that the gain is not taxable and the loss is not deductible. Late filing 2011 taxes A common type of nontaxable exchange is the trade-in of a business automobile for another business automobile. Late filing 2011 taxes For more information, see Form 8824. Late filing 2011 taxes Leasehold improvements. Late filing 2011 taxes   If a tenant erects buildings or makes improvements to your property, the increase in the value of the property due to the improvements is not income to you. Late filing 2011 taxes However, if the facts indicate that the improvements are a payment of rent to you, then the increase in value would be income. Late filing 2011 taxes Loans. Late filing 2011 taxes   Money borrowed through a bona fide loan is not income. Late filing 2011 taxes Sales tax. Late filing 2011 taxes   State and local sales taxes imposed on the buyer, which you were required to collect and pay over to state or local governments, are not income. Late filing 2011 taxes Guidelines for Selected Occupations This section provides information to determine whether your earnings should be reported on Schedule C (Form 1040) or C-EZ (Form 1040). Late filing 2011 taxes Direct seller. Late filing 2011 taxes   You must report all income you receive as a direct seller on Schedule C or C-EZ. Late filing 2011 taxes This includes any of the following. Late filing 2011 taxes Income from sales—payments you receive from customers for products they buy from you. Late filing 2011 taxes Commissions, bonuses, or percentages you receive for sales and the sales of others who work under you. Late filing 2011 taxes Prizes, awards, and gifts you receive from your selling business. Late filing 2011 taxes You must report this income regardless of whether it is reported to you on an information return. Late filing 2011 taxes   You are a direct seller if you meet all the following conditions. Late filing 2011 taxes You are engaged in one of the following trades or businesses. Late filing 2011 taxes Selling or soliciting the sale of consumer products either in a home or other place that is not a permanent retail establishment, or to any buyer on a buy-sell basis or a deposit-commission basis for resale in a home or other place of business that is not a permanent retail establishment. Late filing 2011 taxes Delivering or distributing newspapers or shopping news (including any services directly related to that trade or business). Late filing 2011 taxes Substantially all your pay (whether paid in cash or not) for services described above is directly related to sales or other output (including performance of services) rather than to the number of hours worked. Late filing 2011 taxes Your services are performed under a written contract between you and the person for whom you perform the services, and the contract provides that you will not be treated as an employee for federal tax purposes. Late filing 2011 taxes Executor or administrator. Late filing 2011 taxes   If you administer a deceased person's estate, your fees are reported on Schedule C or C-EZ if you are one of the following: A professional fiduciary. Late filing 2011 taxes A nonprofessional fiduciary (personal representative) and both of the following apply. Late filing 2011 taxes The estate includes an active trade or business in which you actively participate. Late filing 2011 taxes Your fees are related to the operation of that trade or business. Late filing 2011 taxes A nonprofessional fiduciary of a single estate that requires extensive managerial activities on your part for a long period of time, provided these activities are enough to be considered a trade or business. Late filing 2011 taxes    If the fees do not meet the above requirements, report them on line 21 of Form 1040. Late filing 2011 taxes Fishing crew member. Late filing 2011 taxes    If you are a member of the crew that catches fish or other water life, your earnings are reported on Schedule C or C-EZ if you meet all the requirements shown in chapter 10 under Fishing crew member . Late filing 2011 taxes Insurance agent, former. Late filing 2011 taxes   Termination payments you receive as a former self-employed insurance agent from an insurance company because of services you performed for that company are not reported on Schedule C or C-EZ if all the following conditions are met. Late filing 2011 taxes You received payments after your agreement to perform services for the company ended. Late filing 2011 taxes You did not perform any services for the company after your service agreement ended and before the end of the year in which you received the payment. Late filing 2011 taxes You entered into a covenant not to compete against the company for at least a 1-year period beginning on the date your service agreement ended. Late filing 2011 taxes The amount of the payments depended primarily on policies sold by you or credited to your account during the last year of your service agreement or the extent to which those policies remain in force for some period after your service agreement ended, or both. Late filing 2011 taxes The amount of the payment did not depend to any extent on length of service or overall earnings from services performed for the company (regardless of whether eligibility for the payments depended on length of service). Late filing 2011 taxes Insurance agent, retired. Late filing 2011 taxes   Income paid by an insurance company to a retired self-employed insurance agent based on a percentage of commissions received before retirement is reported on Schedule C or C-EZ. Late filing 2011 taxes Also, renewal commissions and deferred commissions for sales made before retirement are generally reported on Schedule C or C-EZ. Late filing 2011 taxes   However, renewal commissions paid to the survivor of an insurance agent are not reported on Schedule C or C-EZ. Late filing 2011 taxes Newspaper carrier or distributor. Late filing 2011 taxes   You are a direct seller and your earnings are reported on Schedule C or C-EZ if all the following conditions apply. Late filing 2011 taxes You are in the business of delivering or distributing newspapers or shopping news (including directly related services such as soliciting customers and collecting receipts). Late filing 2011 taxes Substantially all your pay for these services directly relates to your sales or other output rather than to the number of hours you work. Late filing 2011 taxes You perform the services under a written contract that says you will not be treated as an employee for federal tax purposes. Late filing 2011 taxes   This rule applies whether or not you hire others to help you make deliveries. Late filing 2011 taxes It also applies whether you buy the papers from the publisher or are paid based on the number of papers you deliver. Late filing 2011 taxes Newspaper or magazine vendor. Late filing 2011 taxes   If you are 18 or older and you sell newspapers or magazines, your earnings are reported on Schedule C or C-EZ if all the following conditions apply. Late filing 2011 taxes You sell newspapers or magazines to ultimate consumers. Late filing 2011 taxes You sell them at a fixed price. Late filing 2011 taxes Your earnings are based on the difference between the sales price and your cost of goods sold. Late filing 2011 taxes   This rule applies whether or not you are guaranteed a minimum amount of earnings. Late filing 2011 taxes It also applies whether or not you receive credit for unsold newspapers or magazines you return to your supplier. Late filing 2011 taxes Notary public. Late filing 2011 taxes   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ. Late filing 2011 taxes These payments are not subject to self-employment tax (see the instructions for Schedule SE (Form 1040)). Late filing 2011 taxes Public official. Late filing 2011 taxes   Public officials generally do not report what they earn for serving in public office on Schedule C or C-EZ. Late filing 2011 taxes This rule applies to payments received by an elected tax collector from state funds on the basis of a fixed percentage of the taxes collected. Late filing 2011 taxes Public office includes any elective or appointive office of the United States or its possessions, the District of Columbia, a state or its political subdivisions, or a wholly owned instrumentality of any of these. Late filing 2011 taxes   Public officials of state or local governments report their fees on Schedule C or C-EZ if they are paid solely on a fee basis and if their services are eligible for, but not covered by, social security under a federal-state agreement. Late filing 2011 taxes Real estate agent or direct seller. Late filing 2011 taxes   If you are a licensed real estate agent or a direct seller, your earnings are reported on Schedule C or C-EZ if both the following apply. Late filing 2011 taxes Substantially all your pay for services as a real estate agent or direct seller directly relates to your sales or other output rather than to the number of hours you work. Late filing 2011 taxes You perform the services under a written contract that says you will not be treated as an employee for federal tax purposes. Late filing 2011 taxes Securities dealer. Late filing 2011 taxes   If you are a dealer in options or commodities, your gains and losses from dealing or trading in section 1256 contracts (regulated futures contracts, foreign currency contracts, nonequity options, dealer equity options, and dealer securities futures contracts) or property related to those contracts (such as stock used to hedge options) are reported on Schedule C or C-EZ. Late filing 2011 taxes For more information, see sections 1256 and 1402(i). Late filing 2011 taxes Securities trader. Late filing 2011 taxes   You are a trader in securities if you are engaged in the business of buying and selling securities for your own account. Late filing 2011 taxes As a trader in securities, your gain or loss from the disposition of securities is not reported on Schedule C or C-EZ. Late filing 2011 taxes However, see Securities dealer , earlier, for an exception that applies to section 1256 contracts. Late filing 2011 taxes For more information about securities traders, see Publication 550, Investment Income and Expenses. Late filing 2011 taxes Accounting for Your Income Accounting for your income for income tax purposes differs at times from accounting for financial purposes. Late filing 2011 taxes This section discusses some of the more common differences that may affect business transactions. Late filing 2011 taxes Figure your business income on the basis of a tax year and according to your regular method of accounting (see chapter 2). Late filing 2011 taxes If the sale of a product is an income-producing factor in your business, you usually have to use inventories to clearly show your income. Late filing 2011 taxes Dealers in real estate are not allowed to use inventories. Late filing 2011 taxes For more information on inventories, see chapter 2. Late filing 2011 taxes Income paid to a third party. Late filing 2011 taxes   All income you earn is taxable to you. Late filing 2011 taxes You cannot avoid tax by having the income paid to a third party. Late filing 2011 taxes Example. Late filing 2011 taxes You rent out your property and the rental agreement directs the lessee to pay the rent to your son. Late filing 2011 taxes The amount paid to your son is gross income to you. Late filing 2011 taxes Cash discounts. Late filing 2011 taxes   These are amounts the seller permits you to deduct from the invoice price for prompt payment. Late filing 2011 taxes For income tax purposes, you can use either of the following two methods to account for cash discounts. Late filing 2011 taxes Deduct the cash discount from purchases (see Line 36, Purchases Less Cost of Items Withdrawn for Personal Use in chapter 6). Late filing 2011 taxes Credit the cash discount to a discount income account. Late filing 2011 taxes You must use the chosen method every year for all your purchase discounts. Late filing 2011 taxes   If you use the second method, the credit balance in the account at the end of your tax year is business income. Late filing 2011 taxes Under this method, you do not reduce the cost of goods sold by the cash discounts you received. Late filing 2011 taxes When valuing your closing inventory, you cannot reduce the invoice price of merchandise on hand at the close of the tax year by the average or estimated discounts received on the merchandise. Late filing 2011 taxes Trade discounts. Late filing 2011 taxes   These are reductions from list or catalog prices and usually are not written into the invoice or charged to the customer. Late filing 2011 taxes Do not enter these discounts on your books of account. Late filing 2011 taxes Instead, use only the net amount as the cost of the merchandise purchased. Late filing 2011 taxes For more information, see Trade discounts in chapter 6. Late filing 2011 taxes Payment placed in escrow. Late filing 2011 taxes   If the buyer of your property places part or all of the purchase price in escrow, you do not include any part of it in gross sales until you actually or constructively receive it. Late filing 2011 taxes However, upon completion of the terms of the contract and the escrow agreement, you will have taxable income, even if you do not accept the money until the next year. Late filing 2011 taxes Sales returns and allowances. Late filing 2011 taxes   Credits you allow customers for returned merchandise and any other allowances you make on sales are deductions from gross sales in figuring net sales. Late filing 2011 taxes Advance payments. Late filing 2011 taxes   Special rules dealing with an accrual method of accounting for payments received in advance are discussed in chapter 2 under Accrual Method. Late filing 2011 taxes Insurance proceeds. Late filing 2011 taxes   If you receive insurance or another type of reimbursement for a casualty or theft loss, you must subtract it from the loss when you figure your deduction. Late filing 2011 taxes You cannot deduct the reimbursed part of a casualty or theft loss. Late filing 2011 taxes   For information on casualty or theft losses, see Publication 547, Casualties, Disasters, and Thefts. Late filing 2011 taxes Prev  Up  Next   Home   More Online Publications
 
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IRS Taxpayer Assistance Centers (TAC) are your source for personal tax help when you believe your tax issue cannot be handled online or by phone, and you want face-to-face tax assistance. Taxpayer Assistance Centers are closed for all Federal Holidays. Please be advised that you may be asked to provide valid photo identification and a Taxpayer Identification Number, such as a Social Security Number, to receive services.

Tax return preparation services are not available at TAC offices. You can take advantage of free tax preparation using Free File or Free File Fillable Forms or through a Volunteer Income Tax Assistance/Tax Counseling for the Elderly site in your community. For detailed information on services offered at each TAC location, click on the state below and then click on the Services Provided link for the TAC you plan to visit.

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Participating TAC locations will review passports and national ID cards for those who submit Form W-7, Application for IRS Individual Taxpayer Identification Number in person

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Page Last Reviewed or Updated: 19-Mar-2014

The Late Filing 2011 Taxes

Late filing 2011 taxes Index A Additional Medicare Tax, Reminders, Additional Medicare Tax withholding. Late filing 2011 taxes Adjustments, Reporting Adjustments to Form 941-SS, 944-SS, 944, or 943 Agricultural labor, Deposits. Late filing 2011 taxes Aliens, nonresidents, Deposits. Late filing 2011 taxes Assistance (see Tax help) C Calendar, Calendar Comments on publication, Comments and suggestions. Late filing 2011 taxes Common-law employee, Employee status under common law. Late filing 2011 taxes Corrected wage and tax statement, Correcting Forms W-2AS, W-2CM, W-2GU, W-2VI, and Form W-3SS. Late filing 2011 taxes Crew leaders, Farm Crew Leaders Current period adjustments, Current Period Adjustments D Deposit How to deposit, How To Deposit Penalties, Deposit Penalties Period, Deposit Period Requirements, 8. Late filing 2011 taxes Depositing Taxes Rules $100,000 next-day deposit, $100,000 Next-Day Deposit Rule Accuracy of deposits, Accuracy of Deposits Rule Schedules Monthly, Monthly Deposit Schedule Semiweekly, Semiweekly Deposit Schedule When to deposit, When To Deposit E Electronic deposits, Electronic deposit requirement. Late filing 2011 taxes Electronic filing and payment, Reminders Employee, 2. Late filing 2011 taxes Who Are Employees? Employer identification number (EIN), 1. Late filing 2011 taxes Employer Identification Number (EIN) F Family employees, Deposits. Late filing 2011 taxes Farm crew leaders, Farm Crew Leaders Farmworkers, 6. Late filing 2011 taxes Social Security and Medicare Taxes for Farmworkers, Employers of farmworkers. Late filing 2011 taxes Federal employees, Deposits. Late filing 2011 taxes Fishing, Deposits. Late filing 2011 taxes Form, Calendar, Lookback period for employers of nonfarm workers. Late filing 2011 taxes 4070, 5. Late filing 2011 taxes Tips 4070A, 5. Late filing 2011 taxes Tips 8274, Deposits. Late filing 2011 taxes 940, Calendar 941-SS, Calendar, Current Period Adjustments 941-X, Adjustments to lookback period taxes. Late filing 2011 taxes 943, Calendar 943-X, Adjustments to lookback period taxes. Late filing 2011 taxes 944-X, Adjustments to lookback period taxes. Late filing 2011 taxes Schedule H (Form 1040), Household employers reporting social security and Medicare taxes. Late filing 2011 taxes SS-4, 1. Late filing 2011 taxes Employer Identification Number (EIN) SS-5, Reminders, Employee's social security card. Late filing 2011 taxes SS-8, IRS help. Late filing 2011 taxes W-2c, Employee's social security card. Late filing 2011 taxes , Correcting Forms W-2AS, W-2CM, W-2GU, W-2VI, and Form W-3SS. Late filing 2011 taxes Fringe benefits, Fringe Benefits, Deposits. Late filing 2011 taxes FUTA tax, 11. Late filing 2011 taxes Federal Unemployment (FUTA) Tax—U. Late filing 2011 taxes S. Late filing 2011 taxes Virgin Islands Employers Only G Government employees, nonfederal, Deposits. Late filing 2011 taxes Group-term life insurance, Deposits. Late filing 2011 taxes H Help (see Tax help) Hiring new employees, Reminders Homeworkers, Deposits. Late filing 2011 taxes Hospital interns, Deposits. Late filing 2011 taxes Household employers, Household employers reporting social security and Medicare taxes. Late filing 2011 taxes Household workers, Household employers reporting social security and Medicare taxes. Late filing 2011 taxes , Deposits. Late filing 2011 taxes How to deposit, How To Deposit I Insurance agents, Deposits. Late filing 2011 taxes IRS help (employee v. Late filing 2011 taxes subcontractor), IRS help. Late filing 2011 taxes L Lookback period Farmworkers, Lookback period for employers of farmworkers. Late filing 2011 taxes Nonfarm workers, Lookback period for employers of nonfarm workers. Late filing 2011 taxes M Meals and lodging, Deposits. Late filing 2011 taxes Ministers, Deposits. Late filing 2011 taxes Monthly deposit schedule, Monthly Deposit Schedule Moving expenses, Deposits. Late filing 2011 taxes N Newspaper delivery, Deposits. Late filing 2011 taxes Noncash payments, Deposits. Late filing 2011 taxes Nonprofit organizations, Deposits. Late filing 2011 taxes P Partners, Deposits. Late filing 2011 taxes Penalties, Deposit Penalties Pension plans, Deposits. Late filing 2011 taxes Prior period adjustments, Prior Period Adjustments Private delivery services, Reminders Publications (see Tax help) R Recordkeeping, Reminders Religious orders, Deposits. Late filing 2011 taxes Retirement and pension plans, Deposits. Late filing 2011 taxes S Salespersons, Deposits. Late filing 2011 taxes Scholarships and fellowships, Deposits. Late filing 2011 taxes Semiweekly deposit schedule, Semiweekly Deposit Schedule Severance pay, Deposits. Late filing 2011 taxes Sick pay, Sick pay. Late filing 2011 taxes , Sick pay payments. Late filing 2011 taxes , Deposits. Late filing 2011 taxes Social security number (SSN), 3. Late filing 2011 taxes Employee's Social Security Number (SSN) Statutory employee, Statutory employees. Late filing 2011 taxes Statutory nonemployee, Statutory nonemployees. Late filing 2011 taxes Students, Deposits. Late filing 2011 taxes Suggestions for publication, Comments and suggestions. Late filing 2011 taxes Supplemental unemployment compensation benefits, Deposits. Late filing 2011 taxes T Tax help, How To Get Tax Help Tax Help, Tax help. Late filing 2011 taxes Taxes paid by employer, Employee's portion of taxes paid by employer. Late filing 2011 taxes Tips, 5. Late filing 2011 taxes Tips, Deposits. Late filing 2011 taxes Travel and business expenses, Travel and business expenses. Late filing 2011 taxes Trust fund recovery penalty, Trust fund recovery penalty. Late filing 2011 taxes W Wage and Tax Statement, 10. Late filing 2011 taxes Wage and Tax Statements Prev  Up     Home   More Online Publications