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Prior tax Publication 595 - Introductory Material Table of Contents Introduction Important Reminder Introduction This publication discusses the Capital Construction Fund (CCF). Prior tax The CCF is a special investment program administered by the National Marine Fisheries Service (NMFS) and the Internal Revenue Service (IRS). Prior tax This program allows fishermen to defer paying income tax on certain income they invest in a CCF account and later use to acquire, build, or rebuild fishing vessels. Prior tax This publication does not discuss all the tax rules that may apply to your fishing trade or business. Prior tax For general information about the federal tax laws that apply to individuals, including commercial fishermen, who file Schedule C or C-EZ, see Publication 334, Tax Guide for Small Business. Prior tax If your trade or business is a partnership or corporation, see Publication 541, Partnerships, or Publication 542, Corporations. Prior tax Comments and suggestions. Prior tax We welcome your comments about this publication and your suggestions for future editions. Prior tax You can email us at *taxforms@irs. Prior tax gov. Prior tax Please put “Publications Comment” on the subject line. Prior tax You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Prior tax NW, IR-6406 Washington, DC 20224 We respond to many letters by telephone. Prior tax Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Prior tax Important Reminder Photographs of missing children. Prior tax The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Prior tax Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Prior tax You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Prior tax Prev Up Next Home More Online Publications
Understanding Your CP081 Notice
We haven’t received your tax return for a specific tax year. The statute of limitations to claim a refund of your credit or payment for that tax year is about to expire.
What you need to do
- If you’re required to file this tax return, file immediately. We’ll apply the credit amount shown on this notice to the tax you owe and refund any overpayment to you, if you don’t owe other taxes or obligations.
- If you’ve already filed this return and it has been over 8 weeks, send us a newly signed copy of your tax return. Be sure to attach copies of all schedules and other documents you included with your previously filed original tax return.
- If you want the credit transferred to another tax form, tax period or tax identification number, call us at 1-800-829-0115.
- If you don’t file your tax return or contact us, you’ll lose this credit. The Internal Revenue Code sets strict time limits for refunding or transferring credits.
You may want to
- Call 1-800-829-3676 (1-800-TAX-FORM) to order forms and publications or visit our website, www.irs.gov, to download them.
Answers to Common Questions
How long do I have to file a tax return to claim a refund?
Generally, you must file a tax return within 3 years from the due date of the return (including extensions) to receive a refund of any overpayment on your account. After this statute of limitations expires, we can’t refund any overpayments.
Where do I send my return?
Send it to the address listed on the notice.
What should I do if I’ve just filed my tax return?
You don’t have to do anything if you filed your tax return within the last 8 weeks.
Tips for next year
- File all required returns by the appropriate due date.
Page Last Reviewed or Updated: 07-Mar-2014
Printable samples of this notice (PDF)
Tax publications you may find useful
How to get help
- Call the 1-800 number listed on the top right corner of your notice.
- Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
- See if you qualify for help from a Low Income Taxpayer Clinic.
The Prior Tax
Prior tax 5. Prior tax Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. Prior tax Making the election. Prior tax Form 3115. Prior tax Income TaxesAccrual of contested income taxes. Prior tax Employment Taxes Other TaxesAdditional Medicare Tax. Prior tax What's New Additional Medicare Tax. Prior tax Beginning in 2013, you must withhold a 0. Prior tax 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Prior tax Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. Prior tax See Employment Taxes , and Self-employment tax , later. Prior tax Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. Prior tax You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. Prior tax Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. Prior tax When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. Prior tax This applies whether you use the cash method or an accrual method of accounting. Prior tax Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. Prior tax You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . Prior tax Limit on accrual of taxes. Prior tax A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. Prior tax However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. Prior tax Example. Prior tax Your state imposes a tax on personal property used in a trade or business conducted in the state. Prior tax This tax is assessed and becomes a lien as of July 1 (accrual date). Prior tax In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. Prior tax Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. Prior tax You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. Prior tax Uniform capitalization rules. Prior tax Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. Prior tax They also apply to certain taxpayers who acquire property for resale. Prior tax Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. Prior tax For more information, see chapter 1. Prior tax Carrying charges. Prior tax Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. Prior tax You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. Prior tax For more information, see chapter 7. Prior tax Refunds of taxes. Prior tax If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. Prior tax For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. Prior tax You must include in income any interest you receive on tax refunds. Prior tax Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. Prior tax The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. Prior tax Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. Prior tax See Taxes for local benefits , later. Prior tax If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. Prior tax However, you can elect to ratably accrue the taxes during the year. Prior tax See Electing to ratably accrue , later. Prior tax Taxes for local benefits. Prior tax Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. Prior tax These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. Prior tax You should increase the basis of your property by the amount of the assessment. Prior tax You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. Prior tax If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. Prior tax Example. Prior tax To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. Prior tax The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. Prior tax The city is paying the principal and interest with the annual payments made by the property owners. Prior tax The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. Prior tax The part of the payments used to pay the interest charges on the bonds is deductible as taxes. Prior tax Charges for services. Prior tax Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. Prior tax Purchase or sale of real estate. Prior tax If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. Prior tax The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. Prior tax Treat the seller as paying the taxes up to but not including the date of sale. Prior tax Treat the buyer as paying the taxes beginning with the date of sale. Prior tax You can usually find this information on the settlement statement you received at closing. Prior tax If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. Prior tax Example. Prior tax Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. Prior tax He has not elected to ratably accrue property taxes. Prior tax November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. Prior tax He sold the property on June 30, 2013. Prior tax Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. Prior tax He is treated as having accrued his part of the tax, 181/366 (January 1–June 29), on June 30, and he can deduct it for 2013. Prior tax Electing to ratably accrue. Prior tax If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. Prior tax Example. Prior tax Juan Sanchez is a calendar year taxpayer who uses an accrual method. Prior tax His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. Prior tax July 1 is the assessment and lien date. Prior tax If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. Prior tax Separate elections. Prior tax You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. Prior tax Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. Prior tax See Form 3115 , later. Prior tax Making the election. Prior tax If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. Prior tax The statement should show all the following items. Prior tax The trades or businesses to which the election applies and the accounting method or methods used. Prior tax The period to which the taxes relate. Prior tax The computation of the real estate tax deduction for that first year. Prior tax Generally, you must file your return by the due date (including extensions). Prior tax However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). Prior tax Attach the statement to the amended return and write “Filed pursuant to section 301. Prior tax 9100-2” on the statement. Prior tax File the amended return at the same address where you filed the original return. Prior tax Form 3115. Prior tax If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. Prior tax For more information, including applicable time frames for filing, see the Instructions for Form 3115. Prior tax Note. Prior tax If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. Prior tax R. Prior tax B. Prior tax 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. Prior tax R. Prior tax B. Prior tax 689, and Revenue Procedure 2012-20, 2012-14 I. Prior tax R. Prior tax B. Prior tax 700, or any successor. Prior tax Revenue Procedure 2011-14 is available at www. Prior tax irs. Prior tax gov/irb/2011-04IRB/ar08. Prior tax html. Prior tax Income Taxes This section discusses federal, state, local, and foreign income taxes. Prior tax Federal income taxes. Prior tax You cannot deduct federal income taxes. Prior tax State and local income taxes. Prior tax A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. Prior tax An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). Prior tax However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. Prior tax Accrual of contested income taxes. Prior tax If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. Prior tax If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. Prior tax You cannot deduct them in the year in which the liability is finally determined. Prior tax The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. Prior tax Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. Prior tax However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. Prior tax You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. Prior tax For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. Prior tax Foreign income taxes. Prior tax Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. Prior tax S. Prior tax possession. Prior tax However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. Prior tax S. Prior tax tax under the foreign earned income exclusion or the foreign housing exclusion. Prior tax For information on these exclusions, see Publication 54, Tax Guide for U. Prior tax S. Prior tax Citizens and Resident Aliens Abroad. Prior tax For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. Prior tax Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. Prior tax Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. Prior tax You may also need to pay certain employment taxes from your own funds. Prior tax These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. Prior tax Note. Prior tax Additional Medicare Tax is only imposed on the employee. Prior tax There is no employer share of Additional Medicare Tax. Prior tax Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. Prior tax You can deduct the employment taxes you must pay from your own funds as taxes. Prior tax Example. Prior tax You pay your employee $18,000 a year. Prior tax However, after you withhold various taxes, your employee receives $14,500. Prior tax You also pay an additional $1,500 in employment taxes. Prior tax You should deduct the full $18,000 as wages. Prior tax You can deduct the $1,500 you pay from your own funds as taxes. Prior tax For more information on employment taxes, see Publication 15 (Circular E). Prior tax Unemployment fund taxes. Prior tax As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. Prior tax Deduct these payments as taxes. Prior tax Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. Prior tax Excise taxes. Prior tax Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. Prior tax However, see Fuel taxes , later. Prior tax For more information on excise taxes, see Publication 510. Prior tax Franchise taxes. Prior tax You can deduct corporate franchise taxes as a business expense. Prior tax Fuel taxes. Prior tax Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. Prior tax Do not deduct these taxes as a separate item. Prior tax You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. Prior tax For more information, see Publication 510. Prior tax Occupational taxes. Prior tax You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. Prior tax Personal property tax. Prior tax You can deduct any tax imposed by a state or local government on personal property used in your trade or business. Prior tax Sales tax. Prior tax Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. Prior tax If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. Prior tax If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. Prior tax If the property is depreciable, add the sales tax to the basis for depreciation. Prior tax For more information on basis, see Publication 551. Prior tax Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. Prior tax Also, do not include these taxes in gross receipts or sales. Prior tax Self-employment tax. Prior tax You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. Prior tax This deduction only affects your income tax. Prior tax It does not affect your net earnings from self-employment or your self-employment tax. Prior tax To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). Prior tax For more information on self-employment tax, see Publication 334. Prior tax Additional Medicare Tax. Prior tax Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. Prior tax See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. Prior tax Prev Up Next Home More Online Publications