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

State Tax Return Free

E Filing Income TaxFile Your Taxes For FreeTaxes On UnemploymentAmended Tax Return 2013How To Amend Your Taxes Online990 Ez FormWhere To File My 2011 Tax Return1040nr 2011Online Taxes H&rblockIrs Form 1040 VAmend My TaxesLast Day File Taxes 2013Can I File My State Taxes For FreeMilitary Tax Deduction2011 Taxes FreeFile State Tax Return Online Free1040 Ez 20141040ez Tax Forms 2014Ez40How Do I Do My 2010 TaxesTax Act 2011 Free1040ez 2013 Form2011 1040ezHrblock Military1040 Ez File OnlineCopy 2011 TaxesOnline 1040x2012 Irs Tax Return Forms2013 Income Tax Forms 1040ez760 State Tax Form 20132011 1040ez OnlineFree EfileBack Tax ReturnsForm 1040 XFree Tax E File 2012E-file 2012 Tax ReturnIrs Free State Tax Filing1040ez Online Tax Return1040 Ez Free File1040x 2010 Form

State Tax Return Free

State tax return free 7. State tax return free   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. State tax return free Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. State tax return free You must determine gross profit before you can deduct any business expenses. State tax return free These expenses are discussed in chapter 8. State tax return free If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. State tax return free Businesses that sell products. State tax return free   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. State tax return free Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). State tax return free Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. State tax return free   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). State tax return free The result is the gross profit from your business. State tax return free Businesses that sell services. State tax return free   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. State tax return free Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). State tax return free Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. State tax return free Illustration. State tax return free   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. State tax return free Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. State tax return free Gross receipts. State tax return free   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. State tax return free You may find it helpful to use cash registers to keep track of receipts. State tax return free You should also use a proper invoicing system and keep a separate bank account for your business. State tax return free Sales tax collected. State tax return free   Check to make sure your records show the correct sales tax collected. State tax return free   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. State tax return free   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. State tax return free Inventory at beginning of year. State tax return free   Compare this figure with last year's ending inventory. State tax return free The two amounts should usually be the same. State tax return free Purchases. State tax return free   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. State tax return free ) be sure to remove them from the cost of goods sold. State tax return free For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. State tax return free Inventory at end of year. State tax return free   Check to make sure your procedures for taking inventory are adequate. State tax return free These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. State tax return free   Use inventory forms and adding machine tapes as the only evidence for your inventory. State tax return free Inventory forms are available at office supply stores. State tax return free These forms have columns for recording the description, quantity, unit price, and value of each inventory item. State tax return free Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. State tax return free These forms will help satisfy you that the total inventory is accurate. State tax return free They will also provide you with a permanent record to support its validity. State tax return free   Inventories are discussed in chapter 2. State tax return free Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. State tax return free First, divide gross profit by net receipts. State tax return free The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. State tax return free Next, compare this percentage to your markup policy. State tax return free Little or no difference between these two percentages shows that your gross profit figure is accurate. State tax return free A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. State tax return free You should determine the reason for the difference. State tax return free Example. State tax return free   Joe Able operates a retail business. State tax return free On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. State tax return free The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. State tax return free His cost of goods sold is $200,000. State tax return free This results in a gross profit of $100,000 ($300,000 − $200,000). State tax return free To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). State tax return free The resulting 331/3% confirms his markup percentage of 331/3%. State tax return free Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. State tax return free The result is gross business income. State tax return free If you use Schedule C-EZ, include the income on line 1 of the schedule. State tax return free Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. State tax return free Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

Tax Relief for Victims of March 11 Floods in South Dakota

Updated 9/02/11 to include Yankton county.

SD-2011-19, August 24, 2011

ST. PAUL — Victims of flooding that began on March 11, 2011 in parts of South Dakota may qualify for tax relief from the Internal Revenue Service.

The President has declared the following counties a federal disaster area: Charles Mix, Hughes, Stanley, Union and Yankton. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after March 11 and on or before June 30 have been postponed to June 30. This includes the April 18 deadline for filing 2010 individual income tax returns, making income tax payments and making 2010 contributions to an individual retirement account (IRA). This also includes the estimated tax payment for the second quarter of 2011 normally due June 15.

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after March 11 and on or before March 28, 2011, as long as the deposits were made by March 28, 2011.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until June 30 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after March 11 and on or before June 30.

The IRS also gives affected taxpayers until June 30 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (August 20, 2007), that are due to be performed on or after March 11 and on or before June 30.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after March 11 and on or before March 28 provided the taxpayer made these deposits by March 28.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.
Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “South Dakota/Flooding” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.

Related Information

Page Last Reviewed or Updated: 20-Mar-2014

The State Tax Return Free

State tax return free Index A Additional Medicare Tax, Reminders, Additional Medicare Tax withholding. State tax return free Aliens, nonresident, Withholding income taxes on the wages of nonresident alien employees. State tax return free , Withholding adjustment for nonresident alien employees. State tax return free Assistance (see Tax help) C COBRA premium assistance credit, Reminders COBRA Premium Assistance Credit, COBRA premium assistance credit. State tax return free Commodity wages, Commodity wages. State tax return free Crew leaders, Crew Leaders, 10. State tax return free Federal Unemployment (FUTA) Tax D Deposit Penalties, Deposit Penalties Deposit rules Electronic funds transfer, 7. State tax return free Depositing Taxes Lookback period, Lookback period. State tax return free Differential wage payments, Reminders Disregarded entities, Reminders E Electronic deposits, Electronic deposit requirement. State tax return free Electronic payment, Reminders Electronic reporting, Calendar Employee defined, 2. State tax return free Who Are Employees? Employer identification number (EIN), Employer identification number (EIN). State tax return free Employers of farmworkers, 2. State tax return free Who Are Employees? Exemption from withholding, Exemption from federal income tax withholding. State tax return free F Farmworkers Crew leaders, Crew Leaders Defined, 2. State tax return free Who Are Employees? Federal unemployment (FUTA) taxes, 10. State tax return free Federal Unemployment (FUTA) Tax Forms 843, Form 843. State tax return free 940, 10. State tax return free Federal Unemployment (FUTA) Tax 943, 8. State tax return free Form 943 943-X, Prior Year Adjustments I-9, Reminders W-2, Filing corrections to Forms W-2 and W-3. State tax return free W-4, Reminders, Form W-4. State tax return free W-4(SP), Reminders, Form W-4. State tax return free H H-2A visa holders, Compensation paid to H-2A visa holders. State tax return free Household employees Employment tax withholding, Household employees. State tax return free I Income tax withholding How to figure, How To Figure Federal Income Tax Withholding Percentage method, 13. State tax return free Federal Income Tax Withholding Methods Wage bracket method, 13. State tax return free Federal Income Tax Withholding Methods Who must withhold, 5. State tax return free Federal Income Tax Withholding Independent contractor, 2. State tax return free Who Are Employees? L Lookback period, Lookback period. State tax return free N Noncash wages, Commodity wages. State tax return free P Penalties, Deposit Penalties Prior year adjustments, Prior Year Adjustments Publications (see Tax help) Q Qualified subchapter S subsidiaries (QSubs), Reminders R Reconciling Forms W-2, W-3, and 943, 11. State tax return free Reconciling Wage Reporting Forms Reconciling wage reporting forms, 11. State tax return free Reconciling Wage Reporting Forms S Share farmers, Share farmers. State tax return free Social security and Medicare withholding, 4. State tax return free Social Security and Medicare Taxes Social security number (SSN), Social security number (SSN). State tax return free Spouses who own and operate a business together , Business Owned and Operated by Spouses Supplemental wages, Supplemental wages. State tax return free T Tax help, How To Get Tax Help Taxpayer identification number, 1. State tax return free Taxpayer Identification Numbers Trust fund recovery penalty, Trust fund recovery penalty. State tax return free TTY/TDD information, How To Get Tax Help W Withholding Income tax, 5. State tax return free Federal Income Tax Withholding Nonresident aliens, Withholding adjustment for nonresident alien employees. State tax return free Supplemental wages, Supplemental wages. State tax return free Prev  Up     Home   More Online Publications