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Tax Forms 2014

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Tax Forms 2014

Tax forms 2014 6. Tax forms 2014   How To Figure Cost of Goods Sold Table of Contents Introduction Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42Line 35 Inventory at Beginning of Year Line 36 Purchases Less Cost of Items Withdrawn for Personal Use Line 37 Cost of Labor Line 38 Materials and Supplies Line 39 Other Costs Line 40 Add Lines 35 through 39 Line 41 Inventory at End of Year Line 42 Cost of Goods Sold Introduction If you make or buy goods to sell, you can deduct the cost of goods sold from your gross receipts on Schedule C. Tax forms 2014 However, to determine these costs, you must value your inventory at the beginning and end of each tax year. Tax forms 2014 This chapter applies to you if you are a manufacturer, wholesaler, or retailer or if you are engaged in any business that makes, buys, or sells goods to produce income. Tax forms 2014 This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. Tax forms 2014 However, if you work in a personal service business and also sell or charge for the materials and supplies normally used in your business, this chapter applies to you. Tax forms 2014 If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. Tax forms 2014 For more information, see chapter 2. Tax forms 2014 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42 Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. Tax forms 2014 These lines are reproduced below and are explained in the discussion that follows. Tax forms 2014 35 Inventory at beginning of year. Tax forms 2014 If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. Tax forms 2014 Do not include any amounts paid to yourself   38 Materials and supplies   39 Other costs   40 Add lines 35 through 39   41 Inventory at end of year   42 Cost of goods sold. Tax forms 2014 Subtract line 41 from line 40. Tax forms 2014  Enter the result here and on line 4   Line 35 Inventory at Beginning of Year If you are a merchant, beginning inventory is the cost of merchandise on hand at the beginning of the year that you will sell to customers. Tax forms 2014 If you are a manufacturer or producer, it includes the total cost of raw materials, work in process, finished goods, and materials and supplies used in manufacturing the goods (see Inventories in chapter 2). Tax forms 2014 Opening inventory usually will be identical to the closing inventory of the year before. Tax forms 2014 You must explain any difference in a schedule attached to your return. Tax forms 2014 Donation of inventory. Tax forms 2014   If you contribute inventory (property that you sell in the course of your business), the amount you can claim as a contribution deduction is the smaller of its fair market value on the day you contributed it or its basis. Tax forms 2014 The basis of donated inventory is any cost incurred for the inventory in an earlier year that you would otherwise include in your opening inventory for the year of the contribution. Tax forms 2014 You must remove the amount of your contribution deduction from your opening inventory. Tax forms 2014 It is not part of the cost of goods sold. Tax forms 2014   If the cost of donated inventory is not included in your opening inventory, the inventory's basis is zero and you cannot claim a charitable contribution deduction. Tax forms 2014 Treat the inventory's cost as you would ordinarily treat it under your method of accounting. Tax forms 2014 For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. Tax forms 2014   A special rule may apply to certain donations of food inventory. Tax forms 2014 See Publication 526, Charitable Contributions. Tax forms 2014 Example 1. Tax forms 2014 You are a calendar year taxpayer who uses an accrual method of accounting. Tax forms 2014 In 2013, you contributed property from inventory to a church. Tax forms 2014 It had a fair market value of $600. Tax forms 2014 The closing inventory at the end of 2012 properly included $400 of costs due to the acquisition of the property, and in 2012, you properly deducted $50 of administrative and other expenses attributable to the property as business expenses. Tax forms 2014 The charitable contribution allowed for 2013 is $400 ($600 − $200). Tax forms 2014 The $200 is the amount that would be ordinary income if you had sold the contributed inventory at fair market value on the date of the gift. Tax forms 2014 The cost of goods sold you use in determining gross income for 2013 must not include the $400. Tax forms 2014 You remove that amount from opening inventory for 2013. Tax forms 2014 Example 2. Tax forms 2014 If, in Example 1, you acquired the contributed property in 2013 at a cost of $400, you would include the $400 cost of the property in figuring the cost of goods sold for 2013 and deduct the $50 of administrative and other expenses attributable to the property for that year. Tax forms 2014 You would not be allowed any charitable contribution deduction for the contributed property. Tax forms 2014 Line 36 Purchases Less Cost of Items Withdrawn for Personal Use If you are a merchant, use the cost of all merchandise you bought for sale. Tax forms 2014 If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. Tax forms 2014 Trade discounts. Tax forms 2014   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. Tax forms 2014 You must use the prices you pay (not the stated prices) in figuring your cost of purchases. Tax forms 2014 Do not show the discount amount separately as an item in gross income. Tax forms 2014   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. Tax forms 2014 Cash discounts. Tax forms 2014   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. Tax forms 2014 There are two methods of accounting for cash discounts. Tax forms 2014 You can either credit them to a separate discount account or deduct them from total purchases for the year. Tax forms 2014 Whichever method you use, you must be consistent. Tax forms 2014 If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. Tax forms 2014 For more information, see Change in Accounting Method in chapter 2. Tax forms 2014   If you credit cash discounts to a separate account, you must include this credit balance in your business income at the end of the tax year. Tax forms 2014 If you use this method, do not reduce your cost of goods sold by the cash discounts. Tax forms 2014 Purchase returns and allowances. Tax forms 2014   You must deduct all returns and allowances from your total purchases during the year. Tax forms 2014 Merchandise withdrawn from sale. Tax forms 2014   If you withdraw merchandise for your personal or family use, you must exclude this cost from the total amount of merchandise you bought for sale. Tax forms 2014 Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. Tax forms 2014 You must also charge the amount to your drawing account. Tax forms 2014   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. Tax forms 2014 As stated above, you also use it to record withdrawals of merchandise for personal or family use. Tax forms 2014 This account is also known as a “withdrawals account” or “personal account. Tax forms 2014 ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. Tax forms 2014 Small merchandisers (wholesalers, retailers, etc. Tax forms 2014 ) usually do not have labor costs that can properly be charged to cost of goods sold. Tax forms 2014 In a manufacturing business, labor costs properly allocable to the cost of goods sold include both the direct and indirect labor used in fabricating the raw material into a finished, saleable product. Tax forms 2014 Direct labor. Tax forms 2014   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. Tax forms 2014 They also include a part of the wages you pay to employees who work directly on the product part time if you can determine that part of their wages. Tax forms 2014 Indirect labor. Tax forms 2014   Indirect labor costs are the wages you pay to employees who perform a general factory function that does not have any immediate or direct connection with making the saleable product, but that is a necessary part of the manufacturing process. Tax forms 2014 Other labor. Tax forms 2014   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. Tax forms 2014 Generally, the only kinds of labor costs properly chargeable to your cost of goods sold are the direct or indirect labor costs and certain other costs treated as overhead expenses properly charged to the manufacturing process, as discussed later under Line 39 Other Costs. Tax forms 2014 Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. Tax forms 2014 Those that are not used in the manufacturing process are treated as deferred charges. Tax forms 2014 You deduct them as a business expense when you use them. Tax forms 2014 Business expenses are discussed in chapter 8. Tax forms 2014 Line 39 Other Costs Examples of other costs incurred in a manufacturing or mining process that you charge to your cost of goods sold are as follows. Tax forms 2014 Containers. Tax forms 2014   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. Tax forms 2014 If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. Tax forms 2014 Freight-in. Tax forms 2014   Freight-in, express-in, and cartage-in on raw materials, supplies you use in production, and merchandise you purchase for sale are all part of cost of goods sold. Tax forms 2014 Overhead expenses. Tax forms 2014   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. Tax forms 2014 The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. Tax forms 2014 Line 40 Add Lines 35 through 39 The total of lines 35 through 39 equals the cost of the goods available for sale during the year. Tax forms 2014 Line 41 Inventory at End of Year Subtract the value of your closing inventory (including, as appropriate, the allocable parts of the cost of raw materials and supplies, direct labor, and overhead expenses) from line 40. Tax forms 2014 Inventory at the end of the year is also known as closing or ending inventory. Tax forms 2014 Your ending inventory will usually become the beginning inventory of your next tax year. Tax forms 2014 Line 42 Cost of Goods Sold When you subtract your closing inventory (inventory at the end of the year) from the cost of goods available for sale, the remainder is your cost of goods sold during the tax year. Tax forms 2014 Prev  Up  Next   Home   More Online Publications
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Individual Shared Responsibility Provision - Minimum Essential Coverage

 

The individual shared responsibility provision requires you and each member of your family to have basic health insurance coverage (also known as minimum essential coverage), qualify for an exemption from the responsibility to have minimum essential coverage, or make an individual shared responsibility payment when you file your federal income tax return. The chart shows some types of coverage that qualify as minimum essential coverage and some that do not.

The chart shows some types of coverage that qualify as minimum essential coverage and some that do not.

Coverage Type Qualifies As Minimum Essential Coverage Doesn't Qualify As Minimum Essential Coverage

Employer-sponsored coverage:

  • Employee coverage (including self-insured plans)
  • COBRA coverage
  • Retiree coverage
     

 

 

 

 

Individual health coverage:

  • Health insurance you purchase from an insurance company directly
  • Health insurance you purchase through the Health Insurance Marketplace
  • Health insurance provided through a student health plan
  • Health coverage provided through a student health plan that is self-funded by a university (only for a plan year beginning on or before December 31, 2014, unless recognized as minimum essential coverage by HHS)

 

 

 

 

 

Coverage under government-sponsored programs:

  • Medicare Part A coverage
  • Medicare Advantage plans
  • Most Medicaid coverage
  • Children’s Health Insurance Program (CHIP)
  • Most types of TRICARE coverage under chapter 55, title 10 of the United States Code
  • Comprehensive health care programs offered by the Department of Veterans Affairs
  • State high-risk health insurance pools (only for a plan year beginning on or before December 31, 2014, unless recognized as minimum essential coverage by HHS)
  • Health coverage provided to Peace Corps volunteers
  • Department of Defense Nonappropriated Fund Health Benefits Program
  • Refugee Medical Assistance

 

 

 

 

 

 

Certain coverage that may provide limited benefits:

  • Coverage consisting solely of excepted benefits, such as:
    • Stand-alone dental and vision insurance
    • Accident or disability income insurance
    • Workers' compensation insurance
  • Medicaid providing only family planning services*
  • Medicaid providing only tuberculosis-related services*
  • Medicaid providing only coverage limited to treatment of emergency medical conditions*
  • Pregnancy-related Medicaid coverage*
  • Medicaid coverage for the medically needy*
  • Section 1115 Medicaid demonstration projects*
  • Space available TRICARE coverage provided under chapter 55 of title 10 of the United States Code for individuals who are not eligible for TRICARE coverage for health services from private sector providers*
  • Line of duty TRICARE coverage provided under chapter 55 of title 10 of the United States Code*
  • AmeriCorps coverage for those serving in programs receiving AmeriCorps State and National grants
  • AfterCorps coverage purchased by returning members of the PeaceCorps

*In Notice 2014-10, the IRS announced relief from the individual shared responsibility payment for months in 2014 in which individuals are covered under one of these programs. Information will be made available later about how to claim an exemption for one of these programs on your income tax return.

 

 

 

 

 

 

Page Last Reviewed or Updated: 24-Mar-2014

The Tax Forms 2014

Tax forms 2014 4. Tax forms 2014   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Tax forms 2014 Adjusted gross income. Tax forms 2014 Distributions received by spouse. Tax forms 2014 Testing period. Tax forms 2014 What's New Modified AGI limit for retirement savings contributions credit increased. Tax forms 2014  For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Tax forms 2014 Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). Tax forms 2014 You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Tax forms 2014 This credit could reduce the federal income tax you pay dollar for dollar. Tax forms 2014    Can you claim the credit?   If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. Tax forms 2014 You were born before January 2, 1996. Tax forms 2014 You are not a full-time student (explained next). Tax forms 2014 No one else, such as your parent(s), claims an exemption for you on their tax return. Tax forms 2014 Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Tax forms 2014 Full-time student. Tax forms 2014   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Tax forms 2014 You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Tax forms 2014 Adjusted gross income. Tax forms 2014   This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. Tax forms 2014 However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Tax forms 2014 Eligible contributions. Tax forms 2014   These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (elective deferrals, including amounts designated as after-tax Roth contributions) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Tax forms 2014 They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Tax forms 2014 For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Tax forms 2014 Reducing eligible contributions. Tax forms 2014   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included above under Eligible contributions. Tax forms 2014 Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Tax forms 2014   Do not reduce your eligible contributions by any of the following. Tax forms 2014 The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Tax forms 2014 Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Tax forms 2014 Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Tax forms 2014 Loans from a qualified employer plan treated as a distribution. Tax forms 2014 Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Tax forms 2014 Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Tax forms 2014 Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Tax forms 2014 Distributions from a military retirement plan. Tax forms 2014 Distributions from an inherited IRA by a nonspousal beneficiary. Tax forms 2014 Distributions received by spouse. Tax forms 2014   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Tax forms 2014 Testing period. Tax forms 2014   The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. Tax forms 2014 Example. Tax forms 2014 You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Tax forms 2014 You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Tax forms 2014 Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Tax forms 2014 You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Tax forms 2014 You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. Tax forms 2014 Maximum eligible contributions. Tax forms 2014   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Tax forms 2014 Effect on other credits. Tax forms 2014   The amount of this credit will not change the amount of your refundable tax credits. Tax forms 2014 A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Tax forms 2014 Maximum credit. Tax forms 2014   This is a nonrefundable credit. Tax forms 2014 The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits) in any year. Tax forms 2014 If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. Tax forms 2014 How to figure and report the credit. Tax forms 2014   The amount of the credit you can get is based on the contributions you make and your credit rate. Tax forms 2014 Your credit rate can be as low as 10% or as high as 50%. Tax forms 2014 Your credit rate depends on your income and your filing status. Tax forms 2014 See Form 8880 to determine your credit rate. Tax forms 2014   The maximum contribution taken into account is $2,000 per person. Tax forms 2014 On a joint return, up to $2,000 is taken into account for each spouse. Tax forms 2014   Figure the credit on Form 8880. Tax forms 2014 Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. Tax forms 2014 Prev  Up  Next   Home   More Online Publications