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Vita tax assistance Index A Active participation, Active participation. Vita tax assistance Activity Appropriate economic unit, Appropriate Economic Units Nonpassive, Activities That Are Not Passive Activities Trade or business, Passive Activities Amounts borrowed, Amounts borrowed. Vita tax assistance Amounts not at risk, Amounts Not At Risk, Other loss limiting arrangements. Vita tax assistance Appropriate economic unit, Appropriate Economic Units Assistance (see Tax help) At-risk activities Aggregation of, Aggregation of Activities Separation of, Separation of Activities At-risk amounts, At-Risk Amounts Government price support programs, Effect of government price support programs. Vita tax assistance Increasing amounts, Effect of increasing amounts at risk in subsequent years. Vita tax assistance Nonrecourse financing, Nonrecourse financing. Vita tax assistance At-risk limits, At-Risk Limits Closely held corporation, Closely held C corporation. Vita tax assistance Loss defined, Loss defined. Vita tax assistance Partners, Loss limits for partners and S corporation shareholders. Vita tax assistance S corporation shareholders, Loss limits for partners and S corporation shareholders. Vita tax assistance Who is affected, Who Is Affected? At-risk rules Activities covered by, Activities Covered by the At-Risk Rules Exceptions to, Exception for holding real property placed in service before 1987. Vita tax assistance Excluded business, Qualifying business. Vita tax assistance Qualified corporation, Qualified corporation. Vita tax assistance Qualifying business, Qualifying business. Vita tax assistance Recapture rule, Recapture Rule B Borrowed amounts, Amounts borrowed. Vita tax assistance C Closely held corporation, Closely held C corporation. Vita tax assistance Commercial revitalization deduction, Commercial revitalization deduction (CRD). Vita tax assistance Corporations Closely held, Corporations. Vita tax assistance , Corporations. Vita tax assistance Controlled group of, Controlled group of corporations. Vita tax assistance Personal service, Corporations. Vita tax assistance , Corporations. Vita tax assistance Qualified, Qualified corporation. Vita tax assistance CRD, Commercial revitalization deduction (CRD). Vita tax assistance D Deductions, passive activity, Passive Activity Deductions Disabled farmer, Retired or disabled farmer and surviving spouse of a farmer. Vita tax assistance Disclosure requirement, Appropriate Economic Units Dispositions Death, Dispositions by death. Vita tax assistance Gift, Dispositions by gift. Vita tax assistance Installment sale, Installment sale of an entire interest. Vita tax assistance Partial, Partial dispositions. Vita tax assistance E Excluded business, definition of, Qualifying business. Vita tax assistance F Farm loss, Excess Farm Loss Farmer, Retired or disabled farmer and surviving spouse of a farmer. Vita tax assistance Form 6198, Form 6198. Vita tax assistance 8582, Step Three—Completing Form 8582 8810, Who Must Use These Rules? Former passive activity, Treatment of former passive activities. Vita tax assistance Free tax services, Free help with your tax return. Vita tax assistance G Grouping passive activities, Grouping Your Activities H Help (see Tax help) I Income, passive activity, Passive Activity Income L Limited entrepreneur, Limited entrepreneur. Vita tax assistance Limited partners, Limited partners. Vita tax assistance M Material participation, Material Participation, Corporations. Vita tax assistance Modified adjusted gross income, Phaseout rule. Vita tax assistance N Nonrecourse loan, Nonrecourse financing. Vita tax assistance P Participation, Participation. Vita tax assistance Active, Active participation. Vita tax assistance Material, Material Participation Passive activity, Passive Activity Limits Comprehensive example, How To Report Your Passive Activity Loss Disposition, Dispositions Former, Treatment of former passive activities. Vita tax assistance Grouping, Grouping Your Activities Limits, Passive Activity Limits Material participation, Material Participation Rental, Rental Activities Rules, Passive Activities, Grouping Your Activities Who must use these rules, Who Must Use These Rules? Passive activity deductions, Passive Activity Deductions Passive activity income, Passive Activity Income Passive income, recharacterization of, Recharacterization of Passive Income Publications (see Tax help) Publicly traded partnership, Publicly Traded Partnership, Publicly traded partnership (PTP). Vita tax assistance Q Qualified person, nonrecourse financing, Qualified person. Vita tax assistance Qualifying business, at-risk rules, Qualifying business. Vita tax assistance R Real estate professional, Real Estate Professional Recapture rule under at-risk limits, Recapture Rule Recharacterization of passive income, Recharacterization of Passive Income Reductions of amounts at risk, Reductions of Amounts At Risk Related persons, Related persons. Vita tax assistance Rental activity $25,000 offset, Special $25,000 allowance. Vita tax assistance Active participation, Active participation. Vita tax assistance Exceptions, Exceptions. Vita tax assistance Phaseout rule, Phaseout rule. Vita tax assistance Real estate professional, Real Estate Professional Retired farmer, Retired or disabled farmer and surviving spouse of a farmer. Vita tax assistance S Section 1245 property, Section 1245 property. Vita tax assistance Self-charged interest, Self-charged interest. Vita tax assistance Separate activity, Separation of Activities Significant participation passive activities, Significant Participation Passive Activities Special $25,000 allowance, Special $25,000 allowance. Vita tax assistance Surviving spouse of farmer, Retired or disabled farmer and surviving spouse of a farmer. Vita tax assistance T Tax help, How To Get Tax Help Trade or business activities Definition of, Trade or Business Activities Real property, Real property trades or businesses. Vita tax assistance W Worksheet 1, Worksheet 1. Vita tax assistance Worksheet 3, Worksheet 3. Vita tax assistance Worksheet 4, Step Four—Completing Worksheet 4 Worksheet 5, Step Five—Completing Worksheet 5 Worksheet 6, Step Six—Using Worksheets 6 and 7 Worksheet 7, Step Six—Using Worksheets 6 and 7 Worksheet A, Worksheet A. Vita tax assistance , Worksheet A. Vita tax assistance Significant Participation Passive Activities Worksheet B, Worksheet B. Vita tax assistance , Worksheet B. Vita tax assistance Significant Participation Activities With Net Income Prev  Up     Home   More Online Publications
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Vita tax assistance 15. Vita tax assistance   Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. Vita tax assistance . Vita tax assistance  For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Vita tax assistance NIIT is a 3. Vita tax assistance 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Vita tax assistance NIIT may need to be included when calculating your estimated tax. Vita tax assistance For more information, see Publication 505,Tax Withholding and Estimated Tax. Vita tax assistance Additional Medicare Tax. Vita tax assistance  For tax years beginning in 2013, a 0. Vita tax assistance 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. Vita tax assistance You may need to include this amount when figuring your estimated tax. Vita tax assistance For more information, see Publication 505. Vita tax assistance Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Vita tax assistance See Publication 505 for the general rules and requirements for paying estimated tax. Vita tax assistance If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Vita tax assistance Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Vita tax assistance S. Vita tax assistance Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. Vita tax assistance Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Vita tax assistance If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Vita tax assistance Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. Vita tax assistance See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. Vita tax assistance See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Vita tax assistance Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. Vita tax assistance On a joint return, you must add your spouse's gross income to your gross income. Vita tax assistance To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. Vita tax assistance Wages, salaries, tips, etc. Vita tax assistance Taxable interest. Vita tax assistance Ordinary dividends. Vita tax assistance Taxable refunds, credits, or offsets of state and local income taxes. Vita tax assistance Alimony. Vita tax assistance Gross business income from Schedule C (Form 1040). Vita tax assistance Gross business receipts from Schedule C-EZ (Form 1040). Vita tax assistance Capital gains from Schedule D (Form 1040). Vita tax assistance Losses are not netted against gains. Vita tax assistance Gains on sales of business property. Vita tax assistance Taxable IRA distributions, pensions, annuities, and social security benefits. Vita tax assistance Gross rental income from Schedule E (Form 1040). Vita tax assistance Gross royalty income from Schedule E (Form 1040). Vita tax assistance Taxable net income from an estate or trust reported on Schedule E (Form 1040). Vita tax assistance Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Vita tax assistance Gross farm rental income from Form 4835. Vita tax assistance Gross farm income from Schedule F (Form 1040). Vita tax assistance Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Vita tax assistance Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Vita tax assistance Unemployment compensation. Vita tax assistance Other income not included with any of the items listed above. Vita tax assistance Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Vita tax assistance It includes the following amounts. Vita tax assistance Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Vita tax assistance Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Vita tax assistance Crop shares for the use of your land. Vita tax assistance Gains from sales of draft, breeding, dairy, or sporting livestock. Vita tax assistance Gross income from farming is the total of the following amounts from your tax return. Vita tax assistance Gross farm income from Schedule F (Form 1040). Vita tax assistance Gross farm rental income from Form 4835. Vita tax assistance Gross farm income from Schedule E (Form 1040), Parts II and III. Vita tax assistance Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Vita tax assistance For more information about income from farming, see chapter 3. Vita tax assistance Farm income does not include any of the following: Wages you receive as a farm employee. Vita tax assistance Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Vita tax assistance Gains you receive from the sale of farm land and depreciable farm equipment. Vita tax assistance Percentage From Farming Figure your gross income from all sources, discussed earlier. Vita tax assistance Then figure your gross income from farming, discussed earlier. Vita tax assistance Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Vita tax assistance Example 1. Vita tax assistance Jane Smith had the following total gross income and farm gross income amounts in 2013. Vita tax assistance Gross Income   Total Farm Taxable interest $3,000   Dividends 500   Rental income (Sch E) 41,500   Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). Vita tax assistance However, that loss is not netted against the gain to figure Ms. Vita tax assistance Smith's total gross income or her gross farm income. Vita tax assistance Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Vita tax assistance 64). Vita tax assistance Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Vita tax assistance You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. Vita tax assistance You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. Vita tax assistance 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Vita tax assistance If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. Vita tax assistance See Required Annual Payment , next, for details. Vita tax assistance Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Vita tax assistance Example 2. Vita tax assistance Assume the same fact as in Example 1. Vita tax assistance Ms. Vita tax assistance Smith's gross farm income is only 64% of her total income. Vita tax assistance Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Vita tax assistance However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Vita tax assistance Example 3. Vita tax assistance Assume the same facts as in Example 1 except that Ms. Vita tax assistance Smith's farm income from Schedule F was $90,000 instead of $75,000. Vita tax assistance This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). Vita tax assistance She qualifies to use the special estimated tax rules for qualified farmers, since 67. Vita tax assistance 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Vita tax assistance 679). Vita tax assistance Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. Vita tax assistance Apply the following special rules for qualified farmers to the worksheet. Vita tax assistance On line 14a, multiply line 13c by 662/3% (. Vita tax assistance 6667). Vita tax assistance On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Vita tax assistance For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. Vita tax assistance For more information, see chapter 4 of Publication 505. Vita tax assistance Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. Vita tax assistance Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Vita tax assistance See the instructions for Form 2210-F. Vita tax assistance Figure 15-1. Vita tax assistance Estimated Tax for Farmers Please click here for the text description of the image. Vita tax assistance Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Vita tax assistance You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. Vita tax assistance If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. Vita tax assistance Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. Vita tax assistance Prev  Up  Next   Home   More Online Publications