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Where Can I File My State Tax Return For Free

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Where Can I File My State Tax Return For Free

Where can i file my state tax return for free 7. Where can i file my state tax return for free   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Where can i file my state tax return for 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. Where can i file my state tax return for free You must determine gross profit before you can deduct any business expenses. Where can i file my state tax return for free These expenses are discussed in chapter 8. Where can i file my state tax return for 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. Where can i file my state tax return for free Businesses that sell products. Where can i file my state tax return for free   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Where can i file my state tax return for free Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). Where can i file my state tax return for free Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. Where can i file my state tax return for free   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). Where can i file my state tax return for free The result is the gross profit from your business. Where can i file my state tax return for free Businesses that sell services. Where can i file my state tax return for 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. Where can i file my state tax return for free Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). Where can i file my state tax return for free Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. Where can i file my state tax return for free Illustration. Where can i file my state tax return for free   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Where can i file my state tax return for 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. Where can i file my state tax return for free Gross receipts. Where can i file my state tax return for free   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Where can i file my state tax return for free You may find it helpful to use cash registers to keep track of receipts. Where can i file my state tax return for free You should also use a proper invoicing system and keep a separate bank account for your business. Where can i file my state tax return for free Sales tax collected. Where can i file my state tax return for free   Check to make sure your records show the correct sales tax collected. Where can i file my state tax return for 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. Where can i file my state tax return for 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. Where can i file my state tax return for free Inventory at beginning of year. Where can i file my state tax return for free   Compare this figure with last year's ending inventory. Where can i file my state tax return for free The two amounts should usually be the same. Where can i file my state tax return for free Purchases. Where can i file my state tax return for 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. Where can i file my state tax return for free ) be sure to remove them from the cost of goods sold. Where can i file my state tax return for free For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. Where can i file my state tax return for free Inventory at end of year. Where can i file my state tax return for free   Check to make sure your procedures for taking inventory are adequate. Where can i file my state tax return for free These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. Where can i file my state tax return for free   Use inventory forms and adding machine tapes as the only evidence for your inventory. Where can i file my state tax return for free Inventory forms are available at office supply stores. Where can i file my state tax return for free These forms have columns for recording the description, quantity, unit price, and value of each inventory item. Where can i file my state tax return for 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. Where can i file my state tax return for free These forms will help satisfy you that the total inventory is accurate. Where can i file my state tax return for free They will also provide you with a permanent record to support its validity. Where can i file my state tax return for free   Inventories are discussed in chapter 2. Where can i file my state tax return for free Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. Where can i file my state tax return for free First, divide gross profit by net receipts. Where can i file my state tax return for free The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. Where can i file my state tax return for free Next, compare this percentage to your markup policy. Where can i file my state tax return for free Little or no difference between these two percentages shows that your gross profit figure is accurate. Where can i file my state tax return for free A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Where can i file my state tax return for free You should determine the reason for the difference. Where can i file my state tax return for free Example. Where can i file my state tax return for free   Joe Able operates a retail business. Where can i file my state tax return for free On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Where can i file my state tax return for free The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Where can i file my state tax return for free His cost of goods sold is $200,000. Where can i file my state tax return for free This results in a gross profit of $100,000 ($300,000 − $200,000). Where can i file my state tax return for free To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Where can i file my state tax return for free The resulting 331/3% confirms his markup percentage of 331/3%. Where can i file my state tax return for 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. Where can i file my state tax return for free The result is gross business income. Where can i file my state tax return for free If you use Schedule C-EZ, include the income on line 1 of the schedule. Where can i file my state tax return for 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. Where can i file my state tax return for free Prev  Up  Next   Home   More Online Publications

Tax Topic Index

Topic 123

These Tax Topics contain general individual and business tax information. If you don't find the answer to your question below, also check Frequently Asked Questions, Interactive Tax Assistant (ITA) and Tax Trails.

IRS Help Available Topic 100
IRS Services – Volunteer Tax Assistance, Outreach Programs and Identity Theft Topic 101
Tax Assistance for Individuals with Disabilities and the Deaf and Hard of Hearing Topic 102
Tax Help for Small Businesses and the Self-Employed Topic 103
Taxpayer Advocate Service – Your Voice at the IRS Topic 104
Armed Forces Tax Information Topic 105
Tax Relief in Disaster Situations Topic 107
IRS Procedures Topic 150
Your Appeal Rights Topic 151
Refund Information Topic 152
What To Do if You Haven't Filed Your Tax Return Topic 153
Form W-2 and Form 1099-R (What to Do if Incorrect or Not Received) Topic 154
Forms and Publications – How to Order Topic 155
Copy of Your Tax Return – How to Get One Topic 156
Change of Address – How to Notify the IRS Topic 157
Ensuring Proper Credit of Payments Topic 158
Prior Year(s) Form W-2 (How to Get a Copy) Topic 159
Form 1099-A (Acquisition or Abandonment of Secured Property) and Form 1099-C (Cancellation of Debt) Topic 160
Collection Topic 200
The Collection Process Topic 201
Tax Payment Options Topic 202
Refund Offsets for Unpaid Child Support, Certain Federal and State Debts, and Unemployment Compensation Debts Topic 203
Offers In Compromise Topic 204
Innocent Spouse Relief (Including Separation of Liability and Equitable Relief) Topic 205
Dishonored Payments Topic 206
Alternative Filing Methods Topic 250
Substitute Tax Forms Topic 253
How to Choose a Tax Return Preparer Topic 254
Self-Select PIN Signature Method for Online Registration Topic 255
General Information Topic 300
When, Where, and How to File Topic 301
Checklist of Common Errors When Preparing Your Tax Return Topic 303
Extensions of Time to File Your Tax Return Topic 304
Recordkeeping Topic 305
Penalty for Underpayment of Estimated Tax Topic 306
Backup Withholding Topic 307
Amended Returns Topic 308
Roth IRA Contributions Topic 309
Coverdell Education Savings Accounts Topic 310
Power of Attorney Information Topic 311
Disclosure Authorizations Topic 312
Qualified Tuition Programs (QTPs) Topic 313
Which Forms to File Topic 350
Which Form – 1040, 1040A, or 1040EZ? Topic 352
Decedents Topic 356
Types of Income Topic 400
Wages and Salaries Topic 401
Interest Received Topic 403
Dividends Topic 404
Business Income Topic 407
Capital Gains and Losses Topic 409
Pensions and Annuities Topic 410
Pensions – The General Rule and the Simplified Method Topic 411
Lump-Sum Distributions Topic 412
Rollovers from Retirement Plans Topic 413
Rental Income and Expenses Topic 414
Renting Residential and Vacation Property Topic 415
Farming and Fishing Income Topic 416
Earnings for Clergy Topic 417
Unemployment Compensation Topic 418
Gambling Income and Losses Topic 419
Bartering Income Topic 420
Scholarship and Fellowship Grants Topic 421
Social Security and Equivalent Railroad Retirement Benefits Topic 423
401(k) Plans Topic 424
Passive Activities – Losses and Credits Topic 425
Stock Options Topic 427
Traders in Securities (Information for Form 1040 Filers) Topic 429
Receipt of Stock in a Demutualization Topic 430
Canceled Debt – Is It Taxable or Not? Topic 431
Adjustments to Income Topic 450
Individual Retirement Arrangements (IRAs) Topic 451
Alimony Paid Topic 452
Bad Debt Deduction Topic 453
Moving Expenses Topic 455
Student Loan Interest Deduction Topic 456
Tuition and Fees Deduction Topic 457
Educator Expense Deduction Topic 458
Itemized Deductions Topic 500
Should I Itemize? Topic 501
Medical and Dental Expenses Topic 502
Deductible Taxes Topic 503
Home Mortgage Points Topic 504
Interest Expense Topic 505
Charitable Contributions Topic 506
Miscellaneous Expenses Topic 508
Business Use of Home Topic 509
Business Use of Car Topic 510
Business Travel Expenses Topic 511
Business Entertainment Expenses Topic 512
Educational Expenses Topic 513
Employee Business Expenses Topic 514
Casualty, Disaster, and Theft Losses (Including Federally Declared Disaster Areas) Topic 515
Tax Computation Topic 550
Standard Deduction Topic 551
Tax and Credits Figured by the IRS Topic 552
Tax on a Child's Investment Income Topic 553
Self-Employment Tax Topic 554
Alternative Minimum Tax Topic 556
Additional Tax on Early Distributions from Traditional and ROTH IRAs Topic 557
Additional Tax on Early Distributions from Retirement Plans, Other Than IRAs Topic 558
Net Investment Income Tax Topic 559
Additional Medicare Tax Topic 560
Tax Credits Topic 600
Earned Income Credit Topic 601
Child and Dependent Care Credit Topic 602
Adoption Credit and Adoption Assistance Programs Topic 607
Excess Social Security and RRTA Tax Withheld Topic 608
Retirement Savings Contributions Credit Topic 610
Repayment of the First-time Homebuyer Credit Topic 611
IRS Notices Topic 650
Notices – What to Do Topic 651
Notice of Underreported Income – CP-2000 Topic 652
IRS Notices and Bills, Penalties and Interest Charges Topic 653
Basis of Assets, Depreciation, and Sale of Assets Topic 700
Sale of Your Home Topic 701
Basis of Assets Topic 703
Depreciation Topic 704
Installment Sales Topic 705
Employer Tax Information Topic 750
Social Security and Medicare Withholding Rates Topic 751
Form W-2 – Where, When, and How to File Topic 752
Form W-4 – Employee's Withholding Allowance Certificate Topic 753
Employer Identification Number (EIN) – How to Apply Topic 755
Employment Taxes for Household Employees Topic 756
Forms 941 and 944 – Deposit Requirements Topic 757
Form 941 – Employer's Quarterly Federal Tax Return and Form 944 – Employer's Annual Federal Tax Return Topic 758
Form 940 – Employer's Annual Federal Unemployment (FUTA) Tax Return – Filing and Deposit Requirements Topic 759
Reporting and Deposit Requirements for Agricultural Employers Topic 760
Tips – Withholding and Reporting Topic 761
Independent Contractor vs. Employee Topic 762
The Affordable Care Act Topic 763
Electronic Media Filers – 1099 Series and Related Information Returns Topic 800
Who Must File Information Returns Electronically Topic 801
Applications, Forms, and Information Topic 802
Waivers and Extensions Topic 803
Test Files and Combined Federal and State Filing Topic 804
Electronic Filing of Information Returns Topic 805
Tax Information for Aliens and U.S. Citizens Living Abroad Topic 850
Resident and Nonresident Aliens Topic 851
Foreign Tax Credit Topic 856
Individual Taxpayer Identification Number (ITIN) – Form W-7 Topic 857
Alien Tax Clearance Topic 858
Tax Information for Residents of Puerto Rico Topic 900
Is a Person With Income from Puerto Rican Sources Required to File a U.S. Federal Income Tax Return? Topic 901
Credits and Deductions for Taxpayers With Puerto Rican Source Income That is Exempt From U.S. Tax Topic 902
Federal Employment Tax in Puerto Rico Topic 903
Tax Assistance for Residents of Puerto Rico Topic 904

Page Last Reviewed or Updated: March 20, 2014

The Where Can I File My State Tax Return For Free

Where can i file my state tax return for free It's easy, accurate and fast. So why would you file your taxes any other way? Where can i file my state tax return for free Old fashioned paper tax forms have been around for decades, but it might be time for them to go the way of the dodo. Who wants to wait for weeks to get their check in the mail when you can just efile your tax return electronically with the IRS and start enjoying your refund in as little as 7 days. Where can i file my state tax return for free If you consider the money the IRS holds on to while you wait for your refund as an interest free loan, then you’ll realize that you are losing money. No one other than the IRS can get an interest free loan and that doesn’t seem fair, does it? Enter the internet age. Commercial companies have been moving online for years now - when was the last time you've mailed a check or received a paper statement from your bank? Now, even the government sites are starting to get with the program and are offering quick and easy efile to everyone. Here are a few reasons why I switched to efile; maybe it’s time you do to!