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Georgia 500ez Form 2013

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Georgia 500ez Form 2013

Georgia 500ez form 2013 7. Georgia 500ez form 2013   Excess Contributions Table of Contents How Do I Know If I Have Excess Contributions? What Happens If I Have Excess Contributions?Excess Annual Addition Excess Elective Deferral If your actual contributions are greater than your MAC, you have an excess contribution. Georgia 500ez form 2013 Excess contributions can result in income tax, additional taxes, and penalties. Georgia 500ez form 2013 The effect of excess contributions depends on the type of excess contribution. Georgia 500ez form 2013 This chapter discusses excess contributions to your 403(b) account. Georgia 500ez form 2013 How Do I Know If I Have Excess Contributions? At the end of the year or the beginning of the next year, you should refigure your MAC based on your actual compensation and actual contributions made to your account. Georgia 500ez form 2013 If the actual contributions to your account are greater than your MAC, you have excess contributions. Georgia 500ez form 2013 If, at any time during the year, your employment status or your compensation changes, you should refigure your MAC using a revised estimate of compensation to prevent excess contributions. Georgia 500ez form 2013 What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. Georgia 500ez form 2013 The effect of an excess 403(b) contribution will depend on the type of excess contribution. Georgia 500ez form 2013 Types of excess contributions. Georgia 500ez form 2013   If, after checking your actual contributions, you determine that you have an excess, the first thing is to identify the type of excess that you have. Georgia 500ez form 2013 Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. Georgia 500ez form 2013 Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. Georgia 500ez form 2013 To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). Georgia 500ez form 2013 In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. Georgia 500ez form 2013 Excise Tax If your 403(b) account invests in mutual funds, and you exceed your limit on annual additions, you may be subject to a 6% excise tax on the excess contribution. Georgia 500ez form 2013 The excise tax does not apply to funds in an annuity account or to excess deferrals. Georgia 500ez form 2013 You must pay the excise tax each year in which there are excess contributions in your account. Georgia 500ez form 2013 Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. Georgia 500ez form 2013 See chapter 8 for a discussion on permissible distributions. Georgia 500ez form 2013 You cannot deduct the excise tax. Georgia 500ez form 2013 Reporting requirement. Georgia 500ez form 2013   You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. Georgia 500ez form 2013 Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. Georgia 500ez form 2013 To determine your limit on elective deferrals, see chapter 4. Georgia 500ez form 2013 Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. Georgia 500ez form 2013 If so, it may require that in order to get a distribution of excess deferrals, you either notify the plan of the amount of excess deferrals or designate a distribution as an excess deferral. Georgia 500ez form 2013 The plan may require that the notification or designation be in writing and may require that you certify or otherwise establish that the designated amount is an excess deferral. Georgia 500ez form 2013 A plan is not required to permit distribution of excess deferrals. Georgia 500ez form 2013 Correction of excess deferrals during year. Georgia 500ez form 2013   If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. Georgia 500ez form 2013 The plan and either you or your employer designate the distribution as an excess deferral to the extent you have excess deferrals for the year. Georgia 500ez form 2013 The correcting distribution is made after the date on which the excess deferral was made. Georgia 500ez form 2013 Correction of excess deferrals after the year. Georgia 500ez form 2013   If you have excess deferrals for a year, you may receive a correcting distribution of the excess deferral no later than April 15 of the following year. Georgia 500ez form 2013 The plan can distribute the excess deferral (and any income allocable to the excess) no later than April 15 of the year following the year the excess deferral was made. Georgia 500ez form 2013 Tax treatment of excess deferrals not attributable to Roth contributions. Georgia 500ez form 2013   If the excess deferral is distributed by April 15, it is included in your income in the year contributed and the earnings on the excess deferral will be taxed in the year distributed. Georgia 500ez form 2013 Tax treatment of excess deferrals attributable to Roth contributions. Georgia 500ez form 2013   For these rules, see Regulations section 1. Georgia 500ez form 2013 402(g)-1(e). Georgia 500ez form 2013 Prev  Up  Next   Home   More Online Publications
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Government National Mortgage Association

The Government National Mortgage Association (Ginnie Mae), works to move funds from securities markets into mortgage markets, thereby allowing lending institutions to make more and more affordable home loans. Ginnie Mae does this by backing certain mortgage backed securities with the full faith and credit of the United States (making these securities affordable and attractive).

Contact the Agency or Department

Website: Government National Mortgage Association

Address: 451 7th St SW
Room B-133

Washington, DC 20410

Phone Number: (202) 708-1535

Toll-free: (888) 446-6434(800) 234-4662 (GinnieNET Hotline)

The Georgia 500ez Form 2013

Georgia 500ez form 2013 8. Georgia 500ez form 2013   Business Expenses Table of Contents Introduction Useful Items - You may want to see: Bad DebtsAccrual method. Georgia 500ez form 2013 Cash method. Georgia 500ez form 2013 Car and Truck ExpensesOffice in the home. Georgia 500ez form 2013 Methods for Deducting Car and Truck Expenses Reimbursing Your Employees for Expenses Depreciation Employees' PayFringe benefits. Georgia 500ez form 2013 InsuranceHow to figure the deduction. Georgia 500ez form 2013 Interest Legal and Professional FeesTax preparation fees. Georgia 500ez form 2013 Pension Plans Rent Expense Taxes Travel, Meals, and EntertainmentTransportation. Georgia 500ez form 2013 Taxi, commuter bus, and limousine. Georgia 500ez form 2013 Baggage and shipping. Georgia 500ez form 2013 Car or truck. Georgia 500ez form 2013 Meals and lodging. Georgia 500ez form 2013 Cleaning. Georgia 500ez form 2013 Telephone. Georgia 500ez form 2013 Tips. Georgia 500ez form 2013 More information. Georgia 500ez form 2013 Business Use of Your HomeExceptions to exclusive use. Georgia 500ez form 2013 Other Expenses You Can Deduct Expenses You Cannot Deduct Introduction You can deduct the costs of operating your business. Georgia 500ez form 2013 These costs are known as business expenses. Georgia 500ez form 2013 These are costs you do not have to capitalize or include in the cost of goods sold but can deduct in the current year. Georgia 500ez form 2013 To be deductible, a business expense must be both ordinary and necessary. Georgia 500ez form 2013 An ordinary expense is one that is common and accepted in your field of business. Georgia 500ez form 2013 A necessary expense is one that is helpful and appropriate for your business. Georgia 500ez form 2013 An expense does not have to be indispensable to be considered necessary. Georgia 500ez form 2013 For more information about the general rules for deducting business expenses, see chapter 1 in Publication 535, Business Expenses. Georgia 500ez form 2013 If you have an expense that is partly for business and partly personal, separate the personal part from the business part. Georgia 500ez form 2013 The personal part is not deductible. Georgia 500ez form 2013 Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 535 Business Expenses 946 How To Depreciate Property See chapter 12 for information about getting publications and forms. Georgia 500ez form 2013 Bad Debts If someone owes you money you cannot collect, you have a bad debt. Georgia 500ez form 2013 There are two kinds of bad debts, business bad debts and nonbusiness bad debts. Georgia 500ez form 2013 A business bad debt is generally one that comes from operating your trade or business. Georgia 500ez form 2013 You may be able to deduct business bad debts as an expense on your business tax return. Georgia 500ez form 2013 Business bad debt. Georgia 500ez form 2013   A business bad debt is a loss from the worthlessness of a debt that was either of the following. Georgia 500ez form 2013 Created or acquired in your business. Georgia 500ez form 2013 Closely related to your business when it became partly or totally worthless. Georgia 500ez form 2013 A debt is closely related to your business if your primary motive for incurring the debt is a business reason. Georgia 500ez form 2013   Business bad debts are mainly the result of credit sales to customers. Georgia 500ez form 2013 They can also be the result of loans to suppliers, clients, employees, or distributors. Georgia 500ez form 2013 Goods and services customers have not paid for are shown in your books as either accounts receivable or notes receivable. Georgia 500ez form 2013 If you are unable to collect any part of these accounts or notes receivable, the uncollectible part is a business bad debt. Georgia 500ez form 2013    You can take a bad debt deduction for these accounts and notes receivable only if the amount you were owed was included in your gross income either for the year the deduction is claimed or for a prior year. Georgia 500ez form 2013 Accrual method. Georgia 500ez form 2013   If you use an accrual method of accounting, you normally report income as you earn it. Georgia 500ez form 2013 You can take a bad debt deduction for an uncollectible receivable if you have included the uncollectible amount in income. Georgia 500ez form 2013 Cash method. Georgia 500ez form 2013   If you use the cash method of accounting, you normally report income when you receive payment. Georgia 500ez form 2013 You cannot take a bad debt deduction for amounts owed to you that you have not received and cannot collect if you never included those amounts in income. Georgia 500ez form 2013 More information. Georgia 500ez form 2013   For more information about business bad debts, see chapter 10 in Publication 535. Georgia 500ez form 2013 Nonbusiness bad debts. Georgia 500ez form 2013   All other bad debts are nonbusiness bad debts and are deductible as short-term capital losses on Form 8949 and Schedule D (Form 1040). Georgia 500ez form 2013 For more information on nonbusiness bad debts, see Publication 550, Investment Income and Expenses. Georgia 500ez form 2013 Car and Truck Expenses If you use your car or truck in your business, you may be able to deduct the costs of operating and maintaining your vehicle. Georgia 500ez form 2013 You also may be able to deduct other costs of local transportation and traveling away from home overnight on business. Georgia 500ez form 2013 You may qualify for a tax credit for qualified plug-in electric vehicles, qualified plug-in electric drive motor vehicles, and alternative motor vehicles you place in service during the year. Georgia 500ez form 2013 See Form 8936 and Form 8910 for more information. Georgia 500ez form 2013 Local transportation expenses. Georgia 500ez form 2013   Local transportation expenses include the ordinary and necessary costs of all the following. Georgia 500ez form 2013 Getting from one workplace to another in the course of your business or profession when you are traveling within the city or general area that is your tax home. Georgia 500ez form 2013 Tax home is defined later. Georgia 500ez form 2013 Visiting clients or customers. Georgia 500ez form 2013 Going to a business meeting away from your regular workplace. Georgia 500ez form 2013 Getting from your home to a temporary workplace when you have one or more regular places of work. Georgia 500ez form 2013 These temporary workplaces can be either within the area of your tax home or outside that area. Georgia 500ez form 2013 Local business transportation does not include expenses you have while traveling away from home overnight. Georgia 500ez form 2013 Those expenses are deductible as travel expenses and are discussed later under Travel, Meals, and Entertainment. Georgia 500ez form 2013 However, if you use your car while traveling away from home overnight, use the rules in this section to figure your car expense deduction. Georgia 500ez form 2013   Generally, your tax home is your regular place of business, regardless of where you maintain your family home. Georgia 500ez form 2013 It includes the entire city or general area in which your business or work is located. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 You operate a printing business out of rented office space. Georgia 500ez form 2013 You use your van to deliver completed jobs to your customers. Georgia 500ez form 2013 You can deduct the cost of round-trip transportation between your customers and your print shop. Georgia 500ez form 2013    You cannot deduct the costs of driving your car or truck between your home and your main or regular workplace. Georgia 500ez form 2013 These costs are personal commuting expenses. Georgia 500ez form 2013 Office in the home. Georgia 500ez form 2013   Your workplace can be your home if you have an office in your home that qualifies as your principal place of business. Georgia 500ez form 2013 For more information, see Business Use of Your Home, later. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 You are a graphics designer. Georgia 500ez form 2013 You operate your business out of your home. Georgia 500ez form 2013 Your home qualifies as your principal place of business. Georgia 500ez form 2013 You occasionally have to drive to your clients to deliver your completed work. Georgia 500ez form 2013 You can deduct the cost of the round-trip transportation between your home and your clients. Georgia 500ez form 2013 Methods for Deducting Car and Truck Expenses For local transportation or overnight travel by car or truck, you generally can use one of the following methods to figure your expenses. Georgia 500ez form 2013 Standard mileage rate. Georgia 500ez form 2013 Actual expenses. Georgia 500ez form 2013 Standard mileage rate. Georgia 500ez form 2013   You may be able to use the standard mileage rate to figure the deductible costs of operating your car, van, pickup, or panel truck for business purposes. Georgia 500ez form 2013 For 2013, the standard mileage rate is 56. Georgia 500ez form 2013 5 cents per mile. Georgia 500ez form 2013    If you choose to use the standard mileage rate for a year, you cannot deduct your actual expenses for that year except for business-related parking fees and tolls. Georgia 500ez form 2013 Choosing the standard mileage rate. Georgia 500ez form 2013   If you want to use the standard mileage rate for a car or truck you own, you must choose to use it in the first year the car is available for use in your business. Georgia 500ez form 2013 In later years, you can choose to use either the standard mileage rate or actual expenses. Georgia 500ez form 2013   If you use the standard mileage rate for a car you lease, you must choose to use it for the entire lease period (including renewals). Georgia 500ez form 2013 Standard mileage rate not allowed. Georgia 500ez form 2013   You cannot use the standard mileage rate if you: Operate five or more cars at the same time, Claimed a depreciation deduction using any method other than straight line, for example, ACRS or MACRS, Claimed a section 179 deduction on the car, Claimed the special depreciation allowance on the car, Claimed actual car expenses for a car you leased, or Are a rural mail carrier who received a qualified reimbursement. Georgia 500ez form 2013 Parking fees and tolls. Georgia 500ez form 2013   In addition to using the standard mileage rate, you can deduct any business-related parking fees and tolls. Georgia 500ez form 2013 (Parking fees you pay to park your car at your place of work are nondeductible commuting expenses. Georgia 500ez form 2013 ) Actual expenses. Georgia 500ez form 2013   If you do not choose to use the standard mileage rate, you may be able to deduct your actual car or truck expenses. Georgia 500ez form 2013    If you qualify to use both methods, figure your deduction both ways to see which gives you a larger deduction. Georgia 500ez form 2013   Actual car expenses include the costs of the following items. Georgia 500ez form 2013 Depreciation Lease payments Registration Garage rent Licenses Repairs Gas Oil Tires Insurance Parking fees Tolls   If you use your vehicle for both business and personal purposes, you must divide your expenses between business and personal use. Georgia 500ez form 2013 You can divide your expenses based on the miles driven for each purpose. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 You are the sole proprietor of a flower shop. Georgia 500ez form 2013 You drove your van 20,000 miles during the year. Georgia 500ez form 2013 16,000 miles were for delivering flowers to customers and 4,000 miles were for personal use (including commuting miles). Georgia 500ez form 2013 You can claim only 80% (16,000 ÷ 20,000) of the cost of operating your van as a business expense. Georgia 500ez form 2013 More information. Georgia 500ez form 2013   For more information about the rules for claiming car and truck expenses, see Publication 463. Georgia 500ez form 2013 Reimbursing Your Employees for Expenses You generally can deduct the amount you reimburse your employees for car and truck expenses. Georgia 500ez form 2013 The reimbursement you deduct and the manner in which you deduct it depend in part on whether you reimburse the expenses under an accountable plan or a nonaccountable plan. Georgia 500ez form 2013 For details, see chapter 11 in Publication 535. Georgia 500ez form 2013 That chapter explains accountable and nonaccountable plans and tells you whether to report the reimbursement on your employee's Form W-2, Wage and Tax Statement. Georgia 500ez form 2013 Depreciation If property you acquire to use in your business is expected to last more than 1 year, you generally cannot deduct the entire cost as a business expense in the year you acquire it. Georgia 500ez form 2013 You must spread the cost over more than 1 tax year and deduct part of it each year on Schedule C. Georgia 500ez form 2013 This method of deducting the cost of business property is called depreciation. Georgia 500ez form 2013 The discussion here is brief. Georgia 500ez form 2013 You will find more information about depreciation in Publication 946. Georgia 500ez form 2013 What property can be depreciated?   You can depreciate property if it meets all the following requirements. Georgia 500ez form 2013 It must be property you own. Georgia 500ez form 2013 It must be used in business or held to produce income. Georgia 500ez form 2013 You never can depreciate inventory (explained in chapter 2) because it is not held for use in your business. Georgia 500ez form 2013 It must have a useful life that extends substantially beyond the year it is placed in service. Georgia 500ez form 2013 It must have a determinable useful life, which means that it must be something that wears out, decays, gets used up, becomes obsolete, or loses its value from natural causes. Georgia 500ez form 2013 You never can depreciate the cost of land because land does not wear out, become obsolete, or get used up. Georgia 500ez form 2013 It must not be excepted property. Georgia 500ez form 2013 This includes property placed in service and disposed of in the same year. Georgia 500ez form 2013 Repairs. Georgia 500ez form 2013    You cannot depreciate repairs and replacements that do not increase the value of your property, make it more useful, or lengthen its useful life. Georgia 500ez form 2013 You can deduct these amounts on line 21 of Schedule C or line 2 of Schedule C-EZ. Georgia 500ez form 2013 Depreciation method. Georgia 500ez form 2013   The method for depreciating most business and investment property placed in service after 1986 is called the Modified Accelerated Cost Recovery System (MACRS). Georgia 500ez form 2013 MACRS is discussed in detail in Publication 946. Georgia 500ez form 2013 Section 179 deduction. Georgia 500ez form 2013   You can elect to deduct a limited amount of the cost of certain depreciable property in the year you place the property in service. Georgia 500ez form 2013 This deduction is known as the “section 179 deduction. Georgia 500ez form 2013 ” The maximum amount you can elect to deduct during 2013 is generally $500,000 (higher limits apply to certain property). Georgia 500ez form 2013 See IRC 179(e). Georgia 500ez form 2013   This limit is generally reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2 million. Georgia 500ez form 2013 The total amount of depreciation (including the section 179 deduction) you can take for a passenger automobile you use in your business and first place in service in 2013 is $3,160 ($11,160 if you take the special depreciation allowance for qualified passenger automobiles placed in service in 2013). Georgia 500ez form 2013 Special rules apply to trucks and vans. Georgia 500ez form 2013 For more information, see Publication 946. Georgia 500ez form 2013 It explains what property qualifies for the deduction, what limits apply to the deduction, and when and how to recapture the deduction. Georgia 500ez form 2013    Your section 179 election for the cost of any sport utility vehicle (SUV) and certain other vehicles is limited to $25,000. Georgia 500ez form 2013 For more information, see the Instructions for Form 4562 or Publication 946. Georgia 500ez form 2013 Listed property. Georgia 500ez form 2013   You must follow special rules and recordkeeping requirements when depreciating listed property. Georgia 500ez form 2013 Listed property is any of the following. Georgia 500ez form 2013 Most passenger automobiles. Georgia 500ez form 2013 Most other property used for transportation. Georgia 500ez form 2013 Any property of a type generally used for entertainment, recreation, or amusement. Georgia 500ez form 2013 Certain computers and related peripheral equipment. Georgia 500ez form 2013   For more information about listed property, see Publication 946. Georgia 500ez form 2013 Form 4562. Georgia 500ez form 2013   Use Form 4562, Depreciation and Amortization, if you are claiming any of the following. Georgia 500ez form 2013 Depreciation on property placed in service during the current tax year. Georgia 500ez form 2013 A section 179 deduction. Georgia 500ez form 2013 Depreciation on any listed property (regardless of when it was placed in service). Georgia 500ez form 2013    If you have to use Form 4562, you must file Schedule C. Georgia 500ez form 2013 You cannot use Schedule C-EZ. Georgia 500ez form 2013   Employees' Pay You can generally deduct on Schedule C the pay you give your employees for the services they perform for your business. Georgia 500ez form 2013 The pay may be in cash, property, or services. Georgia 500ez form 2013 To be deductible, your employees' pay must be an ordinary and necessary expense and you must pay or incur it in the tax year. Georgia 500ez form 2013 In addition, the pay must meet both the following tests. Georgia 500ez form 2013 The pay must be reasonable. Georgia 500ez form 2013 The pay must be for services performed. Georgia 500ez form 2013 Chapter 2 in Publication 535 explains and defines these requirements. Georgia 500ez form 2013 You cannot deduct your own salary or any personal withdrawals you make from your business. Georgia 500ez form 2013 As a sole proprietor, you are not an employee of the business. Georgia 500ez form 2013 If you had employees during the year, you must use Schedule C. Georgia 500ez form 2013 You cannot use Schedule C-EZ. Georgia 500ez form 2013 Kinds of pay. Georgia 500ez form 2013   Some of the ways you may provide pay to your employees are listed below. Georgia 500ez form 2013 For an explanation of each of these items, see chapter 2 in Publication 535. Georgia 500ez form 2013 Awards. Georgia 500ez form 2013 Bonuses. Georgia 500ez form 2013 Education expenses. Georgia 500ez form 2013 Fringe benefits (discussed later). Georgia 500ez form 2013 Loans or advances you do not expect the employee to repay if they are for personal services actually performed. Georgia 500ez form 2013 Property you transfer to an employee as payment for services. Georgia 500ez form 2013 Reimbursements for employee business expenses. Georgia 500ez form 2013 Sick pay. Georgia 500ez form 2013 Vacation pay. Georgia 500ez form 2013 Fringe benefits. Georgia 500ez form 2013   A fringe benefit is a form of pay for the performance of services. Georgia 500ez form 2013 The following are examples of fringe benefits. Georgia 500ez form 2013 Benefits under qualified employee benefit programs. Georgia 500ez form 2013 Meals and lodging. Georgia 500ez form 2013 The use of a car. Georgia 500ez form 2013 Flights on airplanes. Georgia 500ez form 2013 Discounts on property or services. Georgia 500ez form 2013 Memberships in country clubs or other social clubs. Georgia 500ez form 2013 Tickets to entertainment or sporting events. Georgia 500ez form 2013   Employee benefit programs include the following. Georgia 500ez form 2013 Accident and health plans. Georgia 500ez form 2013 Adoption assistance. Georgia 500ez form 2013 Cafeteria plans. Georgia 500ez form 2013 Dependent care assistance. Georgia 500ez form 2013 Educational assistance. Georgia 500ez form 2013 Group-term life insurance coverage. Georgia 500ez form 2013 Welfare benefit funds. Georgia 500ez form 2013   You can generally deduct the cost of fringe benefits you provide on your Schedule C in whatever category the cost falls. Georgia 500ez form 2013 For example, if you allow an employee to use a car or other property you lease, deduct the cost of the lease as a rent or lease expense. Georgia 500ez form 2013 If you own the property, include your deduction for its cost or other basis as a section 179 deduction or a depreciation deduction. Georgia 500ez form 2013    You may be able to exclude all or part of the fringe benefits you provide from your employees' wages. Georgia 500ez form 2013 For more information about fringe benefits and the exclusion of benefits, see Publication 15-B, Employer's Tax Guide to Fringe Benefits. Georgia 500ez form 2013 Insurance You can generally deduct premiums you pay for the following kinds of insurance related to your business. Georgia 500ez form 2013 Fire, theft, flood, or similar insurance. Georgia 500ez form 2013 Credit insurance that covers losses from business bad debts. Georgia 500ez form 2013 Group hospitalization and medical insurance for employees, including long-term care insurance. Georgia 500ez form 2013 Liability insurance. Georgia 500ez form 2013 Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients. Georgia 500ez form 2013 Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault. Georgia 500ez form 2013 Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law. Georgia 500ez form 2013 Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness. Georgia 500ez form 2013 Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. Georgia 500ez form 2013 If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. Georgia 500ez form 2013 If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums. Georgia 500ez form 2013 Life insurance covering your employees if you are not directly or indirectly the beneficiary under the contract. Georgia 500ez form 2013 Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause. Georgia 500ez form 2013 Nondeductible premiums. Georgia 500ez form 2013   You cannot deduct premiums on the following kinds of insurance. Georgia 500ez form 2013 Self-insurance reserve funds. Georgia 500ez form 2013 You cannot deduct amounts credited to a reserve set up for self-insurance. Georgia 500ez form 2013 This applies even if you cannot get business insurance coverage for certain business risks. Georgia 500ez form 2013 However, your actual losses may be deductible. Georgia 500ez form 2013 For more information, see Publication 547, Casualties, Disasters, and Thefts. Georgia 500ez form 2013 Loss of earnings. Georgia 500ez form 2013 You cannot deduct premiums for a policy that pays for your lost earnings due to sickness or disability. Georgia 500ez form 2013 However, see item (8) in the previous list. Georgia 500ez form 2013 Certain life insurance and annuities. Georgia 500ez form 2013 For contracts issued before June 9, 1997, you cannot deduct the premiums on a life insurance policy covering you, an employee, or any person with a financial interest in your business if you are directly or indirectly a beneficiary of the policy. Georgia 500ez form 2013 You are included among possible beneficiaries of the policy if the policy owner is obligated to repay a loan from you using the proceeds of the policy. Georgia 500ez form 2013 A person has a financial interest in your business if the person is an owner or part owner of the business or has lent money to the business. Georgia 500ez form 2013 For contracts issued after June 8, 1997, you generally cannot deduct the premiums on any life insurance policy, endowment contract, or annuity contract if you are directly or indirectly a beneficiary. Georgia 500ez form 2013 The disallowance applies without regard to whom the policy covers. Georgia 500ez form 2013 Insurance to secure a loan. Georgia 500ez form 2013 If you take out a policy on your life or on the life of another person with a financial interest in your business to get or protect a business loan, you cannot deduct the premiums as a business expense. Georgia 500ez form 2013 Nor can you deduct the premiums as interest on business loans or as an expense of financing loans. Georgia 500ez form 2013 In the event of death, the proceeds of the policy are not taxed as income even if they are used to liquidate the debt. Georgia 500ez form 2013 Self-employed health insurance deduction. Georgia 500ez form 2013   You may be able to deduct the amount you paid for medical and dental insurance and qualified long-term care insurance for you and your family. Georgia 500ez form 2013 How to figure the deduction. Georgia 500ez form 2013   Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. Georgia 500ez form 2013 However, if any of the following apply, you must use the worksheet in chapter 6 of Publication 535. Georgia 500ez form 2013 You have more than one source of income subject to self-employment tax. Georgia 500ez form 2013 You file Form 2555 or Form 2555-EZ (relating to foreign earned income). Georgia 500ez form 2013 You are using amounts paid for qualified long-term care insurance to figure the deduction. Georgia 500ez form 2013 Prepayment. Georgia 500ez form 2013   You cannot deduct expenses in advance, even if you pay them in advance. Georgia 500ez form 2013 This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 In 2013, you signed a 3-year insurance contract. Georgia 500ez form 2013 Even though you paid the premiums for 2013, 2014, and 2015 when you signed the contract, you can only deduct the premium for 2013 on your 2013 tax return. Georgia 500ez form 2013 You can deduct in 2014 and 2015 the premium allocable to those years. Georgia 500ez form 2013 More information. Georgia 500ez form 2013   For more information about deducting insurance, see chapter 6 in Publication 535. Georgia 500ez form 2013 Interest You can generally deduct as a business expense all interest you pay or accrue during the tax year on debts related to your business. Georgia 500ez form 2013 Interest relates to your business if you use the proceeds of the loan for a business expense. Georgia 500ez form 2013 It does not matter what type of property secures the loan. Georgia 500ez form 2013 You can deduct interest on a debt only if you meet all of the following requirements. Georgia 500ez form 2013 You are legally liable for that debt. Georgia 500ez form 2013 Both you and the lender intend that the debt be repaid. Georgia 500ez form 2013 You and the lender have a true debtor-creditor relationship. Georgia 500ez form 2013 You cannot deduct on Schedule C or C-EZ the interest you paid on personal loans. Georgia 500ez form 2013 If a loan is part business and part personal, you must divide the interest between the personal part and the business part. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 In 2013, you paid $600 interest on a car loan. Georgia 500ez form 2013 During 2013, you used the car 60% for business and 40% for personal purposes. Georgia 500ez form 2013 You are claiming actual expenses on the car. Georgia 500ez form 2013 You can only deduct $360 (60% × $600) for 2013 on Schedule C or C-EZ. Georgia 500ez form 2013 The remaining interest of $240 is a nondeductible personal expense. Georgia 500ez form 2013 More information. Georgia 500ez form 2013   For more information about deducting interest, see chapter 4 in Publication 535. Georgia 500ez form 2013 That chapter explains the following items. Georgia 500ez form 2013 Interest you can deduct. Georgia 500ez form 2013 Interest you cannot deduct. Georgia 500ez form 2013 How to allocate interest between personal and business use. Georgia 500ez form 2013 When to deduct interest. Georgia 500ez form 2013 The rules for a below-market interest rate loan. Georgia 500ez form 2013 (This is generally a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Georgia 500ez form 2013 ) Legal and Professional Fees Legal and professional fees, such as fees charged by accountants, that are ordinary and necessary expenses directly related to operating your business are deductible on Schedule C or C-EZ. Georgia 500ez form 2013 However, you usually cannot deduct legal fees you pay to acquire business assets. Georgia 500ez form 2013 Add them to the basis of the property. Georgia 500ez form 2013 If the fees include payments for work of a personal nature (such as making a will), you can take a business deduction only for the part of the fee related to your business. Georgia 500ez form 2013 The personal part of legal fees for producing or collecting taxable income, doing or keeping your job, or for tax advice may be deductible on Schedule A (Form 1040) if you itemize deductions. Georgia 500ez form 2013 For more information, see Publication 529, Miscellaneous Deductions. Georgia 500ez form 2013 Tax preparation fees. Georgia 500ez form 2013   You can deduct on Schedule C or C-EZ the cost of preparing that part of your tax return relating to your business as a sole proprietor or statutory employee. Georgia 500ez form 2013 You can deduct the remaining cost on Schedule A (Form 1040) if you itemize your deductions. Georgia 500ez form 2013   You can also deduct on Schedule C or C-EZ the amount you pay or incur in resolving asserted tax deficiencies for your business as a sole proprietor or statutory employee. Georgia 500ez form 2013 Pension Plans You can set up and maintain the following small business retirement plans for yourself and your employees. Georgia 500ez form 2013 SEP (Simplified Employee Pension) plans. Georgia 500ez form 2013 SIMPLE (Savings Incentive Match Plan for Employees) plans. Georgia 500ez form 2013 Qualified plans (including Keogh or H. Georgia 500ez form 2013 R. Georgia 500ez form 2013 10 plans). Georgia 500ez form 2013 SEP, SIMPLE, and qualified plans offer you and your employees a tax favored way to save for retirement. Georgia 500ez form 2013 You can deduct contributions you make to the plan for your employees on line 19 of Schedule C. Georgia 500ez form 2013 If you are a sole proprietor, you can deduct contributions you make to the plan for yourself on line 28 of Form 1040. Georgia 500ez form 2013 You can also deduct trustees' fees if contributions to the plan do not cover them. Georgia 500ez form 2013 Earnings on the contributions are generally tax free until you or your employees receive distributions from the plan. Georgia 500ez form 2013 You may also be able to claim a tax credit of 50% of the first $1,000 of qualified startup costs if you begin a new qualified defined benefit or defined contribution plan (including a 401(k) plan), SIMPLE plan, or simplified employee pension. Georgia 500ez form 2013 Under certain plans, employees can have you contribute limited amounts of their before-tax pay to a plan. Georgia 500ez form 2013 These amounts (and earnings on them) are generally tax free until your employees receive distributions from the plan. Georgia 500ez form 2013 For more information on retirement plans for small business, see Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). Georgia 500ez form 2013 Publication 590, Individual Retirement Arrangements (IRAs), discusses other tax favored ways to save for retirement. Georgia 500ez form 2013 Rent Expense Rent is any amount you pay for the use of property you do not own. Georgia 500ez form 2013 In general, you can deduct rent as a business expense only if the rent is for property you use in your business. Georgia 500ez form 2013 If you have or will receive equity in or title to the property, you cannot deduct the rent. Georgia 500ez form 2013 Unreasonable rent. Georgia 500ez form 2013   You cannot take a rental deduction for unreasonable rents. Georgia 500ez form 2013 Ordinarily, the issue of reasonableness arises only if you and the lessor are related. Georgia 500ez form 2013 Rent paid to a related person is reasonable if it is the same amount you would pay to a stranger for use of the same property. Georgia 500ez form 2013 Rent is not unreasonable just because it is figured as a percentage of gross receipts. Georgia 500ez form 2013   Related persons include members of your immediate family, including only brothers and sisters (either whole or half), your spouse, ancestors, and lineal descendants. Georgia 500ez form 2013 For a list of the other related persons, see section 267 of the Internal Revenue Code. Georgia 500ez form 2013 Rent on your home. Georgia 500ez form 2013   If you rent your home and use part of it as your place of business, you may be able to deduct the rent you pay for that part. Georgia 500ez form 2013 You must meet the requirements for business use of your home. Georgia 500ez form 2013 For more information, see Business Use of Your Home , later. Georgia 500ez form 2013 Rent paid in advance. Georgia 500ez form 2013   Generally, rent paid in your business is deductible in the year paid or accrued. Georgia 500ez form 2013 If you pay rent in advance, you can deduct only the amount that applies to your use of the rented property during the tax year. Georgia 500ez form 2013 You can deduct the rest of your payment only over the period to which it applies. Georgia 500ez form 2013 More information. Georgia 500ez form 2013   For more information about rent, see chapter 3 in Publication 535. Georgia 500ez form 2013 Taxes You can deduct on Schedule C or C-EZ various federal, state, local, and foreign taxes directly attributable to your business. Georgia 500ez form 2013 Income taxes. Georgia 500ez form 2013   You can deduct on Schedule C or C-EZ a state tax on gross income (as distinguished from net income) directly attributable to your business. Georgia 500ez form 2013 You can deduct other state and local income taxes on Schedule A (Form 1040) if you itemize your deductions. Georgia 500ez form 2013 Do not deduct federal income tax. Georgia 500ez form 2013 Employment taxes. Georgia 500ez form 2013   You can deduct the social security, Medicare, and federal unemployment (FUTA) taxes you paid out of your own funds as an employer. Georgia 500ez form 2013 Employment taxes are discussed briefly in chapter 1. Georgia 500ez form 2013 You can also deduct payments you made as an employer to a state unemployment compensation fund or to a state disability benefit fund. Georgia 500ez form 2013 Deduct these payments as taxes. Georgia 500ez form 2013 Self-employment tax. Georgia 500ez form 2013   You can deduct one-half of your self-employment tax on line 27 of Form 1040. Georgia 500ez form 2013 Self-employment tax is discussed in chapters 1 and 10. Georgia 500ez form 2013 Personal property tax. Georgia 500ez form 2013   You can deduct on Schedule C or C-EZ any tax imposed by a state or local government on personal property used in your business. Georgia 500ez form 2013   You can also deduct registration fees for the right to use property within a state or local area. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 May and Julius Winter drove their car 7,000 business miles out of a total of 10,000 miles. Georgia 500ez form 2013 They had to pay $25 for their annual state license tags and $20 for their city registration sticker. Georgia 500ez form 2013 They also paid $235 in city personal property tax on the car, for a total of $280. Georgia 500ez form 2013 They are claiming their actual car expenses. Georgia 500ez form 2013 Because they used the car 70% for business, they can deduct 70% of the $280, or $196, as a business expense. Georgia 500ez form 2013 Real estate taxes. Georgia 500ez form 2013   You can deduct on Schedule C or C-EZ the real estate taxes you pay on your business property. Georgia 500ez form 2013 Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. Georgia 500ez form 2013 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. Georgia 500ez form 2013   For more information about real estate taxes, see chapter 5 in Publication 535. Georgia 500ez form 2013 That chapter explains special rules for deducting the following items. Georgia 500ez form 2013 Taxes for local benefits, such as those for sidewalks, streets, water mains, and sewer lines. Georgia 500ez form 2013 Real estate taxes when you buy or sell property during the year. Georgia 500ez form 2013 Real estate taxes if you use an accrual method of accounting and choose to accrue real estate tax related to a definite period ratably over that period. Georgia 500ez form 2013 Sales tax. Georgia 500ez form 2013   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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. Georgia 500ez form 2013 If the property is depreciable, add the sales tax to the basis for depreciation. Georgia 500ez form 2013 For information on the basis of property, see Publication 551, Basis of Assets. Georgia 500ez form 2013    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. Georgia 500ez form 2013 Do not include these taxes in gross receipts or sales. Georgia 500ez form 2013 Excise taxes. Georgia 500ez form 2013   You can deduct on Schedule C or C-EZ all excise taxes that are ordinary and necessary expenses of carrying on your business. Georgia 500ez form 2013 Excise taxes are discussed briefly in chapter 1. Georgia 500ez form 2013 Fuel taxes. Georgia 500ez form 2013   Taxes on gasoline, diesel fuel, and other motor fuels you use in your business are usually included as part of the cost of the fuel. Georgia 500ez form 2013 Do not deduct these taxes as a separate item. Georgia 500ez form 2013   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. Georgia 500ez form 2013 For more information, see Publication 510, Excise Taxes. Georgia 500ez form 2013 Travel, Meals, and Entertainment This section briefly explains the kinds of travel and entertainment expenses you can deduct on Schedule C or C-EZ. Georgia 500ez form 2013 Table 8-1. Georgia 500ez form 2013 When Are Entertainment Expenses Deductible? (Note. Georgia 500ez form 2013 The following is a summary of the rules for deducting entertainment expenses. Georgia 500ez form 2013 For more details about these rules, see Publication 463. Georgia 500ez form 2013 ) General rule You can deduct ordinary and necessary expenses to entertain a client, customer, or employee if the expenses meet the directly-related test or the associated test. Georgia 500ez form 2013 Definitions Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation, and includes meals provided to a customer or client. Georgia 500ez form 2013 An ordinary expense is one that is common and accepted in your field of business, trade, or profession. Georgia 500ez form 2013 A necessary expense is one that is helpful and appropriate, although not necessarily required, for your business. Georgia 500ez form 2013 Tests to be met Directly-related test Entertainment took place in a clear business setting, or Main purpose of entertainment was the active conduct of business, and You did engage in business with the person during the entertainment period, and You had more than a general expectation of getting income or some other specific business benefit. Georgia 500ez form 2013   Associated test Entertainment is associated with your trade or business, and Entertainment directly precedes or follows a substantial business discussion. Georgia 500ez form 2013 Other rules You cannot deduct the cost of your meal as an entertainment expense if you are claiming the meal as a travel expense. Georgia 500ez form 2013 You cannot deduct expenses that are lavish or extravagant under the circumstances. Georgia 500ez form 2013 You generally can deduct only 50% of your unreimbursed entertainment expenses. Georgia 500ez form 2013 Travel expenses. Georgia 500ez form 2013   These are the ordinary and necessary expenses of traveling away from home for your business. Georgia 500ez form 2013 You are traveling away from home if both the following conditions are met. Georgia 500ez form 2013 Your duties require you to be away from the general area of your tax home (defined later) substantially longer than an ordinary day's work. Georgia 500ez form 2013 You need to get sleep or rest to meet the demands of your work while away from home. Georgia 500ez form 2013 Generally, your tax home is your regular place of business, regardless of where you maintain your family home. Georgia 500ez form 2013 It includes the entire city or general area in which your business is located. Georgia 500ez form 2013 See Publication 463 for more information. Georgia 500ez form 2013   The following is a brief discussion of the expenses you can deduct. Georgia 500ez form 2013 Transportation. Georgia 500ez form 2013   You can deduct the cost of travel by airplane, train, bus, or car between your home and your business destination. Georgia 500ez form 2013 Taxi, commuter bus, and limousine. Georgia 500ez form 2013   You can deduct fares for these and other types of transportation between the airport or station and your hotel, or between the hotel and your work location away from home. Georgia 500ez form 2013 Baggage and shipping. Georgia 500ez form 2013   You can deduct the cost of sending baggage and sample or display material between your regular and temporary work locations. Georgia 500ez form 2013 Car or truck. Georgia 500ez form 2013   You can deduct the costs of operating and maintaining your vehicle when traveling away from home on business. Georgia 500ez form 2013 You can deduct actual expenses or the standard mileage rate (discussed earlier under Car and Truck Expenses), as well as business-related tolls and parking. Georgia 500ez form 2013 If you rent a car while away from home on business, you can deduct only the business-use portion of the expenses. Georgia 500ez form 2013 Meals and lodging. Georgia 500ez form 2013   You can deduct the cost of meals and lodging if your business trip is overnight or long enough that you need to stop for sleep or rest to properly perform your duties. Georgia 500ez form 2013 In most cases, you can deduct only 50% of your meal expenses. Georgia 500ez form 2013 Cleaning. Georgia 500ez form 2013   You can deduct the costs of dry cleaning and laundry while on your business trip. Georgia 500ez form 2013 Telephone. Georgia 500ez form 2013   You can deduct the cost of business calls while on your business trip, including business communication by fax machine or other communication devices. Georgia 500ez form 2013 Tips. Georgia 500ez form 2013   You can deduct the tips you pay for any expense in this list. Georgia 500ez form 2013 More information. Georgia 500ez form 2013   For more information about travel expenses, see Publication 463. Georgia 500ez form 2013 Entertainment expenses. Georgia 500ez form 2013   You may be able to deduct business-related entertainment expenses for entertaining a client, customer, or employee. Georgia 500ez form 2013 In most cases, you can deduct only 50% of these expenses. Georgia 500ez form 2013   The following are examples of entertainment expenses. Georgia 500ez form 2013 Entertaining guests at nightclubs, athletic clubs, theaters, or sporting events. Georgia 500ez form 2013 Providing meals, a hotel suite, or a car to business customers or their families. Georgia 500ez form 2013 To be deductible, the expenses must meet the rules listed in Table 8-1. Georgia 500ez form 2013 For details about these rules, see Publication 463. Georgia 500ez form 2013 Reimbursing your employees for expenses. Georgia 500ez form 2013   You generally can deduct the amount you reimburse your employees for travel and entertainment expenses. Georgia 500ez form 2013 The reimbursement you deduct and the manner in which you deduct it depend in part on whether you reimburse the expenses under an accountable plan or a nonaccountable plan. Georgia 500ez form 2013 For details, see chapter 11 in Publication 535. Georgia 500ez form 2013 That chapter explains accountable and nonaccountable plans and tells you whether to report the reimbursement on your employee's Form W-2, Wage and Tax Statement. Georgia 500ez form 2013 Business Use of Your Home To deduct expenses related to the part of your home used for business, you must meet specific requirements. Georgia 500ez form 2013 Even then, your deduction may be limited. Georgia 500ez form 2013 To qualify to claim expenses for business use of your home, you must meet the following tests. Georgia 500ez form 2013 Your use of the business part of your home must be: Exclusive (however, see Exceptions to exclusive use , later), Regular, For your business, and The business part of your home must be one of the following: Your principal place of business (defined later), A place where you meet or deal with patients, clients, or customers in the normal course of your business, or A separate structure (not attached to your home) you use in connection with your business. Georgia 500ez form 2013 Exclusive use. Georgia 500ez form 2013   To qualify under the exclusive use test, you must use a specific area of your home only for your trade or business. Georgia 500ez form 2013 The area used for business can be a room or other separately identifiable space. Georgia 500ez form 2013 The space does not need to be marked off by a permanent partition. Georgia 500ez form 2013   You do not meet the requirements of the exclusive use test if you use the area in question both for business and for personal purposes. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 You are an attorney and use a den in your home to write legal briefs and prepare clients' tax returns. Georgia 500ez form 2013 Your family also uses the den for recreation. Georgia 500ez form 2013 The den is not used exclusively in your profession, so you cannot claim a business deduction for its use. Georgia 500ez form 2013 Exceptions to exclusive use. Georgia 500ez form 2013   You do not have to meet the exclusive use test if you use part of your home in either of the following ways. Georgia 500ez form 2013 For the storage of inventory or product samples. Georgia 500ez form 2013 As a daycare facility. Georgia 500ez form 2013 For an explanation of these exceptions, see Publication 587, Business Use of Your Home (Including Use by Daycare Providers). Georgia 500ez form 2013 Regular use. Georgia 500ez form 2013   To qualify under the regular use test, you must use a specific area of your home for business on a continuing basis. Georgia 500ez form 2013 You do not meet the test if your business use of the area is only occasional or incidental, even if you do not use that area for any other purpose. Georgia 500ez form 2013 Principal place of business. Georgia 500ez form 2013   You can have more than one business location, including your home, for a single trade or business. Georgia 500ez form 2013 To qualify to deduct the expenses for the business use of your home under the principal place of business test, your home must be your principal place of business for that business. Georgia 500ez form 2013 To determine your principal place of business, you must consider all the facts and circumstances. Georgia 500ez form 2013   Your home office will qualify as your principal place of business for deducting expenses for its use if you meet the following requirements. Georgia 500ez form 2013 You use it exclusively and regularly for administrative or management activities of your business. Georgia 500ez form 2013 You have no other fixed location where you conduct substantial administrative or management activities of your business. Georgia 500ez form 2013   Alternatively, if you use your home exclusively and regularly for your business, but your home office does not qualify as your principal place of business based on the previous rules, you determine your principal place of business based on the following factors. Georgia 500ez form 2013 The relative importance of the activities performed at each location. Georgia 500ez form 2013 If the relative importance factor does not determine your principal place of business, you can also consider the time spent at each location. Georgia 500ez form 2013   If, after considering your business locations, your home cannot be identified as your principal place of business, you cannot deduct home office expenses. Georgia 500ez form 2013 However, for other ways to qualify to deduct home office expenses, see Publication 587. Georgia 500ez form 2013 Deduction limit. Georgia 500ez form 2013   If your gross income from the business use of your home equals or exceeds your total business expenses (including depreciation), you can deduct all your business expenses related to the use of your home. Georgia 500ez form 2013 If your gross income from the business use is less than your total business expenses, your deduction for certain expenses for the business use of your home is limited. Georgia 500ez form 2013   Your deduction of otherwise nondeductible expenses, such as insurance, utilities, and depreciation (with depreciation taken last), allocable to the business is limited to the gross income from the business use of your home minus the sum of the following. Georgia 500ez form 2013 The business part of expenses you could deduct even if you did not use your home for business (such as mortgage interest, real estate taxes, and casualty and theft losses that are allowable as itemized deductions on Schedule A (Form 1040)). Georgia 500ez form 2013 The business expenses that relate to the business activity in the home (for example, business phone, supplies, and depreciation on equipment), but not to the use of the home itself. Georgia 500ez form 2013 Do not include in (2) above your deduction for one-half of your self-employment tax. Georgia 500ez form 2013   Use Form 8829, Expenses for Business Use of Your Home, to figure your deduction. Georgia 500ez form 2013 New simplified method. Georgia 500ez form 2013    The IRS now provides a simplified method to determine your expenses for business use of your home. Georgia 500ez form 2013 The simplified method is an alternative to calculating and substantiating actual expenses. Georgia 500ez form 2013 In most cases, you will figure your deduction by multiplying $5 by the area of your home used for a qualified business use. Georgia 500ez form 2013 The area you use to figure your deduction is limited to 300 square feet. Georgia 500ez form 2013 For more information, see the Instructions for Schedule C. Georgia 500ez form 2013 More information. Georgia 500ez form 2013   For more information on deducting expenses for the business use of your home, see Publication 587. Georgia 500ez form 2013 Other Expenses You Can Deduct You may also be able to deduct the following expenses. Georgia 500ez form 2013 See Publication 535 to find out whether you can deduct them. Georgia 500ez form 2013 Advertising. Georgia 500ez form 2013 Bank fees. Georgia 500ez form 2013 Donations to business organizations. Georgia 500ez form 2013 Education expenses. Georgia 500ez form 2013 Energy efficient commercial buildings deduction expenses. Georgia 500ez form 2013 Impairment-related expenses. Georgia 500ez form 2013 Interview expense allowances. Georgia 500ez form 2013 Licenses and regulatory fees. Georgia 500ez form 2013 Moving machinery. Georgia 500ez form 2013 Outplacement services. Georgia 500ez form 2013 Penalties and fines you pay for late performance or nonperformance of a contract. Georgia 500ez form 2013 Repairs that keep your property in a normal efficient operating condition. Georgia 500ez form 2013 Repayments of income. Georgia 500ez form 2013 Subscriptions to trade or professional publications. Georgia 500ez form 2013 Supplies and materials. Georgia 500ez form 2013 Utilities. Georgia 500ez form 2013 Expenses You Cannot Deduct You usually cannot deduct the following as business expenses. Georgia 500ez form 2013 For more information, see Publication 535. Georgia 500ez form 2013 Bribes and kickbacks. Georgia 500ez form 2013 Charitable contributions. Georgia 500ez form 2013 Demolition expenses or losses. Georgia 500ez form 2013 Dues to business, social, athletic, luncheon, sporting, airline, and hotel clubs. Georgia 500ez form 2013 Lobbying expenses. Georgia 500ez form 2013 Penalties and fines you pay to a governmental agency or instrumentality because you broke the law. Georgia 500ez form 2013 Personal, living, and family expenses. Georgia 500ez form 2013 Political contributions. Georgia 500ez form 2013 Repairs that add to the value of your property or significantly increase its life. Georgia 500ez form 2013 Prev  Up  Next   Home   More Online Publications