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Nm taxation and revenue department Publication 3402 - Main Content Table of Contents What is a Limited Liability Company? Classification of an LLC LLCs Classified as Partnerships LLCs Classified as Disregarded Entities LLCs Classified as Corporations Subsequent Elections How To Get More InformationInternal Revenue Service Small Business Administration Other Federal Agencies What is a Limited Liability Company? For purposes of this publication, a limited liability company (LLC) is a business entity organized in the United States under state law. Nm taxation and revenue department Unlike a partnership, all of the members of an LLC have limited personal liability for its debts. Nm taxation and revenue department An LLC may be classified for federal income tax purposes as a partnership, corporation, or an entity disregarded as separate from its owner by applying the rules in Regulations section 301. Nm taxation and revenue department 7701-3. Nm taxation and revenue department The information in this publication applies to LLCs in general, and different rules may apply to special situations, including banks, insurance companies, or nonprofit organizations that are LLCs or that own LLCs. Nm taxation and revenue department Check your state's requirements and the federal tax regulations for further information. Nm taxation and revenue department Classification of an LLC Default classification rules. Nm taxation and revenue department   An LLC with at least two members is classified as a partnership for federal income tax purposes. Nm taxation and revenue department An LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes). Nm taxation and revenue department Also, an LLC's federal tax classification can subsequently change under certain default rules discussed later. Nm taxation and revenue department Elected classification. Nm taxation and revenue department   If an LLC does not choose to be classified under the above default classifications, it can elect to be classified as an association taxable as a corporation or as an S corporation. Nm taxation and revenue department After an LLC has determined its federal tax classification, it can later elect to change that classification. Nm taxation and revenue department For details, see Subsequent Elections, later. Nm taxation and revenue department LLCs Classified as Partnerships If an LLC has at least two members and is classified as a partnership, it generally must file Form 1065, U. Nm taxation and revenue department S. Nm taxation and revenue department Return of Partnership Income. Nm taxation and revenue department Generally, an LLC classified as a partnership is subject to the same filing and reporting requirements as partnerships. Nm taxation and revenue department For certain purposes, members of an LLC are treated as limited partners in a limited partnership. Nm taxation and revenue department For example, LLC members are treated as limited partners for purposes of material participation under the passive activity limitation rules (see Temporary Regulation section 1. Nm taxation and revenue department 469-5T(e)). Nm taxation and revenue department See the Instructions for Form 1065 for reporting rules that apply specifically to LLCs. Nm taxation and revenue department Member manager. Nm taxation and revenue department   Only a member manager of an LLC can sign the partnership tax return. Nm taxation and revenue department And only a member manager can represent the LLC as the tax matters partner under the consolidated audit proceedings in sections 6221 through 6234. Nm taxation and revenue department A member manager is any owner of an interest in the LLC who, alone or together with others, has the continuing authority to make the management decisions necessary to conduct the business for which the LLC was formed. Nm taxation and revenue department If there are no elected or designated member managers, each owner is treated as a member manager. Nm taxation and revenue department Change in default classification. Nm taxation and revenue department   If the number of members in an LLC classified as a partnership is reduced to only one member, it becomes an entity disregarded as separate from its owner under Regulations section 301. Nm taxation and revenue department 7701-3(f)(2). Nm taxation and revenue department However, if the LLC has made an election to be classified as a corporation (discussed later) and that elective classification is in effect at the time of the change in membership, the default classification as a disregarded entity will not apply. Nm taxation and revenue department   Other tax consequences of a change in membership, such as recognition of gain or loss, are determined by the transactions through which an interest in the LLC is acquired or disposed of. Nm taxation and revenue department If a partnership that becomes a disregarded entity as a result of a decrease in the number of members makes an election to be classified as a corporation, the applicable deemed transactions discussed under Subsequent Elections, later, apply. Nm taxation and revenue department Example 1. Nm taxation and revenue department Ethel and Francis are members of an LLC classified as a partnership for federal tax purposes. Nm taxation and revenue department Each holds an equal membership interest. Nm taxation and revenue department The LLC does not hold any unrealized receivables or substantially appreciated inventory. Nm taxation and revenue department Ethel sells her entire interest in the LLC to Francis for $10,000. Nm taxation and revenue department After the sale, the business is continued by the LLC, which is owned solely by Francis. Nm taxation and revenue department No entity classification election is made after the sale to treat the LLC as a corporation for federal tax purposes. Nm taxation and revenue department The partnership terminates when Francis buys Ethel's entire interest. Nm taxation and revenue department Ethel must treat the transaction as the sale of a partnership interest and must report gain or loss, if any, resulting from the sale of her partnership interest. Nm taxation and revenue department For purposes of determining the tax treatment of Francis, the partnership is deemed to make a liquidating distribution of all of its assets to Ethel and Francis, and after this distribution, Francis is treated as acquiring the assets deemed to have been distributed to Ethel in liquidation of Ethel's partnership interest. Nm taxation and revenue department Francis's basis in the assets attributable to Ethel's one-half interest in the partnership is $10,000, the purchase price for Ethel's partnership interest. Nm taxation and revenue department Upon the termination of the partnership, Francis is considered to receive a distribution of those assets attributable to Francis's former interest in the partnership. Nm taxation and revenue department Francis must recognize gain or loss, if any, on the deemed distribution of the assets to the extent required by Internal Revenue Code section 731(a). Nm taxation and revenue department See Partnership Distributions in Publication 541. Nm taxation and revenue department Example 2. Nm taxation and revenue department George and Henrietta are members of an LLC classified as a partnership for federal tax purposes. Nm taxation and revenue department Each holds an equal membership interest. Nm taxation and revenue department The LLC does not hold any unrealized receivables or substantially appreciated inventory. Nm taxation and revenue department George and Henrietta each sell their entire interests in the LLC to Ian, an unrelated person, in exchange for $10,000. Nm taxation and revenue department After the sale, the business is continued by the LLC, which is owned solely by Ian. Nm taxation and revenue department No entity classification election is made after the sale to treat the LLC as a corporation for federal tax purposes. Nm taxation and revenue department The partnership terminates when Ian purchases the entire interests of George and Henrietta in the LLC. Nm taxation and revenue department George and Henrietta must report gain or loss, if any, resulting from the sale of their partnership interests. Nm taxation and revenue department For purposes of classifying the acquisition by Ian, the partnership is deemed to make a liquidating distribution of its assets to George and Henrietta. Nm taxation and revenue department Immediately following this distribution, Ian is deemed to acquire, by purchase, all of the former partnership's assets. Nm taxation and revenue department   For more details on the preceding two examples, see Revenue Ruling 99-6, 1999-6 I. Nm taxation and revenue department R. Nm taxation and revenue department B. Nm taxation and revenue department 6. Nm taxation and revenue department You can find Revenue Ruling 99-6 at www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/pub/irs-irbs/irb99-06. Nm taxation and revenue department pdf. Nm taxation and revenue department LLCs Classified as Disregarded Entities If an LLC has only one member and is classified as an entity disregarded as separate from its owner, its income, deductions, gains, losses, and credits are reported on the owner's income tax return. Nm taxation and revenue department For example, if the owner of the LLC is an individual, the LLC's income and expenses would be reported on the following schedules filed with the owner's Form 1040: Schedule C, Profit or Loss from Business (Sole Proprietorship); Schedule C-EZ, Net Profit From Business (Sole Proprietorship); Schedule E, Supplemental Income and Loss; or Schedule F, Profit or Loss From Farming. Nm taxation and revenue department Employment tax and certain excise taxes. Nm taxation and revenue department   A single-member LLC that is classified as a disregarded entity for income tax purposes is treated as a separate entity for purposes of employment tax and certain excise taxes. Nm taxation and revenue department For wages paid after January 1, 2009, the single-member LLC is required to use its name and employer identification number (EIN) for reporting and payment of employment taxes. Nm taxation and revenue department A single-member LLC is also required to use its name and EIN to register for excise tax activities on Form 637; pay and report excise taxes reported on Forms 720, 730, 2290, and 11-C; and claim any refunds, credits, and payments on Form 8849. Nm taxation and revenue department See the employment and excise tax returns for more information. Nm taxation and revenue department Self-employment tax rule for disregarded entity LLCs. Nm taxation and revenue department   An individual owner of a single-member LLC classified as a disregarded entity is not an employee of the LLC. Nm taxation and revenue department Instead, the owner is subject to tax on the net earnings from self-employment of the LLC which is treated in the same manner as a sole-proprietorship. Nm taxation and revenue department Example 3. Nm taxation and revenue department LLC is a disregarded entity owned by Irene. Nm taxation and revenue department LLC has three employees (Kent, Patricia, and Tex) and pays wages. Nm taxation and revenue department LLC is treated as an entity separate from its owner for purposes of employment taxes. Nm taxation and revenue department For the wages paid to Kent, Patricia, and Tex, LLC is liable for income tax withholding, Federal Insurance Contributions Act (FICA) taxes, and Federal Unemployment Tax Act (FUTA) taxes. Nm taxation and revenue department In addition, LLC must file under its name and EIN the applicable employment tax returns; make timely employment tax deposits; and file with the Social Security Administration and furnish to LLC's employees (Kent, Patricia, and Tex) Forms W-2, Wage and Tax Statement. Nm taxation and revenue department Irene is self-employed for purposes of the self-employment tax. Nm taxation and revenue department Thus, Irene is subject to self-employment tax on her net earnings from self-employment with respect to LLC's activities. Nm taxation and revenue department Irene is not an employee of LLC for purposes of employment taxes. Nm taxation and revenue department Because LLC is treated as a sole proprietorship of Irene for income tax purposes, Irene must report the income and expenses from LLC on her Schedule C. Nm taxation and revenue department Irene will figure the tax due on her net earnings from self-employment on Schedule SE. Nm taxation and revenue department Irene can also deduct one-half of her self-employment tax on line 27 of her Form 1040. Nm taxation and revenue department Taxpayer identification number. Nm taxation and revenue department   For all income tax purposes, a single-member LLC classified as a disregarded entity must use the owner's social security number (SSN) or EIN. Nm taxation and revenue department This includes all information returns and reporting related to income tax. Nm taxation and revenue department For example, if a disregarded entity LLC that is owned by an individual is required to provide a Form W-9, Request for Taxpayer Identification Number and Certification, the LLC must provide the owner's SSN or EIN, not the LLC's EIN. Nm taxation and revenue department   However, most new single-member LLCs classified as a disregarded entity will need to obtain an EIN for the LLC. Nm taxation and revenue department An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed above (see Employment tax and certain excise taxes earlier). Nm taxation and revenue department See Form SS-4, Application for Employer Identification Number, for information on applying for an EIN. Nm taxation and revenue department Change in default classification. Nm taxation and revenue department   If a single-member LLC classified as a disregarded entity for income tax purposes acquires an additional member, it becomes a partnership under Regulations section 301. Nm taxation and revenue department 7701-3(f)(2). Nm taxation and revenue department However, if the LLC has made an election to be classified as a corporation (discussed later) and that elective classification is in effect at the time of the change in membership, the default classification as a partnership will not apply. Nm taxation and revenue department   Other tax consequences of a change in membership, such as recognition of gain or loss, are determined by the transactions through which an interest in the LLC is acquired or disposed of. Nm taxation and revenue department If a disregarded entity that becomes a partnership as a result of an increase in the number of members makes an election to be classified as a corporation, the applicable deemed transactions discussed in Subsequent Elections, later, apply. Nm taxation and revenue department Example 4. Nm taxation and revenue department Bart, who is not related to Alain, buys 50% of Alain's interest in an LLC that is a disregarded entity for $5,000. Nm taxation and revenue department Alain does not contribute any portion of the $5,000 to the LLC. Nm taxation and revenue department Alain and Bart continue to operate the business of the LLC as co-owners of the LLC. Nm taxation and revenue department The LLC is converted to a partnership when the new member, Bart, buys an interest in the disregarded entity from the owner, Alain. Nm taxation and revenue department Bart's buying a 50% interest in Alain's ownership interest in the LLC is treated as Bart's buying a 50% interest in each of the LLC's assets, which are treated as owned directly by Alain for federal income tax purposes. Nm taxation and revenue department Immediately thereafter, Alain and Bart are treated as contributing their respective interests in those assets to a partnership in exchange for ownership interests in the partnership. Nm taxation and revenue department Alain recognizes gain or loss from the deemed sale to Bart of the 50% interest in the assets. Nm taxation and revenue department Neither Alain nor Bart recognizes any gain or loss as a result of the deemed contribution of the assets to the partnership. Nm taxation and revenue department Example 5. Nm taxation and revenue department Charles, who is not related to Danielle, contributes $10,000 to an LLC owned by Danielle for a 50% ownership interest in the LLC. Nm taxation and revenue department The LLC uses all of the contributed cash in its business. Nm taxation and revenue department Charles and Danielle continue to operate the business of the LLC as co-owners of the LLC. Nm taxation and revenue department The LLC is converted from a disregarded entity to a partnership when Charles contributes cash to the LLC. Nm taxation and revenue department Charles's contribution is treated as a contribution to a partnership in exchange for an ownership interest in the partnership. Nm taxation and revenue department Danielle is treated as contributing all of the assets of the LLC to the partnership in exchange for a partnership interest. Nm taxation and revenue department Neither Charles nor Danielle recognizes gain or loss as a result of the conversion of the disregarded entity to a partnership. Nm taxation and revenue department   For more details on the preceding two examples, see Revenue Ruling 99-5, 1999-6 I. Nm taxation and revenue department R. Nm taxation and revenue department B. Nm taxation and revenue department 8. Nm taxation and revenue department You can find Revenue Ruling 99-5 at www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/pub/irs-irbs/irb99-06. Nm taxation and revenue department pdf. Nm taxation and revenue department LLCs Classified as Corporations An LLC with either a single member or more than one member can elect to be classified as a corporation rather than be classified as a partnership or disregarded entity under the default rules discussed earlier. Nm taxation and revenue department File Form 8832, Entity Classification Election, to elect classification as a C corporation. Nm taxation and revenue department File Form 2553, Election by a Small Business Corporation, to elect classification as an S corporation. Nm taxation and revenue department LLCs electing classification as an S corporation are not required to file Form 8832 to elect classification as a corporation before filing Form 2553. Nm taxation and revenue department By filing Form 2553, an LLC is deemed to have elected classification as a corporation in addition to the S corporation classification. Nm taxation and revenue department If the LLC elects to be classified as a corporation by filing Form 8832, a copy of the LLC's Form 8832 must be attached to the federal income tax return of each direct and indirect owner of the LLC for the tax year of the owner that includes the date on which the election took effect. Nm taxation and revenue department Example 6. Nm taxation and revenue department Classification as a corporation without an S election. Nm taxation and revenue department Wanda and Sylvester are members of an LLC. Nm taxation and revenue department They agree that the LLC should be classified as a corporation but do not want to elect to have the LLC be treated as an S corporation. Nm taxation and revenue department The LLC must file Form 8832. Nm taxation and revenue department Example 7. Nm taxation and revenue department Classification as a corporation with an S election. Nm taxation and revenue department Evelyn and Carol are members of an LLC. Nm taxation and revenue department They agree that the LLC should be classified as an S corporation. Nm taxation and revenue department The LLC must file Form 2553 instead of Form 8832. Nm taxation and revenue department If the LLC is classified as a corporation, it must file a corporation income tax return. Nm taxation and revenue department If it is a C corporation, it is taxed on its taxable income and distributions to the members are includible in the members' gross income to the extent of the corporation's earnings and profits (double taxation). Nm taxation and revenue department If it is an S corporation, the corporation is generally not subject to any income tax and the income, deductions, gains, losses, and credits of the corporation “pass through” to the members. Nm taxation and revenue department Corporations generally file either: Form 1120, U. Nm taxation and revenue department S. Nm taxation and revenue department Corporation Income Tax Return; or Form 1120S, U. Nm taxation and revenue department S. Nm taxation and revenue department Income Tax Return for an S Corporation. Nm taxation and revenue department For more information on the income taxation of corporations and their shareholders, see Publication 542, Corporations. Nm taxation and revenue department For more information on the income taxation of S corporations and their shareholders, see the Instructions for Form 1120S, U. Nm taxation and revenue department S. Nm taxation and revenue department Income Tax Return for an S Corporation. Nm taxation and revenue department Subsequent Elections An LLC can elect to change its classification. Nm taxation and revenue department Generally, once an LLC has elected to change its classification, it cannot elect again to change it classification during the 60 months after the effective date of the election. Nm taxation and revenue department An election by a newly formed LLC that is effective on the date of formation is not considered a change for purposes of this limitation. Nm taxation and revenue department For more information and exceptions, see Regulations section 301. Nm taxation and revenue department 7701-3(c) and the Form 8832 instructions. Nm taxation and revenue department An election to change classification can have significant tax consequences based on the following transactions that are deemed to occur as a result of the election. Nm taxation and revenue department Partnership to corporation. Nm taxation and revenue department   An election to change classification from a partnership to a corporation will be treated as if the partnership contributed all of its assets and liabilities to the corporation in exchange for stock and the partnership then immediately liquidated by distributing the stock to its partners. Nm taxation and revenue department   For more information, see Partnership Distributions in Publication 541 and Property Exchanged for Stock in Publication 542. Nm taxation and revenue department Corporation to partnership. Nm taxation and revenue department   An election to change classification from a corporation to a partnership will be treated as if the corporation distributed all of its assets and liabilities to its shareholders in liquidation and the shareholders then immediately contributed all of the distributed assets and liabilities to a new partnership. Nm taxation and revenue department   For more information, see Contribution of Property in Publication 541 and Distributions to Shareholders in Publication 542. Nm taxation and revenue department Corporation to disregarded entity. Nm taxation and revenue department   An election to change classification from a corporation to a disregarded entity will be treated as if the corporation distributed all of its assets and liabilities to its single owner in liquidation. Nm taxation and revenue department   For more information, see Distributions to Shareholders in Publication 542. Nm taxation and revenue department Disregarded entity to corporation. Nm taxation and revenue department   An election to change classification from a disregarded entity to a corporation will be treated as if the owner of the disregarded entity contributed all of the assets and liabilities to the corporation in exchange for stock. Nm taxation and revenue department   For more information, see Property Exchanged for Stock in Publication 542. Nm taxation and revenue department How To Get More Information This section describes the help the IRS and other federal agencies offer to taxpayers who operate their own businesses. Nm taxation and revenue department Internal Revenue Service You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Nm taxation and revenue department By selecting the method that is best for you, you will have quick and easy access to tax help. Nm taxation and revenue department Contacting your Taxpayer Advocate. Nm taxation and revenue department   The Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should. Nm taxation and revenue department   You can contact the TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059 to see if you are eligible for assistance. Nm taxation and revenue department You can also call or write to your local taxpayer advocate, whose phone number and address are listed in your local telephone directory and in Publication 1546, Taxpayer Advocate Service — Your Voice at the IRS. Nm taxation and revenue department You can file Form 911, Request for Taxpayer Advocate Service Assistance (And Application for Taxpayer Assistance Order), or ask an IRS employee to complete it on your behalf. Nm taxation and revenue department For more information, go to www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/advocate. Nm taxation and revenue department Low Income Taxpayer Clinics (LITCs). Nm taxation and revenue department   LITCs are independent organizations that provide low income taxpayers with representation in federal tax controversies with the IRS for free or for a nominal charge. Nm taxation and revenue department The clinics also provide tax education and outreach for taxpayers with limited English proficiency or who speak English as a second language. Nm taxation and revenue department Publication 4134, Low Income Taxpayer Clinic List, provides information on clinics in your area. Nm taxation and revenue department It is available at www. Nm taxation and revenue department irs. Nm taxation and revenue department gov or at your local IRS office. Nm taxation and revenue department Small business workshops. Nm taxation and revenue department   Small business workshops are designed to help the small business owner understand and fulfill their federal tax responsibilities. Nm taxation and revenue department Workshops are sponsored and presented by IRS partners who are federal tax specialists. Nm taxation and revenue department Workshop topics vary from a general overview of taxes to more specific topics such as recordkeeping and retirement plans. Nm taxation and revenue department Although most are free, some workshops have fees associated with them. Nm taxation and revenue department Any fees charged for a workshop are paid to the sponsoring organization, not the IRS. Nm taxation and revenue department   For more information, visit www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/businesses/small. Nm taxation and revenue department Subscribe to e-news for small businesses. Nm taxation and revenue department   Join the e-News for Small Businesses mailing list to receive updates, reminders, and other information useful to small business owners and self employed individuals. Nm taxation and revenue department Visit the website at www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/businesses/small and click on “Subscribe to e-News. Nm taxation and revenue department ” Free tax services. Nm taxation and revenue department   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Nm taxation and revenue department It contains a list of free tax publications and describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Nm taxation and revenue department   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. Nm taxation and revenue department Internet. Nm taxation and revenue department You can access the IRS website at www. Nm taxation and revenue department irs. Nm taxation and revenue department gov 24 hours a day, 7 days a week, to: E-file your return. Nm taxation and revenue department Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Nm taxation and revenue department Check the status of your refund. Nm taxation and revenue department Go to www. Nm taxation and revenue department irs. Nm taxation and revenue department gov and click on Where's My Refund. Nm taxation and revenue department Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Nm taxation and revenue department If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Nm taxation and revenue department Have your tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Nm taxation and revenue department Download forms, instructions, and publications. Nm taxation and revenue department Order IRS products online. Nm taxation and revenue department Research your tax questions online. Nm taxation and revenue department Search publications online by topic or keyword. Nm taxation and revenue department View Internal Revenue Bulletins (IRBs) published in the last few years. Nm taxation and revenue department Figure your withholding allowances using the withholding calculator online at www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/individuals. Nm taxation and revenue department Determine if Form 6251 must be filed using our Alternative Minimum Tax (AMT) Assistant. Nm taxation and revenue department Sign up to receive local and national tax news by email. Nm taxation and revenue department Get information on starting and operating a small business. Nm taxation and revenue department Phone. Nm taxation and revenue department Many services are available by phone. Nm taxation and revenue department Ordering forms, instructions, and publications. Nm taxation and revenue department Call 1-800-829-3676 to order current-year forms, instructions, and publications, and prior-year forms and instructions. Nm taxation and revenue department You should receive your order within 10 days. Nm taxation and revenue department Asking tax questions. Nm taxation and revenue department Call the IRS with your tax questions at 1-800-829-1040. Nm taxation and revenue department Solving problems. Nm taxation and revenue department You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Nm taxation and revenue department An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Nm taxation and revenue department Call your local Taxpayer Assistance Center for an appointment. Nm taxation and revenue department To find the number, go to www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Nm taxation and revenue department TTY/TDD equipment. Nm taxation and revenue department If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Nm taxation and revenue department TeleTax topics. Nm taxation and revenue department Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. Nm taxation and revenue department Refund information. Nm taxation and revenue department To check the status of your 2009 refund, call 1-800-829-1954 during business hours or 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). Nm taxation and revenue department Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Nm taxation and revenue department If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Nm taxation and revenue department Have your 2009 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Nm taxation and revenue department Refunds are sent out weekly on Fridays. Nm taxation and revenue department If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. Nm taxation and revenue department Evaluating the quality of our telephone services. Nm taxation and revenue department To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Nm taxation and revenue department One method is for a second IRS representative to listen in on or record random telephone calls. Nm taxation and revenue department Another is to ask some callers to complete a short survey at the end of the call. Nm taxation and revenue department Walk-in. Nm taxation and revenue department Many products and services are available on a walk-in basis. Nm taxation and revenue department Products. Nm taxation and revenue department You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Nm taxation and revenue department Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. Nm taxation and revenue department Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Nm taxation and revenue department Services. Nm taxation and revenue department You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Nm taxation and revenue department An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Nm taxation and revenue department If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Nm taxation and revenue department No appointment is necessary—just walk in. Nm taxation and revenue department If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Nm taxation and revenue department A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Nm taxation and revenue department If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. Nm taxation and revenue department All other issues will be handled without an appointment. Nm taxation and revenue department To find the number of your local office, go to www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Nm taxation and revenue department Mail. Nm taxation and revenue department You can send your order for forms, instructions, and publications to the address below. Nm taxation and revenue department You should receive a response within 10 days after your request is received. Nm taxation and revenue department Internal Revenue Service1201 N. Nm taxation and revenue department Mitsubishi MotorwayBloomington, IL 61705–6613 DVD for tax products. Nm taxation and revenue department You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. Nm taxation and revenue department Prior-year forms, instructions, and publications. Nm taxation and revenue department Tax Map: an electronic research tool and finding aid. Nm taxation and revenue department Tax law frequently asked questions. Nm taxation and revenue department Tax Topics from the IRS telephone response system. Nm taxation and revenue department Internal Revenue Code—Title 26 of the U. Nm taxation and revenue department S. Nm taxation and revenue department Code. Nm taxation and revenue department Fill-in, print, and save features for most tax forms. Nm taxation and revenue department Internal Revenue Bulletins. Nm taxation and revenue department Toll-free and email technical support. Nm taxation and revenue department Two releases during the year. Nm taxation and revenue department – The first release will ship the beginning of January. Nm taxation and revenue department – The final release will ship the beginning of March. Nm taxation and revenue department Purchase the DVD from National Technical Information Service (NTIS) at www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/cdorders for $30 (no handling fee) or call 1-877-CDFORMS (1-877-233-6767) toll free to buy the DVD for $30 (plus a $6 handling fee). Nm taxation and revenue department Small Business Administration The Small Business Administration (SBA) offers training and educational programs, counseling services, financial programs, and contract assistance for small business owners. Nm taxation and revenue department The SBA also has publications and videos on a variety of business topics. Nm taxation and revenue department The following briefly describes assistance provided by the SBA. Nm taxation and revenue department Small Business Development Centers (SBDCs). Nm taxation and revenue department   SBDCs provide counseling, training, and technical services to current and prospective small business owners who cannot afford the services of a private consultant. Nm taxation and revenue department Help is available when beginning, improving, or expanding a small business. Nm taxation and revenue department Business Information Centers (BICs). Nm taxation and revenue department   BICs offer a small business reference library, management video tapes, and computer technology to help plan a business. Nm taxation and revenue department BICs also offer one-on-one assistance. Nm taxation and revenue department Individuals who are in business or are interested in starting a business can use BICs as often as they wish at no charge. Nm taxation and revenue department Service Corps of Retired Executives (SCORE). Nm taxation and revenue department   SCORE provides small business counseling and training to current and prospective small business owners. Nm taxation and revenue department SCORE is made up of current and former business people who offer their expertise and knowledge to help people start, manage, and expand a small business. Nm taxation and revenue department SCORE also offers a variety of small business workshops. Nm taxation and revenue department    Internet. Nm taxation and revenue department You can visit the SBA website at www. Nm taxation and revenue department sba. Nm taxation and revenue department gov. Nm taxation and revenue department While visiting the SBA website, you can find a variety of information of interest to small business owners. Nm taxation and revenue department    Phone. Nm taxation and revenue department Call the SBA Answer Desk at 1-800-UASK-SBA (1-800-827-5722) for general information about programs available to assist small business owners. Nm taxation and revenue department    Walk-in. Nm taxation and revenue department You can walk in to a Small Business Development Center or Business Information Center to request assistance with your small business. Nm taxation and revenue department To find the location nearest you, visit the SBA website or call the SBA Answer Desk. Nm taxation and revenue department Other Federal Agencies Other federal agencies also publish publications and pamphlets to assist small businesses. Nm taxation and revenue department Most of these are available from the Superintendent of Documents at the Government Printing Office. Nm taxation and revenue department You can get information and order these publications and pamphlets in several ways. Nm taxation and revenue department Internet. Nm taxation and revenue department You can visit the GPO website at www. Nm taxation and revenue department access. Nm taxation and revenue department gpo. Nm taxation and revenue department gov. Nm taxation and revenue department Mail. Nm taxation and revenue department Write to the GPO at the following address. Nm taxation and revenue department Superintendent of DocumentsU. Nm taxation and revenue department S. Nm taxation and revenue department Government Printing OfficeP. Nm taxation and revenue department O. Nm taxation and revenue department Box 979050St. Nm taxation and revenue department Louis, MO 63917-9000 Phone. Nm taxation and revenue department Call the GPO toll-free at 1-866-512-1800 or at 202-512-1800 from the Washington, DC area. Nm taxation and revenue department Prev  Up  Next   Home   More Online Publications
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The Nm Taxation And Revenue Department

Nm taxation and revenue department Publication 550 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Nm taxation and revenue department Tax questions. Nm taxation and revenue department Future Developments For the latest information about developments related to Publication 550, such as legislation enacted after it was published, go to www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/pub550. Nm taxation and revenue department What's New Net investment income tax (NIIT). Nm taxation and revenue department  Beginning in 2013, you may be subject to the NIIT. Nm taxation and revenue department The NIIT applies at a rate of 3. Nm taxation and revenue department 8% to certain net investment income of individuals, estates, and trusts that have income above statutory threshold amounts. Nm taxation and revenue department See Net investment income tax (NIIT) , later. Nm taxation and revenue department Maximum capital gain rates. Nm taxation and revenue department  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Nm taxation and revenue department See Capital Gain Tax Rates , later, for more information. Nm taxation and revenue department Gift tax exclusion amount increased. Nm taxation and revenue department  For calendar year 2013, the first $14,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts. Nm taxation and revenue department See Property Received as a Gift , later. Nm taxation and revenue department Reminders Mutual fund distributions. Nm taxation and revenue department  Publication 564, Mutual Fund Distributions, has been incorporated into this publication. Nm taxation and revenue department Foreign source income. Nm taxation and revenue department  If you are a U. Nm taxation and revenue department S. Nm taxation and revenue department citizen with investment income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Nm taxation and revenue department S. Nm taxation and revenue department law. Nm taxation and revenue department This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Nm taxation and revenue department Employee stock options. Nm taxation and revenue department  If you received an option to buy or sell stock or other property as payment for your services, see Publication 525, Taxable and Nontaxable Income, for the special tax rules that apply. Nm taxation and revenue department Photographs of missing children. Nm taxation and revenue department  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Nm taxation and revenue department Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Nm taxation and revenue department You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Nm taxation and revenue department Introduction This publication provides information on the tax treatment of investment income and expenses. Nm taxation and revenue department It includes information on the tax treatment of investment income and expenses for individual shareholders of mutual funds or other regulated investment companies, such as money market funds. Nm taxation and revenue department It explains what investment income is taxable and what investment expenses are deductible. Nm taxation and revenue department It explains when and how to show these items on your tax return. Nm taxation and revenue department It also explains how to determine and report gains and losses on the disposition of investment property and provides information on property trades and tax shelters. Nm taxation and revenue department The glossary at the end of this publication defines many of the terms used. Nm taxation and revenue department Investment income. Nm taxation and revenue department   This generally includes interest, dividends, capital gains, and other types of distributions including mutual fund distributions. Nm taxation and revenue department Investment expenses. Nm taxation and revenue department   These include interest paid or incurred to acquire investment property and expenses to manage or collect income from investment property. Nm taxation and revenue department Qualified retirement plans and IRAs. Nm taxation and revenue department   The rules in this publication do not apply to mutual fund shares held in individual retirement arrangements (IRAs), section 401(k) plans, and other qualified retirement plans. Nm taxation and revenue department The value of the mutual fund shares and earnings allocated to you are included in your retirement plan assets and stay tax free generally until the plan distributes them to you. Nm taxation and revenue department The tax rules that apply to retirement plan distributions are explained in the following publications. Nm taxation and revenue department Publication 560, Retirement Plans for Small Business. Nm taxation and revenue department Publication 571, Tax-Sheltered Annuity Plans. Nm taxation and revenue department Publication 575, Pension and Annuity Income. Nm taxation and revenue department Publication 590, Individual Retirement Arrangements (IRAs). Nm taxation and revenue department Publication 721, Tax Guide to U. Nm taxation and revenue department S. Nm taxation and revenue department Civil Service Retirement Benefits. Nm taxation and revenue department    Comments and suggestions. Nm taxation and revenue department   We welcome your comments about this publication and your suggestions for future editions. Nm taxation and revenue department   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Nm taxation and revenue department NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Nm taxation and revenue department Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Nm taxation and revenue department   You can send your comments from www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/formspubs/. Nm taxation and revenue department Click on “More Information” and then on “Comment on Tax Forms and Publications. Nm taxation and revenue department ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Nm taxation and revenue department Ordering forms and publications. Nm taxation and revenue department   Visit www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Nm taxation and revenue department Internal Revenue Service 1201 N. Nm taxation and revenue department Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Nm taxation and revenue department   If you have a tax question, check the information available on IRS. Nm taxation and revenue department gov or call 1-800-829-1040. Nm taxation and revenue department We cannot answer tax questions sent to either of the above addresses. Nm taxation and revenue department Prev  Up  Next   Home   More Online Publications