Instructions For Schedule C 1040 - 2016 (Page 16 of 18) in pdf

deduct part or all of the cost of modify-

estimates shown in the instructions for

Forestation and reforestation costs.

ing existing commercial buildings to

their individual income tax return. The

Reforestation costs are generally capital

make them energy efficient. For details,

estimated burden for all other taxpayers

expenditures. However, for each quali-

see section 179D, Notice 2006-52, No-

who file this form is approved under

fied timber property, you can elect to ex-

tice 2008-40, and Notice 2012-26. No-

OMB control number 1545-1974 and is

pense up to $10,000 ($5,000 if married

tice 2006-52, 2006-26 I.R.B. 1175, is

shown next.

filing separately) of qualifying reforesta-

available at

IRS.gov/irb/2006-26_IRB/

tion costs paid or incurred in 2016.

ar11.html. Notice 2008–40, 2008–14

Recordkeeping

3 hr., 36 min.

. . . . . . . . .

You can elect to amortize the remain-

I.R.B. 725, is available at

IRS.gov/irb/

Learning about the law or the

ing costs over 84 months. For amortiza-

form

1 hr., 19 min.

2008-14_IRB/ar12.html. Notice 2012–

. . . . . . . . . . . . . . .

tion that begins in 2016, you must com-

Preparing the form

1 hr., 39 min.

. . . . . .

26, 2012–17 I.R.B. 847, is available at

plete and attach Form 4562.

Copying, assembling, and sending

IRS.gov/irb/2012-17_IRB/ar08.html.

the form to the IRS

34 min.

. . . . . .

The amortization election does not

Deduction for removing barriers to

apply to trusts, and the expense election

individuals with disabilities and the

does not apply to estates and trusts. For

The time needed to complete and file

elderly. You may be able to deduct up

details on reforestation expenses, see

Schedule C-EZ (Form 1040) will vary

to $15,000 of costs paid or incurred in

chapters 7 and 8 of Pub. 535.

depending on individual circumstances.

2016 to remove architectural or trans-

The estimated burden for individual tax-

portation barriers to individuals with

Paperwork Reduction Act Notice. We

payers filing this form is included in the

disabilities and the elderly. However,

ask for the information on Schedule C

estimates shown in the instructions for

you cannot take both a credit (on Form

(Form 1040) and Schedule C-EZ (Form

their individual income tax return. The

8826) and a deduction for the same ex-

1040) to carry out the Internal Revenue

estimated burden for all other taxpayers

penditures.

laws of the United States. You are re-

who file this form is approved under

quired to give us the information. We

Excess farm loss deduction. Any loss

OMB control number 1545-1973 and is

need it to ensure that you are complying

from this business activity, which in-

shown next.

with these laws and to allow us to figure

cludes processing a farm commodity as

and collect the right amount of tax.

part of your farming business, that was

Recordkeeping

45 min.

. . . . . . . . . . .

not allowed last year because of the ex-

You are not required to provide the

Learning about the law or the

cess farm loss rules is treated as a de-

information requested on a form that is

form

3 min.

. . . . . . . . . . . . . . . . .

duction allocable to this business activi-

subject to the Paperwork Reduction Act

Preparing the form

35 min.

. . . . . . . .

ty in 2016.

unless the form displays a valid OMB

Copying, assembling, and sending the

control number. Books or records relat-

form to the IRS

20 min.

. . . . . . . . . . .

See the Instructions for Schedule F

ing to a form or its instructions must be

for a definition of farming business for

retained as long as their contents may

this purpose and for more information

If you have comments concerning the

become material in the administration of

about excess farm losses.

accuracy of these time estimates or sug-

any Internal Revenue law. Generally,

Film and television and live theatrical

gestions for making this form simpler,

tax returns and return information are

production expenses. You can elect to

we would be happy to hear from you.

confidential, as required by section

deduct costs of certain qualified film and

See the instructions for the tax return

6103.

television productions. You can also

with which this form is filed.

The time needed to complete and file

elect to deduct costs of certain qualified

Schedule C (Form 1040) will vary de-

live theatrical productions that have

pending on individual circumstances.

their first public performance for a pay-

The estimated burden for individual tax-

ing audience in 2016. For details, see

payers filing this form is included in the

chapter 7 of Pub. 535.

C-16

Instructions For Schedule C 1040 - 2016 Page 16

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