Page 204 - Individual Forms & Instructions Guide

13:32 - 25-Jan-2023
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The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
part or all of the expenses of modifying The estimated burden for individual tax-
an existing commercial building to make Paperwork Reduction Act Notice. We payers filing this form is included in the
it energy efficient. For details, see Form ask for the information on Schedule C estimates shown in the instructions for
7205 and its instructions. (Form 1040) to carry out the Internal their individual income tax return. The
Revenue laws of the United States. You
Film and television and live theatrical are required to give us the information. estimated burden for all other taxpayers
production expenses. You can elect to We need it to ensure that you are com- who file this form is approved under
deduct costs of certain qualified film and plying with these laws and to allow us to OMB control number 1545-1974 and is
television productions or qualified live figure and collect the right amount of shown next.
theatrical productions. For details, see tax.
chapter 7 of Pub. 535. Recordkeeping . . . . . . . . . 3 hr., 36 min.
You are not required to provide the Learning about the law or the
Forestation and reforestation costs. information requested on a form that is form . . . . . . . . . . . . . . . 1 hr., 19 min.
Reforestation costs are generally capital subject to the Paperwork Reduction Act Preparing the form . . . . . . 1 hr., 39 min.
expenditures. However, for each quali- unless the form displays a valid OMB Copying, assembling, and sending
fied timber property, you can elect to ex- control number. Books or records relat- the form to the IRS . . . . . . 34 min.
pense up to $10,000 ($5,000 if married ing to a form or its instructions must be
filing separately) of qualifying reforesta- retained as long as their contents may
If you have comments concerning the
tion costs paid or incurred in 2022. become material in the administration of accuracy of these time estimates or sug-
You can elect to amortize the remain- any Internal Revenue law. Generally, gestions for making this form simpler,
ing costs over 84 months. For amortiza- tax returns and return information are we would be happy to hear from you.
tion that begins in 2022, you must com- confidential, as required by section See the instructions for the tax return
plete and attach Form 4562. 6103. with which this form is filed.
The amortization election does not The time needed to complete and file
apply to trusts. For details on reforesta- Schedule C (Form 1040) will vary de-
tion expenses, see chapters 7 and 8 of pending on individual circumstances.
Pub. 535.

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