How to make ringtones by iTunes

You may know that iTunes provides ringtones for us to download, but it needs money. So how can we transfer the music to M4r and sync them to our iPhone to be the ringtones?
1 Launch iTunes and find preferences. Check "Tones". Then the interface will appear. Select "Add Tones to Library".
2 Right click the songs you choose and select "Get Info". Then choose "Options" to fill in the "Start Time" and "Stop Time" (in 40 seconds), after that, click "OK". If you have made a ringtones, just convert directly.

3 Right click the song again, and select "Create ACC Version".

4 Right click the song you create, Select "Show in Finder", rename the file extension from ".m4a" to ".m4r". And click "Yes" on the interface appear. Then your ringtones will be made.

5 Next, go back to iTunes. Right-click on the song you have created and select "Delete".

6 Click "Remove" to confirm the removal and then click "Keep File" when you’re prompted. This instructs iTunes to remove the song (the 30 sec version) from iTunes library and keep the actual file.

7 Go back to Finder and double-click on the ringtone file (.m4r) you have just renamed. The ringtone will automatically add it to iTunes’ ringtone library. You can now sync it to iPhone using iTunes. Enjoy your new ringtone!