Deftly navigate income taxes and tax preparation J.K. Lasser's Your Income Tax: Professional Edition, 2016 offers individual taxpayers and tax professionals the latest, most up to date tax information. Completely annotated, this authoritative text guides you toward the case law, IRS code sections, and regulations that support the content, which is presented in an approachable yet comprehensive manner. Additionally, this best-selling resource delivers tax-saving advice for maximizing deductions and sheltering income. Through hundreds of examples, you explore how to apply tax laws to individual tax payers, allowing you to create effective tax strategies that align with regulations. Finally, special features throughout the content call your attention to important concepts, such as icons that highlight new tax laws, IRS rulings, court decisions, filing pointers, and planning strategies. Taxes are extremely complicated. Whether you are a professional or an individual taxpayer, it is critical that you understand how to get the highest return possible when filing either your taxes or those of your client.
* Leverage revised content that features the most updated tax code information * Easily find the information you are looking for with special features that call your attention to key concepts * Protect your assets with tax-saving advice on deduction, income sheltering, and more * Dive into extended guidance that offers annotated insight into IRS code sections, regulations, and case law J.K. Lasser's Your Income Tax: Professional Edition, 2016 is an updated, annotated version of a classic reference that has guided tax payers through the complexities of the income tax landscape for over 65 years.
What's New for 2015 xxv Key Tax Numbers for 2015 xxix PART 1 FILING BASICS 1 Do You Have to File a 2015 Tax Return? 3 Filing Tests for Dependents: 2015 Returns 4 Where to File Your 2015 Return 5 Filing Deadlines (on or before) 6 Which Tax Form Should You File? 8 1 Filing Status 9 PART 2 REPORTING YOUR INCOME 33 2 Wages, Salary, and Other Compensation 35 3 Fringe Benefits 52 4 Dividend and Interest Income 74 5 Reporting Property Sales 100 6 Tax-Free Exchanges of Property 144 7 Retirement and Annuity Income 159 8 IRAs 193 9 Income From Real Estate Rentals and Royalties 234 10 Loss Restrictions: Passive Activities and At-Risk Limits 251 11 Other Income 279 PART 3 CLAIMING DEDUCTIONS 301 12 Deductions Allowed in Figuring Adjusted Gross Income 303 13 Claiming the Standard Deduction or Itemized Deductions 312 14 Charitable Contribution Deductions 320 15 Itemized Deduction for Interest Expenses 344 16 Deductions for Taxes 360 17 Medical and Dental Expense Deductions 367 18 Casualty and Theft Losses and Involuntary Conversions 385 19 Deducting Job Costs and Other Miscellaneous Expenses 410 20 Travel and Entertainment Expense Deductions 424 21 Personal Exemptions 450 PART 4 PERSONAL TAX COMPUTATIONS 465 22 Figuring Your Regular Income Tax Liability 467 24 Computing the "Kiddie Tax" on Your Child's Investment Income 479 25 Personal Tax Credits Reduce Your Tax Liability 485 26 Tax Withholdings 504 27 Estimated Tax Payments 511 28 Additional Medicare Tax and Net Investment Income Tax 517 PART 5 TAX PLANNING 523 29 Tax Savings for Residence Sales 525 30 Tax Rules for Investors in Securities 540 31 Tax Savings for Investors in Real Estate 556 32 Tax Rules for Investors in Mutual Funds 569 33 Educational Tax Benefi ts 578 34 Special Tax Rules for Senior Citizens and the Disabled 596 35 Members of the Armed Forces 607 36 How To Treat Foreign Earned Income 614 37 Planning Alimony and Marital Settlements 625 38 Other Taxes 632 39 Gift and Estate Tax Planning Basics 640 PART 6 BUSINESS TAX PLANNING 649 40 Income or Loss From Your Business or Profession 651 41 Retirement and Medical Plans for Self-Employed 679 42 Claiming Depreciation Deductions 689 43 Deducting Car and Truck Expenses 706 44 Sales of Business Property 720 45 Figuring Self-Employment Tax 727 PART 7 FILING YOUR RETURN AND WHAT HAPPENS AFTER YOU FILE 735 46 Filing Your Return 737 47 Filing Refund Claims, and Amended Returns 749 48 If the IRS Examines Your Return 753 PART 8 2015 TAX TABLE, TAX COMPUTATION WORKSHEET, AND EIC TABLE 765 2015 Tax Table 766 2015 Tax Computation Worksheet 778 2015 Earned Income Credit (EIC)Table 779 PART 9 TAX LAW AUTHORITIES 789 Legislative Authorities Internal Revenue Code 791 Congressional Committee Reports 791 Administrative Authorities Treasury Regulations 791 Revenue Rulings 791 Other IRS Rulings and Releases 792 Judicial Authorities Court Decisions 792 U.S. Tax Court 792 Federal District Court 793 U.S. Court of Federal Claims 793 Court of Appeals Decisions 793 Supreme Court Decisions 794 States Within Court of Appeals Regions 794 PART 10 CITATIONS OF AUTHORITY 795 Key to Citations 796 Filing Basics 797 Citation to tax content for Parts 1 7 798 PART 11 PRACTICE BEFORE THE IRS 919 How Returns Are Examined 921 Audit Rules for Partnerships 927 The Time Limits Within Which the IRS Must Act for Additional Taxes 928 Filing Refund Claims 933 How To Arrange Closing Agreements and Compromises 937 How To Get the IRS Opinion on a Tax Problem 939 Circular 230: Practice Before the IRS 945 Tax Return Preparer Penalties 950 GLOSSARY 955 INDEX 961
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