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More About This Title Ernst & Young Tax Guide 2016
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EY Tax Guide 2016 turns filing your taxes into a simple process. While tax code is admittedly complex, this trusted guide offers specific solutions for tax payers, including homeowners, self-employed entrepreneurs, business executives, and senior citizens, to help you zero in on the best tax strategy for your financial situation. Green tips offer updated insight into environmental credits for green initiatives that can maximize your return. Additionally, this authoritative text provides at-a-glance reference sheets for key subject areas, including changes in tax law, common errors to avoid, tax breaks and deductions, and more.
If you find tax preparation an intimidating process you are not alone; however, you can simplify your taxes by turning to a trusted guide for support. The EY Tax Guide is an approachable yet authoritative resource that has acted as the go-to reference for individual taxpayers for years. With this text, you can understand the deductions you are entitled to and maximize your return. Explore the top tax preparation errors, increasing your return and protecting your wealthConsider tax strategies that are specific to your particular financial situation, tailoring your preparation approach to your needsLeverage money-saving tips and other useful information, such as insight regarding tax law changes and tax breaksStreamline the filing process with the tax organizer, and plot your preparation on the tax calendar to meet key deadlines
EY Tax Guide 2016 is an integral resource that guides you in maximizing your tax return through trusted tax filing techniques.
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How to use this guide v
Special contents viii
Changes in the tax law you should know about x
Important 2015 tax reminders xiv
How to avoid 25 common errors xvi
50 of the most easily overlooked deductions xvii
Individual tax organizer xviii
Income and expense records you should keep in addition to you income tax return xxvi
Part I The income tax return 1
Chapter 1 Filing information 3
Chapter 2 Filing status 46
Chapter 3 Personal exemptions and dependents 60
Chapter 4 Tax withholding and estimated tax 89
Part II Income 119
Chapter 5 Wages, salaries, and other earnings 121
Chapter 6 Tip income 148
Chapter 7 Interest income 158
Chapter 8 Dividends and other corporate distributions 190
chapter 9 Rental income and expenses 212
Chapter 10 Retirement plans, pensions, and annuities 238
Chapter 11 Social security and equivalent railroad retirement benefits 267
Chapter 12 Other income 280
Part III Gains and losses 321
Chapter 13 Basis of property 323
Chapter 14 Sale of property 347
Chapter 15 Selling your home 390
Chapter 16 Reporting gains and losses 411
Part IV Adjustments to income 431
Chapter 17 Individual retirement arrangements (IRAs) 433
Chapter 18 Alimony 474
Chapter 19 Education-related adjustments 489
Chapter 20 Moving expenses 499
Part V Standard deduction and itemized deductions 515
Chapter 21 Standard deduction 517
Chapter 22 Medical and dental expenses 524
Chapter 23 Taxes you may deduct 545
Chapter 24 Interest expense 560
Chapter 25 Contributions 584
Chapter 26 Nonbusiness casualty and theft losses 614
Chapter 27 Car expenses and other employee business expenses 639
Chapter 28 Tax benefits for work-related education 688
Chapter 29 Miscellaneous deductions 702
Chapter 30 Limit on itemized deductions 726
Part VI Figuring your taxes and credits 731
Chapter 31 How to figure your tax 733
Chapter 32 Tax on investment income of certain children 751
Chapter 33 Child and dependent care credit 762
Chapter 34 Credit for the elderly or the disabled 783
Chapter 35 Child tax credit 789
Chapter 36 Education credits and other education tax benefits 793
Chapter 37 Premium Tax Credit (PTC) 805
Chapter 38 Other credits including the earned income credit 811
Part VII Special situations and tax planning 849
Chapter 39 Self-employment income: How to file Schedule C 851
Chapter 40 Mutual funds 885
Chapter 41 What to do if you employ domestic help 906
Chapter 42 U.S. citizens working abroad: Tax treatment of foreign earned income 918
Chapter 43 Foreign citizens living in the United States 925
Chapter 44 Decedents: Dealing with the death of a family member 935
Chapter 45 Estate and gift tax planning 952
Chapter 46 Everything you need to know about e-filing 967
Chapter 47 If your return is examined 975
Chapter 48 Rules for expensing and capitalizing tangible property used in a trade or business 991
Chapter 49 Planning ahead for 2016 and beyond 1001
Chapter 50 2015 Tax rate schedules 1018
Index 1020
