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More About This Title J.K. Lasser's Your Income Tax Professional Edition 2016
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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 informationEasily find the information you are looking for with special features that call your attention to key conceptsProtect your assets with tax-saving advice on deduction, income sheltering, and moreDive 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.
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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
