J.K. Lasser's Your Income Tax 2024, Professional Edition
J.K. Lasser
3. Edition February 2024
1088 Pages, Hardcover
Wiley & Sons Ltd
The leading desk reference for US personal income tax return preparation for professionals
In J.K. Lasser's Your Income Tax 2024, Professional Edition, a team of veteran tax preparers and educators delivers an intuitive and comprehensive roadmap to helping your clients prepare their 2023 US personal income tax returns. In the book, you'll learn how to maximize your clients' deductions and credits, legally shelter their personal income, and minimize their tax bills. The authors have included sample 2023 tax forms, brand-new tax law authorities with citations, binding IRS rulings, filing pointers, and tax planning strategies you can implement immediately to better serve your clients.
Fully updated to reflect the changes to the 2023 tax code, this book provides the step-by-step instructions, worksheets, and forms you need to prepare your clients' taxes ethically and effectively. You'll also find:
* Discussions of what it's like to practice before the Internal Revenue Service as an Enrolled Agent
* Strategies for identifying the best approach to tax planning based on your client's financial situation
* Checklists and sample forms to make preparing your next return simple and straightforward
Perfect for practicing and training Certified Public Accountants and Enrolled Agents, J.K. Lasser's Your Income Tax 2024 is the gold standard desk reference for tax preparers serving individuals in the United States.
Tax News for 2023 xxvii
Key Tax Numbers for 2023 xxx
Tax-Saving Opportunities for 2023 and Beyond xxxii
Expiring Provisions xxxiii
Filing Basics 1
Filing Status 9
Reporting Your Income 35
Wages, Salary, and Other Compensation 37
Fringe Benefits 56
Dividend and Interest Income 81
Reporting Property Sales 109
Tax-Free Exchanges of Property 158
Retirement and Annuity Income 172
IRAs 209
Income From Real Estate Rentals and Royalties 262
Loss Restrictions: Passive Activities and At-Risk Limits 282
Other Income 312
Claiming Deductions 337
Deductions Allowed in Figuring Adjusted Gross Income 339
Claiming the Standard Deduction or Itemized Deductions 345
Charitable Contribution Deductions 352
Itemized Deduction for Interest Expenses 379
Deductions for Taxes 397
Medical and Dental Expense Deductions 406
Casualty and Theft Losses and Involuntary Conversions 426
Other Itemized Deductions 451
Travel and Meal Expense Deductions 454
Personal Tax Computations 475
Dependents 477
Figuring Your Regular Income Tax Liability 491
Alternative Minimum Tax (AMT) 496Computing the "Kiddie Tax" on Your Child's Unearned Income 504
Personal Tax Credits Reduce Your Tax Liability 510
Tax Withholdings 534
Estimated Tax Payments 542
Additional Medicare Tax and Net Investment Income Tax 548
Tax Savings for Residence Sales 557
Tax Rules for Investors in Securities 575
Tax Savings for Investors in Real Estate 592
Tax Rules for Investors in Mutual Funds 606
Educational Tax Benefits 615
Special Tax Rules for Senior Citizens and the Disabled 634
Members of the Armed Forces 649
How To Treat Foreign Earned Income 657
Planning Alimony and Marital Settlements 668
Other Taxes 673
Gift and Estate Tax Planning Basics 679
Business Tax Planning 689
Income or Loss From Your Business or Profession 691
Retirement and Medical Plans for Self-Employed 721
Claiming Depreciation Deductions 734
Deducting Car and Truck Expenses 751
Sales of Business Property 766
Figuring Self-Employment Tax 773
Filing Your Return and the Process After You File 783
Filing Your Return 785
Filing Refund Claims, and Amended Returns 794
If the IRS Examines Your Return 798
2023 Tax Forms 811
Form 1040 813
Form 1040-SR 815
Schedule 1 819
Schedule 2 821
Schedule 3 823
Schedule A 825
Schedule B 826
Schedule 8812 827
Form 2441 829
Form 8863 831
2023 Tax Table 833
2023 Tax Computation Worksheet 845
2023 Earned Income Credit (EIC) Table 846
Tax Law Authorities 857
Legislative Authorities 858
Administrative Authorities 859
Judicial Authorities 860
Citations of Authority 863
Key to Citations 864
Filing Basics 865
Practice Before the Irs 977
How Returns Are Examined 979
Audit Rules for Partnerships 986
The Time Limits Within Which the IRS Must Act for Additional Taxes 987
Filing Refund Claims 992
How to Arrange Closing Agreements and Compromises 996
How to Get the IRS' Opinion on a Tax Problem 998
Circular 230: Practice Before the IRS 1004
Tax Return Preparer Penalties 1012
Glossary 1017
Index 1023
