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J.K. Lasser's Your Income Tax 2017: For Preparing Your 2016 Tax Return

ISBN: 978-1-119-24820-0
864 pages
October 2016
J.K. Lasser

Description

America's number-one all-time best-selling tax guide, with 2,500 money-saving tips

J.K. Lasser's Your Income Tax 2017 puts America's most trusted tax advice to work to help you with your 2016 tax return. Reader-friendly and easy to use, this book answers your most pressing questions to help you maximize your tax savings. You'll learn how the latest tax law and IRS changes apply to your specific situation, and you'll find expert advice on sheltering income, planning, claiming deductions, and more. New tax laws, IRS rulings, court decisions, filing pointers, and planning strategies are highlighted throughout for quick reference, and the companion website at jklasser.com has an e-Supplement that updates the text with the latest tax developments from the IRS and Congress. Using a CPA or tax software to file? This guide shows you what you can do to leverage the utmost money-saving capabilities these services have to offer. Filing yourself? This book gives you guidance and expertise from America's most trusted tax resource for over 75 years. 

Tax laws are continually evolving, and even if your family situation and finances haven't changed in the last year, your tax-saving opportunities or liabilities may have changed because of new rules. Do you routinely stay up to date on IRS rulings and new tax legislation? J.K. Lasser does, and this book tells you everything you need to know to file your 2016 return.

  • Maximize your tax savings with over 2,500 tax-saving tips
  • Learn how recent tax law changes affect your 2016 filing
  • Identify your deductions, and claim them correctly
  • Get the answers you need quickly, from a trusted source

Taxes are complex, confusing, and always changing, and it's tempting to just settle for what you're given—but why leave money on the table? You've worked hard for it, and you're entitled to it. Cut through the complexity and file correctly, on time, for a maximized return with the trusted authoritative help of J.K. Lasser's Your Income Tax 2017.

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Table of Contents

What’s New for 2016 xxv

Key Tax Numbers for 2016 xxix

FILING BASICS 1

Do You Have to File a 2016 Tax Return? 3

Filing Tests for Dependents: 2016 Returns 4

Where to File Your 2016 Return 5

Filing Deadlines (on or before) 6

Which Tax Form Should You File? 8

Filing Status 9

REPORTING YOUR INCOME 33

Wages, Salary, and Other Compensation 35

Fringe Benefits 52

Dividend and Interest Income 74

Reporting Property Sales 100

Tax-Free Exchanges of Property 145

Retirement and Annuity Income 160

IRAs 195

Income From Real Estate Rentals and Royalties 241

Loss Restrictions: Passive Activities and At-Risk Limits 258

Other Income 286

CLAIMING DEDUCTIONS 309

Deductions Allowed in Figuring Adjusted Gross Income 311

Claiming the Standard Deduction or Itemized Deductions 320

Charitable Contribution Deductions 328

Itemized Deduction for Interest Expenses 352

Deductions for Taxes 369

Medical and Dental Expense Deductions 376

Casualty and Theft Losses and Involuntary Conversions 394

Deducting Job Costs and Other Miscellaneous Expenses 419

Travel and Entertainment Expense Deductions 433

Personal Exemptions 459

PERSONAL TAX COMPUTATIONS 473

Figuring Your Regular Income Tax Liability 475

Alternative Minimum Tax (AMT) 479

Computing the “Kiddie Tax” on Your Child’s Investment Income 487

Personal Tax Credits Reduce Your Tax Liability 493

Tax Withholdings 514

Estimated Tax Payments 521

Additional Medicare Tax and Net Investment Income Tax 527

TAX PLANNING 533

Tax Savings for Residence Sales 535

Tax Rules for Investors in Securities 550

Tax Savings for Investors in Real Estate 566

Tax Rules for Investors in Mutual Funds 579

Educational Tax Benefi ts 588

Special Tax Rules for Senior Citizens and the Disabled 606

Members of the Armed Forces 617

How To Treat Foreign Earned Income 624

Planning Alimony and Marital Settlements 635

Other Taxes 642

Gift and Estate Tax Planning Basics 650

BUSINESS TAX PLANNING 659

Income or Loss From Your Business or Profession 661

Retirement and Medical Plans for Self-Employed 689

Claiming Depreciation Deductions 699

Deducting Car and Truck Expenses 716

Sales of Business Property 730

Figuring Self-Employment Tax 737

FILING YOUR RETURN AND WHAT HAPPENS AFTER YOU FILE 745

Filing Your Return 747

Filing Refund Claims, and Amended Returns 755

If the IRS Examines Your Return 759

2016 SAMPLE TAX FORMS 771

2016 Form 1040 773

Schedule A 775

Schedule B 776

Schedule C 777

Schedule D 779

Schedule E 781

Schedule SE 783

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