J.K. Lasser's Your Income Tax 2024: For Preparing Your 2023 Tax Return

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J.K. Lasser's Your Income Tax 2024: For Preparing Your 2023 Tax Return

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The most up-to-date entry in America’s #1 all-time best-selling personal tax guide

J.K. Lasser’s Your Income Tax 2024: For Preparing Your 2023 Tax Return delivers practical and hands-on guidance for everyday people preparing to file their taxes for the 2023 calendar year. You’ll find timely and up-to-date info about the latest changes to the US tax code, as well as worksheets and forms you can use to make filing your taxes easier. You’ll get the most current insight on how to maximize your credits and deductions, keeping more money in your pocket.

In the latest edition of this celebrated and best-selling series, you’ll find:
- Special features that walk you through the most recent Tax Court decisions and IRS rulings that determine how your deductions and credits will work
- Simple tips and tricks on how to properly file your taxes, as well as tax planning strategies that save you and your family money
- Brand new info about the latest legislation from Congress and how it impacts you
Trusted by hundreds of thousands of Americans for over 80 years, J.K. Lasser’s Your Income Tax 2024 is the perfect resource for everyone looking for the latest and most up-to-date personal tax information to make filing their next tax return a breeze.
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
J.K. Lasser Institute has been the premier publisher of consumer tax guides since 1939, when Jacob Kay Lasser first published Your Income Tax. Since then, the guide has been published continuously for over seventy years and read by over 39,000,000 people. The J.K. Lasser Institute also publishes personal finance books such as Small Business Taxesand 1001 Deductions and Tax Breaks. J.K. Lasser Institute spokespeople are regularly sought after as media tax experts. They regularly appear on such broadcast programs as CNBC, CNN, and Bloomberg TV. They are also often featured in numerous periodicals, including The Wall Street Journal, USA Today, Self Magazine, The New York Times, Newsweek and Reader's Digest.