J.K. Lasser's Your Income Tax 2024, Professional Edition
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J.K. Lasser's Your Income Tax 2024, Professional Edition

By J.K. Lasser Institute
John Wiley & Sons January 2024

Specifications

ISBN-13
9781394223527
Publisher
John Wiley & Sons
Publication
January 2024
Format
Hardback , 1032 pages
Jurisdiction
U.S. ? Countri(es) for reference only

Details

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.

Table of Contents

What’s New for 2023 xxvii

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

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