J.K. Lasser's your income tax

J.K. Lasser's your income tax

Book - 1955

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2024: 2 / 3 copies available
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Subjects
Income tax > Handbooks, manuals, etc.
Tax returns > Handbooks, manuals, etc.
Published
Hoboken, New Jersey : Wiley 1955-
Language
English
Corporate Author
J.K. Lasser Tax Institute
Corporate Author
J.K. Lasser Tax Institute (-)
Item Description
Publisher varies.
Includes supplements.
Issued also in a professional edition.
Physical Description
v. : forms
Publication Frequency
Annual
ISBN
9781394223497
ISSN
08951675
  • What's New for 2023
  • Tax News for 2023
  • Key Tax Numbers for 2023
  • Tax-Saving Opportunities for 2023 and Beyond
  • Expiring Provisions
  • Filing Basics
  • Do You Have to File a 2023 Tax Return?
  • Filing Tests for Dependents: 2023 Returns
  • Where to File Your 2023 Form 1040 or 1040-SR
  • Filing Deadlines (on or before)
  • What Forms Do You Need to File?
  • Filing Status
  • 1.1. Which Filing Status Should You Use?
  • 1.2. Tax Rates Based on Filing Status
  • 1.3. Filing Separately Instead of jointly
  • 1.4. Filing a joint Return
  • 1.5. Nonresident Alien Spouse
  • 1.6. Community Property Rules
  • 1.7. Innocent Spouse Rules
  • 1.8. Separate Liability Relief for Former Spouses
  • 1.9. Equitable Relief
  • 1.10. Death of Your Spouse in 2023
  • 1.11. Qualifying Widow/Widower Status for 2023 If Your Spouse Died in 2022 or 2021
  • 1.12. Qualifying as Head of Household
  • 1.13. Filing for Your Child
  • 1.14. Return for Deceased
  • 1.15. Return for an Incompetent Person
  • 1.16. How a Nonresident Alien Is Taxed
  • 1.17. How a Resident Alien Is Taxed
  • 1.18. Who Is a Resident Alien?
  • 1.19. Certificate of Tax Compliance for Alien Leaving the United States
  • 1.20. Expatriation Tax
  • Reporting Your Income
  • Wages, Salary, and Other Compensation
  • 2.1. Salary and Wage Income
  • 2.2. Constructive Receipt of Year-End Paychecks
  • 2.3. Pay Received in Property Is Taxed
  • 2.4. Commissions Taxable When Credited
  • 2.5. Unemployment Benefits
  • 2.6. Strike Pay Benefits and Penalties
  • 2.7. Nonqualified Deferred Compensation
  • 2.8. Did You Return Wages Received in a Prior Year?
  • 2.9. Waiver of Executors and Trustee's Commissions
  • 2.10. Life Insurance Benefits
  • 2.11. Educational Benefits for Employees' Children
  • 2.12. Sick Pay Is Taxable
  • 2.13. Workers' Compensation Is Tax Free
  • 2.14. Disability Pay and Pensions
  • 2.15. Stock Appreciation Rights (SARs)
  • 2.16. Stock Options
  • 2.17. Election to Defer Income on Qualified Equity Grants from Private Companies (Section 83(i) election)
  • 2.18. Restricted Stock
  • Fringe Benefits
  • 3.1. Tax-Free Health and Accident Coverage Under Employer Plans
  • 3.2. Health Savings Accounts (HSAs) and Archer MSAs
  • 3.3. Reimbursements and Other Tax-Free Payments From Employer Health and Accident Plans
  • 3.4. Group-Term Life Insurance Premiums
  • 3.5. Dependent Care Assistance
  • 3.6. Adoption Benefits
  • 3.7. Education Assistance Plans
  • 3.8. Company Cars, Parking, and Transit Passes
  • 3.9. Working Condition Fringe Benefits
  • 3.10. De Minimis Fringe Benefits
  • 3.11. Employer-Provided Retirement Advice
  • 3.12. Employee Achievement Awards
  • 3.13. Employer-Furnished Meals or Lodging
  • 3.14. Minister's Housing or Housing Allowance
  • 3.15. Cafeteria Plans Provide Choice of Benefits
  • 3.16. Flexible Spending Arrangements
  • 3.17. Company Services Provided at No Additional Cost
  • 3.18. Discounts on Company Products or Services
  • Dividend and Interest Income
  • 4.1. Reporting Dividends and Mutual Fund Distributions
  • 4.2. Qualified Corporate Dividends Taxed at Favorable Capital Gain Rates
  • 4.3. Dividends From a Partnership, S Corporation, Estate, or Trust
  • 4.4. Real Estate Investment Trust (REIT) Dividends
  • 4.5. Taxable Dividends of Earnings and Profits
  • 4.6. Stock Dividends on Common Stock
  • 4.7. Dividends Paid in Property
  • 4.8. Taxable Stock Dividends
  • 4.9. Who Reports the Dividends
  • 4.10. Year Dividends Are Reported
  • 4.11. Distribution Not Out of Earnings: Return of Capital
  • 4.12. Reporting Interest on Your Tax Return
  • 4.13. Interest on Frozen Accounts Not Taxed
  • 4.14. Interest Income on Debts Owed to You
  • 4.15. Reporting Interest on Bonds Bought or Sold
  • 4.16. Forfeiture of Interest on Premature Withdrawals
  • 4.17. Amortization of Bond Premium
  • 4.18. Discount on Bonds
  • 4.19. Reporting Original Issue Discount on Your Return
  • 4.20. Reporting Income on Market Discount Bonds
  • 4.21. Discount on Short-Term Obligations
  • 4.22. Stripped Coupon Bonds and Stock
  • 4.23. Sale or Retirement of Bonds and Notes
  • 4.24. State and City Interest Generally Tax Exempt
  • 4.25. Taxable State and City Interest
  • 4.26. Tax-Exempt Bonds Bought at a Discount
  • 4.27. Reporting Property Sales
  • 4.27. Treasury Bills, Notes, and Bonds
  • 4.28. Interest on United Stares Savings Bonds
  • 4.29. Deferring United States Savings Bond Interest
  • 4.30. Minimum Interest Rules
  • 4.31. Interest-Free or Below-Market-Interest Loans
  • 4.32. Minimum Interest on Seller-Financed Sales
  • Reporting Property Sales
  • 5.1. General Tax Rules for Property Sales
  • 5.2. How Property Sales Are Classified and Taxed
  • 5.3. Capital Gains Rates and Holding Periods
  • 5.4. Capital Losses and Carryovers
  • 5.5. Capital Losses of Married Couples
  • 5.6. Losses May Be Disallowed on Sales to Related Persons
  • 5.7. Special Treatment of Gain on Sale of Small Business Stock or Qualified Opportunity Zone Investment
  • 5.8. Reporting Capital Asset Sales on Form 8949 and on Schedule D
  • 5.9. Counting the Months in Your Holding Period
  • 5.10. Holding Period for Securities
  • 5.11. Holding Period for Real Estate
  • 5.12. Holding Period: Gifts, Inheritances, and Other Property
  • 5.13. Calculating Gain or Loss
  • 5.14. Amount Realized Is the Total Selling Price
  • 5.15. Finding Your Cost
  • 5.16. Unadjusted Basis of Your Property
  • 5.17. Basis of Property You Inherited or Received as a Gift
  • 5.18. Joint Tenancy Basis Rules for Surviving Tenants
  • 5.19. Allocating Cost Among Several Assets
  • 5.20. How To Find Adjusted Basis
  • 5.21. Tax Advantage of Installment Sales
  • 5.22. Figuring the Taxable Part of Installment Payments
  • 5.23. Electing Not To Report on the Installment Method
  • 5.24. Restriction on Installment Sales to Relatives
  • 5.25. Contingent Payment Sales
  • 5.26. Using Escrow and Other Security Arrangements
  • 5.27. Minimum Interest on Deferred Payment Sales
  • 5.28. Dispositions of Installment Notes
  • 5.29. Repossession of Personal Property Sold on Installment
  • 5.30. Boot in Like-Kind Exchange Payable in Installments
  • 5.31. "Interest" Taxed if Sales Price Exceeds $150,000 With Over $5 Million Debt
  • 5.32. Worthless Securities
  • 5.33. Tax Consequences of Bad Debts
  • 5.34. Four Rules To Prove a Bad Debt Deduction
  • 5.35. Family Bad Debts
  • Tax-Free Exchanges of Property
  • 6.1. Like-Kind Exchanges of Real Property Used for Investment or Business
  • 6.2. Receipt of Cash and Other Property-"Boot"
  • 6.3. Time Limits and Security Arrangements for Deferred Exchanges
  • 6.4. Qualified Exchange Accommodation Arrangements (QEAAs) for Reverse Exchanges
  • 6.5. Exchanges Between Related Parties
  • 6.6. Property Transfers Between Spouses and Ex-Spouses
  • 6.7. Tax-Free Exchanges of Stock in Same Corporation
  • 6.8. Joint Ownership Interests
  • 6.9. Setting up Closely Held Corporations
  • 6.10. Tax-Free Exchanges of Insurance Policies
  • Retirement and Annuity Income
  • 7.1. Retirement Distributions on Form 1099-R
  • 7.2. Lump-Sum Distributions
  • 7.3. Lump-Sum Options If You Were Born Before January 2, 1936
  • 7.4. Lump-Sum Payments Received by Beneficiary
  • 7.5. Tax-Free Rollovers From Qualified Plans
  • 7.6. Direct Rollover or Personal Rollover
  • 7.7. Rollover of Proceeds From Sale of Property
  • 7.8. Distribution of Employer Stock or Other Securities
  • 7.9. Survivor Annuity for Spouse
  • 7.10. Court Distributions to Former Spouse Under a QDRO
  • 7.11. When You Must Begin Receiving Required Minimum Distributions (RMDs)
  • 7.12. Payouts to Beneficiaries
  • 7.13. Penalty for Distributions Before Age 59½
  • 7.14. Restrictions on Loans From Company Plans
  • 7.15. Tax Benefits of 401(k) Plans
  • 7.16. Limit on Salary-Reduction Deferrals
  • 7.17. Withdrawals From 401 (k) Plans Restricted
  • 7.18. Designated Roth Account Within 401 (k), 403(b), or Governmental 457 Plans
  • 7.19. 403(b) Plans (Tax-Sheltered Annuity Plans) for Employees of Tax-Exempts and Schools and Ministers
  • 7.20. Government and Exempt Organization Deferred Pay Plans
  • 7.21. Figuring the Taxable Part of Commercial Annuities
  • 7.22. Life Expectancy Tables for Figuring Expected Return for Commercial Annuities
  • 7.23. When You Convert Your Endowment Policy
  • 7.24. Reporting Employee Annuities
  • 7.25. Simplified Method for Calculating Taxable Employee Annuity
  • 7.26. Withdrawals From Employer's Qualified Retirement Plan Before Annuity Starting Date
  • IRAS
  • 8.1. Starting a Traditional IRA
  • 8.2. Contribution Limit for Traditional IRAs
  • 8.3. Contributions to a Traditional IRA If You Are Married
  • 8.4. Restrictions on Traditional IRA Deduction for Active Participants in Employer Plans
  • 8.5. Active Participation in an Employer Plan
  • 8.6. Nondeductible Contributions to Traditional IRAs
  • 8.7. Penalty for Excess Contributions to Traditional IRAs
  • 8.8. Distributions From Traditional IRAs
  • 8.9. Partially Tax-Free Traditional IRA Distributions Allocable to Nondeductible Contributions
  • 8.10. Tax-Free Direct Transfer or Rollover From One Traditional IRA to Another
  • 8.11. Transfer of Traditional IRA to Spouse at Divorce
  • 8.12. Penalty for Traditional IRA Withdrawals Before Age
  • 8.13. Required Minimum Distributions (RMDs) From a Traditional IRA
  • 8.14. Beneficiaries of Traditional IRA Owners Who Died Before 2020
  • 8.15. Beneficiaries of Traditional IRA Owners Who Die After 2019
  • 8.16. SEP Basics
  • 8.17. Salary-Reduction SEP Set Up Before 1997
  • 8.18. Who Is Eligible for a SIMPLE IRA?
  • 8.19. SIMPLE IRA Contributions and Distributions
  • 8.20. Roth IRA Advantages
  • 8.21. Annual Contributions to a Roth IRA
  • 8.22. Recharacterizing a Traditional IRA Contribution to a Roth IRA and Vice Versa
  • 8.23. Converting a Traditional IRA to a Roth IRA
  • 8.24. Conversions Made After 2017 to a Roth IRA Cannot Be Recharacterized
  • 8.25. Distributions From a Roth IRA
  • 8.26. Distributions to Roth IRA Beneficiaries
  • Income From Real Estate Rentals and Royalties
  • 9.1. Reporting Rental Real Estate Income and Expenses
  • 9.2. Checklist of Rental Deductions
  • 9.3. Distinguishing Between a Repair and an Improvement
  • 9.4. Reporting Rents From a Multi-Unit Residence
  • 9.5. Depreciation on Converting a Home to Rental Property
  • 9.6. Renting a Residence to a Relative
  • 9.7. Personal Use and Rental of a Residence During the Year
  • 9.8. Counting Personal-Use Days and Rental Days for a Residence
  • 9.9. Allocating Expenses of a Residence to Rental Days
  • 9.10. IRS May Challenge Loss Claimed on Temporary Rental of Residence Before Sale
  • 9.11. Reporting Royalty Income
  • 9.12. Production Costs of Books and Creative Properties
  • 9.13. Deducting the Cost of Patents or Copyrights
  • 9.14. Intangible Drilling Costs
  • 9.15. Depletion Deduction
  • 9.16. Oil and Gas Percentage Depletion
  • 9.17. Qualified Business Income Deduction for Real Estate Activities
  • Loss Restrictions: Passive Activities and At-Risk Limits
  • 10.1. Rental Activities Generally Treated as Passive
  • 10.2. Rental Real Estate Loss Allowance of up to $25,000
  • 10.3. Real Estate Professionals
  • 10.4. Business Participation May Avoid Passive Loss Restrictions
  • 10.5. Classifying Business Activities as One or Several
  • 10.6. Material Participation in a Business
  • 10.7. Tax Credits of Passive Activities Limited
  • 10.8. Determining Passive or Nonpassive Income and Loss
  • 10.9. Passive Income Recharacterized as Nonpassive Income
  • 10.10. Working Interests in Oil and Gas Wells
  • 10.11. Partners and Members of LLCs and LLPs
  • 10.12. Form 8582 and Other Tax Forms
  • 10.13. Suspended Losses Allowed on Disposition of Your Interest
  • 10.14. Suspended Tax Credits
  • 10.15. Personal Service and Closely Held Corporations
  • 10.16. Sales of Property and Passive Activity Interests
  • 10.17. At-Risk Limits
  • 10.18. What Is At Risk?
  • 10.19. Amounts Not At Risk
  • 10.20. At-Risk Investment in Several Activities
  • 10.21. Carryover of Disallowed Losses
  • 10.22. Recapture of Losses Where At Risk Is Less Than Zero
  • Other Income
  • 11.1. Prizes and Awards
  • 11.2. Lottery and Sweepstake Winnings
  • 11.3. Gambling Winnings and Losses
  • 11.4. Gifts and Inheritances
  • 11.5. Refunds of State and Local Tax Deductions
  • 11.6. Other Recovered Deductions
  • 11.7. How Legal Damages Are Taxed
  • 11.8. Cancellation of Debts You Owe
  • 11.9. Schedule K-1
  • 11.10. How Partners Report Partnership Profit and Loss
  • 11.11. When a Partner Reports Income or Loss
  • 11.12. Partnership Loss Limitations
  • 11.13. Tax Audits of Partnerships
  • 11.14. Stockholder Reporting of S Corporation IncomeorLoss
  • 11.15. How Beneficiaries Report Estate or Trust Income
  • 11.16. Reporting Income in Respect of a Decedent (IRD)
  • 11.17. Deduction for Estate Tax Attributable to IRD
  • 11.18. How Life Insurance Proceeds Are Taxed to a Beneficiary
  • 11.19. A Policy with a Family Income Rider
  • 11.20. Selling or Surrendering Life Insurance Policy
  • 11.21. Jury Duty Fees
  • 11.22. Foster Care Payments
  • 11.23. Virtual Currency
  • Claiming Deductions
  • Deductions Allowed in Figuring Adjusted Gross Income
  • 12.1. Determining Adjusted Gross Income (AGI)
  • 12.2. Claiming Deductions from Gross Income
  • 12.3. Moving Costs Are Deductible Only by Qualifying Members of the U.S. Armed Forces
  • Claiming the Standard Deduction or Itemized Deductions
  • 13.1. Does Your Standard Deduction for 2023 Exceed Your Itemized Deductions?
  • 13.2. Basic Standard Deduction
  • 13.3. Spouses Filing Separate Returns
  • 13.4. Standard Deduction If 65 or Older or Blind
  • 13.5. Standard Deduction for Dependents
  • 13.6. Prepaying or Postponing Itemized Expenses
  • 13.7. Itemized Deductions No Longer Reduced for Higher-Income Taxpayers
  • Charitable Contribution Deductions
  • 14.1. Deductible Contributions
  • 14.2. Nondeductible Contributions
  • 14.3. Contributions That Provide You With Benefits
  • 14.4. Unreimbursed Expenses of Volunteer Workers
  • 14.5. Support of a Student in Your Home
  • 14.6. What Kind of Property Are You Donating?
  • 14.7. Cars, Clothing, and Other Property Valued Below Cost
  • 14.8. Bargain Sales of Appreciated Property
  • 14.9. Art Objects
  • 14.10. Interests in Real Estate
  • 14.11. Life insurance
  • 14.12. Business Inventory
  • 14.13. Donations Through Trusts
  • 14.14. Records Needed To Substantiate Your Contributions
  • 14.15. Form 8283 and Written Appraisal Requirements for Property Donations
  • 14.16. Penalty for Substantial Overvaluation of Property
  • 14.17. Ceiling on Charitable Contributions
  • 14.18. Carryover for Excess Donations
  • 14.19. Election To Reduce Fait Market Value by Appreciation
  • Itemized Deduction for Interest Expenses
  • 15.1. Deduction for Home Mortgage Interest
  • 15.2. Home Acquisition Loans
  • 15.3. Home Equity Loans
  • 15.4. Home Construction Loans
  • 15.5. Mortgage Insurance Premiums and Other Payment Rules
  • 15.6. Interest on Refinanced Loans
  • 15.7. "Points"
  • 15.8. Cooperative and Condominium Apartments
  • 15.9. Investment Interest Limitations
  • 15.10. Debts To Carry Tax-Exempt Obligations
  • 15.11. Earmarking Use of Loan Proceeds For Investment or Business
  • 15.12. Year To Claim an Interest Deduction
  • 15.13. Prepaid Interest
  • Deductions for Taxes
  • 16.1. Overall Limit on Deduction for State and Local Taxes
  • 16.2. Nondeductible Taxes
  • 16.3. State and Local Income Taxes or General Sales Taxes
  • 16.4. Deducting Real Estate Taxes
  • 16.5. Assessments
  • 16.6. Tenants' Payment of Taxes
  • 16.7. Allocating Taxes When You Sell or Buy Realty
  • 16.8. Automobile License Fees
  • 16.9. Taxes Deductible as Business Expenses
  • 16.10. Foreign Taxes
  • Medical and Dental Expense Deductions
  • 17.1. Medical and Dental Expenses Must Exceed AGI Threshold
  • 17.2. Allowable Medical and Dental Care Costs
  • 17.3. Nondeductible Medical Expenses
  • 17.4. Reimbursements Reduce Deductible Expenses
  • 17.5. Expenses of Your Spouse
  • 17.6. Expenses of Your Dependents
  • 17.7. Decedents Medical Expenses
  • 17.8. Premiums for Health Insurance
  • 17.9. Travel Costs May Be Medical Deductions
  • 17.10. Schooling for the Mentally or Physically Disabled
  • 17.11. Nursing Homes
  • 17.12. Nurses' Wages
  • 17.13. Home Improvements as Medical Expenses
  • 17.14. Costs Deductible as Business Expenses
  • 17.15. Long-Term Care Premiums and Services
  • 17.16. Life Insurance Used by Chronically ill or Terminally ill Person
  • Casualty and Theft Losses and Involuntary Conversions
  • 18.1. Casualty or Theft Losses for Personal-Use Property Must Be Due to a Federally Declared Disaster
  • 18.2. When To Deduct a Casualty or Theft Loss
  • 18.3. Prior-Year Election for Disaster Losses
  • 18.4. Gain Realized From Insurance Proceeds for Damaged or Destroyed Principal Residence
  • 18.5. Who May Deduct a Casualty or Theft Loss
  • 18.6. Proving a Casualty Loss
  • 18.7. Theft Losses
  • 18.8. Floors for Personal-Use Property Losses
  • 18.9. Figuring Your Loss on Form 4684
  • 18.10. Personal and Business Use of Property
  • 18.11. Repairs May Be a "Measure of Loss"
  • 18.12. Excess Living Costs Paid by Insurance Are Not Taxable
  • 18.13. Do Your Casualty or Theft Losses Exceed Your Income?
  • 18.14. Defer Gain from Involuntary Conversion by Replacing Property
  • 18.15. Involuntary Conversions Qualifying for Tax Deferral
  • 18.16. How to Elect to Defer Gain
  • 18.17. Types of Qualifying Replacement Property
  • 18.18. Time Period for Buying Replacement Property
  • 18.19. Cost of Replacement Property Determines Postponed Gain
  • 18.20. Special Assessments and Severance Damages from Condemnation
  • Other Itemized Deductions
  • 19.1. Only a Few Expenses Are Allowed as "Other" Itemized Deductions
  • 19.2. Deductions for Job Costs and Other Miscellaneous Expenses No Longer Allowed
  • Travel and Meal Expense Deductions
  • 20.1. Who May Deduct Travel and Transportation Expenses
  • 20.2. Commuting Expenses
  • 20.3. Overnight-Sleep Test Limits Deduction of Meal Costs
  • 20.4. IRS Meal Allowance
  • 20.5. Business Trip Deductions
  • 20.6. When Are You Away From Home?
  • 20.7. Tax Home of Married Couple Working in Different Cities
  • 20.8. Deducting Living Costs on Temporary Assignment
  • 20.9. Business-Vacation Trips Within the United States
  • 20.10. Business-Vacation Trips Outside the United States
  • 20.11. Deducting Expenses of Business Conventions
  • 20.12. Restrictions on Foreign Conventions and Cruises
  • 20.13. Entertainment Expenses Generally Not Deductible
  • 20.14. Business Meals Are Generally Deductible
  • 20.15. Limitation on Some Deductible Meals
  • 20.16. Substantiating Travel Expenses
  • 20.17. Employee Reporting of Unreimbursed Expenses
  • 20.18. Are You Reimbursed Under an Accountable Plan?
  • 20.19. Per Diem Travel Allowance Under Accountable Plans
  • 20.20. Automobile Mileage Allowance
  • 20.21. Reimbursements Under Non-Accountable Plans
  • Personal Tax Computations
  • Dependents
  • 21.1. No Exemption Deductions Are Allowed
  • 21.2. How Many Dependents Do You Have?
  • 21.3. Qualifying Children
  • 21.4. Qualifying Relatives
  • 21.5. Meeting the Support Test for a Qualifying Relative
  • 21.6. Multiple Support Agreements
  • 21.7. Special Rule for Divorced or Separated Parents
  • 21.8. Reporting Social Security Numbers of Dependents
  • Figuring Your Regular Income Tax Liability
  • 22.1. Taxable Income and Regular Income Tax Liability
  • 22.2. Using the Tax Table
  • 22.3. Tax Computation Worksheet
  • 22.4. Tax Calculation If You Have Net Capital Gain or Qualified Dividends
  • 22.5. Foreign Earned Income Tax Worksheet
  • 22.6. Income Averaging for Farmers and Fishermen
  • 22.7. Tax Credits
  • 22.8. Additional Medicare Tax and Net Investment Income Tax
  • Alternative Minimum Tax (AMT)
  • 23.1. Computing Alternative Minimum Tax on Form 6251
  • 23.2. Adjustments and Preferences for AMT
  • 23.3. Tax Credits Allowed Against AMT
  • 23.4. Regular Tax Credit for Prior-Year AMT
  • 23.5. Avoiding AMT
  • Computing the "Kiddie Tax" on Your Child's Unearned Income
  • 24.1. Filing Your Child's Return
  • 24.2. Children Subject to "Kiddie Tax" for 2023
  • 24.3. Computing "Kiddie Tax" On Child's Return
  • 24.4. Parents Election To Report Child's Dividends and Interest
  • Personal Tax Credits Reduce Your Tax Liability
  • 25.1. Overview of Personal Tax Credits
  • 25.2. Child Tax Credit for Children Under Age 17
  • 25.3. Figuring the Child Tax Credit and Additional Child Tax Credit
  • 25.4. Credit for Other Dependents
  • 25.5. Qualifying for the Child and Dependent Care Credit
  • 25.6. Figuring the Child and Dependent Care Credit
  • 25.7. Qualifying Tests for EIC
  • 25.8. Income Tests for Earned Income Credit (EIC)
  • 25.9. Qualifying for the Adoption Credit
  • 25.10. Claiming the Adoption Credit on Form 8839
  • 25.11. Eligibility for the Savers Credit
  • 25.12. Figuring the Savers Credit
  • 25.13. Premium Tax Credit
  • 25.14. Mortgage Interest Credit
  • 25.15. Residential Energy Credits
  • 25.16. Clean Vehicle Credits
  • 25.17. Repayment of the First-Time Homebuyer Credit
  • Tax Withholdings
  • 26.1. Withholdings Should Cover Estimated Tax
  • 26.2. Income Taxes Withheld on Wages
  • 26.3. Low Earners May Be Exempt From Withholding
  • 26.4. Are You Withholding the Right Amount?
  • 26.5. Voluntary Withholding on Government Payments
  • 26.6. When Tips Are Subject to Withholding
  • 26.7. Withholding on Gambling Winnings
  • 26.8. FICA Withholdings
  • 26.9. Withholding on Distributions from Retirement Plans and Commercial Annuities
  • 26.10. Backup Withholding
  • Estimated Tax Payments
  • 27.1. Do You Owe an Estimated Tax Penalty for 2023?
  • 27.2. Planning Estimated Tax Payments for 2024
  • 27.3. Dates for Paying Estimated Tax Installments for 2024
  • 27.4. Estimates by Married Taxpayers
  • 27.5. Adjusting Your Payments During the Year
  • Additional Medicare Tax and Net Investment Income Tax
  • 28.1. Higher-Income Taxpayers May be Subject to Additional Taxes
  • 28.2. Additional 0.9% Medicare Tax on Earnings
  • 28.3. Additional 3.8% Tax on Net Investment Income
  • Tax Planning
  • Tax Savings for Residence Sales
  • 29.1. Avoiding Tax on Sale of Principal Residence
  • 29.2. Meeting the Ownership and Use Tests for Exclusion
  • 29.3. Home Sales by Married Persons
  • 29.4. Reduced Maximum Exclusion
  • 29.5. Figuring Gain or Loss
  • 29.6. Figuring Adjusted Basis
  • 29.7. Personal and Business Use of a Home
  • 29.8. No Loss Allowed on Personal Residence
  • 29.9. Loss on Residence Converted to Rental Property
  • 29.10. Loss on Residence Acquired by Gift or Inheritance
  • Tax Rules for Investors in Securities
  • 30.1. Planning Year-End Securities Transactions
  • 30.2. Earmarking Stock Lots
  • 30.3. Sale of Stock Dividends
  • 30.4. Stock Rights
  • 30.5. Short Sales of Stock
  • 30.6. Wash Sales
  • 30.7. Convertible Stocks and Bonds
  • 30.8. Stock Options
  • 30.9. Sophisticated Financial Transactions
  • 30.10. Investing in Tax-Exempts
  • 30.11. Ordinary Loss for Small Business Stock (Section 1244)
  • 30.12. Series EE Bonds
  • 30.13. I Bonds
  • 30.14. Trader, Dealer, or Investor?
  • 30.15. Mark-to-Market Election for Traders
  • 30.16. Cryptocurrency Transactions
  • Tax Savings for Investors in Real Estate
  • 31.1. Real Estate Ventures
  • 31.2. Sales of Subdivided Land-Dealer or Investor?
  • 31.3. Exchanging Real Estate Without Tax
  • 31.4. Timing Your Real Property Sales
  • 31.5. Cancellation of a Lease
  • 31.6. Sale of an Option
  • 31.7. Granting of an Easement
  • 31.8. Special Tax Credits for Real Estate Investments
  • 31.9. Foreclosures, Repossessions, Short Sales, and Voluntary Conveyances to Creditors
  • 31.10. Restructuring Mortgage Debt
  • 31.11. Abandonments
  • 31.12. Seller's Repossession After Buyer's Default on Mortgage
  • 31.13. Foreclosure on Mortgages Other Than Purchase Money
  • 31.14. Foreclosure Sale to Third Party
  • 31.15. Transferring Mortgaged Realty
  • 31.16. QBI Deduction for REIT Dividends
  • Tax Rules for Investors in Mutual Funds
  • 32.1. Timing of Your Investment Can Affect Your Taxes
  • 32.2. Reinvestment Plans
  • 32.3. Mutual Fund Distributions Reported on Form 1099-DIV
  • 32.4. Tax-Exempt Bond Funds
  • 32.5. Fund Expenses
  • 32.6. Tax Credits From Mutual Funds
  • 32.7. How to Report Mutual Fund Distributions
  • 32.8. Redemptions and Exchanges of Fund Shares
  • 32.9. Basis of Redeemed Shares
  • 32.10. Comparison of Basis Methods
  • 32.11. Mutual Funds Compared to Exchange-Traded Funds
  • Educational Tax Benefits
  • 33.1. Scholarships and Grants
  • 33.2. Tuition Reductions for College Employees
  • 33.3. How Fulbright Awards Are Taxed
  • 33.4. United States Savings Bond Tuition Plans
  • 33.5. Contributing to a Qualified Tuition Program (Section 529 Plan)
  • 33.6. Distributions From Qualified Tuition Programs (Section 529 Plans)
  • 33.7. Education Tax Credits
  • 33.8. American opportunity tax credit
  • 33.9. Lifetime learning credit
  • 33.10. Contributing to a Coverdell Education Savings Account (ESA)
  • 33.11. Distributions From Coverdell ESAs
  • 33.12. Tuition and Fees Deduction No Longer Allowed
  • 33.13. Student Loan Interest Deduction
  • 33.14. Types of Deductible Education Costs Related to Work
  • 33.15. Work-Related Tests for Education Costs
  • 33.16. Local Transportation and Travel Away From Home To Take Courses
  • Special Tax Rules for Senior Citizens and the Disabled
  • 34.1. Senior Citizens Get Certain Filing Breaks
  • 34.2. Social Security Benefits Subject to Tax
  • 34.3. Computing Taxable Social Security Benefits
  • 34.4. Election for Lump-Sum Social Security Benefit Payment
  • 34.5. Retiring on Social Security Benefits
  • 34.6. How Tax on Social Security Reduces Your Earnings
  • 34.7. Eligibility for the Credit for the Elderly or the Disabled
  • 34.8. Figuring the Credit for the Elderly or Disabled
  • 34.9. Tax Effects of Moving to a Continuing Care Facility
  • 34.10. Medicare Part D and Part D Premiums for 2023
  • 34.11. Special Tax Rules for Individuals with a Disability
  • 34.12. ABLE Accounts
  • Members of the Armed Forces
  • 35.1. Taxable Armed Forces Pay and Benefits
  • 35.2. Tax Breaks for Armed Forces Members
  • 35.3. Deductions for Armed Forces Personnel
  • 35.4. Tax-Free Pay for Service in Combat Zone
  • 35.5. Tax Deadlines Extended for Combat Zone or Contingency Operation Service
  • 35.6. Tax Forgiveness for Combat Zone or Terrorist or Military Action Deaths
  • 35.7. Extension To Pay Your Tax When Entering the Service
  • 35.8. Tax Information for Reservists
  • How To Treat Foreign Earned Income
  • 36.1. Claiming the Foreign Earned Income Exclusion
  • 36.2. What Is Foreign Earned Income?
  • 36.3. Qualifying for the Foreign Earned Income Exclusion
  • 36.4. How To Treat Housing Costs
  • 36.5. Meeting the Foreign Residence or Physical Presence Test
  • 36.6. Claiming Deductions
  • 36.7. Exclusion Not Established When Your Return Is Due
  • 36.8. Tax-Free Meals and Lodging for Workers in Camps
  • 36.9. U. S. Virgin Islands, Samoa, Guam, and Northern Marianas
  • 36.10. Earnings in Puerto Rico
  • 36.11. Tax Treaties With Foreign Countries
  • 36.12. Exchange Rates and Blocked Currency
  • 36.13. Foreign Tax Credit or Deduction for Foreign Taxes Paid
  • Planning Alimony and Marital Settlements
  • 37.1. Rules for Post-201.8 Divorce and Separation Agreements
  • 37.2. Rules for Pre-2019 Divorces or Separation Agreements
  • 37.3. Decree or Agreement Required
  • 37.4. Cash Payments Required
  • 37.5. Payments Must Stop at Death
  • 37.6. Child Support Payments Are Not Alimony
  • 37.7. No Minimum Payment Period for Alimony
  • Other Taxes
  • 38.1. Overview of Household Employment Taxes
  • 38.2. Social Security and Medicare (FICA) Taxes for Household Employees
  • 38.3. Filing Schedule H To Report Household Employment Taxes
  • 38.4. Federal Unemployment Taxes (FUTA) for Household Employees
  • Gift and Estate Tax Planning Basics
  • 39.1. Gifts of Appreciated Property
  • 39.2. Gift Tax Basks
  • 39.3. Filing a Gift Tax Return
  • 39.4. Gift Tax Credit
  • 39.5. Custodial Accounts for Minors
  • 39.6. Trusts in Family Planning
  • 39.7. What is the Estate Tax?
  • 39.8. Take Inventory and Estimate the Value of Your Potential Estate
  • 39.9. Estate Tax for 2023
  • 39.10. Planning for a Potential Estate Tax
  • Business Tax Planning
  • Income or Loss From Your Business or Profession
  • 40.1. Forms of Doing Business
  • 40.2. Reporting Self-Employed Income
  • 40.3. Accounting Methods for Reporting Business Income
  • 40.4. Tax Reporting Year for Self-Employed
  • 40.5. Reporting Certain Payments and Receipts to the IRS
  • 40.6. Filing Schedule C
  • 40.7. Deductions for Professionals
  • 40.8. Nondeductible Expense Items
  • 40.9. How Authors and Artists May Write Off Expenses
  • 40.10. Deducting Expenses of a Sideline Business or Hobby
  • 40.11. Deducting Expenses of Looking for a New Business
  • 40.12. Home Office Deduction
  • 40.13. Write-Off Methods for Home Office Expenses
  • 40.14. Allocating Expenses to Business Use
  • 40.15. Business Income May Limit Home Office Deductions
  • 40.16. Home Office for Sideline Business
  • 40.17. Depreciation of Office in Cooperative Apartment
  • 40.18. Net Operating Losses (NOLs)
  • 40.19. How To Report a Net Operating Loss
  • 40.20. Excess Business Losses
  • 40.21. Business Credits
  • 40.22. Filing Schedule F
  • 40.23. Farming Expenses
  • 40.24. Qualified Business Income Deduction
  • Retirement and Medical Plans for Self-Employed
  • 41.1. Overview of Retirement and Medical Plans
  • 41.2. Choosing a Qualified Retirement Plan
  • 41.3. Choosing a SEP
  • 41.4. Deductible Contributions
  • 41.5. How To Qualify a Retirement Plan or SEP Plan
  • 41.6. Tax Credits for Setting Up a Retirement Plan
  • 41.7. Annual Qualified Retirement Plan Reporting
  • 41.8. How Qualified Retirement Plan Distributions Are Taxed
  • 41.9. SIMPLE IRA Plans
  • 41.10. Health Savings Account (HSA) Basics
  • 41.11. Limits on Deductible HSA Contributions
  • 41.12. Distributions From HSAs
  • 41.13. Archer MSAs
  • 41.14. Health Reimbursement Arrangements (HRAs)
  • 41.15. Small Employer Health Insurance Credit
  • Claiming Depreciation Deductions
  • 42.1. What Property May Be Depreciated?
  • 42.2. Claiming Depreciation on Your Tax Return
  • 42.3. First-Year Expensing Deduction
  • 42.4. MACRS Recovery Periods
  • 42.5. MACRS Rates
  • 42.6. Half-Year Convention for MACRS
  • 42.7. Last Quarter Placements-Mid-Quarter Convention
  • 42.8. 150% Rate Election
  • 42.9. Straight Line Depreciation
  • 42.10. Listed Property
  • 42.11. Assets in Service Before 1987
  • 42.12. MACRS for Real Estate Placed in Service After 1986
  • 42.13. Demolishing a Building
  • 42.14. Qualified Improvement Property
  • 42.15. Depreciating Real Estate Placed in Service After 1980 and Before 1987
  • 42.16. Amortizing Goodwill and Other Intangibles (Section 197)
  • 42.17. Amortizing Research and Experimentation Costs
  • 42.18. Bonus Depreciation
  • Deducting Car and Truck Expenses
  • 43.1. Standard Mileage Rate
  • 43.2. Expense Allocations
  • 43.3. Depreciation Restrictions on Cars, Trucks, and Vans
  • 43.4. Annual Ceilings on Depreciation
  • 43.5. MACRS Rates for Cars, Trucks, nad Vans
  • 43.6. Straight Line Method
  • 43.7. Depreciation for Year Vehicle Is Disposed Of
  • 43.8. Depreciation After Recovery Period Ends
  • 43.9. Trade-in of Business Vehicle
  • 43.10. Recapture of Deductions on Business Car, Truck, or Van
  • 43.11. Keeping Records of Business Use
  • 43.12. Leased Business Vehicles: Deductions and Income
  • Sales of Business Property
  • 44.1. Depreciation Recaptured as Ordinary Income on Sale of Personal Property
  • 44.2. Depreciation Recaptured as Ordinary Income on Sale of Real Estate
  • 44.3. Recapture of First-Year Expensing and Bonus Depreciation
  • 44.4. Gifts and Inheritances of Depreciable Property
  • 44.5. Involuntary Conversions and Tax-Free Exchanges
  • 44.6. Installment Sale of Depreciable Property
  • 44.7. Sale of a Proprietorship
  • 44.8. Property Used in a Business (Section 1231 Assets)
  • 44.9. Sale of Property Used for Business and Personal Purposes
  • 44.10. Should You Trade in Business Equipment?
  • 44.11. Corporate Liquidation
  • 44.12. Additional Taxes on Higher-Income Taxpayers
  • Figuring Self-Employment Tax
  • 45.1. What Is Self-Employment Income?
  • 45.2. Partners Pay Self-Employment Tax
  • 45.3. Schedule SE
  • 45.4. How Wages Affect Self-Employment Tax
  • 45.5. Optional Method If 2023 Was a Low-Income or Loss Year
  • 45.6. Self-Employment Tax Rules for Certain Positions
  • Filing Your Return and the Process After You File
  • Filing Your Return
  • 46.1. Keeping Tax Records
  • 46.2. Getting Ready to File Your Return
  • 46.3. Applying for an Extension
  • 46.4. Getting Your Refund
  • 46.5. Paying Taxes Due
  • 46.6. Handling Identity Theft
  • 46.7. Notify the IRS of Address Changes
  • 46.8. Interest on Tax Underpayments
  • 46.9. Tax Penalties for Late Filing and Late Payment
  • Filing Refund Claims, and Amended Returns
  • 47.1. Filing an Amended Return
  • 47.2. When to File a Refund Claim
  • 47.3. Stating the Reasons for Refund Claim
  • 47.4. Quick Refund Claims
  • 47.5. Interest Paid on Refund Claims
  • 47.6. Refunds Withheld to Cover Debts
  • 47.7. Amended Returns Showing Additional Tax
  • 47.8. Penalty for Filing Excessive Refund Claim
  • If the IRS Examines Your Return
  • 48.1. Odds of Being Audited
  • 48.2. When the IRS Can Assess Additional Taxes
  • 48.3. Audit Overview
  • 48.4. Preparing for the Audit
  • 48.5. Handling the Audit
  • 48.6. Tax Penalties for Inaccurate Returns
  • 48.7. Penalties for Not Reporting Foreign Financial Accounts
  • 48.8. Agreeing to the Audit Changes
  • 48.9. Disputing the Audit Changes
  • 48.10. Offer in Compromise
  • 48.11. Recovering Costs of a Tax Dispute
  • 48.12. Suing the IRS for Unauthorized Collection
  • 2023 Tax Forms
  • Form 1040
  • Form 1040-SR
  • Schedule 1
  • Schedule 2
  • Schedule 3
  • Schedule A
  • Schedule B
  • Schedule 8812
  • Form 2441
  • Form 8863
  • 2023 Tax Table
  • 2023 Tax Computation Worksheet
  • 2023 Earned Income Credit (EIC) Table
  • Glossary
  • Index

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