J.K. Lasser's Your Income Tax 2016: For Preparing Your 2015 Tax Return
Language: English
Pages: 848
ISBN: 1119133920
Format: PDF / Kindle (mobi) / ePub
Prepare your 2015 taxes with ease!
J.K. Lasser's Your Income Tax 2016: For Preparing Your 2015 Tax Return is a bestselling tax reference that has been trusted by taxpayers for over seventy-five years. Updated to reflect the changes to the 2015 tax code, this authoritative text offers step-by-step instructions that guide you through the worksheets and forms you need to file your taxes according to the best tax strategy for your financial situation. Approachable yet comprehensive, this highly-regarded resource offers tax-saving advice on maximizing deductions and sheltering income, and provides hundreds of examples of how up to date tax laws apply to individual taxpayers. Additionally, special features inserted throughout the text highlight important concepts, such as new tax laws, IRS rulings, court decisions, filing pointers, and planning strategies.
Tax laws change each year, and it is critical that you choose a trusted reference when updating your understanding of current tax codes. This highly-regarded text features the updated information you are looking for, as well as the fundamental best practices you need to confidently and accurately file your taxes in 2016.
- Review the most recent tax law changes, ensuring that your tax preparation strategy is in line with legal requirements
- Explore over 2,500 tax-saving tips that maximize your return by making the most of available deductions, sheltering income, and more
- Access free supplemental materials encompassing the tax forms you need to file
- Leverage a comprehensive topic index and quick reference section to quickly pinpoint specific information and expedite the tax preparation process
J.K. Lasser's Your Income Tax 2016: For Preparing Your 2015 Tax Return is an essential text that guides you in preparing and filing your tax return with confidence.
securities were held short term and others long term (over a year), the short-term transactions should be reported separately from the long-term transactions. Can you report directly on Schedule D? You do not need to report certain transactions on Form 8949. You can aggregate the transactions reported on Forms 1099-B that show (in Box 3) that basis was reported to the IRS and report them directly on Schedule D if (1) you do not have to adjust the basis, the amount of gain or loss, or the type of
and Partners 12.7 Claiming Deductible Moving Expenses 12.8 Reimbursements of Moving Expenses 12.1 Figuring Adjusted Gross Income (AGI) Adjusted gross income is the difference between gross income in Step 1 and the deductions listed in Step 2. Most of the Step 2 deductions can be claimed only on Form 1040 (12.2). Step 1. Figure gross income. This is all income received by you from any source, such as wages, salary, tips, gross business income, income from sales and exchanges of property,
publicly traded corporation are aggregated with those of your spouse, brothers, sisters, parents and grandparents, children, grandchildren, and great-grandchildren to all private non-operating foundations, whether the foundations are related or not. If the 10% limit is exceeded, the excess contributions are subject to the cost basis deduction limitation. The IRS has ruled that for purposes of applying the 10% limit, you must take into account previous stock contributions that the private
withholding tables to figure withholdings on periodic payments as if you were married and claiming three withholding exemptions, unless you claim a different number of allowances and marital status on Form W-4P. Withholding allowances may be claimed on Form W-4P for estimated itemized deductions, tax credits and adjustments to income such as alimony payments, student loan interest, and deductible IRA contributions. You cannot designate the specific dollar amount that you would like to have
not include receipts for personal property sold with your home. Personal property is property that is not a permanent part of the home, such as furniture, draperies, and lawn equipment. If your employer pays you for a loss on the sale or for your selling expenses, do not include the payment as part of the selling price. Include the payment as wages on Line 7 of Form 1040. (Your employer includes the payment with the rest of your wages in Box 1 of your Form W-2.) If you grant an option to buy