J.K. Lasser's Your Income Tax 2026, Professional Edition

The leading desk reference for US personal income tax return preparation for professionals In J.K. Lasser's Your Income Tax 2025, Professional Edition, a team of veteran tax preparers and educators delivers an intuitive and comprehensive roadmap to helping your clients prepare their 2025 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 2025 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 2025 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 2026 is the gold standard desk reference for tax preparers serving individuals in the United States.

Whats New for 2025 xxix Significant Tax News for 2025 xxix Significant Tax Changes for 2025 xxxii New Deductions From AGI Under the One Big Beautiful Bill Act xxxiv Key Tax Numbers for 2025 xxxvi General Tax-Saving Opportunities xxxviii PART 1 FILING BASICS 1 Before you get Started 3 Do You Have to File a 2025 Tax Return 4 Filing Tests for Dependents 2025 Returns 5 Where Do You File Your 2025 Form 1040 or 1040-SR 7 Filing Deadlines (on or before) 8 What Forms Do You Need to File 10 Tax Document Sources for Individual Taxpayers 11 Chapter 1 Filing Status 13 Chapter 2 Dependents 39 Chapter 3 Wages, Salary, and Other Compensation 53 Chapter 4 Fringe Benefits 72 Chapter 5 Dividend and Interest Income 97 Chapter 6 Reporting Property Sales 125 Chapter 7 Tax-Free Exchanges of Property 174 Chapter 8 Retirement and Annuity Income 189 Chapter 9 IRAs 226 Chapter 10 Income From Real Estate Rentals and Royalties 279 Chapter 11 Loss Restrictions Passive Activities and At-Risk Limits 299 Chapter 12 Other Income 329 PART 2 CLAIMING DEDUCTIONS 355 Chapter 13 Deductions Allowed in Figuring Adjusted Gross Income 357 Chapter 14 Claiming the Standard Deduction or Itemized Deductions 364 Chapter 15 Medical and Dental Expense Deductions 371 Chapter 16 Deductions for Taxes 391 Chapter 17 Itemized Deduction for Interest Expenses 401 Chapter 18 Charitable Contribution Deductions 419 Chapter 19 Casualty and Theft Losses and Involuntary Conversions 446 Chapter 20 Other Itemized Deductions 471 Chapter 21 Travel and Meal Expense Deductions 473 PART 3 PERSONAL TAX COMPUTATIONS 495 Chapter 22 Figuring Your Regular Income Tax Liability 497 Chapter 23 Alternative Minimum Tax (AMT) 502 Chapter 24 Computing the Kiddie Tax on Your Childs Unearned Income 510 Chapter 25 Personal Tax Credits Reduce Your Tax Liability 516 Chapter 26 Tax Withholdings 539 Chapter 27 Estimated Tax Payments 547 Chapter 28 Additional Medicare Tax and Net Investment Income Tax 553 PART 4 TAX PLANNING 561 Chapter 29 Tax Savings for Residence Sales 563 Chapter 30 Tax Rules for Investors in Securities 581 Chapter 31 Tax Savings for Investors in Real Estate 598 Chapter 32 Tax Rules for Investors in Mutual Funds 612 Chapter 33 Educational Tax Benefits 621 Chapter 34 Special Tax Rules for Senior Citizens and the Disabled 640 Chapter 35 Members of the Armed Forces 655 Chapter 36 How To Treat Foreign Earned Income 663 Chapter 37 Planning Alimony and Marital Settlements 674 Chapter 38 Other Taxes 679 Chapter 39 Gift and Estate Tax Planning Basics 685 PART 5 BUSINESS TAX PLANNING 695 Chapter 40 Income or Loss From Your Business or Profession 697 Chapter 41 Retirement and Medical Plans for Self-Employed 727 Chapter 42 Claiming Depreciation Deductions 740 Chapter 43 Deducting Car and Truck Expenses 758 Chapter 44 Sales of Business Property 773 Chapter 45 Figuring Self-Employment Tax 780 PART 6 FILING YOUR RETURN AND THE PROCESS AFTER YOU FILE 789 Chapter 46 Filing Your Return 791 Chapter 47 Filing Refund Claims, and Amended Returns 799 Chapter 48 If the IRS Examines Your Return 803 PART 7 2025 TAX FORMS 817 Form 1040 819 Schedule 1 821 Schedule 1-A 823 Schedule 2 825 Schedule 3 827 Form W-4 828 2025 Tax Table 833 2025 Tax Computation Work Sheet 845 2025 Earned Income Credit (EIC) Table 847 PART 8 TAX LAW AUTHORITIES 859 Legislative Authorities 860 Administrative Authorities 861 Judicial Authorities 862 PART 9 CITATIONS OF AUTHORITY 865 Key to Citations 866 Filing Basics 867 PART 10 PRACTICE BEFORE THE IRS 973 How Returns Are Examined 974 Audit Rules for Partnerships 981 The Time Limits Within Which the IRS Must Act for Additional Taxes 982 Filing Refund Claims 987 How to Arrange Closing Agreements and Compromises 991 How to Get the IRS Opinion on a Tax Problem 993 Circular 230 Practice Before the IRS 999 Tax Return Preparer Penalties 1006 PART 11 WRITTEN INFORMATION SECURITY PLAN 1011 Written Information Security Plan (WISP) 1012 Written Information Security Plan Sample Template 1015 GLOSSARY 1029 INDEX 1035