J.K. Lasser’s Your Income Tax 2025: For Preparing Your 2024 Tax Return delivers practical and hands-on guidance for everyday people preparing to file their taxes for the 2024 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 2025 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.
Table of Contents
What’s New for 2024 xxix
Tax News for 2024 xxix
Expiring Provisions xxxi
Key Tax Numbers for 2024 xxxii
Tax-Saving Opportunities for 2024 and Beyond xxxiv
Filing Basics 1
Before you get Started 3
Filing Status 13
Dependents 39
Wages, Salary, and Other Compensation 53
Fringe Benefits 72
Dividend and Interest Income 97
Reporting Property Sales 125
Tax-Free Exchanges of Property 174
Retirement and Annuity Income 189
IRAs 226
Income From Real Estate Rentals and Royalties 279
Loss Restrictions: Passive Activities and At-Risk Limits 299
Other Income 329
Claiming Deductions 355
Deductions Allowed in Figuring Adjusted Gross Income 357
Claiming the Standard Deduction or Itemized Deductions 364
Medical and Dental Expense Deductions 371
Deductions for Taxes 391
Itemized Deduction for Interest Expenses 400
Charitable Contribution Deductions 418
Casualty and Theft Losses and Involuntary Conversions 445
Other Itemized Deductions 470
Travel and Meal Expense Deductions 473
Personal Tax Computations 495
Figuring Your Regular Income Tax Liability 497
Alternative Minimum Tax (AMT) 502
Computing the “Kiddie Tax” on Your Child’s Unearned Income 510
Personal Tax Credits Reduce Your Tax Liability 516
Tax Withholdings 540
Estimated Tax Payments 548
Additional Medicare Tax and Net Investment Income Tax 554
Tax Planning 561
Tax Savings for Residence Sales 563
Tax Rules for Investors in Securities 581
Tax Savings for Investors in Real Estate 598
Tax Rules for Investors in Mutual Funds 612
Educational Tax Benefits 621
Special Tax Rules for Senior Citizens and the Disabled 640
Members of the Armed Forces 655
How To Treat Foreign Earned Income 663
Planning Alimony and Marital Settlements 674
Other Taxes 679
Gift and Estate Tax Planning Basics 685
Business Tax Planning 695
Income or Loss From Your Business or Profession 697
Retirement and Medical Plans for Self-Employed 727
Deducting Car and Truck Expenses 757
Sales of Business Property 772
Figuring Self-Employment Tax 779
Filing Your Return and the Process After You File 789
Filing Your Return 791
Filing Refund Claims, and Amended Returns 800
If the IRS Examines Your Return 804
2024 Tax Forms 817
Glossary 857
Index 863
