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 2024 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 2024 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 2024 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 2025 is the gold standard desk reference for tax preparers serving individuals in the United States.
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
Exceed Your Itemized Deductions? 366
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
Claiming Depreciation Deductions 740
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
Tax Law Authorities 857
Citations of Authority 863
Practice Before the Irs 975
Written Information Security Plan 1015
Glossary 1033
Index 1039
