J.K. Lasser's Your Income Tax

by J.K. Lasser

Book Overview

Written by a team of tax specialists, J .K. Lasser's Your Income Tax 2007 is the nation's all-time top-selling tax guide. It's filled with expert advice and guidance--including over 2,500... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0471786705
• ISBN13: 9780471786702
• Release Date: November 2006
• Publisher: John Wiley & Sons
• Length: 816 Pages
• Weight: 2.71 lbs.
• Dimensions: 1.9" x 8.5" x 10.9"

Customer Reviews

Best in the Federal Tax Business

"JK Lasser's Your Income Tax 2007" is the best reference book for federal income taxes is the business. They have been publishing tax guides for 75 years. We first learned of this valuable resource when we saw it on an IRS auditor's shelf, many years ago. Since then when working in small public libraries it is the only tax guide purchased for the collection. Of great value is their coding system: Filling tips-when and how, Planning Reminder gives the tax-payer suggestions for year-end tax strategies, Caution points out pitfalls to avoid, Law Alert indicates a recent change in the law, Court Decision signals new Tax Court rulings, and IRS Alert flags key rulings and announcements,not all rulings that affect the code come from the court-they maybe nothing more than a letter from the IRS. But these letters have influence within the department as to how an item is viewed as to its value as a deductible. This is one of the big guys from which most smaller books have been devised. The volume is cumbersome as more and more information is packed into it, but it is easy to use with a fantastic index. We have include a diagram of the citation system in our book, because it helps the reader to understand the system of indexing. If it is used correctly you can go directly to the pertinent information for your situation. Nash Black, author of "Taxes, Stumbling Blocks & Pitfalls for Authors 2007."

Couldn't live without it

As always, Lasser's is the definitive resource at tax time. There's simply nothing better.

Great reference that's highly usable and readable...

So this year I decided to venture back into do-it-yourself tax preparation. Armed with TurboTax and J.K. Lasser's Your Income Tax 2007: For Preparing Your 2006 Tax Return, things went really well. If there's anything you need to know about preparing your taxes, you'll be able to find it somewhere in these 800+ pages... Contents: Filing Basics: Filing Status Reporting Your Income: Taxable Wages, Salary, and Other Compensation; Fringe Benefits; Dividend and Interest Income; Reporting Property Sales; Tax-Free Exchanges of Property; Retirement and Annuity Income; IRAs; Income From Rent and Royalties; Loss Restrictions - Passive Activities and At-Risk Limits; Other Income Claiming Deductions: Deductions Allowed in Figuring Adjusted Gross Income; Claiming the Standard Deduction or Itemized Deductions; Charitable Contribution Deductions; Itemized Deduction for Interest Expenses; Deduction for Taxes; Medical and Dental Expense Deductions; Casualty and Theft Losses and Involuntary Conversions; Deducting Job Costs and Other Miscellaneous Expenses; Travel and Entertainment Expense Deduction; Personal Exemptions Personal Tax Computations: Figuring Your Regular Income Tax Liability; Alternative Minimum Tax (AMT); Computing the "Kiddie Tax" for Children Under Age 18; Personal Tax Credits Reduce Your Tax Liability; Tax Withholdings; Estimated Tax Payments Tax Planning: Tax Planning Overview; Tax Savings for Residence Sales; Tax Savings for Investors in Securities; Tax Savings for Investors in Real Estate; Tax Pointers for Investors in Mutual Funds; Educational Tax Benefits; Special Tax Rules for Senior Citizens; Members of the Armed Forces; How To Treat Foreign Earned Income; Planning Alimony and Marital Settlements; Household Employment Taxes ("Nanny Tax"); Gift and Estate Tax Planning Business Tax Planning: Income or Loss From Your Business or Profession; Retirement Plans for Self-Employed; Claiming Depreciation Deductions; Deducting Car and Truck Expenses; Sales of Business Property; Figuring Self-Employment Tax Filing Your Return And What Happens After You File: Filing Your Return; Filing Refund Claims, and Amended Returns; If the IRS Examines Your Return Sample 2006 Tax Forms and Tables; Glossary; Index Tax preparation isn't fun, and the thought of having to work through an 800 page book to do so isn't appealing. But the layout of the book makes it easy to focus on the areas where you need help. Each section has a number of example situations where you can see the rules as they pertain to a real-life scenario. There are also a number of sidebars (law alerts, planning reminders, cautions, etc.) that are extremely valuable in determining exactly how the legal interpretation of the tax situation plays out. I also appreciate the numerous legal case examples where the IRS ruled one way and the Tax Court overturned the decision. It makes it apparently that an IRS decision does not necessarily mean that you have no other recourse. This would be a reco

If This Doesn't Help, You Need To Hire An Accountant!

I have used the J. K. Lasser income tax books for years and am always impressed with them: this book for the 2006 tax return is a further refinement of an already excellent product. I have moderately complex returns but always do them myself with the assistance of a computerized tax preparation program. While I believe that I better understand tax law and rules by doing my own returns, the experience is often very trying, which is where this book comes in. The book is well indexed and features realistic and reasonable examples of the common issues that can be encountered in the various areas of return preparation and planning. The Lasser income tax guides are the best of the home reference books I have found, and I have compared all major publications. (For professionals or for exceptionally convoluted returns Lasser also publishes a much more expensive professional guide, though if you need it I would strongly recommend letting a professional do your returns.) I find that the Lasser book is the most user-friendly, comprehensive, and has the most easy to understand examples of all the competing publications. Don't let the huge size intimidate you; the bulk of the book doesn't apply to all returns, but it proves itself invaluable for the chapters that do pertain to your specific tax situation. I find it particularly helpful in determining the eligibility and legality of deductions and depreciation, as the IRS rules can be especially bewildering in those areas. I recommend this book highly for anyone preparing their own taxes. Likewise, even if you have a professional prepare your return, this book is good for preparing receipts and lists of deductions and assets for the preparer. If you can't find the answer to your tax question in this book, you definitely need a CPA!

Indispensible tax aid

J.K. Lasser's Your Income Tax has for many years been the "Gold Standard" of income tax instruction books. It is clear, complete and comprehensible. I have been using for many years and find it to be a useful adjunct to the computer program that I use to prepare my return. Lasser's book gives excellent explanations of the income tax provisions so that one can have an understanding of the substantive aspects of what is going onto the return. I recommend it without reservation.