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The gold standard resource for professional tax preparers in the US - fully updated for the 2022 tax year
The newly revised J.K. Lasser's Your Income Tax Professional Edition 2023 delivers easy-to-follow, authoritative, and step-by-step instructions to help you guide your clients through the tax filing process. This popular guide offers tax-saving advice on every available credit and deduction, so you can be sure your clients are keeping as much of their money as possible.
You'll discover special features included throughout the guide, including legislative alerts, tax planning tips, and filing reminders. You'll also find:
* Important information about the latest tax legislation from Congress and how it impacts your clients
* Discussions and guidance relating to practice before the Internal Revenue Service
* A complete set of the most used 2022 tax forms
* Accurate citations of tax law authority
The leading resource in tax preparation guides for Certified Public Accountants, tax preparers, and other financial professionals, J.K. Lasser's Your Income Tax Professional Edition 2023 is a detailed, one-stop blueprint for providing unmatched service to your taxpayer clients.
List of contents
What's New for 2022 xxvii
Tax News for 2022 xxvii
Key Tax Numbers for 2022 xxx
Tax-Saving Opportunities for 2022 and Beyond xxxii
Pending Tax Rule Changes xxxiii
Expiring Provisions xxxiv
Filing Basics 1
Do You Have to File a 2022 Tax Return? 2
Filing Tests for Dependents: 2022 Returns 3
Where to File Your 2022 Form 1040 or 1040-SR 5
Filing Deadlines (on or before) 6
What Forms Do You Need to File? 8
Filing Status 9
1.1 Which Filing Status Should You Use? 10
If Your Spouse Died in 2021 or 2020 24
1.12 Qualifying as Head of Household 25
Reporting Your Income 35
Wages, Salary, and Other Compensation 37
2.1 Salary and Wage Income 40
Fringe Benefits 56
3.1 Tax-Free Health and Accident Coverage Under Employer Plans 58
Dividend and Interest Income 81
4.1 Reporting Dividends and Mutual Fund Distributions 82
Reporting Property Sales 109
5.1 General Tax Rules for Property Sales 110
Tax-Free Exchanges of Property 158
6.1 Like-Kind Exchanges of Real Property Used for Investment or Business 159
Retirement and Annuity Income 172
7.1 Retirement Distributions on Form 1099-R 174
IRAs 210
8.1 Starting a Traditional IRA 211
Income From Real Estate Rentals and Royalties 264
9.1 Reporting Rental Real Estate Income and Expenses 265
Loss Restrictions: Passive Activities and At-Risk Limits 284
10.1 Rental Activities Generally Treated as Passive 285
Other Income 314
11.1 Prizes and Awards 315
Claiming Deductions 339
Deductions Allowed in Figuring Adjusted Gross Income 341
12.1 Figuring Adjusted Gross Income (AGI) 342
Claiming the Standard Deduction or Itemized Deductions 347
13.1 Does Your Standard Deduction for 2022
Exceed Your Itemized Deductions? 349
13.2 Basic Standard Deduction 349
Charitable Contribution Deductions 354
14.1 Deductible Contributions 355
Itemized Deduction for Interest Expenses 381
15.1 Deduction for Home Mortgage Interest 382
Deductions for Taxes 399
16.1 Overall Limit on Deduction for State and Local Taxes 400
Medical and Dental Expense Deductions 408
17.1 Medical and Dental Expenses Must Exceed AGI Threshold 409
Casualty and Theft Losses and Involuntary Conversions 428
18.1 Casualty or Theft Losses for Personal-Use Property Must Be Due to a Federally Declared Disaster 429
Other Itemized Deductions 453
19.1 Only a Few Expenses Are Allowed as "Other" Itemized Deductions 454
Travel and Meal Expense Deductions 456
20.1 Who May Deduct Travel and Transportation Expenses 457
Personal Tax Computations 477
Dependents 479
21.1 No Exemption Deductions Are Allowed 480
Figuring Your Regular Income Tax Liability 493
22.1 Taxable Income and Regular Income Tax Liability 494
Alternative Minimum Tax (AMT) 498
23.1 Computing Alternative Minimum Tax on Form 6251 500
Computing the "Kiddie Tax" on Your Child's Unearned Income 506
24.1 Filing Your Child's Return 507
Personal Tax Credits Reduce Your Tax Liability 512
25.1 Overview of Personal Tax Credits 513
Tax Withholdings 536
26.1 Withholdings Should Cover Estimated Tax 537
Estimated Tax Payments 544
27.1 Do You Owe an Estimated Tax Penalty for 2022? 545
Additional M
