J.K. Lasser's Your Income Tax 2025

The most up-to-date entry in America’s #1 all-time best-selling personal tax guide

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.

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

The Most Trusted Name in Tax

For over 80 years, more than 39 million Americans have trusted J.K. Lasser to help them save money at tax time

J.K. Lasser can save you MORE money!
Visit www.jklasser.com today for:

• 365-day-a-year tax news, advice, and guidance
• Free tax supplement

Easy-to-Use Format
Explains Complex Tax Laws

• FILING TIPS and FILING INSTRUCTIONS help you prepare your 2024 return
• PLANNING REMINDERS highlight year-end tax strategies for 2024 and planning opportunities for 2025 and later years
• CAUTIONS point out potential pitfalls to avoid and areas where you might expect IRS opposition
• LAW ALERTS indicate recent changes in the tax law and pending legislation before Congress
• COURT DECISIONS highlight key rulings from the Tax Court and other federal courts
• IRS ALERTS highlight key rulings and announcements from the IRS
• STATE CONSIDERATIONS call attention to issues on State and Local tax returns

Filing Basics (Part 1) - including:

Intro & Filing Status – Chap. 1
Dependents – Chap. 2
Wages, Salary – Chap. 3
Fringe Benefits – Chap. 4
Dividend and Interest – Chap. 5
Property Sales – Chap. 6
Property Tax-Free Exchanges– Chap. 7
Retirement and Annuity – Chap. 8
IRAs – Chap. 9
Real Estate Rentals – Chap. 10
Loss Restrictions – Chap. 11
Other Income – Chap. 12

Claiming Deductions (Part 2) - including:
Adjusted Gross Income – Chap. 13
Standard or Itemized – Chap. 14
Medical and Dental – Chap. 15
Deductions For Taxes – Chap. 16
Interest Expenses – Chap. 17
Charitable Contribution – Chap. 18
Casualty and Theft Losses – Chap. 19
Other Itemized Deductions – Chap. 20
Travel and Meal Expense – Chap. 21

Personal Tax Computations (Part 3) - including:
Income Tax Liability – Chap. 22
Alternative Minimum Tax – Chap. 23
Child’s Unearned Income – Chap. 24
Personal Tax Credits – Chap. 25
Tax Withholdings – Chap. 26
Estimated Tax Payments – Chap. 27
Medicare Tax – Chap. 28

Tax Planning (Part 4) - including:
Residence Sales – Chap. 29
Investors in Securities – Chap. 30
Investors in Real Estate – Chap. 31
Investors in Mutual Funds – Chap. 32
Educational Benefits – Chap. 33
Senior Citizens – Chap. 34
Members of Armed Forces– Chap. 35
Foreign Earned Income – Chap. 36
Alimony Settlements – Chap. 37
Other Taxes – Chap. 38
Gift and Estate Tax – Chap. 39

Business Tax Planning (Part 5) - including:
Income or Loss – Chap. 40
Plans for Self-Employed – Chap. 41
Claiming Depreciation – Chap. 42
Car and Truck Expenses – Chap. 43
Sales of Business Property – Chap. 44
Self-Employment Tax – Chap. 45

Filing your Return and What Happens after you File (Part 6) - including:
Filing your Return – Chap. 46
Filing Refund Claims – Chap. 47
If IRS Examines your Return – Chap. 48