Taxes For Dummies 2024th Edition by Eric Tyson, Margaret Atkins Munro ISBN 1394226454 9781394226450

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ISBN 10: 1394226454
ISBN 13: 9781394226450
Author: Eric Tyson, Margaret Atkins Munro

Cut your tax bill down to size with year-round tips and tricks

Taxes For Dummies is the antidote to the annual headache that is the U.S. tax system. This book paves the way for you to file a return that maximizes all the deductions and credits available to you. It also provides insight on making smart financial decisions that help minimize your tax burden. Need to correct or revise a return? You’ll find all the information you need to do it right this time. And, of course the A-word is covered–learn what to do if the IRS shows up on your doorstep to audit your return. This new edition provides updates on the latest changes to the U.S. tax system, so you can sail through this year’s tax season, headache free.

• Prepare your yearly tax return with confidence
• Apply sound strategies to reduce your tax bill
• Discover year-round ways to keep more of your earnings
• Create a tax-savvy financial plan, with or without the help of an advisor

With Taxes For Dummies, anyone seeking a deeper understanding of the U.S. tax filing system can learn what they need to save money and manage taxes throughout the year

Taxes For Dummies 2024th Edition Table of contents:

Part 1: Getting Ready to File

Chapter 1: Understanding the U.S. Tax System

Figuring Out the U.S. Tax System

Understanding Your Income Tax Rates

Noting the Forever Changing Tax Laws

Chapter 2: Tax Return Preparation Options and Tools

Going It Alone: Preparing Your Own Return

Taking Advantage of IRS Publications

Perusing Tax-Preparation and Advice Guides

Using Software

Accessing Internet Tax Resources

Hiring Help

Finding Tax Preparers and Advisors

Chapter 3: Getting and Staying Organized

Maintaining the Burden of Proof

Keeping Good Records

Reconstructing Missing Tax Records

Understanding the Cohan Rule

Chapter 4: What Kind of Taxpayer Are You?

What Rendition of 1040 Shall We Play?

Choosing a Filing Status

Filing for Children and Other Dependents

Defining Who Is a Qualifying Child

Filing a Return for a Deceased Taxpayer

Must I File?

A Final Bit of Advice

Part 2: Tackling the Main Forms

Chapter 5: All The Form 1040s: Income Stuff

Starting at the Very Beginning: The Top of 1040

Lines 1–9: Income

Chapter 6: Form 1040, Schedule 1, Part I: Additional Income

Schedule 1, Part I, Line 1: Taxable Refunds, Credits, or Offsets

Schedule 1, Part I, Lines 2a and 2b: Alimony Received (by You)

Schedule 1, Part I, Line 3: Business Income (or Loss)

Schedule 1, Part I, Line 4: Other Gains (or Losses)

Schedule 1, Part I, Line 5: Rental Real Estate, Partnerships, and More

Schedule 1, Part I, Line 6: Farm Income (or Loss)

Schedule 1, Part I, Line 7: Unemployment Compensation

Schedule 1, Part I, Line 8: Other Income

Schedule 1, Part I, Line 9: Total Other Income

Schedule 1, Part I, Line 10: Combine Lines 1 through 7 and 9

Chapter 7: Form 1040, Schedule 1, Part II: Adjustments to Income Stuff

Figuring Out Your Adjusted Gross Income (AGI)

Form 1040, Line 11: Adjusted Gross Income

Chapter 8: Form 1040, Schedule 2: Additional Taxes

Schedule 2, Part I: Tax

Schedule 2, Part II: Other Taxes

Bringing Us to Line 21

Chapter 9: Form 1040, Schedule 3: Adding Up Your Credits and Payments

Schedule 3, Part I: Nonrefundable Credits

Schedule 3, Part II: Other Payments and Refundable Credits

Chapter 10: Finishing Up the 1040

Arriving at Taxable Income

Calculating Your Tax Liability

Calculating Your Payments and Refundable Credits

Refund or Amount You Owe

Finishing Up

Part 3: Filling Out Schedules and Other Forms

Chapter 11: Itemized Deductions: Schedule A

Claiming the Standard Deduction

Locating Your Itemized Deductions

Lines 1–4: Medical and Dental Costs

Lines 5–7: Taxes You Paid

Lines 8–10: Interest You Paid

Lines 11–14: Gifts to Charity

Line 15: Casualty and Theft Losses (Form 4684)

Line 16: Other Itemized Deductions

Line 17: Total Itemized Deductions

Line 18: Check the Box

Chapter 12: Interest and Dividend Income: Form 1040, Schedule B

Part I, Lines 1–4: Interest Income

Part II, Lines 5–6: Dividend Income

Part III, Lines 7–8: Foreign Accounts and Trusts

Chapter 13: Business Tax Schedules: C and F

Schedule C

Giving Basic Information (A–E)

Accounting Method Stuff (Boxes F–H)

Marking Information Returns (Boxes I and J)

Part I, Lines 1–7: Income

Part II, Lines 8–27b: Expenses

Operating Loss

Schedule F: Profit or Loss from Farming

Chapter 14: Capital Gains and Losses: Schedule D and Form 8949

Claiming Capital Sales: Collectibles and Real Estate

Noting the Different Parts of Schedule D

Form 8949: Sales and Other Dispositions of Capital Assets

Calculating Your Adjusted Basis

Part I, Lines 1–7: Short-Term Capital Gains and Losses

Part II, Lines 8–15: Long-Term Capital Gains and Losses

Part III, Lines 16–22: Summary of Parts I and II

Using Schedule D for Home Sales

Using Form 8949 and Schedule D for Other Stock Matters

Reporting Nonbusiness Bad Debts

Checking On Cryptocurrency

Chapter 15: Supplemental Income and Loss: Schedule E

Part I: Income or Loss from Rental Real Estate and Royalties

Part II: Income or Loss from Partnerships and S Corporations

Part III: Income or Loss from Estates and Trusts

Part IV: Income or Loss from Real Estate Mortgage Investment Conduits

Part V: Summary

Chapter 16: Giving Credits Where Credits Are Due

Child- and Dependent-Care Expenses: Form 2441 (1040)

Credit for the Elderly or the Disabled: Schedule R (1040)

Education Credits (Form 8863)

Child Tax Credit and Credit for Other Dependents

Retirement Savings Contributions Credit (Form 8880)

Residential Energy Credits (Form 5695)

Adoption Credit (Form 8839)

Motor Vehicle Credits (Form 8936)

Earned Income Credit (EIC)

Chapter 17: Other Schedules and Forms to File

Estimated Tax for Individuals (Form 1040-ES)

Moving Expenses (Form 3903)

Nondeductible IRAs (Form 8606)

Forms 8615 and 8814, the Kiddie Tax

Form 8829, Expenses for Business Use of Your Home

Form W-4, Employee Withholding

Household Employment Taxes: Schedule H

Schedule SE: Self-Employment Tax Form

Part 4: Audits and Errors: Dealing with the IRS

Chapter 18: Dreaded Envelopes: IRS Notices, Assessments, and Audits

Understanding the IRS Notice Process

Assessing Assessment Notices

Requesting a Collection Due Process Hearing

Handling Non-Assessment Notices

Understanding What You Must Know about Audits

Surviving the Four Types of Audits

Questioning Repetitive Audits

Getting Ready for an Audit

Winning Your Audit

Understanding the Statute of Limitations on Audits

Chapter 19: Fixing Mistakes the IRS Makes

Seeing the Types of Mistakes the IRS Makes

Corresponding with the IRS: The Basics

Sending a Simple Response to a Balance Due Notice

Sending Generic Responses to Generic Notices

Getting Attention When the IRS Appears to Be Ignoring You

Finding Your Refund When It Doesn’t Find You

Chapter 20: Fixing Your Own Mistakes

Amending a Return

Solving When You Can’t Pay Your Taxes

Abating a Penalty

Abating Interest

Protecting Yourself with Innocent Spouse Relief

The Taxpayer Bill of Rights: In the Beginning

The Taxpayer Bill of Rights: Parts 2 and 3

Part 5: Year-Round Tax Planning

Chapter 21: Tax-Wise Personal Finance Decisions

Including Taxes in Your Financial Planning

Taxing Mistakes

Comprehending the Causes of Bad Tax Decisions

Chapter 22: Trimming Taxes with Retirement Accounts

Identifying Retirement Account Benefits

Naming the Types of Retirement Accounts

Taxing Retirement Account Decisions

Chapter 23: Small-Business Tax Planning

Organizing Your Business Accounting

Minimizing Your Small-Business Taxes

Deciding to Incorporate or Not to Incorporate

Investing in Someone Else’s Business

Buying or Selling a Business

Chapter 24: Your Investments and Taxes

Tapping into Tax-Reducing Investment Techniques

Uncovering Tax-Favored Investments to Avoid

Analyzing Annuities

Selling Decisions

Chapter 25: Real Estate and Taxes

Surveying Real Estate Tax Breaks

Purchasing Your Humble Home

Making Tax-Wise Mortgage Decisions

Selling Your House

Investing in Real Estate

Chapter 26: Children and Taxes

Bringing Up Baby

Navigating Education Tax Breaks and Pitfalls

Being Aware of Taxes on Your Kids’ Investments

Chapter 27: Estate Planning

Figuring Whether You May Owe Estate Taxes

Reducing Expected Estate Taxes

Part 6: The Part of Tens

Chapter 28: Ten Tips for Reducing Your Chances of Being Audited

Double-Check Your Return for Accuracy

Declare All Your Income

Don’t Itemize

Earn a Moderate Amount of Money

Don’t Cheat and Put Down Your Protest Sign

Stay Away from Back-Street Refund Mills

Be Careful with Hobby Losses

Don’t Be a Nonfiler

Don’t Cut Corners if You’re Self-Employed

Carry a Rabbit’s Foot

Chapter 29: Ten Overlooked Opportunities to Trim Your Taxes

Make Your Savings Work for You

Invest in Wealth-Building Assets

Fund “Tax-Reduction” Accounts

Make Use of a “Back-Door” Roth IRA

Work Overseas

Check Whether You Can Itemize

Trade Consumer Debt for Mortgage Debt

Consider Charitable Contributions and Expenses

Scour for Self-Employment Expenses

Read This Book, Use Tax Software, Hire a Tax Advisor

Chapter 30: Ten (Plus One) Tax Tips for Military Families

Some Military Wages May Be Tax-Exempt

Rule Adjustments to Home Sales

Tax Benefits for Your Family if You’re Killed in Action

Deadlines Extended During Combat and Qualifying Service

Income Tax Payment Deferment Due to Military Service

Travel Expense Deductions for National Guard and Reserves Members

No Early Retirement Distribution Penalty for Called Reservists

No Education Account Distribution Penalty for Military Academy Students

Military Base Realignment and Closure Benefits Are Excludable from Income

State Income Tax Flexibility for Spouses

Deductibility of Some Expenses When Returning to Civilian Life

Chapter 31: Ten Interview Questions for Tax Advisors

What Tax Services Do You Offer?

Do You Have Areas that You Focus On?

What Other Services Do You Offer?

Who Will Prepare My Return?

How Aggressive or Conservative Are You Regarding Tax Strategies?

What’s Your Experience with Audits?

How Does Your Fee Structure Work?

What Qualifies You to Be a Tax Advisor?

Do You Carry Liability Insurance?

Can You Provide References of Clients Similar to Me?

Appendix: Glossary

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Tags: Eric Tyson, Margaret Atkins Munro, Taxes, Dummies