J.K. Lasser's Your Income Tax 2006: For Preparing Your 2005 Tax Return [Paperback]

J.K. Lasser Institute (Author)

Book Description

ISBN-10: 0471735949 | ISBN-13: 978-0471735946 | Publication Date: November 29, 2005

Basics of Filing (Chap. 1) including:
Which form to file – Chap. 1
Filing as Head of Household – Chap. 1
Filing for your children – Chap. 1
Filing for married couples – Chap. 1

What Must You Report as Income? (Chaps. 2–11) including:
Fringe Benefits – Chap. 3
Capital gains & losses – Chap. 5
Traditional & Roth IRAs – Chap. 8
Rental Income – Chap. 9

What Deductions Can You Claim? (Chaps. 12–21) including:
Moving expenses – Chap. 12
Casualty Loss – Chap. 18
Charitable deductions – Chap. 14
Who is a dependent? – Chap. 21

How Much Tax Do You Owe? (Chaps. 22–27) including:
Withholding Allowance – Chap. 26
Your child's tax – Chap. 24
Personal tax credits – Chap. 25
Estimated taxes – Chap. 27

Strategies to Save You Taxes (Chaps. 28–39) including:
Tax-free residence sales – Chap. 29
Investing in securities – Chap. 30
Armed forces rules – Chap. 35
Tax credits for education – Chap. 33

Planning Ideas for Your Business (Chaps. 40–45) including:
Home office deduction – Chap. 40
Keogh, Simple, or SEP – Chap. 41
Auto expenses – Chap. 43
Self-employment tax – Chap. 45

Now That You're Done (Chaps. 46–48) including:
Electronic filing – Chap. 46
Filing extensions – Chap. 46
IRS Audits – Chap. 48
Amended returns – Chap. 47

The Most Trusted Name in Tax

For over 60 years, more than 38 million Americans have trusted J.K. Lasser to help them save money at tax time

Now with

• USABLE FORMS ONLINE
• FREE ONLINE BONUSES AND TAX PREP
• GUIDANCE FOR ALL YOUR TAX NEEDS
• COVERS ALL 2005 TAX LAW CHANGES

Easy-to-Use Format Explains Complex Tax Laws

FILING TIPS and FILING INSTRUCTIONS help you prepare your 2005 return

PLANNING REMINDERS highlight year-end tax strategies for 2005 and planning opportunities for 2006 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

Editorial Reviews

About the Author

J.K. Lasser Institute has been the premier publisher of consumer tax guides since 1939, when Jacob Kay Lasser first published Your Income Tax. Since then, the guide has been published continuously for over sixty years and read by over 38,000,000 people. The J.K. Lasser Institute also publishes several personal finance books, including Small Business Taxes, Home Owner’s Tax Breaks, 1001 Deductions and Tax Breaks, Year-Round Tax Planning, and more. J.K. Lasser Institute spokespeople are regularly sought after as media tax experts. They regularly appear on such broadcast programs as CNBC, CNN, and Bloomberg TV. They are also often featured in numerous periodicals, including The Wall Street Journal, USA Today, Self Magazine, Houston Chronicle, and The Chicago Tribune.

Product Details

• Paperback: 896 pages
• Publisher: Wiley (November 29, 2005)
• Language: English
• ISBN-10: 0471735949
• ISBN-13: 978-0471735946
• Product Dimensions: 10.8 x 8.4 x 2 inches
• Shipping Weight: 2.6 pounds
• Average Customer Review: 3.9 out of 5 stars  See all reviews (7 customer reviews)
• Amazon Best Sellers Rank: #1,213,175 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

30 of 31 people found the following review helpful:

5.0 out of 5 stars If You Can't Find It Here, You Need Professional Help, December 27, 2005

By 

Robert I. Hedges - See all my reviews
(HALL OF FAME REVIEWER)    (TOP 500 REVIEWER)    (REAL NAME)   

Amazon Verified Purchase

This review is from: J.K. Lasser's Your Income Tax 2006: For Preparing Your 2005 Tax Return (Paperback)

I have used the J. K. Lasser income tax books for the last few years and am always impressed with them: this book for the 2005 tax return is no exception. I have moderately complex returns but always do them myself with the assistance of a computerized tax preparation program: I believe that I better understand tax law and rules by doing my own returns, although the experience is often very trying.

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 (800-plus pages) intimidate you; the bulk of the book won'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 particularly bewildering in those areas sometimes.

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!

7 of 8 people found the following review helpful:

4.0 out of 5 stars Comments on J.K. Lasser's "Your Income Tax 2006" Book, January 15, 2006

By 

Delaine Heliotis "HP fan" (Somerville, New Jersey United States) - See all my reviews
(REAL NAME)   

This review is from: J.K. Lasser's Your Income Tax 2006: For Preparing Your 2005 Tax Return (Paperback)

As always, Lasser's book is very helpful for both individuals
and professionals for tax preparation. There are a few times when it is a bit difficult to find certain topics in the index,
but in general I recommend it. The filled-out sample forms are
also useful.

5 of 6 people found the following review helpful:

5.0 out of 5 stars Taxpayer's Reference Guide, March 13, 2006

By 

Acute Observer (By the Shore NJ) - See all my reviews

This review is from: J.K. Lasser's Your Income Tax 2006: For Preparing Your 2005 Tax Return (Paperback)

Your Income Tax for 2006, by J.K. Lasser

There are two reasons to read this book.
1) You are preparing a paper return and wish to learn more that what is printed in the IRS "Forms and Instructions".
2) You want to read and learn more than what you get from a tax preparer or computer program.
Since your economic activities have tax consequences you should read or browse the relevant sections of this book as it applies to you. Some ignore the tax consequences until its too late. Since most people don't have tax lawyers, and may not be able to get advice on a telephone, or even from the Internet, you need to reference this book as needed. Do not be afraid of the size of this book as most people will not need all chapters.

Part 1 covers the "Filing Basics" and status. Part 2 covers "Reporting Your Income" for wages, salary, other compensation; fringe benefits, dividend and interest income, property sales, property exchanges, retirement and annuity income, IRAs, rents and royalties, loss restrictions, other income. Part 3 covers "Claiming Deductions" for adjusted gross income, standard or itemized deductions, charitable and interest deductions, medical expenses, personal exemptions. Part 4 tells how to compute your taxes, and tax credits. Part 5 tells about "Tax Planning" and should be read by everyone. Part 6, "Business Tax Planning" is important for the self-employed. Part 7 tells about filing your return and the aftermath.

Chapter 47 tells how to file a refund claim or an amended return. [The easiest way to fill in a 1040X is to fill in the new 1040 and then copy the information to the 1040X.] Chapter 48 discusses the possibility of an IRS tax audit so you may be informed and prepared. Page 715 tells about "Suing the IRS for Unauthorized Collection"!

To learn about the history of US tax policy you'll need another book. Sidney Ratner's "American Taxation" is out of print, but you may be able to find another book. Class and sectional differences make politics, and politics make the tax code. Today's income taxes fall more heavily on wage earners compared to the 1862, 1893, and 1916 income tax codes.