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J.K. Lasser's Your Income Tax 2008: For Preparing Your 2007 Tax Return [Paperback]

by J. K. Lasser
4.3 out of 5 stars  See all reviews (15 customer reviews)

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J.K. Lasser's Your Income Tax 2014: For Preparing Your 2013 Tax Return J.K. Lasser's Your Income Tax 2014: For Preparing Your 2013 Tax Return 4.6 out of 5 stars (100)
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Book Description

November 2, 2007 0470137541 978-0470137543 13
Navigating the ever-changing income tax landscape is no easy task. Each year, millions of taxpayers are affected by new IRS regulations, federal court decisions and amendments from congressional tax committees. This year alone, there are many important developments such as the AMT exemption, new parameters on charitable giving, as well as regulations on residential energy improvements. To make informed decisions about income taxes and the changes that impact your return, there’s only one guide that won’t lead you astray. J.K. LASSER’S YOUR INCOME TAX 2008 is a proven, accessible resource with important strategies, useful recommendations and of course, all the latest tax law changes.

Finding the new deductions and planning opportunities can be daunting but savvy taxpayers know they can rely on J.K. LASSER’S YOUR INCOME TAX 2008: For Preparing Your 2007 Tax Return to pinpoint and explain last minute changes they may have missed. Coverage of current tax law changes, both comprehensive and comprehensible is what the Lasser team of experts provides.

J.K. LASSER’S series of tax guides have been well received by professionals and consumers because they are authoritative, easy-to-use and concise. Here are some highlights:

  • Form 1040 mapped to the section of the guide you need
  • Line-by-line explanations and instructions for commonly used forms
  • More than 2,500 easy-to-use tax planning tips and strategies
  • Quick-reference section highlighting what’s new (good or bad) for 2007
  • Key tax numbers for 2007 - the most important limits and maximums at a glance
  • Special rules and strategies for the self-employed

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Editorial Reviews

From the Back Cover

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:

The AMT – Chap. 23 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. 46–49) 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 70 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 today for:

  • 365-day-a-year tax advice

  • Tax planning strategies, whetheryou are ready to retire, buying a home, getting married, orplanning your estate

  • Interactive forms and tools

  • Free tax supplement

  • ADDED BONUS: sign-up for FREEmonthly e-mail tax updates

Easy-to-Use Format Explains Complex Tax Laws

FILING TIPS and FILING INSTRUCTIONShelp you prepare your 2007 return

PLANNING REMINDERS highlight year-end tax strategies for 2007 and planning opportunities for 2008 and later years

CAUTIONS point out potential pitfalls toavoid and areas where you might expectIRS 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 andannouncements from the IRS

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-five years and read by over 39,000,000 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, The New York Times, Newsweek and Reader's Digest.

Product Details

  • Series: J.K. Lasser (Book 76)
  • Paperback: 820 pages
  • Publisher: Wiley; 13 edition (November 2, 2007)
  • Language: English
  • ISBN-10: 0470137541
  • ISBN-13: 978-0470137543
  • Product Dimensions: 10.8 x 8.4 x 1.8 inches
  • Shipping Weight: 2.8 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (15 customer reviews)
  • Amazon Best Sellers Rank: #1,173,325 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews
3 of 3 people found the following review helpful
5.0 out of 5 stars The Best Tax Guide For Self-Preparation April 7, 2008
Format:Paperback|Verified Purchase
I normally use TurboTax to file my income tax returns (this year I used TurboTax Premier), but always buy J. K. Lasser's "Your Income Tax" as there is always some question that comes up about the returns. This year was no different.

I have modestly complex returns, and this year was more complicated than normal. I had a complex transaction in which some compensation was taken as company stock, which subsequently depreciated and was sold. TurboTax had no clue how to handle it (it actually turned out to be easier than I thought), but Lasser came through, albeit with a little digging.

In all honesty I could probably do without the book as TurboTax is getting better, and the IRS web site is becoming more user-friendly, but I find that for the very modest price, the value of having nearly every answer at my fingertips overwhelms the potential savings from doing without it.

J. K. Lasser provides excellent examples and preparation tips for even complex returns, and I truly believe that if this book doesn't contain the answers to your questions you need professional tax help. I highly recommend this book as the best of the tax preparation guides.
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3 of 3 people found the following review helpful
5.0 out of 5 stars Excellent Form 1040 Resource Guide January 7, 2008
By Benee
Format:Paperback|Verified Purchase
The first time I picked up a copy of this book was at the Public Library. I soon realized that I needed my own copy because it is such an excellent resource material to keep. Each year I look forward to having my own updated copy. I recommend it to anyone.
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2 of 2 people found the following review helpful
5.0 out of 5 stars Better than expected. Excellent tax source. April 18, 2008
By jbsocal
Format:Paperback|Verified Purchase
Contains a lot of useful information with sufficient detail. I've been using Master Tax Guides by CCH, but I found some items (e.g. Related Parties Passive Real Estate Loss treatment) in Lasser's that the CCH book didn't cover sufficiently. Excellent resource and well written.
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2 of 2 people found the following review helpful
5.0 out of 5 stars JK Lasser's Your Income Tax 2008 January 25, 2008
Excellent product. Easy to reseach issues with planning tips and real world practical examples to increses reader comprehension. Great source book for individual tax preparers as well as professionals who assist other taxpayers. Return om my investment (purchase price) is at least $100 saved in tax payments for each dollar spent on the book.

Be sure you understand the terminology of the title, 2007 tax year is the 2008 edition. Don't buy 2007 edition since you normally filed your 2006 taxes by 4/15/2007.
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4 of 5 people found the following review helpful
4.0 out of 5 stars Scores again January 9, 2008
The annual edition of this standby once again covers nearly everything a person would need to know/find out about the tax regulations plus tax court rulings. Perhaps more than a person filing a short form needs but easier to research than going on line + the price is right.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Taxpayer's Reference Guide December 13, 2008
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.

Chapter 1 covers your "Filing Status". Chapters 2 to 11 covers taxable wages, salary, other compensation; fringe benefits, dividend and interest income; property sales, Tax-Free exchanges of property; retirement and annuity income; IRAs; rents and royalties, loss restrictions; other income. Chapters 12 to 21 covers deductions for adjusted gross income; standard or itemized deductions; charitable contributions; interest deductions; taxes; medical expenses; casualty and theft losses; job costs and miscellaneous expenses; travel and entertainment expenses; and personal exemptions. Chapters 22 to 27 explain how to compute your taxes; tax credits and withholding. Chapters 28 to 31 tell about Tax Planning and Savings. Chapters 31 to 39 explain areas that the average person seldom needs. Chapters 40 to 45 has important subjects for the self-employed. Chapters 46 and 47 tell about filing your return, refund claims, and amended returns. [The easiest way to fill in a 1040X is to fill in the new 1040 and then copy the information to the 1040X.
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5.0 out of 5 stars Great reference book December 16, 2010
Format:Paperback|Verified Purchase
I am a professional tax preparer and I got this as a reference/refresher. It has tons of info, with lots of examples to make the law clear. I like it alot and will buy future versions.
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3.0 out of 5 stars Seems one of the best May 1, 2009
Format:Paperback|Verified Purchase
Maybe if I were an accountant, I'd give this four or five stars. But for me it is written for someone that knows a lot more than I do. It is overkill -- too complicated for me to buy again. My tax situation is simple, but the book has so much, complated situations, etc., that it is limited in usefullness for me. I wish Lasser would write a book for people like me -- not so knowledgeable and with a situation requiring only the basics, plus some buying and selling of mutual funds and stocks. Tax software is adequate for me.
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