J.K. Lasser's Your Income Tax 2008: For Preparing Your 2007 Tax Return (J.K. Lasser's Your Income Tax: for Preparing Your 2007 Tax Return) - Softcover

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. It includes 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; and, special rules and strategies for the self-employed.

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

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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