J.K. Lasser’s Your Income Tax 2012 
For Preparing Your 2011 Tax Return

America’s number one bestselling tax guide offers the best
balance of thoroughness, organization, and usability

For over half a century, more than 39 million Americans have
turned to J.K. Lasser for easy-to-follow, expert advice and
guidance on planning and filing their taxes. Written by a team of
tax specialists, J.K. Lasser’s Your Income Tax 2012 includes
all the outstanding features that have made this book the nation’s
all-time top-selling tax guide. It covers some of the most
important topics associated with your taxes, from what must you
report as income and strategies that will save you on taxes to how
much tax you actually owe and what deductions can you claim.

As an added value, you can gain direct access to bonus materials
through jklasser.com, including links to the latest tax forms from
the IRS, up-to-the-minute tax law changes, small business help, and
much more. Filled with in-depth insights and timely advice, this is
the guide of choice for today’s serious taxpayer.

* Contains over 2, 500 easy-to-use tax planning tips and
strategies and easy-to-understand coverage of the year’s tax law
changes

* Includes filing tips and instructions to help you prepare your
2011 return

* Comprised of a quick reference section that highlights what’s
new for 2011 as well as a topic index to help pinpoint the biggest
money-saving deductions

* Offers instruction for customers who use software or CPAs to
file their taxes

Filled with practical tax guidance you can’t find anywhere else,
J.K. Lasser’s Your Income Tax 2012 will help you plan and
file your 2011 tax return in the most efficient way possible.

Table of Content

What’s New for 2011 xxv

Key Tax Numbers for 2011 xxix

Filing Basics 1

Chapter 1 Filing Status 9

Report ing Your Income 31

Chapter 2 Wages, Salary, and Other Compensation 33

Chapter 3 Fringe Benefits 50

Chapter 4 Dividend and Interest Income 73

Chapter 5 Reporting Property Sales 99

Chapter 6 Tax-Free Exchanges of Property 141

Chapter 7 Retirement and Annuity Income 156

Chapter 8 IRAs 189

Chapter 9 Income From Rents and Royalties 228

Chapter 10 Loss Restrictions: Passive Activities and At-Risk
Limits 245

Chapter 11 Other Income 273

Claiming Deductions 295

Chapter 12 Deductions Allowed in Figuring Adjusted Gross Income
297

Chapter 13 Claiming the Standard Deduction or Itemized
Deductions 305

Chapter 14 Charitable Contribution Deductions 312

Chapter 15 Itemized Deduction for Interest Expenses 336

Chapter 16 Deductions for Taxes 350

Chapter 17 Medical and Dental Expense Deductions 357

Chapter 18 Casualty and Theft Losses and Involuntary Conversions
375

Chapter 19 Deducting Job Costs and Other Miscellaneous Expenses
400

Chapter 20 Travel and Entertainment Expense Deductions 414

Chapter 21 Personal Exemptions 440

Personal Tax Computations 453

Chapter 22 Figuring Your Regular Income Tax Liability 455

Chapter 23 Alternative Minimum Tax (AMT) 459

Chapter 24 Computing the ‘Kiddie Tax’ on Your Child’s Investment
Income 467

Chapter 25 Personal Tax Credits Reduce Your Tax Liability
473

Chapter 26 Tax Withholdings 491

Chapter 27 Estimated Tax Payments 498

Tax Planning 505

Chapter 28 Tax Planning Overview 507

Chapter 29 Tax Savings for Residence Sales 511

Chapter 30 Tax Rules for Investors in Securities 526

Capter 31 Tax Savings for Investors in Real Estate 545

Chapter 32 Tax Rules for Investors in Mutual Funds 559

Chapter 33 Educational Tax Benefits 568

Chapter 34 Special Tax Rules for Senior Citizens 585

Chapter 35 Members of the Armed Forces 594

Chapter 36 How To Treat Foreign Earned Income 602

Chapter 37 Planning Alimony and Marital Settlements 613

Chapter 38 Household Employment Taxes (‘Nanny Tax’) 620

Chapter 39 Gift and Estate Tax Planning 625

Business Tax Planning 633

Chapter 40 Income or Loss From Your Business or Profession
635

Chapter 41 Retirement and Medical Plans for Self-Employed
662

Chapter 42 Claiming Depreciation Deductions 672

Chapter 43 Deducting Car and Truck Expenses 690

Chapter 44 Sales of Business Property 704

Chapter 45 Figuring Self-Employment Tax 710

Filing Your Return and What Happens After You File
719

Chapter 46 Filing Your Return 721

Chapter 47 Filing Refund Claims, and Amended Returns 733

Chapter 48 If the IRS Examines Your Return 737

2011 Tax Table and EIC Table 747

Glossary 779

Index 785

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 seventy 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.