File your taxes with the help of an authoritative leader in the field If you wish to personally prepare your 2013 federal tax return, but seek the guidance of a trusted name in this field, look no further than the Ernst & Young Tax Guide 2014 . Drawing from the tax experience and knowledge base of Ernst & Young professionals, this reliable resource not only covers how to file your federal income tax return but also provides valuable insights on how to avoid common errors and maximize your federal tax deductions. Designed in a straightforward and accessible style, the Ernst & Young Tax Guide 2014 contains essential information that will help you save time and money as you prepare your 2013 federal tax return. Throughout the book, you?ll find hundreds of examples illustrating how tax laws work, as well as sample tax forms and schedules to show you how to fill out your return line by line. Includes 50 of the most commonly overlooked deductions to take into account when preparing your return Provides specific solutions in its special contents index for taxpayers in particular circumstances, including families, homeowners, investors, entrepreneurs, senior citizens, and military personnel Contains an individual tax organizer, 2014 tax calendar, and a summary of expiring provisions Provides checklists of key 2013 tax breaks and deductions you may be eligible to use Comprehensive yet direct, the Ernst & Young Tax Guide 2014 has everything you?ll need to personally prepare your 2013 federal tax return. INDICE: Ii 2014 tax calendar v How to use this guide viii Special contents x Changes in the tax law you should know about xviii Summary of provisions expiring at the end of 2013 and beyond xix Important 2013 tax reminders xxi How to avoid 25 common errors xxii 50 of the most easily overlooked deductions xxiii Individual tax organizer xxxi Income and expense records you should keep in addition to your income tax return Part I • The income tax return / 1 3 CHAPTER 1 • Filing information Do I Have To File a Return? / 5 Which Form Should I Use? / 11 Does My Return Have To Be on Paper? / 12 When Do I Have To File? / 17 Where Do I File? / 32 What Happens After I File? / 32 What If I Made a Mistake? / 37 45 CHAPTER 2 • Filing status Marital Status / 46 Single / 48 Married Filing Jointly / 48 Married Filing Separately / 51 Head of Household / 53 59 CHAPTER 3 • Personal exemptions and dependents Exemptions / 61 Phaseout of Exemptions / 87 Social Security Numbers for Dependents / 88 89 CHAPTER 4 • Tax withholding and estimated tax Tax Withholding for 2014 / 93 Estimated Tax for 2014 / 106 Credit for Withholding and Estimated Tax for 2013 / 113 Underpayment Penalty for 2013 / 117 Part II • Income / 119 121 CHAPTER 5 • Wages, salaries, and other earnings Employee Compensation / 123 Miscellaneous Compensation / 124 Special Rules for Certain Employees / 139 Sickness and Injury Benefits / 143 147 CHAPTER 6 • Tip income Keeping a Daily Tip Record / 148 Reporting Tips to Your Employer / 149 Allocated Tips / 153 157 CHAPTER 7 • Interest income General Information / 159 Taxable Interest / 165 When To Report Interest Income / 186 How To Report Interest Income / 187 190 CHAPTER 8 • Dividends and other corporate distributions General Information / 194 Ordinary Dividends / 198 Capital Gain Distributions / 203 Nondividend Distributions / 204 Other Distributions / 207 How To Report Dividend Income / 209 213 CHAPTER 9 • Rental income and expenses Rental Income / 214 Rental Expenses / 217 Repairs and Improvements / 218 Property Changed to Rental Use / 221 Renting Part of Property / 221 Not Rented for Profit / 222 Personal Use of Dwelling Unit (Including Vacation Home) / 222 Depreciation / 229 Limits on Rental Losses / 231 How To Report Rental Income and Expenses / 234 238 CHAPTER 10 • Retirement plans, pensions, and annuities General Information / 239 Cost (Investment in the Contract) / 245 Taxation of Periodic Payments / 246 Taxation of Nonperiodic Payments / 249 Rollovers / 252 Special Additional Taxes / 259 Survivors and Beneficiaries / 265 266 CHAPTER 11 • Social security and equivalent railroad retirement benefits Are Any of Your Benefits Taxable? / 267 How To Report Your Benefits / 270 Examples / 272 Deductions Related to Your Benefits / 276 Repayments More Than Gross Benefits / 276 279 CHAPTER 12 • Other income Bartering / 281 Canceled Debts / 281 Host or Hostess / 284 Life Insurance Proceeds / 284 Partnership Income / 286 S Corporation Income / 288 Recoveries / 290 Rents from Personal Property / 293 Repayments / 293 Royalties / 295 Unemployment Benefits / 296 Welfare and Other Public Assistance Benefits / 297 Other Sickness and Injury Benefits / 299 Other Income / 300 Passive Activity Limitations and At–Risk Limitations / 314 Part III • Gains and losses / 319 321 CHAPTER 13 • Basis of property Cost Basis / 322 Adjusted Basis / 324 Basis Other Than Cost / 327 342 CHAPTER 14 • Sale of property Sales and Trades / 343 Capital Gains and Losses / 359 382 CHAPTER 15 • Selling your home Main Home / 384 Figuring Gain or Loss / 385 Excluding the Gain / 390 Business Use or Rental of Home / 396 Reporting the Sale / 400 Recapturing (Paying Back) a Federal Mortgage Subsidy / 401 403 CHAPTER 16 • Reporting gains and losses Reporting Capital Gains and Losses / 406 Part IV • Adjustments to income / 423 425 CHAPTER 17 • Individual retirement arrangements (IRAs) Traditional IRAs / 428 Roth IRAs / 455 Simplified Employee Pensions (SEPs) / 462 Savings Incentive Match Plans for Employees (SIMPLE) / 463 464 CHAPTER 18 • Alimony General Rules / 465 Instruments Executed After 1984 / 467 How To Deduct Alimony Paid / 472 How To Report Alimony Received / 472 Recapture Rule / 472 Other Alimony Issues and Rules / 474 478 CHAPTER 19 • Educationrelated adjustments Student Loan Interest Deduction / 479 Tuition and Fees Deduction / 482 Educator Expenses / 487 488 CHAPTER 20 • Moving expenses Who Can Deduct Moving Expenses / 489 Members of the Armed Forces / 495 Retirees or Survivors Who Move to the United States / 496 Deductible Moving Expenses / 497 Nondeductible Expenses / 499 How and When To Report / 500 When To Deduct Expenses / 501 Part V • Standard and itemized deductions / 505 507 CHAPTER 21 • Standard deduction Standard Deduction Amount / 508 Standard Deduction for Dependents / 510 Who Should Itemize / 511 514 CHAPTER 22 • Medical and dental expenses What Are Medical Expenses? / 515 What Expenses Can You Include This Year? / 516 How Much of the Expenses Can You Deduct? / 516 Whose Medical Expenses Can You Include? / 517 What Medical Expenses Are Includible? / 520 How Do You Treat Reimbursements? / 528 Damages for Personal Injuries / 531 How Do You Figure and Report the Deduction on Your Tax Return? / 531 Impairment–Related Work Expenses / 532 Health Insurance Costs for Self–Employed Persons / 533 535 CHAPTER 23 • Taxes you may deduct Tests to Deduct Any Tax / 537 Income Taxes / 537 General Sales Taxes / 542 Real Estate Taxes / 542 Personal Property Taxes / 548 Taxes and Fees You Cannot Deduct / 548 Where To Deduct / 549 550 CHAPTER 24 • Interest expense Home Mortgage Interest / 551 Investment Interest / 564 Items You Cannot Deduct / 567 Allocation of Interest / 570 How To Report / 572 574 CHAPTER 25 • Contributions Organizations That Qualify To Receive Deductible Contributions / 576 Contributions You Can Deduct / 578 Contributions You Cannot Deduct / 585 When To Deduct / 595 Limits on Deductions / 596 Records To Keep / 599 How To Report / 604 605 CHAPTER 26 • Nonbusiness casualty and theft losses Casualty / 607 Theft / 610 Loss on Deposits / 612 Proof of Loss / 613 Figuring a Loss / 614 Deduction Limits / 623 When To Report Gains and Losses / 627 How To Report Gains and Losses / 629 630 CHAPTER 27 • Car expenses and other employee business expenses Travel Expenses / 632 Entertainment Expenses / 644 Gift Expenses / 651 Transportation Expenses / 652 Recordkeeping / 661 How To Report / 665 679 CHAPTER 28 • Tax benefits for work–related education Qualifying Work–Related Education / 681 Education To Meet Minimum Requirements / 683 What Expenses Can Be Deducted / 687 Reimbursements / 691 Deducting Business Expenses / 691 Recordkeeping / 692 693 CHAPTER 29 • Miscellaneous deductions Deductions Subject to the 2% Limit / 694 Deductions Not Subject to the 2% Limit / 710 Nondeductible Expenses / 712 718 CHAPTER 30 • Limit on itemized deductions Part VI • Figuring your taxes and credits / 723 725 CHAPTER 31 • How to figure your tax Figuring Your Tax / 727 Alternative Minimum Tax / 730 Additional Medicare Tax / 736 Net Investment Income Tax (NIIT) / 736 Tax Figured by IRS / 737 741 CHAPTER 32 • Tax on investment income of certain children Which Parent’s Return To Use / 743 Parent’s Election To Report Child’s Interest and Dividends / 743 Tax for Certain Children Who Have Investment Income of More Than $2,000 / 748 755 CHAPTER 33 • Child and dependent care credit Tests To Claim the Credit / 756 How To Figure the Credit / 765 How To Claim the Credit / 771 Employment Taxes for Household Employers / 772 776 CHAPTER 34 • Credit for the elderly or the disabled Are You Eligible for the Credit? / 777 Figuring the Credit Yourself / 781 786 CHAPTER 35 • Child tax credit Checking your withholding / 786 Amount of Credit / 787 Claiming the Credit / 788 Additional Child Tax Credit / 788 789 CHAPTER 36 • Education credits and other education tax benefits Who Can Claim an Education Credit / 790 Qualified Education Expenses / 792 801 CHAPTER 37 • Other credits including the earned income credit Nonrefundable Credits / 803 Refundable Credits / 811 Earned Income Credit (EIC) / 816 Reminders / 816 Do You Qualify for the Credit? / 817 Part A. Rules for Everyone / 818 Part B. Rules If You Have a Qualifying Child / 822 Part C. Rules If You Do Not Have a Qualifying Child / 829 Part D. Figuring and Claiming the EIC / 831 Examples / 832 Part VII • Special situations and tax planning / 837 839 CHAPTER 38 • Self–employment income: How to file Schedule C Who Must File Schedule C / 840 What Is Included in Net Self–Employment Earnings? / 844 How to Determine Items of Income and Expenses / 846 How to Complete Schedule C / 849 Sales of Business Property Used in Your Business / 863 Business Tax Credit / 863 Special Situations / 864 How to Complete Schedule SE Line by Line, Briefly / 864 872 CHAPTER 39 • Mutual funds Tax Treatment of Distributions / 875 Sales, Exchanges, and Redemptions / 881 Keeping Track of Your Basis / 882 Gains and Losses / 888 Holding Period / 888 How to Figure Gains and Losses on Form 8949 and Schedule D / 890 Capital Losses / 890 Investment Expenses / 891 893 CHAPTER 40 • What to do if you employ domestic help Reminder / 894 Employment Taxes for Household Employers / 894 Reporting and Paying Taxes on Wages Paid to Household Employees / 900 905 CHAPTER 41 • U.S. citizens working abroad: Tax treatment of foreign earned income How to Qualify for the Foreign Earned Income Exclusion / 905 The Foreign Earned Income Exclusion / 906 The Foreign Housing Exclusion / 908 Employer–Provided Meals and Lodging / 909 Foreign Tax Credit / 909 912 CHAPTER 42 • Foreign citizens living in the United States Determining Your Status / 912 How Resident Aliens Are Taxed / 914 Rules for Individuals Giving Up U.S. Citizenship or U.S. Residency / 915 How Nonresident Aliens Are Taxed / 918 Departing from the United States / 920 921 CHAPTER 43 • Decedents: Dealing with the death of a family member Personal Representative / 922 Final Return for the Decedent / 923 Tax Effect on Others / 932 938 CHAPTER 44 • Estate and gift tax planning Getting Started / 938 Estate Tax Fundamentals / 939 How Your Estate Is Taxed / 941 The Fundamentals of the Gift Tax / 944 The Generation–Skipping Transfer Tax / 949 How to Use Trusts / 949 How to Raise Cash to Pay Estate Taxes / 951 Concerns Regarding Community Property / 952 Estate Planning—Steps to Take Now / 952 953 CHAPTER 45 • Everything you need to know about e–filing Information You’ll Need to E–File / 954 Making Tax Payments / 956 Methods of E–Filing / 957 960 CHAPTER 46 • If your return is examined IRS Declaration of Taxpayer Rights / 960 Examinations, Appeals, Collections, and Refunds / 961 The Examination Process / 962 Appeals / 969 Collections / 973 Potential Third Party Contacts / 973 Claims for Refunds / 973 Past–Due Taxes / 974 976 CHAPTER 47 • Planning ahead for 2014 and beyond Tax Provisions Expiring at the End of 2013 / 977 Inflation Adjustments for 2014 / 979 Affordable Care Act (ACA) Individual Provisions / 979 A Summary for 2014 and Beyond / 985 986 CHAPTER 48 • 2013 Tax rate schedules 988 Index
- ISBN: 978-1-118-66067-6
- Editorial: John Wiley & Sons
- Encuadernacion: Rústica
- Páginas: 1032
- Fecha Publicación: 11/12/2013
- Nº Volúmenes: 1
- Idioma: Inglés