J.K. Lasser's Your Income Tax 2021 (2^nd Ed., Professional Edition)
J.K. Lasser Series

America's most trusted tax reference with the citations professionals need 

For more than 65 years, J.K. Lasser’s Your Income Tax, Professional Edition has been the smartest guide to professional tax filing and planning available. It pairs the trusted guidance, clear advice, and money-saving tips you’ll find in Your Income Tax with the citations of tax authorities professionals need to locate relevant law, IRS rulings, and court decisions. Updated with all the changes relevant to the 2020 tax year, the new edition makes sure you’re armed with the latest on how to maximize deductions and shelter income, as well as useful examples of how the latest tax law applies to individual situations.  

Designed to save you hours of wading through Internal Revenue Code or IRS materials—and presented in a down-to-earth, easily comprehensible style—you’ll also find special icons calling out what’s new, including the latest laws, rulings, court decisions, filing pointers, and planning strategies. Whatever you need to know as a professional, you’ll be able to find it quickly and easily.  

• Clear, expert answers to tough tax questions  
• New and amended laws, court decisions, IRS rulings, and more 
• Source literature via citations and references from the Code, courts, and IRS 
• The impact of the 2019 SECURE Act and the 2020 CARES Act  

Keeping up with the latest on tax law is a full-time job—but that doesn’t mean you need to do it on top of your full-time job: the experts at J.K. Lasser’s Your Income Tax Professional Edition 2021 have done all that work for you—allowing you to concentrate on giving your clients the authoritative, detailed, and reliable advice they expect and need.  

What’s New for 2020 xxvii

Tax News for 2020 xxvii

Key Tax Numbers for 2020 xxx

Tax-Saving Opportunities for 2020 xxxiii

Payments Resulting from the CARES Act xxxiv

Expiring Provisions xxxiv

Filing Basics 1

Do You Have to File a 2020 Tax Return? 2

Filing Tests for Dependents: 2020 Returns 4

Where to File Your 2020 Form 1040 or 1040-SR 5

Filing Deadlines (on or before) 6

What Forms Do You Need to File? 8

Filing Status 9

Reporting Your Income 35

Wages, Salary, and Other Compensation 37

Fringe Benefits 56

Dividend and Interest Income 82

Reporting Property Sales 110

Tax-Free Exchanges of Property 158

Retirement and Annuity Income 172

IRAs 211

Income From Real Estate Rentals and Royalties 260

Loss Restrictions: Passive Activities and At-Risk Limits 280

Other Income 310

Claiming Deductions 335

Deductions Allowed in Figuring Adjusted Gross Income 337

Claiming the Standard Deduction or Itemized Deductions 343

Charitable Contribution Deductions 350

Itemized Deduction for Interest Expenses 377

Deductions for Taxes 395

Medical and Dental Expense Deductions 404

Casualty and Theft Losses and Involuntary Conversions 424

Other Itemized Deductions 448

Travel and Meal Expense Deductions 451

Personal Tax Computations 473

Dependents 475

Figuring Your Regular Income Tax Liability 489

Alternative Minimum Tax (AMT) 494

Computing the “Kiddie Tax” on Your Child’s Unearned Income 502

Personal Tax Credits Reduce Your Tax Liability 508

Tax Withholdings 532

Estimated Tax Payments 539

Additional Medicare Tax and Net Investment Income Tax 545

Tax Planning 551

Tax Savings for Residence Sales 553

Tax Rules for Investors in Securities 570

Tax Savings for Investors in Real Estate 587

Tax Rules for Investors in Mutual Funds 601

Educational Tax Benefits 610

Special Tax Rules for Senior Citizens and the Disabled 629

Members of the Armed Forces 644

How To Treat Foreign Earned Income 652

Planning Alimony and Marital Settlements 663

Other Taxes 670

Gift and Estate Tax Planning Basics 676

Business Tax Planning 685

Income or Loss From Your Business or Profession 687

Retirement and Medical Plans for Self-Employed 717

Claiming Depreciation Deductions 730

Deducting Car and Truck Expenses 747

Sales of Business Property 762

Figuring Self-Employment Tax 769

Filing Your Return and What Happens After You File 779

Filing Your Return 781

Filing Refund Claims, and Amended Returns 789

If the IRS Examines Your Return 793

2020 Tax Forms 807

Citations of Authority 845

Practice Before The IRS 963

Glossary 1001

Index 1007

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 39,000,000 people. The J.K. Lasser Institute also publishes several personal finance books such as Small Business Taxes and 1001 Deductions and Tax Breaks. 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.