Ernst & Young Tax Guide 2017

  • ID: 3771385
  • Book
  • 1080 Pages
  • John Wiley and Sons Ltd
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Everything you need to prepare your 2016 tax return

  • This guide includes ongoing access throughout the 2016 tax return filing season to ey.com/EYTaxGuide
  • More than 1,000 money–saving tips
  • Latest 2016 tax law changes at your fingertips
  • Complete coverage for families, homeowners, investors, entrepreneurs, senior citizens and military
  • Navigating the 3.8% Net Investment Income Tax
  • Applying the tangible property regulations

The industry–leading guide to DIY tax prep, fully updated for 2017

  • Maximize savings and avoid mistakes
  • Highlights new laws and common errors at a glance
  • Guidance on how to handle special cases and unusual scenarios
  • Reference tables, checklists, sample forms and other tools to help simplify the filing process
  • Determine your obligations under the comprehensive and complex Net Investment Income Tax, with real–world examples and tips for figuring this additional tax
  • Find out how e–filing works
  • Learn about the tax implications of the Affordable Care Act on individuals, including how to figure your Premium Tax Credit
  • Practical considerations for dealing with the complex tangible property regulations
  • Streamline the filing process with the tax organizer and tax calendar
  • Find deductions and tax breaks without wading through tax code
  • Learn how to report income from tips, interest, dividends, rentals and more
  • Claim credits and deduct expenses related to education, health care and more
  • Provides detailed insight from EY professionals with easy navigation and quick reference
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2017 tax calendar ii

How to use this guide v

Special contents viii

Changes in the tax law you should know about x

Important 2016 tax reminders xiv

How to avoid 25 common errors xvi

50 of the most easily overlooked deductions xvii

Individual tax organizer xviii

Income and expense records you should keep in addition to your income tax return xxvi

Part I - The income tax return / 1

CHAPTER 1 - Filing information 3

CHAPTER 2 - Filing status 47

CHAPTER 3 - Personal exemptions and dependents 61

CHAPTER 4 - Tax withholding and estimated tax 90

Part II - Income / 119

CHAPTER 5 - Wages, salaries, and other earnings 121

CHAPTER 6 - Tip income 148

CHAPTER 7 - Interest income 158

CHAPTER 8 - Dividends and other corporate distributions 191

CHAPTER 9 - Rental income and expenses 213

CHAPTER 10 - Retirement plans, pensions, and annuities 240

CHAPTER 11 - Social security and equivalent railroad retirement benefits 269

CHAPTER 12 - Other income 282

Part III - Gains and losses / 323

CHAPTER 13 - Basis of property 325

CHAPTER 14 - Sale of property 349

CHAPTER 15 - Selling your home 392

CHAPTER 16 - Reporting gains and losses 413

Part IV - Adjustments to income / 433

CHAPTER 17 - Individual retirement arrangements (IRAs) 435

CHAPTER 18 - Alimony 475

CHAPTER 19 - Education–related adjustments 490

CHAPTER 20 - Moving expenses 499

Part V - Standard deduction and itemized deductions / 515

CHAPTER 21 - Standard deduction 517

CHAPTER 22 - Medical and dental expenses 524

CHAPTER 23 - Taxes you may deduct 545

CHAPTER 24 - Interest expense 560

CHAPTER 25 - Contributions 586

CHAPTER 26 - Nonbusiness casualty and theft losses 617

CHAPTER 27 - Car expenses and other employee business expenses 642

CHAPTER 28 - Tax benefits for work–related education 691

CHAPTER 29 - Miscellaneous deductions 705

CHAPTER 30 - Limit on itemized deductions 729

Part VI - Figuring your taxes and credits / 733

CHAPTER 31 - How to figure your tax 735

CHAPTER 32 - Tax on investment income of certain children 753

CHAPTER 33 - Child and dependent care credit 764

CHAPTER 34 - Credit for the elderly or the disabled 785

CHAPTER 35 - Child tax credit 791

CHAPTER 36 - Education credits and other education tax benefits 795

CHAPTER 37 - Premium Tax Credit (PTC) 808

CHAPTER 38 - Other credits including the earned income credit 815

Part VII - Special situations and tax planning / 857

CHAPTER 39 - Self–employment income: How to file Schedule C 859

CHAPTER 40 - Mutual funds 893

CHAPTER 41 - What to do if you employ domestic help 914

CHAPTER 42 - U.S. citizens working abroad: Tax treatment of foreign earned income 926

CHAPTER 43 - Foreign citizens living in the United States 933

CHAPTER 44 - Decedents: Dealing with the death of a family member 943

CHAPTER 45 - Estate and gift tax planning 960

CHAPTER 46 - Everything you need to know about e–filing 975

CHAPTER 47 - If your return is examined 983

CHAPTER 48 - Rules for expensing and capitalizing tangible property used in a trade or business 999

CHAPTER 49 - Net investment income tax 1009

CHAPTER 50 - Planning ahead for 2017 and beyond 1022

CHAPTER 51 - 2016 Tax rate schedules 1037

Index 1039

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