Take the anxiety out of tax season and file your return with confidence
In Taxes For Dummies, 2022 Edition, you'll get line-by-line advice and plan ahead strategies that take the fear and anxiety out of tax season and save you money now and in the months and years ahead. This completely updated edition includes detailed coverage of the numerous tax bills have passed in recent years. You'll learn everything you need to know to file your own taxes with confidence and intelligently plan year-round tax strategies.
In this book, you'll:
* Discover how to take advantage of every deduction and tax credit that applies to your specific circumstances
* Learn to navigate the IRS website and the newest versions of the most popular online tax preparation and filing options
* Understand new retirement account options and the implications of new foreign taxation rules
* Plan ongoing, multi-year tax strategies that will help you achieve your financial goals at every stage of your life
Taxes For Dummies, 2022 Edition is the perfect resource for any United States taxpayer planning to file their own 2021 taxes. Whether you're a first-time taxpayer, an expat filing from outside the US, or a seasoned veteran of tax season looking for the latest deductions and strategies to reduce your tax bill, this book is a must-read resource that'll transform how you think about taxes.
Autorentext
Eric Tyson, MBA, is a critically acclaimed personal finance writer, counselor, and speaker. He is the best-selling author of For Dummies guides on personal finance, investing, home buying, and real estate.
Margaret Atkins Munro is an Enrolled Agent with decades of practical experience as CEO of TaxPanacea Associates LLC. She has published extensively on tax and tax-related issues, including 529 & Other College Savings Plans For Dummies and Taxes For Dummies.
Klappentext
File fast and fearless and pay less to Uncle Sam!
Most people don't look forward to filing their taxes. But there's no reason to dread them when you've got Taxes For Dummies 2022 Edition in your corner! Our expert tax gurus will show you how, when, and what to file based on new tax rules and legislation. Plus, the most current advice on how to maximize your deductions and credits and keep as much money in your pocket. You'll take the stress right out of tax season with the handy tips and straightforward guidance found in this handbook. Perfect for the first-time tax filer as well as veterans of tax seasons past, Taxes For Dummies 2022 Edition has the answers you need when you need them.
Inside
- Choose between online and offline filing
- Understand the newest tax laws
- Identify tax deductions that apply to you
- Eliminate tax season anxiety
- Take control of your tax return
- Explore popular tax prep software
- Discover new retirement account options
- Prepare for foreign tax implications
Zusammenfassung
Take the anxiety out of tax season and file your return with confidence
In Taxes For Dummies, 2022 Edition, you'll get line-by-line advice and plan ahead strategies that take the fear and anxiety out of tax season and save you money now and in the months and years ahead. This completely updated edition includes detailed coverage of the numerous tax bills have passed in recent years. You'll learn everything you need to know to file your own taxes with confidence and intelligently plan year-round tax strategies.
In this book, you'll:
- Discover how to take advantage of every deduction and tax credit that applies to your specific circumstances
- Learn to navigate the IRS website and the newest versions of the most popular online tax preparation and filing options
- Understand new retirement account options and the implications of new foreign taxation rules
- Plan ongoing, multi-year tax strategies that will help you achieve your financial goals at every stage of your life
Taxes For Dummies, 2022 Edition is the perfect resource for any United States taxpayer planning to file their own 2021 taxes. Whether you're a first-time taxpayer, an expat filing from outside the US, or a seasoned veteran of tax season looking for the latest deductions and strategies to reduce your tax bill, this book is a must-read resource that'll transform how you think about taxes.
Inhalt
Introduction 1
About This Book 1
Foolish Assumptions 2
Icons Used in This Book 2
Beyond the Book 3
Where to Go from Here 3
Part 1: Getting Ready To File 5
Chapter 1: Understanding the U.S Tax System 7
Figuring Out the U.S Tax System 8
You can reduce your taxes 9
Beyond April 15: What you don't know can cost you 10
Understanding Your Income Tax Rates 11
Adding up your total taxes 12
Following your marginal income tax rate 12
Noting the Forever Changing Tax Laws 20
The Tax Cuts and Jobs Act of 2017 21
The SECURE ACT of 2019 22
Possible upcoming changes 22
Chapter 2: Tax Return Preparation Options and Tools 25
Going it Alone: Preparing Your Own Return 26
Taking Advantage of IRS Publications 26
Perusing Tax-Preparation and Advice Guides 28
Using Software 28
Accessing Internet Tax Resources 29
Internal Revenue Service 29
Research 30
Tax preparation sites 31
Hiring Help 31
Deciding whether you really need a preparer 31
Unenrolled preparers 32
Enrolled agents (EAs) 32
Certified public accountants (CPAs) 33
Tax attorneys 34
Finding Tax Preparers and Advisors 35
Chapter 3: Getting and Staying Organized 37
Maintaining the Burden of Proof 38
Keeping Good Records 38
Ensuring a complete and accurate tax return 38
Setting up a record-keeping system 40
Tracking tax information on your computer 41
Deciding when to stash and when to trash 41
Reconstructing Missing Tax Records 42
Property received by inheritance or gift 42
Securities received by inheritance or gift 45
Improvements to a residence 45
Casualty losses 46
Business records 47
Using duplicate account statements 47
Understanding the Cohan Rule 47
Chapter 4: What Kind of Taxpayer Are You? 49
What Rendition of 1040 Shall We Play? 49
Form 1040 49
Form 1040-SR 51
Form 1040-NR 51
Choosing a Filing Status 52
Single 52
Married filing jointly 53
Married filing separately 54
Head of household 58
Qualifying widow(er) with dependent child 61
Counting your dependents 61
Deciding who is your dependent 62
Securing Social Security numbers for dependents 65
Filing for Children and Other Dependents 66
Defining Who Is a Qualifying Child 67
Age test 67
Relationship test 67
Residency test 67
Support test 68
Filing a Return for a Deceased Taxpayer 68
Must I File? 69
When to file 71
If you don't file 71
Where to file 72
How to file 72
A Final Bit of Advice 73
Part 2: Tackling The Main Forms 75
Chapter 5: All The Form 1040s: Income Stuff 77
Starting at the Very Beginning: The Top of 1040 77
Choosing your filing status 78
Adding your name(s), address and Social Security number(s) 78
Electing to give to the next presidential campaign 79
Disclosing virtual currency transactions 79
Calculating your standard deduction 79