The complete guide to all deductions and credits for individual taxpayers
J.K. Lasser's 1001 Deductions and Tax Breaks shows you just how much money you can save on your taxes—legally—simply by taking advantage of what's out there. Millions of Americans overpay their taxes by billions of dollars every year, because constantly evolving laws and regulations make keeping track of deductions and breaks next to impossible for the everyday taxpayer. This book helps you put a stop to overpayment so you can keep more of your hard-earned money. J.K. Lasser has compiled a complete list of every possible deduction and credit available to American taxpayers, and provides clear, easy-to-follow instructions for claiming what is rightfully yours. Fully updated to reflect the latest rulings and laws—including an e-supplement with the latest tax developments from the IRS and Congress—this book answers all of your "Can I claim…" questions with guidance from the nation's most trusted tax advisors.
Many taxpayers are so afraid of an audit that they fail to take advantage of perfectly legal write-offs. You are entitled to this money. Tax breaks and deductions are written into tax law to help everyday Americans like yourself keep more of what you've earned. This book is your ticket to a streamlined filing and potentially substantial savings.
- Identify all deductions that apply to your situation
- Find the most up-to-date requirements for your 2016 filing
- Mine your expenses, business, and job for deduction opportunities
- Learn how to claim deductions and breaks correctly
Forget complex tax strategies, and don't bother trying to game the system. The opportunities to save are all laid out in black and white, and J.K. Lasser has parsed the fine print so you don't have to. J.K. Lasser's 1001 Deductions and Tax Breaks is the definitive guide to filing your 2016 taxes with a smile.
About the Author
BARBARA WELTMAN is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of many top-selling books on taxes and finance, including J.K. Lasser's Small Business Taxes. She is also the publisher of Idea of the Day®, a guest columnist for WSJ.com and U.S. News & World Report, is quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Money magazine), and hosts a monthly radio show. Visit her at www.barbaraweltman.com.
Table of Contents
1 You and Your Family 1
2 Medical Expenses 29
3 Education Costs 73
4 Your Home 108
5 Retirement Savings 146
6 Charitable Giving 182
7 Your Car 209
8 Investing 225
9 Travel 261
10 Entertainment 282
11 Real Estate 300
12 Borrowing and Interest 325
13 Insurance and Catastrophes 339
14 Your Job 357
15 Your Business 389
16 Miscellaneous Items 418
Appendix A Items Adjusted Annually for Inflation 443
Appendix B Checklist of Tax-Free Items 448
Appendix C Checklist of Nondeductible Items 452