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J.K. Lasser's 1001 Deductions and Tax Breaks 2017

Book Description

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.

Table of Contents

  1. Introduction
  2. Chapter 1: You and Your Family
    1. Marital Status
    2. Personal Exemption
    3. Dependency Exemption
    4. Child Tax Credit
    5. Earned Income Credit
    6. Dependent Care Expenses
    7. Adoption Costs
    8. Foster Care
    9. Child Support
    10. Alimony
    11. ABLE Accounts
  3. Chapter 2: Medical Expenses
    1. Employer-Provided Health Insurance
    2. Premium Tax Credit
    3. Health Coverage Tax Credit
    4. Itemized Medical Expenses
    5. Self-Employed Health Insurance Deduction
    6. Long-Term Care Coverage
    7. Flexible Spending Arrangements for Health Care
    8. Health Reimbursement Arrangements
    9. Health Savings Accounts
    10. ABLE Accounts
    11. COBRA Coverage
    12. Medicare
    13. Continuing Care Facilities and Nursing Homes
    14. Accelerated Death Benefits
    15. Decedent's Final Illness
    16. Medical Insurance Rebates
  4. Chapter 3: Education Costs
    1. FAFSA Submissions
    2. Employer-Paid Courses
    3. Scholarships, Fellowships, and Grants
    4. American Opportunity Credit
    5. Lifetime Learning Credit
    6. Job-Related Education
    7. Tuition and Fees Deduction
    8. Student Loan Interest
    9. Interest on U.S. Savings Bonds
    10. Coverdell Education Savings Accounts
    11. Qualified Tuition Programs (529 Plans)
    12. ABLE Accounts
    13. Seminars
    14. Educational Travel
    15. Cancellation of a Student Loan
    16. Penalty-Free Withdrawals from IRAs
    17. Government Reimbursements
  5. Chapter 4: Your Home
    1. Mortgages
    2. Mortgage Interest Tax Credit
    3. Home Equity Loans
    4. Points
    5. Refinancing
    6. Prepayment Penalties
    7. Late Payment Penalties
    8. Mortgage Insurance
    9. Reverse Mortgages
    10. Cancellation of Mortgage Debt
    11. Penalty-Free IRA Withdrawals for Home-Buying Expenses
    12. Real Estate Taxes
    13. Cooperative Housing
    14. Minister's Housing Allowance
    15. Home Sale Exclusion
    16. Moving Expenses
    17. Energy Improvements
    18. ABLE Accounts
  6. Chapter 5: Retirement Savings
    1. Traditional IRAs
    2. Roth IRAs
    3. IRA Rollovers
    4. MyRAs
    5. 401(k) and Similar Plans
    6. Self-Employed Retirement Plans
    7. SEPs
    8. SIMPLEs
    9. Retirement Saver's Credit
    10. Custodial/Trustee Fees
    11. Employer-Paid Retirement Planning Advice
    12. Charitable Transfers of IRA Distributions
    13. Loans from Retirement Plans
  7. Chapter 6: Charitable Giving
    1. Cash Donations
    2. Appreciated Property Donations
    3. Used Clothing and Car Donations
    4. Intellectual Property Donations
    5. Real Estate Donated for Conservation Purposes
    6. Bargain Sales
    7. Volunteer Expenses
    8. Tickets to Fund-Raisers, Raffles, and Sporting Events
    9. Membership Fees to Nonprofit Organizations
    10. Student Exchange Program
    11. Donor-Advised Funds
    12. Appraisal Fees and Other Costs
    13. IRA Transfers to Charity
    14. Record Keeper for Your Charitable Giving
  8. Chapter 7: Your Car
    1. Business Use of Your Personal Car
    2. Employer-Provided Car
    3. Vehicle Registration Fees
    4. Car Accidents and Other Car-Related Problems
    5. Donating Your Car
    6. Credit for Electric Drive Vehicles
  9. Chapter 8: Investing
    1. Penalty on Early Withdrawal of Savings
    2. Loss on Bank Deposits
    3. Capital Losses
    4. Capital Gains and Qualified Dividends
    5. Worthless Securities
    6. Loss on Section 1244 Stock
    7. Margin Interest and Other Investment-Related Borrowing
    8. Safe-Deposit Box Rental Fee
    9. Subscriptions to Investment Newsletters, Online Services, and Apps
    10. Computers and Tablets Used for Investments
    11. Fees for Financial Advice
    12. Amortization of Bond Premium
    13. Municipal Bonds
    14. Savings Bonds
    15. Gain on the Sale of Small Business Stock
    16. Gain on Empowerment Zone Assets
    17. Foreign Taxes on Investments
    18. Exercise of Incentive Stock Options
    19. Losses from Investment Ponzi Schemes
  10. Chapter 9: Travel
    1. Business Travel
    2. Temporary Work Assignments
    3. Conventions
    4. Medical Travel
    5. Charitable Travel
    6. Moving for Work
    7. Educational Travel
    8. National Guard and Military Reservist Travel
    9. Frequent Flier Miles
    10. Recordkeeping for Travel Expenses
  11. Chapter 10: Entertainment
    1. Meals and Entertainment
    2. Company Holiday Parties and Picnics
    3. Sporting and Theater Events
    4. Home Entertainment
    5. Entertainment Facilities and Club Dues
    6. Recordkeeping for Meals and Entertainment Expenses
    7. Gambling Losses
  12. Chapter 11: Real Estate
    1. Vacation Home
    2. Home Office
    3. Timeshares
    4. Rentals
    5. Low-Income Housing Credit
    6. Rehabilitation Credit
    7. Deduction for Energy-Efficient Commercial Buildings
    8. Leasehold, Restaurant, and Retail Improvements
    9. Conservation Easements
    10. Special Breaks for Certain Disaster Victims
  13. Chapter 12: Borrowing and Interest
    1. Home Mortgage Interest
    2. Student Loan Interest
    3. Borrowing from Retirement Plans
    4. Investment-Related Interest
    5. Business Interest
    6. Accrued Interest on Bond Purchases
    7. Below-Market Loans
    8. Bad Debts
    9. Debt Forgiveness
  14. Chapter 13: Insurance and Catastrophes
    1. Casualty and Theft Losses
    2. Disaster Losses
    3. Disaster Relief Payments
    4. Damages
    5. Disability Coverage
    6. Accelerated Death Benefits
    7. Legal Fees
    8. Appraisal Fees
    9. Damage from Corrosive Drywall
    10. Identity Theft
    11. Identity Theft and Tax Relief
  15. Chapter 14: Your Job
    1. Job-Hunting Expenses
    2. Dues to Unions and Professional Associations
    3. Work Clothes and Uniforms
    4. Subscriptions to Professional Journals, Newsletters, and Podcasts
  16. Chapter 15: Your Business
    1. Start-Up Costs
    2. Equipment Purchases
    3. Payment for Services
    4. Supplies
    5. Gifts
    6. Hobby Losses
    7. Self-Employment Tax Deduction
    8. Home Office Deduction
    9. Farming-Related Breaks
    10. Domestic Production Activities Deduction
    11. Other Business Deductions
    12. Business Credits
    13. Net Operating Losses
  17. Chapter 16: Miscellaneous Items
    1. State and Local Income Taxes
    2. State and Local Sales Taxes
    3. Certain Federal Taxes
    4. Tax Refunds
    5. Tax Preparation Costs
    6. Tax Audits
    7. Legal Fees
    8. Gifts You Receive
    9. Inheritances
    10. Life Insurance Proceeds
    11. Estate Tax Deduction on Income in Respect of a Decedent
    12. Rebates and Discounts
    13. Government Benefits
    14. Alternative Minimum Tax
  18. Appendix A: Items Adjusted Annually for Inflation
  19. Appendix B: Checklist of Tax-Free Items
  20. Appendix C: Checklist of Nondeductible Items
    1. Nondeductible Items
  21. Index
  22. EULA