J.K. Lasser's 1001 Deductions and Tax Breaks 2018

J.K. Lasser's 1001 Deductions and Tax Breaks 2018

by Barbara Weltman
Released October 2017
Publisher(s): Wiley
ISBN: 9781119380481

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Book description

A complete list of individual tax relief opportunities

J.K. Lasser's 1001 Deductions and Tax Breaks 2018 is the complete and thorough guide to reducing your tax burden. By listing every possible deduction and credit available to individual taxpayers, this book can help you achieve substantial savings on your 2017 tax return. Updated and expanded to cover new and changing tax law, this edition also includes an e-supplement covering the latest developments from Congress and the IRS to keep you fully up-to-date. Stop overpaying and gain peace of mind as you find the answers you need for your specific tax situation. Mine your paperwork for write-off opportunities, and claim your tax breaks correctly; easy-to-follow instructions give you clear guidance through the maze of worksheets to help you reclaim what is legally yours.

Echoing cries of "Can I claim...?", "How do I deduct...?", "Where do I find...?" mean it's tax season again, and America's most trusted tax advisor is here to take away the stress. Find answers, save money, and streamline the filing process.

  • Examine your records for deduction opportunities
  • Identify each and every deduction for which you qualify
  • Learn about new or updated deductions for your 2017 return
  • See what types of income are tax free
  • Claim correctly, with the appropriate forms and evidence

Deductions and credits were put in place precisely to help everyday people like yourself keep more of their hard-earned money—but only if you claim them. Instead of mounting an expedition into impenetrable tax code, let an expert do the legwork for you: J.K. Lasser's 1001 Deductions and Tax Breaks 2018 gives you the straightforward, no-nonsense information you need to stop overpaying and keep more of what's yours.

Table of contents

  1. Introduction
    1. Tax-Favored Items
    2. Limits on Qualifying for Tax-Favored Items
    3. Standard Deduction versus Itemized Deductions
    4. Overall Limit on Itemized Deductions
    5. Impact of Deductions on Your Chances of Being Audited
    6. How to Use This Book
  2. CHAPTER 1: You and Your Family
    1. Marital Status
    2. Personal Exemption
    3. Dependency Exemption
    4. Social Security Number Test
    5. Child Tax Credit
    6. Earned Income Credit
    7. Dependent Care Expenses
    8. Adoption Costs
    9. Foster Care
    10. Child Support
    11. Alimony
    12. 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 Accounts for Health Care
    8. Health Reimbursement Arrangements
    9. QSEHRAs
    10. Health Savings Accounts
    11. Archer Medical Savings Accounts
    12. ABLE Accounts
    13. COBRA Coverage
    14. Medicare
    15. Continuing Care Facilities and Nursing Homes
    16. Accelerated Death Benefits
    17. Decedent's Final Illness
    18. 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
    18. Internships and Apprenticeships
  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. Leave-Based Donation Programs
    15. 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. Education-Related 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. Corrosive Drywall Damage
    10. Identity Theft
    11. Identity Theft and Tax Relief
    12. Hurricanes Harvey and Irma 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
    5. Work Tools and Equipment
    6. Miscellaneous Job-Related Expenses
    7. Educator Expenses
    8. Home Office Deduction
    9. Prizes and Awards
    10. Performing Artists
    11. State or Local Government Officials Paid on a Fee Basis
    12. Repayment of Supplemental Unemployment Benefits
    13. Jury Duty Pay Turned Over to Your Employer
    14. Impairment-Related Expenses
    15. Military Benefits
    16. Contributions to State Benefit Programs
    17. Fringe Benefits
    18. Income Earned Abroad
  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. Olympic Medals
    15. 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

Product information

  • Title: J.K. Lasser's 1001 Deductions and Tax Breaks 2018
  • Author(s): Barbara Weltman
  • Release date: October 2017
  • Publisher(s): Wiley
  • ISBN: 9781119380481