Book description
The must-have guide to tax write-offs, with clear advice from a trusted expert
J.K. Lasser's 1001 Deductions and Tax Breaks 2015 answers the most common tax question—"what can I deduct?" Updated and expanded for 2014 tax filing and 2015 tax planning, this straightforward guide uses plain English to explain the many available deductions and credits, allowing you to quickly recognize ways to reduce what you owe and maximize your returns. By stripping away all the rules and strategies that don't apply to the individual taxpayer, this book presents a clear, concise reference that can streamline the filing process. You'll find the qualification guidelines for each individual deduction or credit, plus expert instruction on how to actually take those deductions and credits that fit your particular situation.
Every year, millions of Americans overpay their taxes by billions of dollars, collectively. Why? Because tax laws are confusing, and the threat of an audit makes taxpayers so afraid of errors that they fail to take even perfectly legal write-offs. 1001 Deductions and Tax Breaks puts a stop to the confusion and fear, providing trusted, expert guidance toward filing correctly, on time, without leaving money on the table.
Learn how your family, your home, your car, and your job or business can lower your tax bill
Factor in educational costs, medical expenses, travel, and entertainment
Understand which items are nondeductible and which are tax-free
Develop a strategy for handling savings, investments, interest, charitable giving, and more
A topic as fundamental and universal as deductions and credits merits a clear, in-depth guide catering to the average individual taxpayer, without irrelevant information or chapter upon chapter of incomprehensible legalese. J.K. Lasser's 1001 Deductions and Tax Breaks 2015 is the guide you've been searching for, with clear, concise, practical instruction on paying what you owe, and not a cent more.
Table of contents
- Introduction
- Chapter 1: You and Your Family
-
Chapter 2: Medical Expenses
- Employer-Provided Health Insurance
- Premium Tax Credit
- Itemized Medical Expenses
- Self-Employed Health Insurance Deduction
- Long-Term Care Coverage
- Flexible Spending Arrangements for Health Care
- Health Reimbursement Arrangements
- Health Savings Accounts
- COBRA Coverage
- Medicare
- Continuing Care Facilities and Nursing Homes
- Accelerated Death Benefits
- Decedent's Final Illness
- Medical Insurance Rebates
-
Chapter 3: Education Costs
- Employer-Paid Courses
- Scholarships, Fellowships, and Grants
- American Opportunity Credit
- Lifetime Learning Credit
- Job-Related Education
- Tuition and Fees Deduction
- Student Loan Interest
- Interest on U.S. Savings Bonds
- Coverdell Education Savings Accounts
- Qualified Tuition Programs (529 Plans)
- Seminars
- Educational Travel
- Cancellation of a Student Loan
- Penalty-Free Withdrawals from IRAs
- Government Reimbursements
-
Chapter 4: Your Home
- Mortgages
- Mortgage Interest Tax Credit
- Home Equity Loans
- Points
- Refinancing
- Prepayment Penalties
- Late Payment Penalties
- Mortgage Insurance
- Reverse Mortgages
- Cancellation of Mortgage Debt
- Penalty-Free IRA Withdrawals for Home-Buying Expenses
- Real Estate Taxes
- Cooperative Housing
- Minister's Housing Allowance
- Home Sale Exclusion
- Moving Expenses
- Energy Improvements
- Chapter 5: Retirement Savings
-
Chapter 6: Charitable Giving
- Cash Donations
- Appreciated Property Donations
- Used Clothing and Car Donations
- Intellectual Property Donations
- Real Estate Donated for Conservation Purposes
- Bargain Sales
- Volunteer Expenses
- Tickets to Fund-Raisers, Raffles, and Sporting Events
- Membership Fees to Nonprofit Organizations
- Student Exchange Program
- Donor-Advised Funds
- Appraisal Fees and Other Costs
- IRA Transfers to Charity
- Record Keeper for Your Charitable Giving
- Chapter 7: Your Car
-
Chapter 8: Investing
- Penalty on Early Withdrawal of Savings
- Loss on Bank Deposits
- Capital Losses
- Capital Gains and Qualified Dividends
- Worthless Securities
- Loss on Section 1244 Stock
- Margin Interest and Other Investment-Related Borrowing
- Safe-Deposit Box Rental Fee
- Subscriptions to Investment Newsletters and Online Services
- Home Computer Used for Investments
- Fees for Financial Advice
- Amortization of Bond Premium
- Municipal Bonds
- Savings Bonds
- Gain on the Sale of Small Business Stock
- Gain on Empowerment Zone Assets
- Foreign Taxes on Investments
- Exercise of Incentive Stock Options
- Losses from Investment Ponzi Schemes
- Chapter 9: Travel
- Chapter 10: Entertainment
- Chapter 11: Real Estate
- Chapter 12: Borrowing and Interest
- Chapter 13: Insurance and Catastrophes
-
Chapter 14: Your Job
- Job-Hunting Expenses
- Dues to Unions and Professional Associations
- Work Clothes and Uniforms
- Subscriptions to Professional Journals and Newsletters
- Work Tools and Equipment
- Miscellaneous Job-Related Expenses
- Educator Expenses
- Home Office Deduction
- Prizes and Awards
- Performing Artists
- State or Local Government Officials Paid on a Fee Basis
- Repayment of Supplemental Unemployment Benefits
- Jury Duty Pay Turned Over to Your Employer
- Impairment-Related Expenses
- Military Benefits
- Fringe Benefits
- Income Earned Abroad
- Chapter 15: Your Business
-
Chapter 16: Miscellaneous Items
- State and Local Income Taxes
- State and Local Sales Taxes
- Certain Federal Taxes
- Tax Refunds
- Tax Preparation Costs
- Tax Audits
- Legal Fees
- Gifts You Receive
- Inheritances
- Life Insurance Proceeds
- Estate Tax Deduction on Income in Respect of a Decedent
- Rebates and Discounts
- Government Benefits
- Alternative Minimum Tax
- Appendix A: Items Adjusted Annually for Inflation
- Appendix B: Checklist of Tax-Free Items
- Appendix C: Checklist of Nondeductible Items
- Index
- End User License Agreement
Product information
- Title: J.K. Lasser's 1001 Deductions and Tax Breaks 2015: Your Complete Guide to Everything Deductible
- Author(s):
- Release date: October 2014
- Publisher(s): Wiley
- ISBN: 9781118922040
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