J.K. Lasser's 1001 Deductions and Tax Breaks 2023, 3rd Edition

J.K. Lasser's 1001 Deductions and Tax Breaks 2023, 3rd Edition

by Barbara Weltman
Released December 2022
Publisher(s): Wiley
ISBN: 9781119931188

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Book description

The comprehensive handbook for American taxpayers looking for every legal tax deduction and credit

No one likes to pay taxes. And everyone hates paying more taxes than they need to. Yet, each year, Americans make billions of dollars in tax overpayments. In J.K. Lasser’s 1001 Deductions and Tax Breaks 2023: Your Complete Guide to Everything Deductible, expert attorney and small business advocate Barbara Weltman delivers a thorough and carefully researched explanation of the constantly changing tax laws as they apply to ordinary, taxpaying Americans.

The latest edition of this book has been completely updated to reflect recent legislation, the latest tax court rulings, and IRS guidance, allowing readers to easily refer to relevant deductions and credits in the easy-to-follow guide. You’ll find:

  • Answers to the most frequently asked tax questions about deductions and credits as well as what income is tax free
  • Comprehensive info on every deductible expense, including current dollar limits and record-keeping requirements
  • A free e-supplement that includes the latest developments from the IRS and Congress

Perfect for taxpayers and tax preparing professionals, 1001 Deductions and Tax Breaks 2023 continues to be America’s favorite go-to roadmap to claiming what is rightfully yours and keeping more of your hard-earned income.

Table of contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Introduction
    1. Tax‐Favored Items
    2. Limits on Qualifying for Tax‐Favored Items
    3. Standard Deduction versus Itemized Deductions
    4. Impact of Deductions on Your Chances of Being Audited
    5. How to Use This Book
  5. CHAPTER 1: You and Your Family
    1. Marital Status
    2. Dependents
    3. Qualifying Child
    4. Qualifying Relative
    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
  6. CHAPTER 2: Medical Expenses
    1. Individual Mandate
    2. Employer‐Provided Health Insurance
    3. Premium Tax Credit
    4. Health Coverage Tax Credit
    5. Itemized Medical Expenses
    6. Self‐Employed Health Insurance Deduction
    7. Long‐Term Care Coverage
    8. Flexible Spending Accounts for Health Care
    9. Health Reimbursement Arrangements
    10. Individual Coverage HRAs
    11. Excepted Benefit HRAs
    12. QSEHRAs
    13. Health Savings Accounts
    14. Archer Medical Savings Accounts
    15. ABLE Accounts
    16. COBRA Coverage
    17. Medicare
    18. Continuing Care Facilities and Nursing Homes
    19. Accelerated Death Benefits
    20. Decedent's Final Illness
    21. Medical Insurance Rebates
  7. CHAPTER 3: Education Costs
    1. FAFSA Submissions
    2. Employer‐Paid Education Assistance
    3. Scholarships, Fellowships, and Grants
    4. American Opportunity Credit
    5. Lifetime Learning Credit
    6. Work‐Related Education
    7. Student Loan Interest
    8. Interest on U.S. Savings Bonds
    9. Coverdell Education Savings Accounts
    10. Qualified Tuition Programs (529 Plans)
    11. ABLE Accounts
    12. Seminars
    13. Educational Travel
    14. Cancellation of a Student Loan
    15. Penalty‐Free Withdrawals from IRAs
    16. Government Reimbursements
    17. Internships and Apprenticeships
    18. COVID‐19‐Related Grants
  8. CHAPTER 4: Your Home
    1. Mortgages
    2. Mortgage Interest Tax Credit
    3. Home Equity Loans
    4. Points
    5. Prepayment Penalties
    6. Late Payment Penalties
    7. Mortgage Insurance
    8. Reverse Mortgages
    9. Cancellation of Mortgage Debt
    10. Penalty‐Free IRA Withdrawals for Home‐Buying Expenses
    11. Real Estate Taxes
    12. Cooperative Housing
    13. Minister's Housing Allowance
    14. Home Sale Exclusion
    15. Moving Expenses for Active Duty Military Personnel
    16. Energy Improvements
    17. ABLE Accounts
    18. Disaster Rules for Casualties to Your Home
    19. COVID‐19 Emergency Assistance
    20. Home Office Deduction
  9. CHAPTER 5: Retirement Savings
    1. Traditional IRAs
    2. Roth IRAs
    3. Roth IRA Conversions
    4. IRA Rollovers
    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. Qualified Longevity Annuity Contracts
    14. Hardship Distributions from Retirement Plans
    15. Special Rules for COVID‐19 and Disasters
  10. 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. Sophisticated Charitable Giving Arrangements
    13. IRA Transfers to Charity
    14. Leave‐Based Donation Programs
    15. Record Keeper for Your Charitable Giving
  11. 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 Plug‐In Electric Drive Vehicles
  12. 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. Amortization of Bond Premium
    9. Municipal Bonds
    10. Savings Bonds
    11. Gain on the Sale of Small Business Stock
    12. Gain on DC Zone Assets
    13. Gain on Reinvestments in Opportunity Zones
    14. Foreign Taxes on Investments
    15. Exercise of Incentive Stock Options
    16. Losses from Investment Ponzi Schemes
    17. Deferral of Income in Commercial Annuities
    18. Losses on Digital Assets
  13. CHAPTER 9: Travel
    1. Business Travel
    2. Temporary Work Assignments
    3. Conventions
    4. Medical Travel
    5. Charitable Travel
    6. Education‐Related Travel
    7. National Guard and Military Reservist Travel
    8. Frequent Flier Miles
    9. Recordkeeping for Travel Expenses
  14. CHAPTER 10: Real Estate
    1. Vacation Home
    2. Home Office
    3. Timeshares
    4. Rentals
    5. Low‐Income Housing Credit
    6. Rehabilitation Credit
    7. Like‐Kind Exchanges
    8. Deduction for Energy‐Efficient Commercial Buildings
    9. Qualified Improvement Property
    10. Conservation Easements
  15. CHAPTER 11: 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
  16. CHAPTER 12: Insurance and Catastrophes
    1. Casualty, Theft, and Disaster Losses
    2. Disaster Relief Payments
    3. Damages
    4. Disability Coverage
    5. Accelerated Death Benefits
    6. Legal Fees
    7. Identity Theft Losses
    8. Tax Identity Theft and Relief
  17. CHAPTER 13: Your Job
    1. Educator Expenses
    2. Prizes and Awards
    3. Performing Artists
    4. State or Local Government Officials Paid on a Fee Basis
    5. Repayment of Supplemental Unemployment Benefits
    6. Jury Duty Pay Turned Over to Your Employer
    7. Impairment‐Related Expenses
    8. Military Benefits
    9. Contributions to State Benefit Programs
    10. Dependent Care Assistance
    11. Fringe Benefits
    12. Income Earned Abroad
  18. CHAPTER 14: Your Business
    1. Start‐Up Costs
    2. Qualified Business Income Deduction
    3. Equipment Purchases
    4. Payment for Services
    5. Supplies
    6. Gifts
    7. Self‐Employment Tax Deduction
    8. Home Office Deduction
    9. Farming‐Related Breaks
    10. Other Business Deductions
    11. Business Credits
    12. Net Operating Losses
    13. COVID‐19 Government Assistance
  19. CHAPTER 15: Miscellaneous Items
    1. State and Local Income Taxes
    2. State and Local Sales Taxes
    3. Certain Federal Taxes
    4. Tax Refunds
    5. Legal Fees
    6. Gifts You Receive
    7. Inheritances
    8. Life Insurance Proceeds
    9. Gambling Losses
    10. Estate Tax Deduction on Income in Respect of a Decedent
    11. Rebates and Discounts
    12. Government Benefits
    13. Olympic Medals
    14. Alternative Minimum Tax
  20. APPENDIX A: Items Adjusted Annually for Inflation
  21. APPENDIX B: Checklist of Tax‐Free Items
  22. APPENDIX C: Checklist of Nondeductible Items
    1. C Nondeductible Items
  23. APPENDIX C: Common Mistakes to Avoid
  24. Index
  25. End User License Agreement

Product information

  • Title: J.K. Lasser's 1001 Deductions and Tax Breaks 2023, 3rd Edition
  • Author(s): Barbara Weltman
  • Release date: December 2022
  • Publisher(s): Wiley
  • ISBN: 9781119931188