J.K. Lasser's 1001 deductions and tax breaks, 2016 : your complete guide to everything deductible

Advice on preparing a good tax return answers the question "What can I deduct?" with strategies and ideas to reduce payments to the minimum while keeping in compliance with the law.;1001 DEDUCTIONSAND TAX BREAKS2016; Contents; Introduction; Tax-Favored Items; Limits on Qualifying for Tax-Favored Items; Standard Deduction versus Itemized Deductions; Overall Limit on Itemized Deductions; Impact of Deductions on Your Chances of Being Audited; How to Use This Book; Chapter 1: You and Your Family; Personal Exemption; Dependency Exemption; Child Tax Credit; Dependent Care Expenses; Adoption Costs; Foster Care; Child Support; Alimony; ABLE Accounts; Chapter 2: Medical Expenses; Employer-Provided Health Insurance ; Premium Tax Credit; Health Coverage Tax Credit. Content: 1001 DEDUCTIONSAND TAX BREAKS2016 Contents Introduction Tax-Favored Items Limits on Qualifying for Tax-Favored Items Standard Deduction versus Itemized Deductions Overall Limit on Itemized Deductions Impact of Deductions on Your Chances of Being Audited How to Use This Book Chapter 1: You and Your Family Personal Exemption Dependency Exemption Child Tax Credit Dependent Care Expenses Adoption Costs Foster Care Child Support Alimony ABLE Accounts Chapter 2: Medical Expenses Employer-Provided Health Insurance Premium Tax Credit Health Coverage Tax Credit. Itemized Medical ExpensesSelf-Employed Health Insurance Deduction Long-Term Care Coverage Flexible Spending Arrangements for Health Care H ealth Reimbursement Arrangements Health Savings Accounts ABLE 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 BondsCoverdell Education Savings Accounts Qualified Tuition Programs (529 Plans) ABLE Accounts 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 ExclusionMoving Expenses Energy Improvements ABLE Accounts Chapter 5: Retirement Savings Traditional IRAs Roth IRAs IRA Rollovers MyRAs 401(k) and Similar Plans Self-Employed Retirement Plans SEPs SIMPLEs Retirement Saver's Credit Custodial/Trustee Fees Employer-Paid Retirement Planning Advice Charitable Transfers of IRA Distributions Loans from Retirement Plans 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 ExpensesTickets 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 Business Use of Your Personal Car Employer-Provided Car Vehicle Registration Fees Car Accidents and Other Car-Related Problems Donating Your Car Credit for Electric Drive Vehicles Chapter 8: Investing Penalty on Early Withdrawal of Savings Loss on Bank Deposits Capital Losses. The essential, straightforward guide to lowering your taxes in 2016. J.K. Lasser's 1001 Deductions and Tax Breaks 2016 is the American taxpayer's guide to paying only what you owe. If April perennially finds you wondering just what you can deduct without incurring the wrath of the IRS, this book is your ticket to a smoother, less stressful tax season. If you're confused about deductions and credits, you will find your answer here. This book covers every deduction and credit available to taxpayers--whether you're qualified to take it, as well as how to actually take it. Clear and concise, this book gets right to the point and skips over irrelevant topics and opaque regulations to give you the information you need to get your taxes done and out the door. No complex tax strategies, no gaming the system, and no questionable tactics--just no-nonsense guidance on the myriad deductions and credits that provide perfectly legal--and potentially substantial-tax savings. Millions of Americans pay too much in taxes every year. Tax laws are confusing, and the threat of audit looms large, but deductions and credits are put in place to help people like you. This book helps you take full advantage of what's out there.-Learn which deductions you, personally, can take -Take full advantage of 2016's new saving opportunities -Understand the tax laws that are relevant to you -Save money on your taxes without fear of an audit Do you have any idea how much extra money you could have in your pocket every April? How much you've overpaid year after year? Put an end to it in 2016. J.K. Lasser's 1001 Deductions and Tax Breaks 2016 clears the confusion surrounding deductions and credits to help you lower your tax bill--legally The essential, straightforward guide to lowering your taxes in 2016 J.K. Lasser's 1001 Deductions and Tax Breaks 2016 is the American taxpayer's guide to paying only what you owe. If April perennially finds you wondering just what you can deduct without incurring the wrath of the IRS, this book is your ticket to a smoother, less stressful tax season. If you're confused about deductions and credits, you will find your answer here. This book covers every deduction and credit available to taxpayers—whether you're qualified to take it, as well as how to actually take it. Clear and concise, this book gets right to the point and skips over irrelevant topics and opaque regulations to give you the information you need to get your taxes done and out the door. No complex tax strategies, no gaming the system, and no questionable tactics—just no-nonsense guidance on the myriad deductions and credits that provide perfectly legal—and potentially substantial—tax savings. Millions of Americans pay too much in taxes every year. Tax laws are confusing, and the threat of audit looms large, but deductions and credits are put in place to help people like you. This book helps you take full advantage of what's out there. Learn which deductions you, personally, can take Take full advantage of 2016's new saving opportunities Understand the tax laws that are relevant to you Save money on your taxes without fear of an audit Do you have any idea how much extra money you could have in your pocket every April? How much you've overpaid year after year? Put an end to it in 2016. J.K. Lasser's 1001 Deductions and Tax Breaks 2016 clears the confusion surrounding deductions and credits to help you lower your tax bill—legally. Advice on preparing a good tax return answers the question "What can I deduct?" with strategies and ideas to reduce payments to the minimum while keeping in compliance with the law. Abstract: The essential, straightforward guide to lowering your taxes in 2016 J.K. Lasser's 1001 Deductions and Tax Breaks 2016 is the American taxpayer's guide to paying only what you owe. Read more... You and your family Medical expenses Education costs Your home Retirement savings Charitable giving Your car Investing Travel Entertainment Real estate Borrowing and interest Insurance and catastrophes Your job Your business Miscellaneous items.