J. K. Lasser's 1001 deductions and tax breaks 2022 / Barbara Weltman.

Format:

Book

Author/Creator:

Weltman, Barbara, 1950- author.

Series:

J. K. Lasser

Language:

English

Subjects (All):

Income tax deductions--United States--Popular works.

Income tax deductions.

Tax planning--United States--Popular works.

Tax planning.

Physical Description:

1 online resource (465 pages)

Edition:

Second edition.

Place of Publication:

Hoboken, New Jersey : Wiley, [2022]

Summary:

The definitive guide to all income-tax deductions and credits for the everyday taxpayer Millions of Americans overpay their taxes by billions of dollars every year. J.K. Lasser's 1001 Deductions and Tax Breaks 2022: Your Complete Guide to Everything Deductible provides an invaluable tool by thoroughly explaining and keeping track of the constantly advancing tax law code for the ordinary taxpaying Americans. The fifth edition of this popular book has been fully updated to reflect the latest rulings and laws, allowing the reader to easily refer to the appropriate deductions for their particular needs. This guidebook answers the most common tax questions regarding deductions and credit in a clear, and easy-to-follow guide. It provides readers with: Answers to the most common tax questions regarding deductions and credit Comprehensive information on each deductible expense, including dollar limits and record-keeping requirements An e-supplement with the latest tax developments from the IRS and Congress Information regarding the American Rescue Plan Act (ARPA) and the Consolidated Appropriations Act, 2021 (CAA) Ideal for taxpayers and tax professionals, 1001 Deductions and Tax Breaks, 2022 helps the American taxpayer claim what is rightfully yours and keep more of your hard-earned money.

Contents:

Cover

Title Page

Copyright Page

Contents

Introduction

Chapter 1 You and Your Family

Marital Status

Dependents

Qualifying Child

Qualifying Relative

Child Tax Credit

Earned Income Credit

Dependent Care Expenses

Adoption Costs

Foster Care

Child Support

Alimony

ABLE Accounts

Chapter 2 Medical Expenses

Individual Mandate

Employer-Provided Health Insurance

Premium Tax Credit

Health Coverage Tax Credit

Itemized Medical Expenses

Self-Employed Health Insurance Deduction

Long-Term Care Coverage

Flexible Spending Accounts for Health Care

Health Reimbursement Arrangements

Individual Coverage HRAs

Excepted Benefit HRAs

QSEHRAs

Health Savings Accounts

Archer Medical 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

FAFSA Submissions

Employer‐Paid Education Assistance

Scholarships, Fellowships, and Grants

American Opportunity Credit

Lifetime Learning Credit

Work‐Related Education

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

Internships and Apprenticeships

COVID‐19‐Related Grants

Chapter 4 Your Home

Mortgages

Mortgage Interest Tax Credit

Home Equity Loans

Points

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 for Active Duty Military Personnel

Energy Improvements

Disaster Rules for Casualties to Your Home

COVID‐19 Emergency Assistance

Home Office Deduction

Chapter 5 Retirement Savings

Traditional IRAs

Roth IRAs

IRA Rollovers

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

Qualified Longevity Annuity Contracts

Hardship Distributions from Retirement Plans

Special Rules for COVID‐19 and Disasters

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

Sophisticated Charitable Giving Arrangements

IRA Transfers to Charity

Leave‐Based Donation Programs

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 Plug‐In Electric Drive Vehicles

Car Insurance Rebates

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

Amortization of Bond Premium

Municipal Bonds

Savings Bonds

Gain on the Sale of Small Business Stock.

Gain on DC Zone Assets

Gain on Reinvestments in Opportunity Zones

Foreign Taxes on Investments

Exercise of Incentive Stock Options

Losses from Investment Ponzi Schemes

Deferral of Income in Commercial Annuities

Chapter 9 Travel

Business Travel

Temporary Work Assignments

Conventions

Medical Travel

Charitable Travel

Education‐Related Travel

National Guard and Military Reservist Travel

Frequent Flier Miles

Recordkeeping for Travel Expenses

Chapter 10 Real Estate

Vacation Home

Home Office

Timeshares

Rentals

Low‐Income Housing Credit

Rehabilitation Credit

Like‐Kind Exchanges

Deduction for Energy‐Efficient Commercial Buildings

Qualified Improvement Property

Conservation Easements

Chapter 11 Borrowing and Interest

Home Mortgage Interest

Borrowing from Retirement Plans

Investment‐Related Interest

Business Interest

Accrued Interest on Bond Purchases

Below‐Market Loans

Bad Debts

Debt Forgiveness

Chapter 12 Insurance and Catastrophes

Casualty, Theft, and Disaster Losses

Economic Impact Payments

Disaster Relief Payments

Damages

Disability Coverage

Legal Fees

Identity Theft Losses

Tax Identity Theft and Relief

Chapter 13 Your Job

Educator Expenses

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

Contributions to State Benefit Programs

Dependent Care Assistance

Fringe Benefits

Income Earned Abroad

Chapter 14 Your Business

Start‐Up Costs

Qualified Business Income Deduction

Equipment Purchases

Payment for Services

Supplies

Gifts.

Self‐Employment Tax Deduction

Farming‐Related Breaks

Other Business Deductions

Business Credits

Net Operating Losses

COVID‐19 Government Assistance

Chapter 15 Miscellaneous Items

State and Local Income Taxes

State and Local Sales Taxes

Certain Federal Taxes

Tax Refunds

Gifts You Receive

Inheritances

Life Insurance Proceeds

Gambling Losses

Estate Tax Deduction on Income in Respect of a Decedent

Rebates and Discounts

Government Benefits

Olympic Medals

Alternative Minimum Tax

Appendix A Items Adjusted Annually for Inflation

Appendix B Checklist of Tax‐Free Items

Appendix C Checklist of Nondeductible Items

Nondeductible Items

Index

EULA.

Notes:

Description based on print version record.

Other Format:

Print version: Weltman, Barbara J. K. Lasser's 1001 Deductions and Tax Breaks 2022

ISBN:

9781119838531

1119838533

9781119838548

1119838541

OCLC:

1289795383