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
Introduction vii
1. You and Your Family 1
2. Medical Expenses 28
3. Education Costs 79
4. Your Home 114
5. Retirement Savings 151
6. Charitable Giving 192
7. Your Car 221
8. Investing 235
9. Travel 269
10. Real Estate 290
11. Borrowing and Interest 319
12. Insurance and Catastrophes 333
13. Your Job 349
14. Your Business 370
15. Miscellaneous Items 398
Appendix A. Items Adjusted Annually for Inflation 422
Appendix B. Checklist of Tax-Free Items 428
Appendix C. Checklist of Nondeductible Items 432
Appendix D. Common Mistakes to Avoid 438
Index 441
