The simple truth about tax breaks and deductions

Many people are so confused by tax laws or so frightened by the threat of an audit that they fail to take perfectly legal write-offs. Filled with in-depth insights and practical tax advice, J.K. Lasser?s 1001 Deductions and Tax Breaks, 2005 Edition tells readers exactly how to take advantage of every tax break and deduction that they may be entitled to?without running afoul of the IRS. Chapters are clearly organized by subject matter so readers can easily find what applies to them. Each tax benefit is clearly explained, along with the eligibility requirements, as well as planning tips and common pitfalls. Packed with real-world examples, this new edition is completely updated to reflect all of the changes in the tax law and answers the most commonly asked tax question, "What can I deduct?"

Many people are so confused by tax laws or so frightened by the threat of an audit that they fail to take perfectly legal write-offs. J. K. Lasser’s 1001 Deductions and Tax Breaks solves this problem by focusing on the most commonly asked tax question, "Can I deduct?"

Filled with in-depth insights and practical advice, this book will help readers understand the fundamentals of deductions and credits, and show them how to go about taking what is legally allowed under current tax laws. Because every dollar of deduction effectively reduces taxes payable, J. K. Lasser’s 1001 Deductions and Tax Breaks opens with a clear explanation of the process of gathering and correctly identifying all deductions. Readers will be shown exactly where to look for deductions–from childcare and moving expenses to professional and union dues. This comprehensive guide will also help readers reduce the actual amount of taxes they owe by showing them how to use credits when filing their income taxes. Medical expenses, donations and gifts-in-kind to charity, and interest paid on student loans are just some of the credits discussed throughout the book. J. K. Lasser’s 1001 Deductions and Tax Breaks covers every possible income tax deduction and credit available to individual taxpayers–and will help readers legally save on their tax bill this year and for years to come.

Barbara Weltman (Millwood, NY), an attorney, is a nationally recognized expert in taxation. She has written extensively on tax, finance, and estate planning. Weltman is the author of J. K. Lasser’s Small Business Taxes (0-471-45472-9). She is quoted regularly in major publications, including the New York Timesand Boardroom and Inc. newsletters.