J.K. Lasser's 1001 Deductions and Tax Breaks 2023 Your Complete Guide to Everything Deductible

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.

BARBARA WELTMAN is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of many top-selling books on taxes and finance, including J.K. Lasser’s Small Business Taxes. She is also the publisher of Idea of the Day^®, is quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Consumer Reports), and is an award-winning blogger. Visit her at www.BigIdeasForSmallBusiness.com.

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

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.