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J.K. Lasser's 75 Tax Tips for You and Your Family

ISBN: 978-1-118-30695-6
December 2011
J.K. Lasser
Taxes are your least favorite thing to think about, but they're probably your largest expense every year. So why not reduce the burden and keep the extra money? With this concise guide, you'll quickly discover 75 ways to pay less in taxes – all completely legal and practical.

Written in a straightforward and accessible style, and filled with practical insights that reflect recent tax law changes, J.K. Lasser's 75 Tax Tips for You and Your Family will help you take advantage of essential tax breaks and deductions.

Organized by subject matter, so you can easily find situations that apply to you, this book will help you make the most informed decisions possible when looking to save money on taxes, including tips for:

  • You and Your Family
  • Your Home
  • Medical Expenses
  • Retirement Savings
  • Education Costs
  • Your Job
  • Your Car
  • Inheritances

You don't need to be a financial professional to find ways to lessen your tax load. All you need is J.K. Lasser's 75 Tax Tips for You and Your Family. Read it today and start saving.

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Introduction: 75 Trusted Ways to Save on Your Taxes ix

Part 1 Ideas for Tax Savings in Your Teens and Twenties 1

Take a Tax Break for Your College Tuition 3

Take a Tax Credit for Financed Higher Education 4

Finance Graduate School through Your Job 5

Claim a Deduction for Student Loan Interest Even Though You Don't Repay the Loan Yourself 6

Get Your Student Loans Canceled Tax Free 7

Deduct Your Moving Costs to Take a Job 8

Take a Job Overseas 9

Enlist in the Military for a Slew of Tax Breaks 10

Write Off Travel Costs for the National Guard and Reserve 11

Select Tax-Free Fringe Benefits Wisely 12

Fix Your Salary Reduction Contributions 13

Extra Deduction for Work Clothes 14

A Tip on Tips 15

Get Health Insurance through Your Parent's Plan 16

Use a Health Savings Account If You Don't Have Medical Coverage 17

When to Tie the Knot? 18

Part 2 Ideas for Tax Savings in Your Thirties and Forties 19

Expecting the Birth of a Child This Year? 21

Adopting a Child? 22

Report Your Child’s Income on Your Return 23

Careful Planning for Dependent Care FSAs 24

Tax Credit for Summer Day Camp 25

Triple Break for Energy Improvements 26

Write Off Business Startup Costs 27

Protect Your Home Office Deduction from Audit 28

Transform Nondeductible Interest on Personal Credit Card Debt into a Deduction 29

Affected by a Flood, Storm, or Other Natural Disaster? 30

Debt Cancellation with No Tax Cost 31

Track All Your Car Usage 32

Get a Double Benefit for Membership in a Union or Professional Association 33

Renew Membership Dues? 34

Self-Employed? Put Your Child to Work for You 35

Business Gift or Entertainment Cost? 36

When Not to Save Receipts for T&E 37

Year-End Strategies if You’re Self-Employed 38

Make Your Business Losses Work for You 39

Get Special Help from the IRS for Your Business 40

Part 3 Ideas for Tax Savings in Your Fifties and Sixties 41

For Taxes, Age Matters! 43

Don't Overreport Capital Gains or Underreport Capital Losses 44

Worthless Securities have Tax Value 45

Don't Overreport Bond Interest 46

Inheriting a Bond May Give You a Tax Deduction 47

Year-End Sales of Securities 48

Take an Ordinary Loss on Certain Stock Sales 49

Pay Zero Tax on Gain from Certain Stock Sales 50

Elect Out of Installment Reporting 51

Make IRA Contributions Early to Create Significant Wealth 52

Catch Up on Retirement Plan Contributions 53

Save for Retirement and Get a Double Tax Benefit 54

Set Up a Self-Employed Retirement Plan 55

Set Up a SEP After the end of the Year 56

Keep Certain Investments Out of Your IRA 57

Create Tax-Free Retirement Income 58

Need Cash? Borrowing Money Won't Increase Your Income 59

Turn Health Savings Accounts into Retirement Income 60

Supporting a Parent May Give You Tax Breaks 61

Get Tax-Free Income from Renting a Vacation Home 62

Part 4 Ideas for Tax Savings in Your Seventies and Beyond 63

Take an Extra Standard Deduction 65

Control AGI to Minimize Medicare Premiums 66

Do You Qualify for Homeowner Property Tax Rebates? 67

Take Advantage of Government Programs 68

Don't Postpone Retirement Plan Distributions 69

Avoid Excess Accumulation Penalties 70

Partially Annuitize 71

Take a Deduction for Loans Not Repaid to You 72

What Happens if You Need Nursing Home Care? 73

Use a Reverse Mortgage to Take Equity from Your Home 74

Making Tax-Free Gifts to Family Members 75

Dividends on Life Insurance Policies May Not be Income 76

Tap Life Insurance Proceeds before Death 77

Get Receipts for All Money Donations to Charity 78

Get Proof for Donations of Used Clothing and

Household Items 79

Donate Appreciated Property Instead of Cash 80

Don't Donate Stock that Has Declined in Value 81

Minimize Income While Benefiting Your Favorite Charity 82

Use Voluntary Withholding on Retirement Benefits to

Avoid Estimated Taxes 83

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