Hundreds of money-saving deductions are allowed by the tax code, but most taxpayers do not know what expenses they are entitled to deduct. This book shows readers how to keep more of what they earn by maximizing their tax deductions. In easy-to-follow language, this guide spells out the rules for every type of deductible expense. Included are personal deductions such as IRA contributions, exemptions for dependents, charitable donations, medical costs and job-related expenses. The full range of deductible expenses for small business owners is also covered, including home office expenses, depreciation, contributions for medical coverage and retirement plan contributions. Checklists of deductible expenses are included for easy reference, and recordkeeping requirements for backing up deductions are detailed. Late-breaking tax changes are explained to provide up-to-the- minute advice on claiming deductible expenses.
In easy-to-follow language, this guide spells out the rules for every type of deductible expense, including home office expenses, depreciation, contributions for medical coverage, and retirement plan contributions.