(as of Jun 17,2022 17:59:03 UTC – Details)
How can I reduce my income tax bill?
The U.S. tax system is ridiculously complicated, and IRS publications don’t make it easy to comprehend. There are dozens of tax breaks and the list continually changes as Congress keeps tinkering and some deductions and credits expire. Taxes For Dummies 2022 edition highlights in clear language what you need to know and do to reduce your income tax bill. In addition to providing line-by-line tax suggestions to reduce your 2021 income tax bill, the tax planning chapters help reduce your future taxes!
What kind of tax deductions & tax credits do I qualify for?
* Do you work for an employer or self-employed?
* Are you single or married; do you have dependents?
* Are you making mortgage payments?
* Are you making student loan or other loan payments?
* Do you have money invested inside or outside retirement accounts?
* Do you have new money you could invest?
* Are you nearing or in retirement?
I’ve been working from home this year. Can I take the home office deduction?
If you work for an employer and before the pandemic worked at your employer’s office and then worked remotely during the pandemic, you probably aren’t eligible for a home office deduction. An exception would be if you began a sideline business out of your home. You’re entitled to claim a home office deduction if you have a dedicated space in your house that you use for your business, even if it’s used only to conduct business administrative or management activities, provided you have no other place of business where you can perform the same tasks.
Should I itemize or take the standard deduction?
Prior year’s tax law changes greatly increased the standard deduction, so more folks are now claiming and benefitting from the standard deduction. However, it’s a mistake to at least not explore what itemized deductions you may be able to take and compare those to your standard deduction. Doing this comparison is especially important when your situation is changing (e.g. your income changed significantly, your housing situation and related deductions changed or may be changing, etc.). Planning ahead can pay off – Taxes For Dummies 2022 edition explains how.
What are some of the most frequently overlooked tax breaks?
Missed opportunities often occur when folks experience notable changes in their personal and/or financial situation. Overlooked tax breaks are also more common in the aftermath of significant tax law changes such as we’ve had in recent years. The specific ones most overlooked vary by people’s situations. Plenty of working aged people don’t fully mine their benefits for tax reduction opportunities. Self-employed people often fail to understand their retirement saving account options as well as other tax reducing opportunities unique to being a small business owner.
How can I avoid tax scams?
The best way is through boosting your tax knowledge and being wary of crooks and their constantly evolving tricks. Remember, tax authorities won’t call you on the phone demanding you pay a tax bill. Never hire someone to prepare your tax return who promises you a big tax reduction before knowing your specifics and who doesn’t have either the enrolled agent or CPA credential. Thoroughly interview and vet any tax pro you may hire with the list of suggested questions provided in Taxes For Dummies 2022 edition.
Looking for more investing advice and financial strategies from Author Eric Tyson?
Financial Security For Dummies
Crisis is inevitable—but it doesn’t have to torpedo your finances! Financial Security For Dummies offers proven advice to help you prep your finances for the next economic downturn, personal setback, pandemic, plague of locusts—or anything else life throws your way.
Investing For Dummies
There’s nothing better than having your money make more money—and getting to that place isn’t as complicated as you’ve been led to believe. With some common sense, careful planning, and the right advice, you too can watch your money accumulate like it’s growing on trees.
Investing in Your 20s & 30s For Dummies
In order to build a retirement portfolio that is capable of covering expenses in your golden years, it’s necessary to start saving while you’re young. Many individuals realize the importance of investing early in life, but simply don’t know where to begin.
Personal Finance For Dummies
From budgeting, saving, and reducing debt, to making timely investment choices and planning for the future, Personal Finance For Dummies provides fiscally conscious readers with the tools they need to take charge of their financial life.
Eric Tyson, MBA
Eric Tyson is a best-selling personal finance book author and has penned five national best sellers. He is also the only author to have four of his books simultaneously on Business Week’s business book bestseller list.
His Personal Finance for Dummies, a Wall Street Journal best-seller, won the Benjamin Franklin Award for Best Business Book of the Year. Eric’s syndicated newspaper column is read by millions of readers weekly. He is a former columnist and award-winning journalist for the Sunday San Francisco Chronicle. His website, www.erictyson.com, rocketed into the top one percent of financial websites within its first year of operation.
Publisher : For Dummies; 1st edition (December 17, 2021)
Language : English
Paperback : 656 pages
ISBN-10 : 1119858453
ISBN-13 : 978-1119858454
Item Weight : 2.14 pounds
Dimensions : 8 x 1.48 x 10 inches