The Internal Revenue Service provides the taxpayer an option whether the taxpayer wants to itemize their deduction or claim standard deduction. The amount of standard deduction is dependent on the failing status of a taxpayer. In case the taxpayer has significant amount of deductible expenses during the year i.e. higher from the standard deduction, the taxpayer may itemize the deduction. For this the taxpayer needs to report the deductible expenses on Schedule A.
However, the Tax Cuts and Jobs fundamentally changed the way Americans itemize deductions. With fewer Americans being able to itemize with the increased standard deduction, the IRS has not yet decreased auditors that focus on itemized deductions. This concludes that there is only a small audit pond for the IRS to fish from for people who itemized. With the increased detection risk, it is imperative practitioners properly file Schedule A as to protect their clients from increased taxes, penalties and interest and protect practitioners from practitioner penalties.
This webinar targets clarifying CPAs, EAs, Tax Preparers, and other Tax Professionals about which expenses should be taken benefit of deduction and how. The webinar discusses the following Key Topics:
- How to determine Medical Expenses
- How to determine Taxes
- Determine how to calculate Interest
- Calculate Charitable Contributions
- Understand the regular Casualty and Theft Losses