Itemized Deduction Updates - With Examples & Case Studies 1.5 Credits
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If you're a Tax Professional, CPA, Financial Advisor, or any finance professional, you've likely encountered this question many times: "Is this deductible?"
Every taxpayer often ponders whether they can itemize deductions on their tax return, but what exactly does "itemizing" mean? Many are unaware that itemized deductions encompass various types of expenses incurred throughout the year—expenses that are, indeed, "tax-deductible." When the total of these expenses surpasses the standard deduction amount, opting to itemize rather than take the standard deduction can lead to a potentially reduced tax liability.
This course covers interest deductions extensively, including personal loans, business loans, passive activity loans, investment loans, qualified residence loans, and educational loans. It guides you on reporting each interest expense on tax returns, with specific rules and limitations for each category. The course also underscores the importance of proper documentation for charitable contributions, explaining the IRS requirements for donations above $250. We address limits on charitable contributions based on adjusted gross income (AGI) and variations in circumstances.
Furthermore, we touch on key tax changes brought by the Tax Cut and Jobs Act (TCJA), such as the elimination of miscellaneous deductions. These changes affect expenses like unreimbursed work expenses, hobby expenses, tax preparation fees, legal fees, investment expenses, and safety deposit box rental fees. Additionally, we briefly explore "Other" itemized deductions, including gambling losses and casualty losses related to income-producing property. This course offers valuable insights into individual tax deductions, helping you navigate the complexities of the U.S. tax code effectively.
Major Topics Covered:
Join this CE Tax Course, you'll learn how to optimize deductions, minimize tax liabilities, and ensure compliance with IRS regulations.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1.5 CPE | Approved |
| Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01732-23-S) | 1 CE | Approved |
| Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-01732-23-S) | 1 CE | Approved |
| Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1381) | 1 CE | Approved |
| General income tax planning for Personal Financial Specialist (PFS) | 1.5 CPD | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1.5 CPE | Eligible |
| Tax Planning for Chartered Financial Consultant (ChFC) | 1.5 CE | Eligible |
| Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01732-23-S) | 1 CE | Approved |
| Tax Planning for Retirement Income Certified Professional (RICP) | 1.5 CE | Eligible |
| Federal Tax Law Update for LTC (Approval No. GEHNZ-U-01732-23-S) | 1 CE | Eligible |
| Tax Planning for Wealth Management Certified Professional (WMCP) | 1.5 CE | Eligible |
| Tax Planning for Financial Services Certified Professional (FSCP) | 1.5 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1.5 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1.5 CPE | Eligible |
| Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01732-23-S) | 1 CE | Approved |
| Taxes for Chartered Life Underwriter (CLU) | 1.5 CE | Eligible |
| Tax Planning for Chartered Special Needs Consultant (ChSNC) | 1.5 CE | Eligible |
| Tax Planning for Chartered Advisor in Senior Living (CASL) | 1.5 CE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01732-23-O) | 1 CE | Approved |
| Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-01732-23-O) | 1 CE | Approved |
| Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1381) | 1 CE | Approved |
| Taxes for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Tax Planning for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01732-23-O) | 1 CE | Approved |
| Tax Planning for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Federal Tax Law Update for LTC (Approval No. GEHNZ-U-01732-23-O) | 1 CE | Eligible |
| Tax Planning for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Tax Planning for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01732-23-O) | 1 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Life Underwriter (CLU) | 1 CE | Eligible |
| Tax Planning for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Tax Planning for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
Credits
1.5
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE Credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent.Â
Jason Dinesen is a seasoned tax professional, educator, and entrepreneur with a passion for simplifying complex tax concepts. He is a go-to expert in accounting, bookkeeping, tax preparation, business advisory and interpretations of tax laws and regulations.
Jason has trained over 200,000 accounting, tax, and HR professionals through his engaging presentations, webinars, and self-study courses. Sharing his knowledge in the classroom, teaches Individual Income Tax and Business Analytics at Simpson College, where he earned his degree in corporate communications.
He has delivered numerous webinars on topics like:
Who Jason really is
He is a Whiskey Lover mastering the art of whisky tasting, a football fan, a craft man holding Chainsaw and Pen by IRS. Born and raised in Iowa, Jason leads a vibrant life with his wife, two sons, five cats, and three dogs.
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BP
Great update for 2020 itemized deductions. I had some technical issues connecting to the webinar. The link in my registration email was sending me to a GoToMeeting website and I kept receiving an error message that the meeting had ended. I chatted with the support team and they were able to give me a new link for the Zoom meeting for the webinar.
MH
I am relatively new to myCPE, however, this instructor has stood out to me to be one of the most informative and helpful I have come across. He always is clear and concise in articulating the concepts, while also including many examples, both hypothetical and anecdotal, that can give the user a deeper understanding of the topic being discussed.
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