Itemized Deduction Updates - With Examples & Case Studies 1.5 Credits
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Mar 05, 2024 | 04:00 PM
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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.
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.
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Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well known presenter of continuing education courses. He has an impeccable acumen for tax subjects, by virtue of which, he is known to create very well researched course materials helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries.
Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.
He has presented over dozens of webinars on Form 1099 (MISC & R); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting.
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He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics.
Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 5 cats and 3 dogs. Jason holds season tickets to University of Iowa football, and enjoys using his chainsaw. Topmost item in his 2022 bucket list is to learn how to properly ‘nose & taste’ whisky.
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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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