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.
.webp)
President, Dinesen Tax & Accounting, P.C.
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.
Moreover, Jason is known to be producing every other webinar/course a little different and updated from the previous one. No wonder, he is a top ranked presenter whose webinars and self-study course materials are very well received by the audience.
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.
Course Level
Credits
Instructional Method
Pre-requisites
Advance Preparation
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 maintenance 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.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
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.
NB
The presenter, Jason Dinesen, has a way of keeping tax topics from being a snore fest. The slides are easy to following and the way he "draws" on the slides to add effect keeps my attention and helps me retain the information. I look forward to more webinars by Jason.
DM
This presentation was of a very high quality and I experienced no difficulties while using the platform. The service offers significant benefits enabling professionals to acquire continuing professional credits in their homes free of charge.
DA
This presenter is by far one of the best -- always enjoy and reap practical knowledge from him. The materials and webinar match up well, there are clear examples and he works in q&A during the webinar, not just the end. THANKS!!!!!
Access to 13000+ Hours of Continuing Education Approved Content Know More
Subscribe To Access
