How to Maximize Itemized Deduction (Latest 2021)

4.9 (63)

Jason Dinesen, EA

Dinesen Tax & Accounting, P.C.

Monday, February 22, 2021 | 10:00 AM EST

  • AFSP
  • CFE
  • CPA
  • EA
  • Tax Pros
  • CTEC

2 CPE | 2 CE

FREE

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CPE credit for Certified Fraud Examiners (CFEs)

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

2 CE credit of Federal Tax for Maryland Tax Preparers

2 CE credit of Federal Tax for Oregon Tax Preparers

2 CE credit of Federal Tax Law for 2021 Annual Filing Season Certificate program( IRS Approved : GEHNZ )

2 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Additional Dates

Mar 03, 2021 | 10:00 AM EST Register
Mar 10, 2021 | 12:30 PM EST Register

Course Description

When you’re filling out a federal tax return this year, you’ll be asked to either calculate your itemized deductions or to take the standard deduction—an amount predefined by the IRS and based upon your filing status (e.g., single or married filing jointly). If you don’t qualify to itemize deductions, you will choose the standard deduction.

With the change in the tax law, and other previously confusing guidance from Congress and the IRS, clients often ask, can I deduct that? This webinar will go into depth, beyond the basics, on itemized deductions. The following topics covered will be covered in detail: medical expenses: is it deductible or not? Mortgage interest issues including interest-tracing rules, dealing with home equity lines of credit, and dealing with mortgages that are over the thresholds; investment interest; charitable contributions; casualty losses; and miscellaneous deductions.

Key topics:

  • Medical expenses: what's deductible and what's not?
  • Medical expenses: dealing with capital improvements
  • Interest expenses: Tax Cut and Jobs Act changes
  • Interest expenses: dealing with loans above the TCJA limits
  • Interest expenses: dealing with home equity lines of credit
  • Interest expenses: interest tracing
  • Dealing with investment interest
  • Charitable contribution issues: beyond the basics -- AGI limits, non-cash contribution reporting
  • Calculating casualty losses ... and is it deductible anyway?
  • What exactly are "miscellaneous deductions"?


This webinar is suitable for: 

Professional or Tax Staff Involved in Preparation, Review or Providing Advice on  Individual Tax Returns  Professional or Practitioner who wants to learn more about Individual tax planning or Tax reduction strategies

Learning Objectives

  • To define what allowable medical expenses are
  • To define what the TCJA changed regarding mortgage interest
  • To review how to make mortgage calculations to determine deductible amounts
  • To analyze how to implement AGI rules around charitable contributions
  • To analyze how to report non-cash charitable contributions
  • To discuss how to calculate casualty losses
  • To define when casualty losses are now deductible under the TCJA
  • To define what miscellaneous deductions are

Who Should Attend?

  • Tax Practitioners
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Tax Pros
  • CPA (Industry)
  • Tax Firm
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Managers
  • Tax Preparer
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Maryland Tax Preparers
  • Tax Professionals
  • Oregon Tax Preparers

Testimonial

4.9

(63)
92%
8%
0%
0%
0%

VD

This was a great deep dive into itemized deductions.

MD

Great material and the topics were presented well.

MEM

Excellent

BS

Good instructor who knows his stuff and provides great examples to help teach

JS

.

ZH

It is a good class