Maximizing Itemized Deductions under the New Law (Completed)

Date: Wednesday, June 12, 2019
Instructor: Greg White
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

How Can You Maximize Deductions under Tax Reform?
Join experienced practitioner and instructor Greg White, CPA, for an in-depth look at how the Tax Cuts and Jobs Act of 2017 (TCJA) affects the deductions your clients are able to use on their tax returns. There have been many changes in this area and your clients are counting on you to make sure that they can get the best possible tax treatment on home mortgage interest, charitable deductions, and many others that are affected by the TCJA reforms.

Who Should Attend
CPAs EAs, tax professionals in public practice and tax staff in private practice who have some experience with federal tax issues and concepts.

Topics Covered

  • Standard Deduction and Personal Exemptions
  • Planning for Itemized Deductions-Playing the Hand You're Dealt
  • Home Mortgage Interest Limits
  • Transforming Interest Expense-Planning to increase interest deductions
  • Debt-financed Distributions
  • Property/Income/Sales Taxes
  • Charitable Contributions
  • Miscellaneous Itemized Deductions
  • Suspension of Unreimbursed Employee Exp.
  • Our Fees
  • Hobby Losses: Out of the Frying Pan into the Fire
  • Gambling Losses
  • State Tax "Work Arounds"
  • Pease Limitation
  • QBID Not Itemized
  • 7.5% Medical
  • Personal Casualty Losses
  • Health Savings Accounts ("HSA's")
  • Investment Advisory Fees
  • 2% Misc. Itemized
  • Investment Advisory Fees
  • Lender's Bagels Case Study
  • AMT

Learning Objectives

  • Determine how to maximize itemized deductions under the new Tax Cuts and Jobs Act
  • Determine how donor-advised funds and qualifying charitable distributions can maximize deductible charitable contributions at a minimal cost
  • Recognize and apply case law and administrative guidance to increase the deduction for tax preparation fees
  • Determine deductible home mortgage interest deductability, including the refinancing rules
  • Identify and apply tax regulations to derive benefit from investment advisory fees
  • Recognize and apply elections to increase the deduction for taxes on investment property

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of federal taxation concepts and itemized deductions on individual income tax returns.

Advance Preparation
None

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