1040 Preparation and Planning 9: Standard Deduction and Itemized Deductions (2020) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

This on-demand course discusses the current standard deduction, and reviews deductible medical expenses, deductible interest, and deductible taxes. Limitations on these deductible expenses are also discussed. In addition, the course reviews the following itemized deductions: charitable contribution deductions, including which organizations qualify to receive deductible contributions, how different types of contributions are handled, and substantiation requirements; casualty and theft losses; unreimbursed employee business deductions; and other miscellaneous itemized deductions. It also discusses the phase-out for high-income taxpayers.

Publication Date: November 2019

Designed For
Tax practitioners

Topics Covered

  • Itemized deductions
  • Medical expenses, interest and taxes
  • Current standard deduction
  • Charitable contribution deductions
  • Casualty theft and losses
  • Unreimbursed employee business deductions
  • Itemized deduction phase-out
  • Miscellaneous itemized deductions

Learning Objectives

  • List standard deduction amounts
  • List which items can be deducted as medical expenses
  • Identify which type of interest is deductible
  • Determine which taxes are deductible
  • Figure charitable contribution deductions and comply with substantiation requirements
  • Identify the rules for determining casualty and theft losses
  • Figure unreimbursed employee business deductions
  • Determine other miscellaneous itemized deductions
  • Figure the phase-out of itemized deductions for high-income taxpayers

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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