1040 Preparation and Planning 9: Standard Deduction and Itemized Deductions (2021)

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 2020

Designed For
Tax practitioners

Topics Covered

  • Standard Deduction
  • Qualified Business Income Deduction
  • Medical Expenses
  • Limitations on the Medical Expense Deduction
  • Taxes
  • Interest Payments
  • Charitable Contributions
  • Casualty and Theft Losses
  • Limitations on Personal Casualty Losses
  • Miscellaneous 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
  • Determine which miscellaneous itemized deductions are deductible in 2018 through 2025

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $59.00

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