1040 Preparation and Planning 9: Standard Deduction and Itemized Deductions (2022) (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: October 2021
Designed For
Tax practitioners
Topics Covered
- Standard Deduction
- Charitable Contributions by Nonitemizers
- Qualified Business Income Deduction
- Overview of Itemized Deductions
- Medical Expenses
- Limitations on the Medical Expense Deduction
- Taxes
- Charitable Contributions
- Casualty and Theft Losses
- Limitations on Personal Casualty Losses
- Miscellaneous Deductions
Learning Objectives
- List the basic and additional 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 disaster losses
- Determine which miscellaneous itemized deductions are deductible in 2018 through 2025
- Recognize in excess of what amount a client may deduct only medical costs
- Identify which procedures qualify as a deductible medical expense
- Recognize which taxes could be deductible as itemized deductions
- Identify what clients can deduct as a charitable donation
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
