EA Exam Prep Part 1: Itemized Deductions (Currently Unavailable)

Author: Eva Rosenberg

This is the fourth class of the EA Exam Prep Part 1 series. Itemize or take the standard deduction? What about employee business expenses? Now that The Tax Cuts and Jobs Act has been enacted, TaxMama® will explain the many changes, and challenges, the law created for individual filers. Find out when it is better to take the standard deduction. Learn pros and cons of itemizing. Explore the various itemized deduction line items and get tips on each one.

Publication Date: September 2019

Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about the various categories of income and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at itemized deductions and how to report them, as well as an understanding of when it is more beneficial to use the standard deduction. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.

Topics Covered

• Standard deduction
• Standard deduction for dependents filing their own return
• When a person is ineligible for the standard deduction
• Benefits of the standard deduction
• Changes to the Schedule A
• When to itemize
• Medical and dental expenses
• What taxes may be deducted
• Interest paid, including mortgages and investment
• Charitable giving
• Casualty and theft losses
• Employee business expenses
• Other itemized deductions
• Section 199A — Qualified Small Business Deduction

Learning Objectives

• Recognize when the standard deduction is appropriate
• Identify when to itemize
• Recognize which medical expenses deductible
• Differentiate between the various types of taxes paid
• Recognize and assess interest payments as to whether they are deductible or not
• Identify what is required to deduct charitable contributions
• Recognize who qualifies for employee business expenses
• Identify how to appropriately assess miscellaneous deductions
• Recognize how to correctly apply Section 199A, Qualified Business Income Deduction

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None