Prepare your 1040 correctly with knowledge of deductible expenses and what qualifies for a correct deduction.
Itemizing your deductions is more difficult now with the new changes resulting from the Tax Cuts and Jobs Act of 2017. Many individuals fail to understand the expenses that qualify for an itemized deduction. Additionally, failure to plan the timing of those eligible deductions can be detrimental. With the confusion, many individuals are finding it easier to take the standard deduction instead of itemizing their deductions. The easy choice isn't always the best choice. This topic reviews the changes to the law and explores the standard and itemized deductions available to individuals. This information is critical to help individuals identify those expenses and situations that can lead to a bigger deduction.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Current Standard Deductions
- Depends on Filing Status
- Additional Amount for Those 65 or Older and/or Blind
- Standard Deduction for Dependents
Itemized Deductions
- When to Itemize vs. Utilizing the Standard Deduction
- What's New on Schedule a, Itemized Deductions
- Situations Requiring Itemized Deductions
Medical and Dental Expenses
- Deduct the Portion of Expenses That Exceed 7.5% of Your Adjusted Gross Income
- What Qualifies as a Medical or Dental Expense
- Whose Medical and Dental Expense Is Included
Taxes You Paid
- Taxes That Can'T Be Deducted
- State and Local Tax Limitation and the Safe Harbor for Charitable Contributions Made in Exchange for a State or Local Tax Credit
- Other Taxes
Interest You Paid
- Mortgage Interest Limits
- Mortgage Insurance Premiums and the Limitations
- Investment Interest
Gifts to Charity
- Qualifying Organizations
- Substantiation Requirements
- Gifts That Cannot Be Deducted
- Limitations
Other Itemized Deductions to Consider
- Casualty and Theft Losses
- Other - Gambling Losses, Impairment-Related Work Expenses of a Disabled Person, etc.
No Longer Available
- Unreimbursed Employee Expenses and the Exceptions
- Miscellaneous Deductions Subject to the 2% Agi Limit
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Credit
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on August 22, 2024.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST
Cendrowski Corporate Advisors
- Managing director of Cendrowski Corporate Advisors
- Practice focuses on taxation of high-net-worth individuals and investment entities, including partnerships and S corporations
- Adjunct professor at Walsh College, where he teaches courses in their Masters of Science in Taxation program (partnership taxation and tax accounting)
- Recognized valuation and economic damages expert in federal and various state circuit courts
- Frequent speaker for the Michigan Association of Certified Public Accountants on topics covering taxation, business valuation, and forensic accounting
- Member of the AICPA, MICPA, ACFE, and NACVA
- M.S. degree in taxation, Walsh College; B.A. degree in business administration, University of Michigan-Dearborn
- Can be contacted at [email protected] or 866-717-1607
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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