- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
It is important to remember the basic principle of all deductions: deductions are not allowed unless specifically authorized by law. Further, no deduction is allowed for personal, living, or family expenses (including medical expenses) unless specifically authorized. [IRC Sec. 262(a)] It is important to determine whether a deduction is taken for adjusted gross income or from adjusted gross income. This course focuses on the latter, the below-the-line deductions. This course is most beneficial to professionals new to deductions from adjusted gross income who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to deductions from adjusted gross income.
Upon successful completion of this course, the user should be able to:
identify the limitations imposed on itemized deductions as well as the various amounts of standard deduction available and the taxpayers who qualify;
determine which, and to what extent, medical expenses, qualified residence interest expense, charitable contributions, casualty and theft losses, and miscellaneous itemized expenses are deductible;
assess which taxes paid are deductible and when they are deductible; and
summarize the IRC Section 199A qualified business income deduction.