- 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 updated to reflect legislative changes included in the Tax Cuts and Jobs Act (TCJA) signed into law by the President on December 22, 2017.
Upon 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.