- NY Credits : 3.0
- TX Credits : 3.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 3.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 3.0
Individual Income Tax - Itemized Deductions
Taxpayers have a choice either to itemize deductions or to take the standard deduction each year and, of course, will want to select the most advantageous method that will lower their tax. In order to do this, it is necessary to know what expenses are allowed as deductions. This course is designed to provide a basic understanding of itemized deductions and discusses the different categories of, and limitations on, itemized deductions. Medical and dental expense, taxes, interest, charitable donations, casualty and theft losses, and other miscellaneous deductions are discussed in detail. NOTE: This course has been updated for the relevant 2018 provisions of the Tax Cuts and Jobs Act of 2017 and Bipartisan Budget Act of 2018, when and if applicable.
Upon successful completion of this course, the user should be able to:
calculate and report deductible medical and dental expenses, taxes, interest, and contributions;
identify deductible casualty and theft losses and complete Form 4684, Casualties and Thefts;
determine the suspension of certain miscellaneous deductions subject to the 2% AGI limitation;
identify other miscellaneous itemized deductions; and
complete Form 1040, Schedule A.