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IRS Form 1040 Preparation Part 5: Standard and Itemized Deductions

 

Prepare your 1040 correctly with knowledge of deductible expenses, when itemizing deductions are mandatory, and what qualifies for a correct standard deduction.

Itemizing your deductions is more difficult now with the changes resulting from the Tax Cuts and Jobs Act of 2017. Many individuals fail to understand which expenses qualify for an itemized deduction and which do not. Additionally, failure to plan for the timing of those eligible deductions can be detrimental. With the confusion, many individuals are defaulting to 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 the most advantageous deduction.

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IRS Form 1040 Preparation Part 5: Standard and Itemized Deductions

Agenda

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IRS Form 1040 Preparation Part 5: Standard and Itemized Deductions

Faculty

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST

Cendrowski Corporate Advisors

  • Managing director of Cendrowski Corporate Advisors
  • Practice is focused on taxation of high net worth individuals and investment entities including partnerships and S corporations
  • Adjunct assistant professor at Walsh College where he teaches courses in their Masters of Science in Taxation program (partnership taxation and tax accounting)
  • 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, NACVA and MVCA
  • M.S. degree in taxation; B.A. degree in business administration, University of Michigan - Dearborn
  • Can be contacted at 866-717-1607 or [email protected]
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IRS Form 1040 Preparation Part 5: Standard and Itemized Deductions

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