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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.

103 minutes
Course Exam
Certificate of Completion
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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

  • Limitation on Deduction
  • What Qualifies as a Medical or Dental Expense?
  • Whose Medical and Dental Expense Is Included?

Taxes You Paid

  • Deductible vs. Nondeductible Taxes
  • State and Local Tax Limitation

Interest You Paid

  • Mortgage Interest Limits
  • Mortgage Insurance Premiums and the Limitations
  • Points
  • Investment Interest

Gifts to Charity

  • Qualifying Organizations
  • Substantiation Requirements
  • Limitations

Other Itemized Deductions to Consider

  • Casualty and Theft Losses
  • Other

Deductions No Longer Available

  • Unreimbursed Employee Expenses and the Exceptions
  • Miscellaneous Deductions Subject to the 2% AGI Limit
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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 April 2, 2020.

Call 1-866-352-9540 for further credit information.

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

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, NACVA, and MVCA
  • 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.

All of your training, right here at Lorman

All of your training, right here at Lorman.

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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 406546
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