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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.

Learning Objectives

  • You will be able to identify the fundamentals of Standard Deductions.
  • You will be able to identify the circumstances leading to the correct deductions for the applicable filing status.
  • You will be able to differentiate between various limitations that apply to itemized deductions.
  • You will be able to differentiate between deductible and non-deductible expenses.

Runtime: 103 minutes
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Why Lorman?

Over 33 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 33 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 May 19, 2020.

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

  • CPE/NASBA - QAS Self Study 2.8 including Taxes 2.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 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 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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Why Lorman?

Over 33 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.

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Product ID: 407763
Published 2020
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