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Live Webinar

100-minute live streaming program
  • April 2
  • 1:00 - 2:40 pm EST

IRS Form 1040 Preparation Part 5: Standard and Itemized Deductions

April 2

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 define deductible and nondeductible expenses.
  • You will be able to identify situations when itemizing your deductions is mandatory.
  • You will be able to recognize when it is more beneficial to claim itemized deductions.
  • You will be able to review the circumstances leading to the correct standard deduction for the applicable filing status.

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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

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • NH MCLE 1.7
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 100 Minutes.
     
  • NJ CLE 2.0
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.0 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • TN CLE 1.67
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.67 hours of credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WI CLE 2.0
     
  • This program has been approved by the Board of Bar Examiners for 2.0 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 2.0
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
     
  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a 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: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure 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. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, LLC. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 2.0 hours.
     

Who should attend?

This live webinar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, presidents, attorneys, vice presidents, bookkeepers and enrolled agents.

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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
  • B.A. degree in business administration, University of Michigan - Dearborn; M.S. degree in taxation
  • 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: 406546
Published 2020
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