Prepare your 1040 correctly with knowledge of deductible expenses and what qualifies for a correct deduction.
Itemizing your deductions is more difficult now with the new changes resulting from the Tax Cuts and Jobs Act of 2017. Many individuals fail to understand the expenses that qualify for an itemized deduction. Additionally, failure to plan the timing of those eligible deductions can be detrimental. With the confusion, many individuals are finding it easier to take 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 a bigger deduction.
Learning Objectives
- You will be able to define deductible and non-deductible expenses.
- You will be able to discuss the limitations that apply to itemized deductions.
- You will be able to explain the treatment of charitable contributions made in exchange for a state or local tax credit.
- 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 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 | |
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| Itemized Deductions | |
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| Medical and Dental Expenses | |
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| Taxes You Paid | |
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| Interest You Paid | |
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| Gifts to Charity | |
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| Other Itemized Deductions to Consider | |
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| No Longer Available | |
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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
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).
Enrolled Agents 2.0
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 2.0 Continuing Education Credit(s) for enrolled agents.
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: www.nasbaregistry.org. 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.
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.
Who should attend?
This live webinar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, presidents, vice presidents, bookkeepers, and enrolled agents.
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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
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, and NACVA
- 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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More Program Information
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.
Pay once and get a full year of unlimited training in any format, any time!
- OnDemand Courses
- Live Webinars
- MP3 Downloads
- Course Manuals
- Executive Reports
- White Papers and Articles
Additional benefits include:
- State Specific Credit Tracker
- All-Access Pass Course Concierge
Questions? Call 877-296-2169 to speak with a real person.
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With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!
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