Description
Prepare your 1040 correctly with knowledge of deductible expenses and what qualifies for a correct deduction.
This presentation is intended to provide attendees with a better understanding of current standard deduction and reviews deductible medical expenses, deductible charitable contributions, deductible interest, and deductible taxes. Limitations on these deductible expenses are also discussed. In addition, the course reviews the effect of the Jobs Cuts and Jobs Act on the following itemized deductions charitable contribution deductions, including which organizations qualify to receive deductible contributions, how different types of contributions are handled, and substantiation requirements casualty and theft losses unreimbursed employee business deductions and other miscellaneous itemized deductions. It also discusses the phaseout for highincome taxpayers.
Date: 2024-03-12 Start Time: 1:00 PM ET End Time: 2:40 PM ET
Learning Objectives
* You will be able to define the standard deduction and itemized deductions.
* You will be able to explain how the major itemized deductions work.
* You will be able to identify deductions that are suspended until December 31, 2025.
* You will be able to recognize planning opportunities for 2024 and 2025.
Standard Deductions vs Itemized Deductions
• Defining Standard Deduction
• Amount of Standard Deduction for 2023 and 2024
• When Is Advantageous to Use the Standard Deduction?
What Are the Major Itemized Deductions Available in 2023 and 2024
• Medical Expenses
• Charitable Contributions
• Interest Expense
• State and Local Taxes
Medical Expenses
• The Adjusted Gross Income Floor to Determine the Amount of Deductions
• What Items Can Be Deducted as Medical Expenses?
• What Items Cannot Be Deducted as Medical Expenses?
Charitable Deductions
• What Are the Limitations for Charitable Deductions
• What Constitutes a Deductible Charitable Deduction?
• What Items Are Never Deductible as Charitable Deductions?
• What Is Needed to Substantiate Charitable Deductions?
• What Planning Opportunities Are Available to Maximize Charitable Deductions?
Interest Expense
• When Is Interest Expenses Deductible in 2024?
• What Interest Is Not Deductible in 2024
• How Does the Timing of Interest Paid Affect the Year of Deductibility?
• How Might the Amount Deductible Change in 2026?
State and Local Taxes
• What Taxes Are Generally Deductible as Itemized Deductions?
• What Is the Maximum State and Local Taxes for 2023 and 2024?
• What Workarounds Are Available to Exceed the Limitations?
• How Might This Change for Years After December 31, 2025
AIPB ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Enrolled Agents ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Warren M. Bergstein, CPA-Adelman Katz & Mond LLP
