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.
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 Itemized Deductions
- Situations Requiring Itemized Deductions
Medical and Dental Expenses
- Deduct the Portion of Expenses That Exceed 7.5% of Your Adjusted Gross Income
- What Qualifies as a Medical or Dental Expense
- Whose Medical and Dental Expense Is Included
Taxes You Paid
- Taxes That Can’T Be Deducted
- State and Local Tax Limitations and the Safe Harbor for Charitable Contributions Made in Exchange for a State or Local Tax Credit
- Other Taxes
Interest You Paid
- Mortgage Interest Limits
- Mortgage Insurance Premiums and the Limitations
- Investment Interest
Gifts to Charity
- Qualifying Organizations
- Substantiation Requirements
- Gifts That Cannot Be Deducted
- Limitations
Other Itemized Deductions to Consider
- Casualty and Theft Losses
- Other - Gambling Losses, Impairment-Related Work Expenses of a Disabled Person, etc.
No Longer Available
- Unreimbursed Employee Expenses and the Exceptions
- Miscellaneous Deductions Subject to the 2% Agi Limit
Speakers
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 I teach 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, MVCA
- B.A. degree in business administration from University of Michigan – Dearborn; M.S. degree in taxation
- Can be contacted at 866-717-1607 or jta@cendsel.com
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.
