Course Overview:
Unlock the secrets to maximizing deductions and credits for your clients in 2024 with our comprehensive course on Usual and Unusual Deductions and Credits. As Congress continues to make Tax Law more complex, staying informed about what you can and cannot deduct is crucial for tax preparers.
This course will guide you through many common deductions and some lesser-known, unusual deductions that could save your clients or your business money.
The program is designed to provide practical, actionable insights to make the most of your deductions. Join us and ensure you are fully prepared to help your clients for the 2024 tax season!
In this session, you’ll learn:
- Update of the Standard Deduction
- Common Itemized Deductions: Explore typical deductions, such as mortgage interest, charitable contributions, and medical expenses, with tips on maximizing them.
- Unusual Deductions You might miss, including those related to hobbies, gambling losses, and tax-free benefits for employees, including retirement plans, HSA’s, medical insurance, and tuition reimbursement
- Review of recordkeeping and compliance rules to support deductions
- Real-life examples to understand how unusual deductions can be claimed and defended.
- The Best of Both Worlds – Employment in addition to self-employment
- Accelerated Depreciation
- Home Office – Fears and misconceptions
- Qualified Business Income deduction
- Credits: Child, Dependent Care, Earned Income, EV and others
This Course Counts for 2 Hours of Federal Tax Law for IRS Continuing Education.
About the Presenter:
Doug Stives is considered a worldwide leader in public and management accounting by AICPA &CIMA. He is a CPA, MBA, and recently retired professor of Accounting at Monmouth University and a professional speaker at many organizations and conferences. Doug was honored as Monmouth's Outstanding Business Professor of the Year in 2009, 2016, and 2024 and was awarded an Outstanding Educator award in 2021 by the New Jersey Society of CPAs. Frequent media exposure includes The Wall Street Journal and other national publications and television, including CNN, CNBC, PBS, NBC, Fox, CBS, ABC, and several cable networks. Doug was once dubbed as the "Most Tax Efficient Man in America" by the Wall Street Journal.
