Course Description:

This IRS-approved 2-hour CTEC course, presented by Jason Dinesen, will discuss the categories of itemized deductions on Form 1040. For each category, we will discuss tax law, deduction limitations, and requirements. This course Counts for 2 Hours of Federal Tax Law for IRS Continuing Education. 

Learning Objectives:

After participating in this course, attendees will be able to:

• Identify deductible medical expenses under IRS guidelines, including those related to capital improvements, service animals, and medical travel.
• Explain the $10,000 cap ($5,000 for MFS) on state and local tax (SALT) deductions and distinguish between taxes that are deductible and non-deductible.
• Determine the required documentation for cash and non-cash charitable contributions, including the use of Form 8283 and contemporaneous written acknowledgments.
• Differentiate between qualified disaster losses, general disaster losses, and business losses, including reductions based on AGI and proper reporting methods.
• Classify various types of interest expenses, such as mortgage, student loan, and investment interest, and describe where each is deducted on a tax return.
• Identify deductions eliminated by the TCJA, including unreimbursed work expenses, and recognize allowable "Other" itemized deductions under current tax law.
• Understand the valuation and reporting requirements for non-cash donations, including household goods, publicly traded stock, and vehicles.
• Apply AGI percentage limits (20%, 30%, 50%, and 60%) to different types of charitable contributions and determine how excess contributions can be carried forward.

Why You Should Choose This Course

Staying current on the evolving rules for itemized deductions is critical for tax professionals aiming to provide optimal advice to their clients. This engaging 2-hour course dives deep into the categories of itemized deductions on Form 1040, offering both a comprehensive review of tax law and practical, real-world application through case studies. By attending, you'll gain clarity on deduction limitations, requirements, and calculation methods, equipping you to confidently determine whether itemizing or taking the standard deduction is more beneficial for your clients.

Speaker Information

Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert, and a well-known presenter of continuing education courses.

Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics, and much more.

He has presented dozens of courses on Form 1099 (for 10 years on this subject!), marriage in the tax code, tax updates, the new Form W-4, payroll updates, filing status, tax credits, corporation and partnership taxation, and other issues relating to the modern-day setting.

Jason always had a knack for speaking and news reporting. He is regularly featured as an anchor for Radio Iowa and Radio Minnesota, is a frequent Podcast Guest, and hosts his own Podcast.

This course counts for 2 Hours of Federal Tax Law for IRS Continuing Education.