Course Description:

This IRS-approved 2-hour 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 which medical expenses are deductible under IRS rules, including capital improvements, service animals, and travel expenses for medical care.
• Describe the $10,000 cap ($5,000 for MFS) on state and local tax (salt) deductions and differentiate between deductible and non-deductible taxes.
• Determine proper documentation for cash and non-cash charitable donations, including when form 8283 and contemporaneous written acknowledgments are required.
• Differentiate between qualified disaster losses, disaster losses, and business losses, including applicable reductions based on AGI and how to report these losses on tax returns.
• Classify various types of interest expenses (e.g., Mortgage, student loan, investment interest) and explain where each deduction is reported on a tax return.
• Recognize the types of deductions eliminated by the TCJA, such as unreimbursed work expenses, and identify “other” itemized deductions still allowed.
• Determine the valuation and reporting requirements for donations such as household items, publicly traded stock, and vehicles.
• Apply the AGI percentage limits (20%, 30%, 50%, and 60%) to different types of charitable donations and recognize 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 a comprehensive review of tax law. 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 webinars 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.