Deduction Issues: 2020 Federal Income Tax Update - Individual

Tuesday, February 23 Code: AC4101 2.0 CPE Credits

Overview

Continuing with the 2020 Federal Income Tax Update, we discuss the various deductions a client may consider when filing their Federal Tax Return.

As a practitioner, it is imperative that you are educated on the varying qualifiers for standard and medical tax deductions. Some deductions have changed over time; some were facilitated by the Tax Cuts and Jobs Act of 2017. Additionally, legislative changes were made that have affected tax deductions. To avoid common client misconceptions and practitioner error, this course delves into the specifics of what types of deductions can be considered and to whom these deductions may apply.

To aid in understanding, we have provided practical examples that may give clearer understanding of what is meant by Medical Dependents, State and Local Tax (SALT) Limitations, and what it means to allocate refund and estimated payments.

The information in this course will aid you as the practitioner in educating clients of their filing options and ensure they properly ascertain their financial position and qualifying factors during tax time.