Medical, Charitable and Casualty (Mini)

  • Credits: 2
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Danny Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01774-21-S | 6233-CE-0496 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© February 2021 General Understanding of Federal Income Taxation Self-Study eBook
COURSE DESCRIPTION

We may all confront issues that directly impact how much we can deduct. This course is designed for participants who want to explore and examine the tax consequences of medical costs, charitable contributions, and casualty and theft losses, especially concerning their deductibility. The emphasis is examining a wide variety of situations related to these items and the extent to which they may or may not result in a deduction and what limitations on deductibility may be imposed.

Topics include:
  • Deductions for medical costs
  • Health Savings Accounts
  • Health insurance for the self-employed
  • Limitations on charitable contributions
  • Contributions of cash
  • Contributions of property
  • Contributions of services
  • Substantiation
  • Casualty and theft losses
  • Disaster area losses
  • Losses on Deposits

Learning Objectives:

After reading the course material, you will be able to:

  • Identify the various deductions related to medical costs by Recognizing the differences between deductible and nondeductible items including the types of deductions for dependents; Specifying the basic characteristics of Health Savings Accounts (HSAs) and the tax consequences of withdrawals from HSAs and determining self-employed health insurance.
  • Recognize the charitable contribution provisions, identify how contributions of cash, property, and services affect the deductibility of contributions of the different types of charitable contributions, and specify the requirements related to substantiation.
  • Determine what constitutes casualty losses, theft losses, and losses on deposits and recognize the issues related to the deductibility of these losses.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC