Tax Cuts and Jobs Act: Maximizing Itemized Deductions under the New Law

Authored by Greg White
About this Course
Topics covered include: Standard Deduction and Personal Exemptions; Planning for Itemized Deductions-Playing the Hand You're Dealt; Home Mortgage Interest Limits; Transforming Interest Expense-Planning to increase interest deductions; Debt-financed Distributions; Property/Income/Sales Taxes; Charitable Contributions; Miscellaneous Itemized Deductions; Suspension of Unreimbursed Employee Exp.; Our Fees; Hobby Losses: Out of the Frying Pan into the Fire; Gambling Losses; State Tax "Work Arounds"; Pease Limitation; QBID Not Itemized; 7.5% Medical; Personal Casualty Losses; Health Savings Accounts ("HSA's"); Investment Advisory Fees; 2% Misc. Itemized; Investment Advisory Fees; Lender's Bagels Case Study; AMT. Upon completing this course, you should be able to: Recognize how to maximize itemized deductions under the new Tax Cuts and Jobs Act; Identify how donor-advised funds and qualifying charitable distributions can maximize deductible charitable contributions at a minimal cost; Recognize and apply case law and administrative guidance to increase the deduction for tax preparation fees; Differentiate deductible home mortgage interest deductibility, including the refinancing rules; Describe how to apply tax regulations to derive benefit from investment advisory fees; Recognize elections to increase the deduction for taxes on investment property; Identify the new standard deduction for head of households as a result of the TCJA; Differentiate true statements with respect to the new mortgage interest rules; Describe correct statements regarding HSA accounts and the impacts from the new tax regulations; Identify the new AMT exemption amount for single filers starting in 2018; Differentiate tax deductions eliminated as a result of the TCJA; Describe unreimbursed employee expenses suspended from 2018-2025 for purposes of tax deduction; Identify which types of tax preparation fees that can no longer be deducted above the line; Recognize the medical expense floor for 2019 and after; Identify the approximate 2017 amount taxpayers paid AMT; Recognize reasons fewer taxpayers are expected to pay AMT in 2018.
$ 48.00
Course is unavailable for purchase.
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
2.0
Prerequisites
A basic understanding of federal taxation concepts and itemized deductions on individual income tax returns.
Last Updated
08/03/2018
14161