1040 Preparation and Planning 9: Standard Deduction and Itemized Deductions (2025)
Author: Barbara Weltman, Greg White
| CPE Credit: |
3 hours for CPAs
3 hours Federal Tax Related for EAs and OTRPs
3 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This three-hour CPE course, which is ninth in the 1040 Preparation and Planning series, covers standard deduction amounts and itemized deductions.
Tax developments include the extensive changes effective for 2024 that were created by the Consolidated Appropriations Act, 2023 (including SECURE Act 2.0), the Inflation Reduction Act of 2022, and other tax legislation, as well as IRS pronouncements, and court decisions. They impact 2024 tax year returns that will be filed during the 2024 filing season and refund opportunities for earlier years; as well as point the way to strategic planning in 2025 and beyond. This course brings the tax preparer "up-to-speed" in preparing 2024 tax returns for the 2025 filing season.
Publication Date: September 2024
Topics Covered
- Standard Deduction
- Qualified Business Income Deduction
- Overview of Itemized Deductions
- Medical Expenses
- Special Equipment
- Deductible Medical Expenses
- Limitations on the Medical Expense Deduction
- Medical Insurance Premiums
- Reimbursement of Medical Expenses
- Medical Expenses of a Decedent
- Taxes
- Interest Payments
- Points
- Investment Interest Expense Deduction
- Charitable Contributions
- Conservation Easements
- Charitable Contribution Strategies
- Double Benefit
- Older Taxpayers
- Casualty and Theft Losses
- Limitations on Personal Casualty Losses
- Miscellaneous Deductions
Learning Objectives
- List the basic and additional standard deduction amounts
- List which items can be deducted as medical expenses
- Identify which type of interest is deductible
- Determine which taxes are deductible
- Recognize how to figure charitable contribution deductions and comply with substantiation requirements
- Identify the rules for determining disaster losses
- Determine which miscellaneous itemized deductions are deductible in 2018 through 2025
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (3 hours)
Program Prerequisites
None
Advance Preparation
None
