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 in relation to 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.
Assignment
At the start of the materials, participants should identify the following topics for study:
* 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 chapter, participants will be able to:
1. Identify the deductibility of medical costs by
a. Recognizing the percentage limitation, timing of payments, medically-related home improvements, and IRA withdrawals; and
b. Specifying the basic characteristics of Health Savings Accounts (HSAs) and the tax consequences of HSA withdrawal and determining deductibility of self-employed health insurance.
2. Recognize the charitable contribution provisions and identify how contributions of cash, property, and services affect deductibility of contributions of the different types of charitable contributions.
3. Determine what constitutes casualty losses, theft losses, and losses on deposits and recognize the issues related to the deductibility of these losses.
To complete this course participants need to: Read the material provided and answer chapter review questions, successfully complete the qualified assessment with a minimum of 70% accuracy to receive your certificate. In Addition, no correct or incorrect feedback for any exam question will be provided.
Upon course completion A course evaluation form is provided for your feedback.
Participants have 1 year from the date of purchase/enrollment to complete this course
CPE Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org