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.
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless oth-erwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Advanced Preparation: None
Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below.
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
2
* 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 various deductions related to medical costs by
a. Recognizing the differences between deductible and nondeducti-ble items including the types of deductions for dependents; and
b. Specifying the basic characteristics of Health Savings Accounts (HSAs) and the tax consequences of withdrawals from HSAs and determining self-employed health insurance.
2. Recognize the charitable contribution provisions, identify how con-tributions of cash, property, and services affect deductibility of contri-butions of the different types of charitable contributions, and specify the requirements related to substantiation.
3. Determine what constitutes casualty losses, theft losses, and losses on deposits and recognize the issues related to the deductibility of these losses.
After studying the materials, answer exam questions 1 to 15.
Notice
This course and test have been adapted from materials and information contained in the above text and any supplemental material provided. This course is sold with the understand-ing that the publisher is not engaged in rendering legal, accounting, or other professional ad-vice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research and consult appropriate experts before relying on the information contained in this course to render professional advice.
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