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This self-study course discusses the standard deduction, itemized deduction, and the limit on some of the itemized deductions if your adjusted gross income exceeds certain amounts. After you have figured your adjusted gross income, you are ready to subtract the deductions used to figure taxable income. You can subtract either the standard deduction or itemized deductions, and, if you qualify, the qualified business income deduction. Itemized deductions are deductions for certain expenses that are listed on Schedule A (Form 1040). Though this basic tax course does not require any prerequisites, its recommended target audience is for existing Enrolled Agents, however anyone may take this course. This course provides 7 CE credits in the IRS Federal Tax Law category.
- Recall the standard deduction amounts for the current year.
- Recognize the deductibility characteristics of medical and dental expenses.
- Recognize what taxes you can deduct if you itemize deductions.
- Recall what types of interest you can and cannot deduct.
- Recall the types of charitable contributions you can deduct and the records you should keep.
- Recall the tax treatment of personal casualty and theft losses.
- Identify types of other itemized deductions allowable to reduce adjusted gross income.
- Identify the rules in the TCJA related to claiming a deduction for “qualified business income.”
- Study each Chapter
- Answer review questions at the end of each chapter
- Pass the Final Exam with a score of 70 percent or better
Final Exam and Certification
The final exam consists of 35 multiple-choice questions on the information covered in the course materials. To receive credit for this course, you must click on the Exam below to initiate the exam. A passing score of 70 percent or better will receive course credit and a Certificate of Completion.