Standard and Itemized Deductions
This course presents an overview of the new and the old, to highlight some of the main points and principles of interest to practitioners. As the standard deduction is a basic deduction, most of the information in this course is centered around the different itemized deductions. Most recently the federal government enacted the One Big Beautiful Bill (OBBB) Act (2025) which among other things makes the increased standard deduction permanent, temporarily increases the state and local tax deduction, and makes other changes picking up where the TCJA left off.
This course presents an overview of the new and the old, to highlight some of the main points and principles of interest to practitioners. As the standard deduction is a basic deduction, most of the information in this course is centered around the different itemized deductions. Most recently the federal government enacted the One Big Beautiful Bill (OBBB) Act (2025) which among other things makes the increased standard deduction permanent, temporarily increases the state and local tax deduction, and makes other changes picking up where the TCJA left off.
After completing this course, you will be able to:
- Identify the effect of tax legislation on standard and itemized deductions
- Identify the type of expenses that qualify for deduction as itemized deductions
- Analyze information to assess whether a certain event gives rise to an itemizable deduction
- Calculate standard and itemized deductions
