This course provides an overview of standard and itemized deductions, including new rules applying to the deductions, including the Tax Cuts and Jobs Act (TCJA) and the Coronavirus, Aid, Relief, and Economic Security (CARES) Act. As the standard deduction is a basic deduction, most of the information in this course is centered around the different itemized deductions.
After completing this course, you will be able to:
- Identify the ways in which the Tax Cuts and Jobs Act (TCJA), and subsequent tax legislation including the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and additional federal budget and COVID-19 related legislation, affect the 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