About This Chapter
Itemized Tax Deductions for Individuals - Chapter Summary
Whether you know a little or a lot about itemized tax deductions for individuals, this chapter can ensure you have a comprehensive understanding. Boost your knowledge of medical expenses, casualty loss, tax planning for charitable contributions and more by reviewing fun lessons. When finished, you should be ready to:
- Identify types and limitations of itemized deductions
- List the types and tax implications of medical expenses
- Share strategies for identifying and deducting tax and interest expenses
- Offer tax-planning tips for charitable deductions and contributions
- Define and list types and tax implications of casualty loss
- Discuss employee expenses that can be deducted and itemized
- Exhibit knowledge of AGI limitations on itemized deductions
Customize your use of this chapter based on your personal study preferences and schedule. Access the lessons in any order, and visit them as often as needed to boost your knowledge of these itemized tax deductions for individuals. If you hit a snag or need to clarify lesson details, be sure to send questions to our experts. When ready, check your comprehension of this chapter by taking short quizzes and a practice exam.
1. Itemized Deductions: Types & Limitations
Deductions lower your taxable income and reduce the taxes you pay. This lesson explores the major types of itemized deductions which can save you tax dollars if they exceed the standard deduction.
2. Medical Expenses: Types & Tax Implications
After reading this lesson, you'll learn what types of medical expenses are tax deductible and which ones are not. Also, learn when these medical expenses become tax deductible.
3. Tax Planning for Charitable Contributions & Deductions
Donations to charity can help reduce your tax bill, but getting the most of out of these deductions requires some planning. Let's review the basic rules regarding charitable contributions.
4. Itemized Employee Tax Deductions
This article will focus on the deductibility of unreimbursable employee expenses. It will discuss the criteria by which one can legally claim the deduction under the Internal Revenue Code and include examples.
5. AGI Limitations on Itemized Deductions
In this lesson, we will go over the details of when and how a taxpayer's itemized deductions are limited or reduced based on their adjusted gross income (AGI).
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Other chapters within the Special Enrollment Examination (SEE): Exam Prep & Study Guide course
- Preliminary Work for Personal Tax Preparation
- Income & Asset Tax for Individuals
- Retirement Income Taxation
- Real & Personal Property Taxes
- Tax Credits for Individuals
- Preparing Individual Taxes
- Advising Individual Taxpayers
- Specialized Tax Returns for Individuals
- Tax Considerations for Business Entities
- Tax Considerations for Business Partnerships
- Tax Considerations for Corporations
- Business Income Calculations
- Business Expenses, Deductions & Credits
- Analysis of Financial Reports
- Advising Business Taxpayers
- Specialized Tax Returns for Businesses
- Practices & Procedures of IRS Enrolled Agents
- Representation Before the IRS
- Representing the Taxpayer in the Collection Process
- Completing the Tax Filing Process
- Special Enrollment Examination (SEE) Flashcards