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Study Guide - 1001 Deductions and Tax Breaks

The study guide is provided to guide you through the course material in a step by step format.

Course material is JK Lasser's 1001 Deductions and Tax Breaks.  The cost of the text and free shipping is included in the price.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Text and exam

1) Introduction and You and Your Family

The learning objectives for this lesson are to gain an understanding of:

  • Marital status
  • Dependency exemption
  • Child tax credit
  • Earned income credit
  • Dependent care credit
  • Adoption costs
  • Foster care
  • Child support
  • Alimony

2) Medical Expenses

The learning objectives for this lesson are to gain an understanding of:

  • Employer-Provided Health Insurance
  • Premium Tax Credit
  • Health insurance credit
  • Itemized medical expenses
  • Self-employment health insurance deduction
  • Long-term care coverage
  • Flexible spending arrangements
  • Health reimbursement arrangements
  • Health savings accounts
  • Archer medical savings accounts
  • ABLE accounts
  • COBRA coverage
  • Medicare
  • Continuing care facilities
  • Accelerated death benefits
  • Decedent's final illness
  • Medical insurance rebates

3) Education Costs

The learning objectives for this lesson are to gain an understanding of:

  • FAFSA submissions
  • Employer-paid courses
  • Scholarships, fellowships and grants
  • American Opportunity credit
  • Lifetime learning credit
  • Work-related education
  • Tuition and fees deduction
  • Student loan interest
  • Interest on U.S. savings bonds
  • Coverdell education savings accounts
  • Qualified tuition programs
  • ABLE accounts
  • Seminars
  • Education travel
  • Cancellation of a student loan
  • Penalty-free withdrawals from IRAs
  • Government reimbursement
  • Internships and apprenticeships

4) Your Home

The learning objectives for this lesson are to gain an understanding of:

  • Mortgages
  • Mortgage interest tax credit
  • Home equity loans
  • Points
  • Prepayment penalties
  • Late payment penalties
  • Mortgage insurance
  • Reverse mortgages
  • Cancellation of mortgage debt
  • Penalty-free IRA withdrawals for home-buying expenses
  • Real estate taxes
  • Cooperative housing
  • Minister's housing allowance
  • Home sale exclusion
  • Moving expenses for active duty military personnel
  • Energy improvements
  • ABLE accounts

5) Retirement Savings

The learning objectives for this lesson are to gain an understanding of:

  • Traditional IRAs
  • Roth IRAs
  • IRA rollovers
  • 401(k)s
  • Self-employed retirement plans
  • SEPs
  • SIMPLEs
  • Retirement saver's credit
  • Custodial/trustee fees
  • Employer-paid retirement planning advice
  • Charitable transfers of IRA distributions
  • Loans fro retirement plans

6) Charitable Giving

The learning objectives for this lesson are to gain an understanding of:

  • Cash donations
  • Appreciated property donations
  • Used clothing and car donations
  • Intellectual property donations
  • Real estate donated for conservation purposes
  • Bargain sales
  • Volunteer expenses
  • Tickets to fund-raisers, raffles and sporting events
  • Membership fees to nonprofit organizations
  • Student exchange program
  • Donor-advised funds
  • Leave-based donation programs
  • Record keeper for your charitable giving

7) Your Car

The learning objectives for this lesson are to gain an understanding of:

  • Business use of your personal car
  • Employer-provided car
  • Vehicle registration fees
  • Car accidents and other car-related problems
  • Donating your car
  • Credit for plug-in electric drive vehicles

8) Investing

The learning objectives for this lesson are to gain an understanding of:

  • Penalty on early withdrawal of savings
  • Loss on bank deposits
  • Capital losses
  • Capital gains and qualified dividends
  • Worthless securities
  • Loss on Section 1244 stock
  • Margin interest and other investment-related borrowing
  • Amortization of bond premium
  • Municipal bonds
  • Savings bonds
  • Gain on the sale of small business stock
  • Gain on empowerment zone assets
  • Gain on reinvestments in opportunity zones
  • Foreign taxes on investments
  • Exercise of incentive stock options
  • Losses from investment Ponzi schemes

9) Travel

The learning objectives for this lesson are to gain an understanding of:

  • Business travel
  • Temporary work assignments
  • Conventions
  • Medical travel
  • Charitable travel
  • Educational travel
  • National Guard and military reservist travel
  • Frequent flier miles
  • Recordkeeping for travel expenses

10) Real Estate

The learning objectives for this lesson are to gain an understanding of:

  • Vacation home
  • Home office
  • Time shares
  • Rentals
  • Low-income housing credit
  • Rehabilitation credit
  • Like-kind exchanges
  • Deduction for energy-efficient commercial buildings
  • Qualified improvement property
  • Conservation easements
  • Special breaks for certain disaster victims

11) Borrowing and Interest

The learning objectives for this lesson are to gain an understanding of:

  • Home mortgage interest
  • Student loan interest
  • Borrowing from retirement plans
  • Investment-related loans
  • Business interest
  • Accrued interest on bond purchases
  • Below-market loans
  • Bad debts
  • Debt forgiveness

12) Insurance and Catastrophes

The learning objectives for this lesson are to gain an understanding of:

  • Casualty, theft losses and disaster losses
  • Disaster relief payments
  • Damages
  • Disability coverage
  • Accelerated death benefits
  • Legal fees
  • Identity theft
  • Identity theft and tax relief
  • Hurricanes Florence and Michael

13) Your Job

The learning objectives for this lesson are to gain an understanding of:

  • Educator expenses
  • Prizes and awards
  • Performing artists
  • State and local government officials paid on a fee basis
  • Repayment of supplemental unemployment benefits
  • Jury duty pay turned over to your employer
  • Impairment-related expenses
  • Military benefits
  • Contributions to state benefit programs
  • Fringe benefits
  • Income earned abroad

14) Your Business

The learning objectives for this lesson are to gain an understanding of:

  • Start-up costs
  • Qualified business income deductions
  • Equipment purchases
  • Payment for services
  • Supplies
  • Gifts
  • Self-employment tax deduction
  • Home office deduction
  • Farming-related breaks
  • Other business deductions
  • Business credits
  • Net operating losses
  • Excess noncorporate business losses

15) Miscellaneous Items

The learning objectives for this lesson are to gain an understanding of:

  • State and local income taxes
  • State and local sales taxes
  • Certain federal taxes
  • Legal fees
  • Gifts you receive
  • Inheritances
  • Life insurance proceeds
  • Gambling losses
  • Estate tax deduction on income in respect of a decedent
  • Rebates and discounts
  • Government benefits
  • Olympic medals
  • Alternative minimum tax

Study Guide - Small Business Taxes

The study guide is provided to guide you through the course material in a step by step format.

Course material is JK Lasser's Small Business Taxes.  The cost of the text and free shipping is included in the price.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Text and exam

 

1) Organization

The learning objectives for this lesson are to gain an understanding of:

  • Business Organization.
  • Tax Year and Accounting Methods.
  • Recordkeeping for Business Income and Deductions.

2) Business Income and Losses

The learning objectives for this lesson are to gain an understanding of:

  • Income or Loss from Business Operations.
  • Capital Gains and Losses.
  • Gains and Losses from Sales of Business Property.

3) Business Deductions and Credits

The learning objectives for this lesson are to gain an understanding of:

  • Employee Compensation: Salary, Wages, and Employee Benefits.
  • Travel and Entertainment Expenses.
  • Car and Truck Expenses.
  • Repairs, Maintenance, and Energy Improvements.
  • Bad Debts.
  • Rents.
  • Taxes and Interest.
  • First-Year Expensing, Depreciation, Amortization, and Depletion.
  • Advertising Expenses.
  • Retirement Plans.
  • Casualty and Theft Losses.
  • Home Office Deductions.
  • Medical Coverage.
  • Deductions for Farmers.
  • Domestic Production Activities Deduction.
  • Miscellaneous Business Deductions.
  • Roundup of Tax Credits

4) Tax Planning For Your Small Business

The learning objectives for this lesson are to gain an understanding of:

  • Income and Deduction Strategies.
  • Tax Strategies for Opening or Closing a Business.
  • Tax Strategies for a Sideline Business.
  • Tax Strategies for Multiple Businesses.
  • Alternative Minimum Tax.
  • Other Taxes.
  • Filing Income Tax Returns and Paying Taxes.

5) Information Returns

The learning objectives for this lesson are to gain an understanding of:

  • Information returns that a business may need to prepare.
  • Tax penalties
  • Checklist of tax-related corporate resolutions
  • List of dollar limits and amounts adjusted for inflation

Study Guide - Stand Up to the IRS

The study guide is provided to guide you through the course material in a step by step format.

Course material is Stand Up to the IRS by Frederick W. Daily.  The cost of the text and free shipping is included in the price.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Text and exam

Chapter 1.  Inside the IRS: What You Need to Know About IRS Operations

The learning objectives for this lesson are to gain an understanding of:

  • IRS Inefficiency
  • Communicating With the IRS
  • Rules of the Game -- Tax Laws
  • Interpreting the Tax Code
  • Self-Assessment of Income Taxes
  • Winning the IRS Game

Chapter 2. Filing Tax Returns: If You Haven't Filed and Other Concerns

The learning objectives for this lesson are to gain an understanding of:

  • How Long Must You Worry About Not Filing a Tax Return?
  • Consequences of Not Filing
  • It's Better to File Before the IRS Contacts You
  • What Will Happen When You File Late
  • Requesting an Extension to File
  • Filing a Return When You Can't Pay What You Owe
  • Filing a Tax Return When You Live Out of the US
  • Reducing the Chance of an Audit When Filing
  • Amending Tax Returns
  • A Word About "Aggressive" Tax Filing

Chapter 3. Winning Your Audit

The learning objectives for this lesson are to gain an understanding of:

  • How Long Do I Have to Worry About an Audit?
  • Do I Have to Learn Tax Law to Win My Audit?
  • Audit Selection -- Why Me, O Lord?
  • When the IRS Increases Your Tax Bill Without an Audit
  • Types of IRS Audits
  • How an Auditor Approaches an Examination
  • Preparing for an Audit
  • Who Should Attend the Audit?
  • How to Act at an Audit
  • Finishing Audits
  • Serious Audit Problems

Chapter 4.  Appealing Your Audit Within the IRS

The learning objectives for this lesson are to gain an understanding of:

  • Pros and Cons of Appealing an Audit
  • How to Appeal an Audit
  • How the Appeals Office Works
  • Preparing for an Appeals Hearing
  • Meeting the Appeals Officer
  • Presenting a Case to an Appeals Officer
  • Negotiating a Settlement
  • Should You Hire a Tax Professional for Your Appeal?
  • If You Don't Settle on Appeal

Chapter 5. Going to Tax Court: No Lawyer Necessary

The learning objectives for this lesson are to gain an understanding of:

  • Tax Court Facts
  • Small Tax Cases -- People's Court
  • Regular Tax Court Cases -- Over$50,000
  • Other Federal Courts -- Paying First Is Required
  • Bankruptcy Court
  • Appealing to Higher Courts

Chapter 6. When You Owe the IRS: Keeping the Tax Collector at Bay

The learning objectives for this lesson are to gain an understanding of:

  • When You Can't Pay With Your Tax Return
  • Getting Time to Pay After the Tax Bill Comes
  • IRS Tax Billing Process
  • IRS Automated Collection System
  • Revenue Officers -- Front Line Collectors of the IRS
  • Offers in Compromise
  • Using the Bankruptcy Code to Stop the IRS
  • Protecting Your Assets From the IRS
  • Suspending Collection of Your Tax Bill

Chapter 7. IRS Enforced Collection: Liens and Levies

The learning objectives for this lesson are to gain an understanding of:

  • Tax Liens
  • Tax Levies
  • Assets the IRS Can't or Won't Seize
  • Avoiding a Levy
  • Getting a Tax Levy Released
  • IRS Sales of Levied Assets

Chapter 8. The Taxpayer Advocate: A Friend at the IRS

The learning objectives for this lesson are to gain an understanding of:

  • Who Qualifies for Help From a Taxpayer Advocate?
  • Contacting the Taxpayer Advocate Service
  • Emergency Help: Taxpayer Assistance Orders

Chapter 9. Family, Friends, Heirs and the IRS

The learning objectives for this lesson are to gain an understanding of:

  • It's a Family Affair
  • Owning Property Jointly
  • Death and Taxes

Chapter 10. Fraud and Tax Crimes: Do You Really Have to Worry?

The learning objectives for this lesson are to gain an understanding of:

  • How People Cheat on Their Taxes
  • If You Are Caught Cheating
  • IRS Criminal Investigations
  • If You Are Prosecuted

Chapter 11. Small Businesses/Self-Employed: When IRS Trouble Comes

The learning objectives for this lesson are to gain an understanding of:

  • Self-Employed -- You're a Prime Audit Target
  • Employees or Independent Contractors?
  • Payroll Taxes -- IRS Dynamite
  • The Dreaded Trust Fund Recovery Penalty
  • Cash Transactions Over $10,000

Chapter 12. Penalties and Interest

The learning objectives for this lesson are to gain an understanding of:

  • Penalties Added to Tax Bills
  • Interest on Tax Bills
  • Understanding Penalty and Interest Notices
  • Reducing or Eliminating Penalties and Interest
  • Designating Voluntary Tax Payments

Chapter 13. Help Beyond the Book: Tax Professionals and Tax Information

The learning objectives for this lesson are to gain an understanding of:

  • Finding and Using a Tax Professional
  • Tax Professionals and Audits
  • Hiring a Tax Return Preparer
  • Researching Tax Questions

Chapter 14. When You Owe State Income Taxes

The learning objectives for this lesson are to gain an understanding of:

  • The IRS and State Taxing Authorities
  • Does Your State Have a Taxpayers' Bill of Rights?
  • State Time Limits to Assess and Collect Income Taxes
  • State Tax Collection Departments
  • State Tax Bills
  • When All Else Fails, Try Your Political Connections

Chapter 15. The Taxpayers' Bill of Rights

The learning objectives for this lesson are to gain an understanding of:

  • Taxpayers' Bill of Rights I
  • Taxpayers' Bill of Rights II
  • Taxpayer Bill of Rights III

Chapter 16. The 25 Most Frequently Asked Questions

The learning objectives for this lesson are to gain an understanding of:

  • Common questions taxpayers may have

CPA Information

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