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:

  • Personal exemption
  • 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:

  • Itemized medical expenses
  • Self-employed health insurance deduction
  • Health insurance credit for eligible recipients
  • Long-term care coverage
  • Flexible spending arrangements
  • Health reimbursement arrangements
  • Health savings accounts
  • Archer medical savings accounts
  • COBRA coverage
  • Medicare
  • Continuing care facilities
  • Accelerated death benefits
  • Decedent's final illness

3) Education Costs

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

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

4) Your Home

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

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

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

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
  • Special inventory donations
  • Donor-advised funds
  • Appraisal fees and other costs
  • IRA transfers to charity

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
  • Hybrid vehicle credit
  • Credit for plug-in electric drive vehicles
  • Credit for low-speed electric vehicles
  • Credit for plug-in vehicle conversions
  • "Cash for Clunkers" incentive

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
  • Safe-deposit box rental fee
  • Subscriptions to investment newsletters and online services
  • Home computer used for investments
  • Fees for financial advice
  • Amortization of bond premium
  • Municipal bonds
  • Savings bonds
  • Gain on the sale of small business stock
  • Gain on empowerment zone assets
  • 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
  • Moving
  • Educational travel
  • National Guard and military reservist travel
  • Frequent flier miles

10) Entertainment

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

  • Meals and entertainment
  • Company holiday parties and picnics
  • Sporting and theater events
  • Home entertainment
  • Entertainment facilities and club dues
  • Record keeping for meals and entertainment expenses
  • Gambling losses

11) Real Estate

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

  • Vacation home
  • Home office
  • Rentals
  • Low-income housing credit
  • Rehabilitation credit
  • Deduction for energy-efficient commercial buildings
  • Special breaks for certain disaster victims

12) Borrowing and Interest

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

  • Home mortgage interest
  • Student loan interest
  • Investment-related loans
  • Business interest
  • Accrued interest on bond purchases
  • Below-market loans
  • Bad debts
  • Loan forgiveness

13) Insurance and Catastrophes

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

  • Casualty and theft losses
  • Disaster losses
  • Disaster relief payments
  • Damages
  • Disability coverage
  • Accelerated death benefits
  • Legal fees
  • Appraisal fees

14) Your Job

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

  • Making work pay credit
  • Job-hunting expenses
  • Dues to unions and professional associations
  • Work clothes and uniforms
  • Subscriptions to professional journals and newsletters
  • Work tools and equipment
  • Miscellaneous job-related expenses
  • Home office deduction
  • Prizes and awards
  • Performing artists
  • State and local government officials paid on a fee basis
  • Repayment of supplemental unemployment benefits

15) Your Business

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

  • Start-up costs
  • Equipment purchases
  • Payment for services
  • Supplies
  • Gifts
  • Hobby losses
  • Self-employment tax deduction
  • Home office deduction
  • Farming-related breaks
  • Domestic production activities deduction
  • Other business deductions
  • Other business credits
  • Net operating losses

16) 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
  • Tax refunds
  • Tax preparation costs
  • Tax audit
  • Legal fees
  • Gifts you receive
  • Inheritances
  • Life insurance proceeds
  • Estate tax deduction on income in respect of a decedent
  • Rebates and discounts
  • Government benefits
  • Alternative minimum tax

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