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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 22 ||| Review Questions: 15 ||| Final Exam Questions: 15 |
| CPE Credits : | 3.0 |
| IRS Credits : | 3 |
| Price : | $26.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 286 |
| Description : | We may all confront issues that directly impact how much we can deduct. This course is designed for participants who want to explore and examine the tax consequences of medical costs, charitable contributions, and casualty and theft losses, especially in relation to their deductibility. The emphasis is examining a wide variety of situations related to these items and the extent to which they may or may not result in a deduction and what limitations on deductibility may be imposed. |
| Usage Rank : | 10714 |
| Release : | 2023 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Charitable Contribution Deduction: Rules and Special Benefits for 2021
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 11-Jul-2023 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 286 |
| Keywords : | Taxes, Medical, Charitable, Casualty, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:
* Health Savings Accounts * Health insurance for the self-employed * Limitations on charitable contributions * Contributions of cash * Contributions of property * Contributions of services * Substantiation * Casualty and theft losses * Disaster area losses *Losses on Deposits After reading the materials, participants will be able to:
b. Specifying the basic characteristics of Health Savings Accounts (HSAs) and the tax consequences of withdrawals from HSAs and determining self-employed health insurance. 3. Determine what constitutes casualty losses, theft losses, and losses on deposits and recognize the issues related to the deductibility of these losses. |
| Course Contents : | Chapter 1 - Medical, Charitable and Casualty Medical Costs - §213 Spouse Separate Returns Community Property States Dependents Adopted Child Children of Divorced or Separated Parents Multiple Support Agreements Decedents Medical Deductions Items Deductible Items Not Deductible Medical Insurance Premiums Meals & Lodging Expenses of Transportation Cosmetic Surgery Permanent Improvements Lifetime Care Advance Payments Reimbursement of Expenses Amounts Deductible Long-term Care Provisions IRA Withdrawals for Certain Medical Expenses Grandfathered Archer Medical Savings Accounts - §220 Health Savings Accounts (HSAs) - §223 Benefits Qualifications High Deductible Health Plan (HDHP) Limits for HDHP Amount of Contribution Special Rules for Married Couples Establishing an HSA Rollovers Distributions Qualified Medical Expenses Insurance Premiums Record Keeping Health Care Act of 2006 Changes Prescription Drug Costs Accelerated Death Benefits Terminally Ill Individual Chronically Ill Individual Exclusion Limited Health Insurance For Self-Employed Charitable Contributions - §170 Requirements for Deductibility Qualified Organizations Limitations on Contributions Five-year Carryover Contributions of Cash Benefits Received Benefit Performances Athletic Event Seating Rights Repealed Raffle Tickets, Bingo, Etc. Dues, Fees, or Assessments Contribution of Property Clothing & Household Goods Ordinary Income or Short-term Capital Gain Type Property Exception Capital Gain Type Property Exceptions Conservation Easements Loss Type Property Vehicle Donations Fractional Interests Other Types of Contributions Charitable Distributions from an IRA Substantiation Cash Contributions Contributions Less Than $250 Contributions of $250 or More Payroll Deduction Records Noncash Contributions Deductions of Less Than $250 Additional Records Deductions of At Least $250 But Not More Than $500 Deductions Over $500 But Not Over $5,000 Deductions Over $5,000 Contributions Over $75 Made Partly for Goods or Services Casualty & Theft Losses Suspended - §165 Casualty Theft Mislaid or Lost Property Deductible Losses Nondeductible Losses Proof of Loss Amount of Loss Theft Recovered Property Related Expenses Protection Cost Repair & Replacement Costs Allocation for Mixed Use Property Insurance and Other Reimbursements Limitations Disaster Area Losses Unsafe Home Special Residence Rule Loss on Deposits Glossary |
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