Is it time to ditch the standard deduction? 🤔 This course dives into the world of Schedule A to help you figure out when itemizing actually pays off. We’ll unpack the big-ticket deductions—like mortgage interest, medical expenses, and those salty SALT taxes 🧂—and show you how to make them work for your client’s bottom line. Whether you’re dealing with generous givers, homeowners, or big spenders, this is your cheat code to mastering itemized deductions like a pro.

Learning Objectives

• Given a list of medical expenses incurred by a taxpayer, identify those which may be itemized and calculate the deduction
• Identify the taxes that may be deductible, including the real estate and sales taxes that apply in different states and municipalities
• Identify the types of mortgage interest and points that taxpayers may deduct
• Identify eligible cash and non-cash charitable donations and the types of documentation that are needed to support their deduction
• Compare a taxpayer’s total itemized deductions against the standard deduction for the tax year and determine which produces the lower tax liability
• Identify when casualty and theft losses are deductible on Schedule A and the federally declared disaster requirements that apply