A standard deduction is allowed to most people, but being able to itemize deductions may decrease the amount of taxable income someone may have. It is important to know what can be deducted in order to benefit your clients.
This lesson is designed to teach the difference between standard and itemized deductions. It will also go into the main itemized deduction options and the rules for each of these deductions.
This is a tax law fundamental course that all tax preparers should know extensively. Whether you are a first time tax preparer that needs to know the basic rules or a seasoned tax professional that needs a refresher, this course is for you.
IRS CE credit of 3 hours is provided with this course.