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Individual Tax Part Three – Taxable Income

Once you have calculated adjusted gross income, you are ready to subtract the deductions used to figure taxable income. An individual may subtract either the standard deduction or itemized deductions, and, if applicable, the qualified business income deduction.  In this course participants will learn what deductions are available to arrive at taxable income.  These include the standard deduction, itemized deductions and the qualified business deduction.

LEARNING OBJECTIVE

By the end of this course, Individual Tax Part Three – Taxable Income participants will be able to:

  • Determine the standard deduction amount for most taxpayers
  • Figure the standard deduction amount for taxpayers claimed as dependents
  • Decide if a taxpayer should itemize deductions
  • Know the type of expenses that qualify as itemized deductions
  • Accurately report itemized deductions on Schedule A, Itemized Deductions
  • Explain the recordkeeping requirements for claiming charitable contributions
  • Describe who is eligible to claim the qualified business income deduction.

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice