Making the Best of Bad Situations: Part 3 (Medical Expenses, Casualty Losses) (Currently Unavailable)

Author: Arthur Joseph Werner

This course helps the practitioner understand planning considerations and potential problems when certain "bad situations" happen to his/her client. The focus of this course is on the tax and non-tax issues of medical expenses and casualty losses.

Publication Date: October 2016

Designed For
CPAs, EAs, attorneys, and financial planners.

Topics Covered

• Integration Planning
• Retirement Planning Issues
• Medical Expenses
• Schedule A and AGI Limitations
• Fringe Benefits
• Casualty Losses
• Gambling Losses and Professional Gamblers
• "Pease" Limitations
• Alternative Minimum Tax

Learning Objectives

• Recognize the tax and non-tax issues of various circumstances that a client classifies as bad situations
• Identify the areas of life planning where tax professionals can provide valuable services to their clients
• Describe a volatile stock market causing the most issues in plannning
• Differentiate examples of diversification in investments
• Recognize the 10% AGI threshold for medical expenses on a tax return mean for the taxpayer
• Identify formulas describes a casualty and theft loss for a single occurrence
• Recognize Schedule A gambling loss deductions allowed by clients
• Identify planning for the reduction of inheritance taxes and making sure a beneficiary does not waste an inheritance
• Describe the most common planning areas with an inter-connect
• Recognize the generation which is of bigger concern under a volatile stock market
• Identify which area could cause the most problems under a tax deferral of retirement income
• Recognize the limitations of Form 4010, Schedule A
• Differentiate the medical deductions on Form 4010 subject to AGI limitations or expensed on
• Identify types of fringe benefit examples
• Recognize proper itemized deductions
• Identify proper gambling losses and definition of professional gamblers

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None