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Study guide-1001 Deductions & Tax Breaks

The study guide is provided to guide you through the course material in a step by step format.

Reading assignments are for 1001 Deductions & Tax Breaks by Babara Weltman

1) Introduction and You and Your Family

Reading Assignment: Introduction and Chapter 1 <<>> Review Question: # 1-6

The learning objectives for this lesson are to gain an understanding of:

  • Personal exemption
  • Dependency exemption
  • Child tax credit
  • Earned income credit
  • Dependent care credit
  • Adoption costs
  • Foster care
  • Child support
  • Alimony

2) Medical Expenses

Reading Assignment: Chapter 2<<>> Review Question: # 7-13

The learning objectives for this lesson are to gain an understanding of:

  • Itemized medical expenses
  • Self-employed health insurance deduction
  • Health insurance credit for eligible recipients
  • Long-term care coverage
  • Flexible spending arrangements
  • Health reimbursement arrangements
  • Health savings accounts
  • Archer medical savings accounts
  • COBRA coverage
  • Medicare
  • Continuing care facilities
  • Accelerated death benefits
  • Decedent's final illness

 

3) Education Costs

Reading Assignment: Chapter 3<<>> Review Question: # 14-21

The learning objectives for this lesson are to gain an understanding of:

  • Employer-paid courses
  • Scholarships, fellowships and grants
  • American Opportunity credit
  • Lifetime learning credit
  • Job-related education
  • Tuition and fees deduction
  • Student loan interest
  • Interest on U.S. savings bonds
  • Coverdell education savings accounts
  • Qualified tuition programs
  • Seminars
  • Education travel
  • Cancellation of a student loan
  • Penalty-free withdrawals from IRAs
  • Government reimbursement

4) Your Home

Reading Assignment: Chapter 4<<>> Review Questions: # 22-32

The learning objectives for this lesson are to gain an understanding of:

  • Mortgages
  • Home equity loans
  • Points
  • Refinancing
  • Prepayment penalties
  • Late payment penalties
  • Mortgage insurance
  • Reverse mortgages
  • Cancellation of mortgage debt
  • Penalty-free IRA withdrawals for home-buying expenses
  • Home buyer credit
  • Real estate taxes
  • Cooperative housing Minister's housing allowance
  • Home sale exclusion
  • Moving expenses
  • Energy improvements

 

    5) Retirement Savings

    Reading Assignment: Chapter 5<<>> Review Questions: # 33-41

    The learning objectives for this lesson are to gain an understanding of:

    • Traditional IRAs
    • Roth IRAs
    • IRA rollovers
    • 401(k)s
    • Self-employed retirement plans
    • SEPs
    • SIMPLEs
    • Retirement saver's credit
    • Custodial/trustee fees
    • Employer-paid retirement planning advice
    • Charitable transfers of IRA distributions

     

    6) Charitable Giving

    Reading Assignment: Chapter 6<<>> Review Questions: # 42-48

    The learning objectives for this lesson are to gain an understanding of:

    • Cash donations
    • Appreciated property donations
    • Used clothing and car donations
    • Intellectual property donations
    • Real estate donated for conservation purposes
    • Bargain sales
    • Volunteer expenses
    • Tickets to fund-raisers, raffles and sporting events
    • Membership fees to nonprofit organizations
    • Student exchange program
    • Special inventory donations
    • Donor-advised funds
    • Appraisal fees and other costs
    • IRA transfers to charity

    7) Your Car

    Reading Assignment: Chapter 7<<>>Review Question: # 49-54

    The learning objectives for this lesson are to gain an understanding of:

    • Business use of your personal car
    • Employer-provided car
    • Vehicle registration fees
    • Car accidents and other car-related problems
    • Donating your car
    • Hybrid vehicle credit
    • Credit for plug-in electric drive vehicles
    • Credit for low-speed electric vehicles
    • Credit for plug-in vehicle conversions
    • "Cash for Clunkers" incentive

     

      8) Investing

      Reading Assignment: Chapter 8<<>> Review Question: # 55-61

      The learning objectives for this lesson are to gain an understanding of:

      • Penalty on early withdrawal of savings
      • Loss on bank deposits
      • Capital losses
      • Capital gains and qualified dividends
      • Worthless securities
      • Loss on Section 1244 stock
      • Margin interest and other investment-related borrowing
      • Safe-deposit box rental fee
      • Subscriptions to investment newsletters and online services
      • Home computer used for investments
      • Fees for financial advice
      • Amortization of bond premium
      • Municipal bonds
      • Savings bonds
      • Gain on the sale of small business stock
      • Gain on empowerment zone assets
      • Foreign taxes on investments
      • Exercise of incentive stock options
      • Losses from investment Ponzi schemes

      9) Travel

      Reading Assignment: Chapter 9<<>>Review Questions: # 62-65

      The learning objectives for this lesson are to gain an understanding of:

      • Business travel
      • Temporary work assignments
      • Conventions
      • Medical travel
      • Charitable travel
      • Moving
      • Educational travel
      • National Guard and military reservist travel
      • Frequent flier miles

      10) Entertainment

      Reading Assignment: Chapter 10 <<>>Review Questions: # 66-72

      The learning objectives for this lesson are to gain an understanding of:

      • Meals and entertainment
      • Company holiday parties and picnics
      • Sporting and theater events
      • Home entertainment
      • Entertainment facilities and club dues
      • Record keeping for meals and entertainment expenses
      • Gambling losses

       

      11) Real Estate

      Reading Assignment: Chapter 11<<>>Review Questions: # 73-77

      The learning objectives for this lesson are to gain an understanding of:

      • Vacation home
      • Home office
      • Rentals
      • Low-income housing credit
      • Rehabilitation credit
      • Deduction for energy-efficient commercial buildings
      • Special breaks for certain disaster victims

       

      12) Borrowing and Interest

      Reading Assignment: Chapter 12<<>>Review Questions: # 78-79

      The learning objectives for this lesson are to gain an understanding of:

      • Home mortgage interest
      • Student loan interest
      • Investment-related loans
      • Business interest
      • Accrued interest on bond purchases
      • Below-market loans
      • Bad debts
      • Loan forgiveness

       

      13) Insurance and Catastrophes

      Reading Assignment: Chapter 13<<>>Review Questions: # 80-83

      The learning objectives for this lesson are to gain an understanding of:

      • Casualty and theft losses
      • Disaster losses
      • Disaster relief payments
      • Damages
      • Disability coverage
      • Accelerated death benefits
      • Legal fees
      • Appraisal fees

       

      14) Your Job

      Reading Assignment: Chapter 14<<>>Review Questions: # 84-89

      The learning objectives for this lesson are to gain an understanding of:

       

      • Making work pay credit
      • Job-hunting expenses
      • Dues to unions and professional associations
      • Work clothes and uniforms
      • Subscriptions to professional journals and newsletters
      • Work tools and equipment
      • Miscellaneous job-related expenses
      • Home office deduction
      • Prizes and awards
      • Performing artists
      • State and local government officials paid on a fee basis
      • Repayment of supplemental unemployment benefits

       

      15) Your Business

      Reading Assignment: Chapter 15<<>>Review Questions: # 90-96

      The learning objectives for this lesson are to gain an understanding of:

       

      • Start-up costs
      • Equipment purchases
      • Payment for services
      • Supplies
      • Gifts
      • Hobby losses
      • Self-employment tax deduction
      • Home office deduction
      • Farming-related breaks
      • Domestic production activities deduction
      • Other business deductions
      • Other business credits
      • Net operating losses

       

      16) Miscellaneous Items

      Reading Assignment: Chapter 16<<>>Review Questions: # 97-100

      The learning objectives for this lesson are to gain an understanding of:

       

      • State and local income taxes
      • State and local sales taxes
      • Certain federal taxes
      • Tax refunds
      • Tax preparation costs
      • Tax audit
      • Legal fees
      • Gifts you receive
      • Inheritances
      • Life insurance proceeds
      • Estate tax deduction on income in respect of a decedent
      • Rebates and discounts
      • Government benefits
      • Alternative minimum tax

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