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:

  • Marital Status
  • Dependents
  • Qualifying Child
  • Qualifying Relative
  • Child tax credit
  • Earned income credit
  • Dependent care expenses
  • Adoption costs
  • Foster care
  • Child support
  • Alimony
  • ABLE accounts

2) Medical Expenses

Reading Assignment: Chapter 2<<>> Review Question: # 7-11

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

  • Employer-provided health insurance
  • Premium tax credit
  • Health coverage tax credit
  • Itemized medical expenses
  • Self-employed health insurance deduction
  • Long-term care coverage
  • Flexible spending accounts for health care
  • Health reimbursement arrangements
  • QSEHRAs
  • Health savings accounts
  • Archer medical savings accounts
  • ABLE accounts
  • COBRA coverage
  • Medicare
  • Continuing care facilities and nursing homes
  • Accelerated death benefits
  • Decedent’s final illness
  • Medical insurance rebates

3) Education Costs

Reading Assignment: Chapter 3<<>> Review Question: # 12-16

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

  • FAFSA submissions
  • Employer-paid courses
  • Scholarships, fellowships and grants
  • American Opportunity credit
  • Lifetime learning credit
  • Work-related education
  • Tuition and fees deduction
  • Student loan interest
  • Interest on U.S. savings bonds
  • Coverdell education savings accounts
  • Qualified tuition programs (529 plans)
  • ABLE accounts
  • Seminars
  • Education travel
  • Cancellation of a student loan
  • Penalty-free withdrawals from IRAs
  • Government reimbursements
  • Internships and apprenticeships

4) Your Home

Reading Assignment: Chapter 4<<>> Review Questions: # 17-24

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

  • Mortgages
  • Mortgage interst tax credit
  • Home equity loans
  • Points
  • Prepayment penalties
  • Late payment penalties
  • Mortgage insurance
  • Reverse mortgages
  • Cancellation of mortgage debt
  • Penalty-free IRA withdrawals for home-buying expenses
  • Real estate taxes
  • Cooperative housing
  • Minister’s housing allowance
  • Home sale exclusion
  • Moving expenses for active duty military personnel
  • Energy improvements
  • ABLE accounts 

5) Retirement Savings

Reading Assignment: Chapter 5<<>> Review Questions: # 25-30

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

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

 

6) Charitable Giving

Reading Assignment: Chapter 6<<>> Review Questions: # 31-35

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
  • Donor-advised funds
  • IRA transfers to charity
  • Leave-based donation programs
  • Record keeper for your charitable giving

7) Your Car

Reading Assignment: Chapter 7<<>>Review Question: # 36-38

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
  • Credit for plug-in electric drive vehicles 

8) Investing

Reading Assignment: Chapter 8<<>> Review Question: # 39-43

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
  • Amortization of bond premium
  • Municipal bonds
  • Savings bonds
  • Gain on the sale of small business stock
  • Gain on empowerment zone assets
  • Gain on reinvestments in opportunity zones
  • Foreign taxes on investments
  • Exercise of incentive stock options
  • Losses from investment Ponzi schemes

9) Travel

Reading Assignment: Chapter 9<<>>Review Questions: # 44-47

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

  • Business travel
  • Temporary work assignments
  • Conventions
  • Medical travel
  • Charitable travel
  • Educational-related travel
  • National Guard and military reservist travel
  • Frequent flier miles
  • Recordkeeping for travel expenses

10) Real Estate

Reading Assignment: Chapter 10<<>>Review Questions: # 48-51

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

  • Vacation home
  • Home office
  • Timeshares
  • Rentals
  • Low-income housing credit
  • Rehabilitation credit
  • Like-kind exchanges
  • Deduction for energy-efficient commercial buildings
  • Qualified improvement property
  • Consevation easements
  • Special breaks for certain disaster victims

11) Borrowing and Interest

Reading Assignment: Chapter 11<<>>Review Questions: none

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

  • Home mortgage interest
  • Student loan interest
  • Borrowing from retirement plans
  • Investment-related interest
  • Business interest
  • Accrued interest on bond purchases
  • Below-market loans
  • Bad debts
  • Debt forgiveness

12) Insurance and Catastrophes

Reading Assignment: Chapter 12<<>>Review Questions: none

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

  • Casualty, theft and disater losses
  • Disaster relief payments
  • Damages
  • Disability coverage
  • Accelerated death benefits
  • Legal fees
  • Identity theft
  • Identity theft and tax relief
  • Hurricanes Florence and Michael 

13) Your Job

Reading Assignment: Chapter 13<<>>Review Questions: none

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

  • Educator expenses
  • Prizes and awards
  • Performing artists
  • State and local government officials paid on a fee basis
  • Repayment of supplemental unemployment benefits
  • Jury duty pay turned over to your employer
  • Impairment-related expenses
  • Military benefits
  • Contributions to state benefit programs
  • Fringe benefits
  • Income earned abroad 

14) Your Business

Reading Assignment: Chapter 14<<>>Review Questions: # 52-54

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

  • Start-up costs
  • Qualified business income deduction
  • Equipment purchases
  • Payment for services
  • Supplies
  • Gifts
  • Self-employment tax deduction
  • Home office deduction
  • Farming-related breaks
  • Other business deductions
  • Business credits
  • Net operating losses
  • Excess noncorporate business losses 

15) Miscellaneous Items

Reading Assignment: Chapter 15<<>>Review Questions: none

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
  • Legal fees
  • Gifts you receive
  • Inheritances
  • Life insurance proceeds
  • Gambling losses
  • Estate tax deduction on income in respect of a decedent
  • Rebates and discounts
  • Government benefits
  • Olympic medals
  • Alternative minimum tax