Medical Charitable & Casualty 2025 - 2.5 CPE
TEXAS COMPLIANCE PENDING:
Texas requires a class be reviewed by enough students to assign earned CPE credits. This course is still new enough that we are obtaining the reviews needed. We recommend Texas CPAs check back soon. This process is usually finished within a few weeks.
We may all confront issues that directly impact how much we can deduct. This course is designed for participants who want to explore and examine the tax consequences of medical costs, charitable contributions, and casualty and theft losses, especially in relation to their deductibility. The emphasis is examining a wide variety of situations related to these items and the extent to which they may or may not result in a deduction and what limitations on deductibility may be imposed.
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Advanced Preparation: None
Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below.
ASSIGNMENT
At the start of the materials, participants should identify the following topics for study:
* Deductions for medical costs
* Health Savings Accounts
* Health insurance for the self-employed
* Limitations on charitable contributions
* Contributions of cash
* Contributions of property
* Contributions of services
* Substantiation
* Casualty and theft losses
* Disaster area losses
*Losses on Deposits
Learning Objectives
After reading the chapter, participants will be able to:
1. Identify the deductibility of medical costs by
a. Recognizing the percentage limitation, timing of payments, medically-related home improvements, and IRA withdrawals; and
b. Specifying the basic characteristics of Health Savings Accounts (HSAs) and the tax consequences of HSA withdrawal and determining deductibility of self-employed health insurance.
2. Recognize the charitable contribution provisions and identify how contributions of cash, property, and services affect deductibility of contributions of the different types of charitable contributions.
3. Determine what constitutes casualty losses, theft losses, and losses on deposits and recognize the issues related to the deductibility of these losses.
After studying the materials, answer exam questions 1 to 15.
