Video instructions and help with filling out and completing Can Form 2220 Deductions

Instructions and Help about Can Form 2220 Deductions

All right everybody welcome to tonight's presentation I've got six o'clock Eastern here on the dot so we're gonna go ahead and get started before we dive in first off I want to say welcome tonight we're gonna be talking about itemized deductions versus standard deductions you know I think back back to my my college days and you know whenever they'd start a lecture they'd always tell you what class you're in to make sure you're in the right place but you guys have made it here on your own yeah you probably know what you're here for we're talking about schedule a deductions tonight versus standard deductions we're going to be running through about 40 slides of information here where we'll be really diving into the topic in in detail and really getting down to I'd say the granular level of the differences between the two and the details associated with each of these deductions that are available out there tonight I'm joined by Derek north he's an enrolled agent here at Federal Direct and one of our premier account reps for those of you that are regulars to the webinars he's very familiar to you and those of you guys there Federal Direct Partner offices you've probably picked his brain on a number of occasions on some of your higher level tax questions that you might have but tonight he's going to be taking the lead on this done most of the homework behind it but before we officially get in here just a little bit of housekeeping so to speak we do have a couple of polling questions that I will be asking you throughout the presentation there will be two questions that we will have and those polling questions really it's I guess I should say it doesn't really matter if you get them right or wrong but you do need to answer them the real purpose behind those questions is simply to make sure that you guys are awake and paying attention on the other end of this presentation since you receive continuing education credits for simply attending and you don't have to take a quiz at the end of the presentation they want to make sure that you're not snoozing on the other end so keep your keep your eyes peeled for those I'll make sure that you guys have enough time and enough warning to answer those questions so we can indicate your attendance on here also we do have some handouts attached to the presentation feel free to take a look at the right-hand panel there on your screen you'll have a handout section we do have the PowerPoint file that we're going to be walking through tonight available there for download as well as two separate attachments also that will go into detail on throughout the presentation but one of them is a valuation guide for charitable donations this one in particular is produced by Goodwill and also we have an itemized deduction worksheet that you guys can use in there in your tax practice when you're perhaps perhaps trying to speed up preparation or trying to help your clients identify all of their donations properly if you have questions as we're going through the presentation you also have the ability to type in a question over there in the question panel and once you type that in Derek or I might jump on that question immediately or we might choose to hold off a little bit if we think we're going to be covering that topic throughout the webinar a little bit later we will also open up the the floor for questions and do a live question-and-answer session at the end of the presentation so if something strikes you that we've already talked about or maybe it hits you later in the presentation write that down keep an eye on it you can go ahead and type it into the question panel if you want but we will try to address that and discuss it a little bit for the benefit of everybody at the end of the webinar so with that being said Derek you there you live yeah I'm going I'm good to go fantastic I'm going to go ahead and turn this over to you and we can go ahead and get goin okay so tonight we're gonna be covering basically itemized deductions more importantly the iodized deductions out of the two and standard deductions will get their own section but there's really not much as you'll see as we go along to really do with those it's just pretty much an automatic thing so most this is going to be on itemized deductions in either case the the rather plainly descriptive title here is pretty much pretty much sums it up exactly what we're gonna be covering more specifically our course objectives tonight we're going to be explaining the differences between itemized in standard deductions there's a lot of terminology especially for people with little or no experience in taxation a lot of terminology that people get mixed up you know deductions expenses credits a lot of these things mean the same thing to someone who has never been informed of the difference we're gonna cover when and when not to itemize or more specifically how to itemize and what requirements must be met in order to do so typically if you can it's usually almost always better identifying the deductibility of certain tax related items we're gonna cover the record retention rules in the scope that that it applies to your office in terms of what you need to keep what type of professional responsibilities you need to have I'm gonna identify the difference between deductions and expenses it's harkening back to some of those some of those differences between itemized and standard there's a lot of things that are expenses that go on their own forms like your schedule sees and