It is important to remember the basic principle of all deductions: deductions are "not allowed unless specifically authorized by law." Further, no deduction is allowed for personal, living, or family expenses (including medical expenses) unless specifically authorized. [IRC §262(a)] It is important to determine whether a deduction is taken for adjusted gross income or from adjusted gross income. This program focuses on the latter, the "below-the-line" deductions.

This program includes expert analysis by E. Lynn Nichols, CPA, and John L. Norman, Jr., JD, on audio and video.

Chapter 1 briefly covers the phaseouts for itemized deductions and personal exemptions. The expert analysis for this program by E. Lynn Nichols, CPA, and John L. Norman, Jr., JD, on audio and video is located in Chapter 1.

Chapter 2 examines the standard deduction amounts that may be claimed in lieu of itemized deductions.

Chapter 3 addresses the deduction for medical expenses that may be claimed when itemizing deductions.

Chapter 4 discusses the allowable itemized deductions for state, local, and foreign taxes paid.

Chapter 5 describes the different types of interest expense that may be deducted when itemizing deductions.

Chapter 6 explains the requirements for charitable contribution deductions.

Chapter 7 covers casualty and theft loss deductions.

Chapter 8 summarizes the miscellaneous deductions that may be claimed subject to the 2-percent-of-adjusted-gross-income floor.

Helpful Guidance

Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:

A Biskalert is intended to warn the practitioner of a particular situation that may require action or other consideration by the client or the practitioner on behalf of the client.

A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.

A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.

Edward K. Zollars, CPA, is a partner in the firm of Thomas and Zollars, CPAs, in Phoenix, Arizona. A former member of the AICPA Tax Section Tax Technology Committee, Mr. Zollars specializes in individual and business tax planning, as well as tax technology. He has been an expert speaker at numerous AICPA Tax Section meetings and has made presentations at the AICPA National Conference on Federal Taxes. (Contributing Author)

John L. Norman, Jr., JD, is an attorney in private practice in Washington, D.C., where he specializes in closely held business organizations, as well as estate and financial planning. He is the former National Director of Taxation for the accounting firm Pannell Kerr Forster, and the former chair of PKF's International Tax Committee. He is also a member of the International Tax Planning Association. Previously, he was the Director of Tax Policy for Potomac Electric Power Company. He also taught at Keller Graduate School of Management, College of William and Mary, and George Washington University. Mr. Norman is a noted speaker and author of several publications in the area of federal taxation and a regular contributor to Bisk Education's CPE Network. (Contributing Author and Speaker)

E. Lynn Nichols, CPA, a practicing CPA for more than 35 years, is the founder of Mares Nichols CPE, Inc., a developer of continuing education programs and practice aids for CPAs. He is a regular contributor to CPE Network, a member of the Board of Visitors of the School of Accounting in the College of Business of the University of Oklahoma and a former member of the Editorial Board of the Ohio CPA Journal. In 2005, Mr. Nichols was honored by the Ohio Society of CPAs with its Gold Medal for Meritorious Service to the Accounting Profession. In 2008, he was selected by the Ohio Society of CPAs as one of Ohio's outstanding CPAs. Mr. Nichols serves as an advisor to CPA firms across the U.S. on matters of federal income taxation, litigation services, and IRS procedures. He has authored more than 20 highly rated tax CPE programs and his Current Federal Tax Developments program is always among the highest rated in the nation. (Speaker)