Itemized Deductions - State and Local Real Estate Taxes 5047 Tax Preparation 2023-2024
Channel: Accounting Instruction, Help, & How To
Date: 23/03/2024

Itemized Deductions - State and Local Real Estate Taxes 
Tax Preparation 2023-2024
Playlist: https://www.youtube.com/playlist?list=PL60SIT917rv5z5yILFZbmY3xGO-B6sCKQ
Quizlet Course: https://quizlet.com/join/ryFQgpkBD

Focus on itemized deductions:
0:00 - 1:43
Explanation of "below the line" deductions:
1:43 - 7:38
Difference between itemized deductions and adjustments to income:
7:38 - 8:21
Standard Deduction vs. Itemized Deduction:
8:21 - 10:50
State and Local Taxes:
10:50 - 13:26
Real Estate Taxes:
13:26 - 16:46
Example Problems:
16:46 - 18:33
Refund or Rebate Considerations:
18:33 - 22:06
Conclusion:
22:06 - end

"Unlock the mysteries of income tax preparation with our detailed breakdown of the 2023 income tax formula. Join us as we delve into the intricacies of itemized deductions, focusing particularly on state and local taxes, and navigate the nuances between "below the line" deductions and adjustments to income. Learn the crucial distinctions between the standard deduction and itemized deduction, and gain insights into handling state and local taxes, including real estate taxes. We provide practical examples to illustrate key concepts and offer essential considerations for refunds or rebates. Whether you're a seasoned taxpayer or just getting started, this comprehensive guide will demystify income tax preparation and empower you to navigate the tax landscape with confidence."