Paul L. Caron
Dean




Saturday, November 20, 2021

Break Into Tax: Introduction To Deductions

Learn or review where deductions are taken in computing an individual's federal income tax liability! This video covers (1) above-the-line deductions, (2) below-the-line deductions, (3) itemized deductions, and (4) miscellaneous itemized deductions. It uses an animated Venn diagram to help illustrate how each of these categories of deductions relate to each other. The video also covers how a tax deduction differs from a tax credit and the basics of computing an individual taxpayer's taxable income. Professor Lederman & Professor Ariel Jurow Kleiman co-host. The end of the video briefly shows the main illustrations and animation again.

Contents of this video:

  • 00:00 - Introduction
  • 00:19 - Determining An Individual's Federal Income Tax Liability
  • 01:01 - Taxable Income
  • 01:32 - Adjusted Gross Income (AGI)
  • 02:05 - Above-the-Line Deductions
  • 02:48 - Below-the-Line Deductions
  • 03:18 - The Election To Itemize
  • 03:26 - The Standard Deduction
  • 04:50 - Non-Itemized Below-the-Line Deductions
  • 04:58 - Itemized Deductions
  • 05:32 - Miscellaneous Itemized Deductions
  • 07:21 - 2 Examples of Miscellaneous Itemized Deductions
  • 07:39 - Deductions vs. Credits
  • 08:14 - A Venn Diagram of Deductions
  • 08:55 - Graphic Depiction of Computing An Individual's Taxable Income
  • 09:31 - Conclusion
  • 09:44 - Brief Reprise of the Animation and Graphics

Break Into Tax thanks Ariel Jurow Kleiman for the animation and principal graphics in this video. Break Into Tax also thanks Emily Cauble for comments on a draft of the video. 

TaxProf Blog coverage of Break Into Tax videos:

https://taxprof.typepad.com/taxprof_blog/2021/11/break-into-tax-introduction-to-deductions.html

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