Finance Exam Prep – Details, episodes & analysis
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Finance Exam Prep
Ran Chen, EA, CFP®
Education
Education
Business
Frequency: 1 episode/1d. Total Eps: 182
Finance Exam Prep is a daily podcast designed to help future tax and finance professionals pass their certification and licensing exams with clarity and confidence.
Built and operated by OpenExamPrep, this podcast breaks down major tax exams into focused, easy-to-digest episodes covering the CPA & Enrolled Agent (EA) Exam, including Part 1 (Individuals), Part 2 (Businesses), and Part 3 (Representation, Practices, and Procedures). Each episode targets one key tax concept, common exam trap, or high-frequency test topic—making it ideal for studying during commutes, workouts, or short study sessions.
Created by Ran Chen, EA, CFP®, a financial professional and exam specialist who has personally passed multiple professional licensing exams, Tax Exam Prep was developed from firsthand experience with how complex—and often poorly explained—tax exam material can be. The goal is simple: make tax exam preparation clearer, more accessible, and more effective through structured explanations and modern learning tools. Whether you’re preparing for the EA Exam, transitioning into a tax career, or reviewing before test day, this podcast is designed to guide you step by step—one concept at a time.
Free practice tools, AI-powered explanations, and additional exam prep resources are available at: https://open-exam-prep.com/
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Enrolled Agent Exam [Part 1] 45, Education Credits - Lifetime Learning Credit
dimanche 1 mars 2026 • Duration 03:10
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• The Lifetime Learning Credit is capped at $2,000 per tax return, not per student.
• Qualified expenses are strictly limited to tuition and fees required for enrollment, differing from other education credits.
• The LLC is a non-refundable credit, meaning it can only reduce tax liability to zero and no portion is paid out as a refund.
• Unlike the AOTC, the LLC can be claimed for an unlimited number of years, making it suitable for graduate or professional development courses.
• Taxpayers cannot claim both the LLC and the American Opportunity Tax Credit (AOTC) for the same student in the same tax year.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
Enrolled Agent Exam [Part 1] 44, Education Credits - American Opportunity Credit
samedi 28 février 2026 • Duration 03:20
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• The AOTC is worth up to $2,500 per student, calculated as 100% of the first $2,000 and 25% of the next $2,000 in expenses.
• Qualified expenses include tuition, fees, and required course materials, but specifically exclude room, board, and transportation.
• The credit is only available for a student's first four years of post-secondary education and they must be enrolled at least half-time.
• If a student is a dependent, only the taxpayer who claims them can receive the AOTC, regardless of who paid the expenses.
• Up to $1,000 (40%) of the AOTC is refundable, meaning a taxpayer can receive it even if they owe no tax.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
Enrolled Agent Exam [Part 1] 35, Charitable Contributions - Cash
jeudi 19 février 2026 • Duration 02:59
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• The maximum deduction for cash contributions to public charities is limited to 60% of Adjusted Gross Income (AGI).
• Excess contributions over the 60% AGI limit can be carried forward for a maximum of five years.
• A canceled check is insufficient proof for any single donation of $250 or more; a formal written acknowledgment from the charity is required.
• The deductible amount of a "quid pro quo" contribution must be reduced by the value of any benefit or service the donor receives.
• Pandemic-era provisions allowing non-itemizers to deduct charitable contributions have expired and are not applicable for the 2025 tax year.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
Enrolled Agent Exam [Part 1] 34, Home Mortgage Interest Deduction
mercredi 18 février 2026 • Duration 03:43
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• The home acquisition debt limit is $750,000 ($375,000 MFS) for mortgages taken out after December 15, 2017.
• Mortgages from on or before December 15, 2017 are grandfathered under the older $1 million limit ($500,000 MFS).
• Interest on home equity debt is only deductible if the proceeds are used to buy, build, or substantially improve the qualified residence.
• Points paid on an original mortgage are deductible in the year paid, but points on a refinance must be amortized over the loan's life.
• The interest amount on Form 1098 must be adjusted if the mortgage balance exceeds the legal debt limitations.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
Enrolled Agent Exam [Part 1] 33, State and Local Tax (SALT) Deduction
mardi 17 février 2026 • Duration 03:18
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• The SALT deduction is capped at $10,000 per household, or $5,000 for Married Filing Separately taxpayers.
• The cap applies to the combined total of state/local income (or sales) taxes, real property taxes, and personal property taxes.
• Property taxes on business or rental properties are fully deductible on business schedules (like Schedule E) and are not subject to the personal SALT cap.
• Taxpayers must elect to deduct either state and local income taxes or state and local sales taxes, not both.
• State Pass-Through Entity Tax (PTET) elections are a workaround that shifts the tax payment to the business entity, bypassing an individual's $10,000 limit.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
Enrolled Agent Exam [Part 1] 32, Medical and Dental Expenses
lundi 16 février 2026 • Duration 04:30
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• Medical expenses are only deductible to the extent they exceed 7.5% of your Adjusted Gross Income (AGI).
• Qualified expenses include insurance premiums paid with after-tax dollars, long-term care premiums up to age-based limits, and medical mileage.
• A capital expenditure for medical care is only deductible for the amount exceeding the increase in the home's value.
• Non-deductible items are common exam traps, including elective cosmetic surgery, gym memberships, and over-the-counter medicines without a prescription.
• You cannot deduct expenses that have been reimbursed by insurance or paid with pre-tax dollars, such as through an employer-sponsored plan.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
Enrolled Agent Exam [Part 1] 31, Itemized Deductions - Overview
dimanche 15 février 2026 • Duration 04:11
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• Itemize on Schedule A only when total deductions exceed the standard deduction, which for 2025 is $15,750 for single filers.
• Medical expense deductions are limited; only the amount exceeding 7.5% of your Adjusted Gross Income (AGI) is deductible.
• The State and Local Tax (SALT) deduction, including property and income or sales taxes, is capped at $10,000 per household annually.
• Home mortgage interest is only deductible on acquisition debt up to $750,000 for mortgages taken out after December 15, 2017.
• Bunching is an exam-tested strategy where taxpayers consolidate deductible expenses into one year to surpass the standard deduction threshold.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
Enrolled Agent Exam [Part 1] 30, Moving Expenses for Armed Forces
samedi 14 février 2026 • Duration 04:13
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• The moving expense deduction is exclusively for active-duty Armed Forces members on a Permanent Change of Station (PCS); civilian moving costs are not deductible.
• The old distance and time tests do not apply to qualifying military moves.
• Deductible costs are unreimbursed expenses for moving household goods and personal travel, including lodging and transportation mileage.
• An extremely common exam trap is the inclusion of meals; the cost of meals during a move is never deductible.
• Use the mnemonic "PCS: Pack, Cars, Sleep" to remember the move must be a Permanent Change of Station and deductible costs include moving goods (Pack), transportation (Cars), and lodging (Sleep), but not meals.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
Enrolled Agent Exam [Part 1] 29, Educator Expenses Deduction
vendredi 13 février 2026 • Duration 03:02
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• The Educator Expense Deduction is an 'above-the-line' adjustment, not an itemized deduction.
• An 'eligible educator' must teach in a K-12 school for at least 900 hours per school year.
• The deduction is capped at $300 per educator, with a $600 limit for married couples if both spouses are qualifying educators.
• Qualifying expenses include classroom supplies and professional development, and are only deductible if unreimbursed.
• Common exam traps involve non-eligible educators (like preschool teachers) and misinterpreting the $600 limit for married couples.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
Enrolled Agent Exam [Part 1] 28, Student Loan Interest Deduction
jeudi 12 février 2026 • Duration 03:17
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• The student loan interest deduction is an "above-the-line" adjustment, available even if you don't itemize.
• The maximum deduction is the lesser of $2,500 or the actual interest paid per return, per year.
• The deduction is subject to strict Modified Adjusted Gross Income (MAGI) phase-out rules that are frequently tested.
• Only the person legally obligated to repay the loan can claim the deduction, regardless of who actually makes the payment.
• A loan only qualifies if it was for an eligible student, enrolled at least half-time, at an eligible educational institution.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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