Question

Which of the following is not an itemized deduction? a. Deduction for qualified business income. b....

Which of the following is not an itemized deduction?

a. Deduction for qualified business income.

b. Medical expenses.

c. State income taxes.

d. Charitable contributions.

e. None of the choices are correct.

Business   Accounting   
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Homework Answers

Answer #1

Correct answer is A.

When you’re filling out your federal tax return this year, you’ll be asked to either calculate your itemized deductions or to take the standard deduction—an amount predefined by the IRS and based upon your filing status (e.g., single or married filing jointly). If you don’t qualify to itemize deductions, you will choose the standard deduction.

The most common expenses that qualify for itemized deductions include:

  • Home mortgage interest
  • Property, state, and local income taxes
  • Investment interest expense
  • Medical expenses
  • Charitable contributions
  • Miscellaneous deductions
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