A single taxpayer, operates a business that produces of income before any amounts are paid to her. she has no dependents and no

Question

Mademuasel [1]

1 year ago

5

A single taxpayer, operates a business that produces of income before any amounts are paid to her. she has no dependents and no

other income. she has itemized deductions of:________

Business

1 answer:

Zolol [24] · Answer 1 · 2024-08-13T10:22:57+03:00

She has itemized deductions of Taxable income. An itemized deduction is a cost that can be deducted from your adjusted gross income (AGI) to lower your taxable income and, as a result, the amount of taxes you owe. Such deductions allow taxpayers who qualify to pay less tax than if they had taken the standard deduction.

Which is a fixed cash amount that fluctuates depending on filing status. Mortgage interest, charity gifts, and unreimbursed medical expenses are all allowable itemized deductions that may be subject to limits. An itemized deduction is a tax deduction that can be deducted from your adjusted gross income (AGI) to lower your taxable burden.

To learn more about taxable, click here.

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