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hammer [34]
2 years ago
14

Identify some common miscellaneous itemized deductions and identify any limitations that are imposed on the deductibility of the

se items. One itemized deduction allowed is for medical expenses. In what cases are medical insurance premiums paid by an individual not deductible as qualified expenses
Business
1 answer:
a_sh-v [17]2 years ago
6 0

Answer:

The answer is below

Explanation:

Itemized deductions is an auditing or accounting terms, that  describes the various expenses that are deducted from the adjusted gross income to reduce the taxable income of an individual or the corporations. For example, job search expenses, mileage expenses, charitable expenses, and etc.

Some common miscellaneous itemized deductions are:

1.  Job search expenses: these are deductible from Adjusted Gross Income (AGI) such as travel expenses, resume preparation costs, moving costs, etc.

2.  Mileage expenses: mileage expenses is allowed by Internal Revenue Services (IRS) to be deducted from Adjusted Gross Income (AGI) for example; payments, repairs, insurance, etc.

3.  Charitable expenses: Charitable expenses are also eligible to deduct from Adjusted Gross Income (AGI) e.g. charitable gifts, donations, etc.

Limitations imposed on items which are deductible

Regardless, if it is job search expenses, mileage expenses, or charitable expenses, all are deductible if they are eligible for the deduction, and according to the IRS, the eligibility criteria are that all the expenses must exceed the 2% of AGI (Adjusted gross income).

Cases in which medical expenses are not deductible

Given that an individual or company pay the amount of medical expenses from their pocket, not from the business cost, hence, in this case, medical insurance is not deductible from the AGI.

At the same time, the insurance premium is excluded for the deduction if they exceed from the fixed amount set by the IRS, therefore, the employer-paid insurance funds cannot be deducted.

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1) Has he diversified his portfolio within the 11 sectors?

2) Does he go for capital appreciation stocks or dividend stocks?

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4 0
2 years ago
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7 0
3 years ago
Which of the following occupations is NOT included in the skilled career pathway?
larisa [96]

Answer:

C. Freelance Writer

Explanation:

Just took the test :)

6 0
3 years ago
On October 1, ABC Company receives a 9% interest-bearing note from Reese Company to settle a $20,000 accounts receivable. The no
Murrr4er [49]

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The correct answer is b. $450

Explanation:

3 0
2 years ago
Potter Corporation has gained considerable market share in recent years for its​ specialty, low-volume, complex line of​ product
Oksana_A [137]

Answer:

Potter Corporation should turn to activity-based costing.

Explanation:

Potter Corporation should change to activity-based costing. Since Its present system seems to be deforming product costs, resulting in prices of specialty products that are below average and prices of simple products that are too high. This may lead Potter to push products that produce low profit margins.

7 0
2 years ago
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