Mary is self-employed and incurs ($3,600) of business-related travel and entertainment expenses during 2023 in which she

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Mary is self-employed and incurs $$3,600$ of business-related travel and entertainment expenses during 2023 in which she was away from home overnight. These business expenses include the following:

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Mary also pays $$1,000$ of investment counseling fees and $$500$ of tax return preparation fees in the current year.

a. What is the total amount of Mary’s deductible expenses for 2023?

b. Are the deductible expenses classified as for AGI or from AGI?

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Pearsons Federal Taxation 2024 Individuals

ISBN: 9780138238100

37th Edition

Authors: Mitchell Franklin, Luke E. Richardson

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Question Posted: Apr 06, 2024 12:01 AM

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Mary is self-employed and incurs ($3,600) of business-related travel and entertainment expenses during 2023 in which she

Question:

Airfare Taxi fare Meals eaten alone while away from home on business Laundry Lodging Business meals with customers at which business is discussed Entertainment of customers Total $1,500 100 300 50 650 500 500 $3,600

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Pearsons Federal Taxation 2024 Individuals

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