Financial literacy is one of the most important factors determining success in both personal development and business. Ensuring financial stability
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In this scenario, u are not married and do not have kids. Being employed as a managing director of ur limited liability company, u provided 100% on ur own and earned $48,000 last year. u have decided not to distribute the profits of ur company. u sold a car that u had bought 3 years ago and got $500 as a long-term capital loss (Schedule D is not required). Additionally, u received $300 in interest on state bonds and $200 in interest on money market accounts. During the year, u had the following expenses: • Medical and dental expenses - $4,200; • State and local income taxes - $2,300; • State and local real estate taxes - $2,000; • Home mortgage interest - $3,800 (you have indicated this amount in Form 1098); • Mortgage insurance premiums - $400; • Charitable contribution to United Way of America made by check - $200; • Federal income tax withheld $4,203.
1) Fill out ur tax return for the 2022 tax year.
2) You will have to define the amount of ur deductions. Note that you can only use the deduction (either standard deduction or itemized deductions) that has the highest value.
3) In order to find out how much the Standard Deduction that you are eligible for is, you can complete a short test "How Much Is My Standard Deduction?"
4) Fill out Form 1040 to calculate Itemized Deductions. When the template is completed, save it as a PDF.
5) make brief notes on what a person could do to reduce the amount of federal income tax liability. find information on applicable deductions and tax rates
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Chapter # 20
Posted Date: September 30, 2023 01:02:00