Why might someone choose to use itemized deductions instead of taking the standard deduction offered by the IRS?
A) It is easier to calculate your itemized deductions versus the standard deduction.
B) You may have a lower tax liability if you itemize instead of using the standard deduction.
C) Married taxpayers must use the itemized deductions only.
D) Most computer tax software automatically itemizes deductions.
E) both B and C are correct.
Correct Answer:
Verified
Q34: Contributing $2,000 into a tax-deferred retirement plan
Q35: The amount of income taxes that you
Q36: Wilma Rudolph was given a cost of
Q37: According the Keown book,most taxes-about _ of
Q38: The percentage of the last dollar you
Q40: An IRS-allowed reduction in your income for
Q41: Understanding how tax planning affects your personal
Q42: AGI stands for?
A)Allowed granted income
B)Adjusted gross interest
C)Adjusted
Q43: If you are self-employed,you have to pay
Q44: Name the categories of filing status.
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents