Qualified medical expenses $8,000 Investment interest expense 17,000 Other investment activity expenses 8,000 Qualified residence interest 12,500 Interest on loan on a personal auto 2,100 Charitable contributions 3,400 State income tax paid 7,100 State sales tax paid 4,700 Property taxes 3,800 Tax return prepara

B Corporation, a calendar year-end, accrual-basis taxpayer, is owned 75 percent by Bonnie, a cash-basis taxpayer. On December 31, 2022, the corporation accrues interest of $4,000 on a loan from Bonnie and also accrues a $15,000 bonus to Bonnie. The bonus is paid to Bonnie on February 1, 2023; the interest is not paid until 2024. How much can B Corporation deduct on its 2023 tax return for these two expenses? a. $15,000 b. $19,000 c. $4,000 d. $0 e. $12,000

Sam, a taxpayer age 45, has the following expenses that he wants to include as itemized deductions for the year. His adjusted gross income is $50,000. What is the total itemized deduction he can take? (Show all work.) Medical expenses $4,500 Home mortgage interest $8,000 Credit card interest $450 Charitable contributions $1,500 State property taxes $2,400 Job-related expenses $1,900

On November 1 of this year, Jaxon borrowed $42,000 from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid interest of $3,780 relating to the 12-month period from November of this year through October of next year.  How much interest, if any, can Jaxon deduct this year if his business uses the cash method of accounting for tax purposes?

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Ms. Zhao has $200,000 private activity municipal bond interest income from The City of Indianapolis. Ms. Zhao's only other income for the year is her $600,000 salary and Mr. Zhao has a $400,000 salary. Furthermore, both Ms. and Mr. Zhao, married, are 50 years old, file a joint return, have no dependents, and have $27,000 itemized deductions. Compute the Zhao's tentative minimum tax for the current year.

W is single. The following amounts were reported on her 2020 income tax return: Wages $40,000, net loss from a sole proprietorship ($70,000), a net long-term capital gains from selling stock $10,000, dividend income $5,000, interest income $4,000, itemized deductions as follows: interest to purchase her home, ($20,000), state income tax ($8,000). and medical expenses ($15,000). W also had a net loss of ($30,000) from selling 1244 stock. Taxable income shown on the return was a negative ($84,000). Not included in taxable income was $1,000 of tax-exempt interest income. Using this information, you are to calculate W's net operating loss. NOL = ($41,000) %3D NOL = ($30,000) NOL = ($84,000) The correct answer is not shown NOL = ($60,000)

Mike (a single taxpayer ) paid $12,000 of medical expenses in 2022. His AGI in 2022 was $70,000 . His other itemized deductions (charitable contributions) were $12,900. Mike is reimbursed $8,000 for these medical expenses in 2023. What amount of the $8,000 refund is taxable in 2023?

A man earned wages of $35,000, received $2,500 in interest from a savings account, and contributed $3,800 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3,200 and had deductions totaling $5,220. Find his taxable income.

Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2023 and 2024), Trevor expects to report salary of $98,000, contribute $8,600 to charity, and pay $3,250 in state income taxes. Required: a. Estimate Trevor's taxable income for 2023 and 2024 using the 2023 amounts for the standard deduction for both years.