Discuss about current tax return or future tax returns


Problem: These items can be related to the current tax return or future tax returns. You can explain why they qualified for something, how can they save on taxes, maybe qualifying for an adjustment to AGI. You prepared Daniel Bayless and Pat Harper's tax return earlier this season. After you prepare and filed Daniel's taxes, he started cleaning up some of Pat's items and found receipts that may allow them to itemize deductions in 2022. The following checks were written in the tax year being prepared. American Heart Association $150.00 American Cancer Society $150.00 March of Dimes $150.00 Linn County Treasurer(property taxes) $5,400.00 Home Mortgage Interest $4,000.00 (First Bank, 858 Bank St, Green Bay, WI 54313, 39-1874544) Funeral Expenses $15,000.00 Salvation Army $150.00 Public Broadcasting (PBS) $100.00 St. Mark Lutheran Church $6,000.00 Prescription Drugs $6,500.00 Medical mileage 500 miles Hospital bills $15,000.00 Doctor bills $10,000.00 Long-term care insurance $4,000.00 (for Daniel) None of the contributions purchased any items. They were all donations

 

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Accounting Basics: Discuss about current tax return or future tax returns
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