live’s daughter Polly suffers from a rare illness. During the current year, Olive drove Polly to see a specialist in another state 20 times. Each trip was 325 miles each way and required an overnight stay in a hotel that costs $80 per night. Olive and Patty spent a very reasonable $600 for meals, approximately $40/night for dinner and $15/day for breakfast. Olive’s AGI is $25,000. What is her medical expense deduction for the current year (assume the mileage rate is 16¢ per mile in 2021 and she itemizes)? $0 $1,805 $1,875 $3,680
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
live’s daughter Polly suffers from a rare illness. During the current year, Olive drove Polly to see a specialist in another state 20 times. Each trip was 325 miles each way and required an overnight stay in a hotel that costs $80 per night. Olive and Patty spent a very reasonable $600 for meals, approximately $40/night for dinner and $15/day for breakfast. Olive’s AGI is $25,000. What is her medical expense deduction for the current year (assume the mileage rate is 16¢ per mile in 2021 and she itemizes)?
- $0
- $1,805
- $1,875
- $3,680
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