propert tributions. Doug is taxe
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Itemized Deductions. During 2021, Doug incurs the following deductible expenses:
$2,300 in state income taxes, $3,000 in local property taxes, $800 in medical expenses,
and $2,000 in non-cash charitable contributions. Doug is 33, single, has no dependents,
and has $35,000 AGI for the year. What is the amount of Doug's taxable income?
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So why would we not use standard deduction?
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