State the reason for which the deductions for adjusted gross income are usually more advantageous than deductions from adjusted gross income.

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Answer 1

Question

Chapter 5, Problem 1DQ

To determine

State the reason for which the deductions for adjusted gross income are usually more advantageous than deductions from adjusted gross income.

Expert Solution & Answer

Explanation of Solution

Even though both types of deductions decrease taxable income, deductions for adjusted gross income are constantly deductible.
Those taxpayers who acquire allowable deductions from adjusted gross income might not obtain the complete benefit of the deduction.
First, even if an allowable expense might be suffered, if the total itemized deductions of the taxpayer do not exceed the amount of standard deduction, then the taxpayer deducts the standard deduction and does not obtain any advantage from the allowable expenses.
Second, most of the deductions are prone to restrictions depending on the adjusted gross income of the taxpayer. For instance, usually the deduction for medical expenses is decreased by 7.5% of the adjusted gross income of the taxpayer.
Therefore, most of the allowable deductions from adjusted gross income are not deducted completely. Finally, provided the reduction depending on adjusted gross income, any deductions for adjusted gross income is the impact of making the allowable deductions from adjusted gross income bigger.

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Answer 2

Question

Chapter 5, Problem 1DQ

To determine

State the reason for which the deductions for adjusted gross income are usually more advantageous than deductions from adjusted gross income.

Expert Solution & Answer

Explanation of Solution

Even though both types of deductions decrease taxable income, deductions for adjusted gross income are constantly deductible.
Those taxpayers who acquire allowable deductions from adjusted gross income might not obtain the complete benefit of the deduction.
First, even if an allowable expense might be suffered, if the total itemized deductions of the taxpayer do not exceed the amount of standard deduction, then the taxpayer deducts the standard deduction and does not obtain any advantage from the allowable expenses.
Second, most of the deductions are prone to restrictions depending on the adjusted gross income of the taxpayer. For instance, usually the deduction for medical expenses is decreased by 7.5% of the adjusted gross income of the taxpayer.
Therefore, most of the allowable deductions from adjusted gross income are not deducted completely. Finally, provided the reduction depending on adjusted gross income, any deductions for adjusted gross income is the impact of making the allowable deductions from adjusted gross income bigger.

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Answer 3

Question

Chapter 5, Problem 1DQ

To determine

State the reason for which the deductions for adjusted gross income are usually more advantageous than deductions from adjusted gross income.

Expert Solution & Answer

Explanation of Solution

Even though both types of deductions decrease taxable income, deductions for adjusted gross income are constantly deductible.
Those taxpayers who acquire allowable deductions from adjusted gross income might not obtain the complete benefit of the deduction.
First, even if an allowable expense might be suffered, if the total itemized deductions of the taxpayer do not exceed the amount of standard deduction, then the taxpayer deducts the standard deduction and does not obtain any advantage from the allowable expenses.
Second, most of the deductions are prone to restrictions depending on the adjusted gross income of the taxpayer. For instance, usually the deduction for medical expenses is decreased by 7.5% of the adjusted gross income of the taxpayer.
Therefore, most of the allowable deductions from adjusted gross income are not deducted completely. Finally, provided the reduction depending on adjusted gross income, any deductions for adjusted gross income is the impact of making the allowable deductions from adjusted gross income bigger.

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Answer 4

Question

Chapter 5, Problem 1DQ

To determine

State the reason for which the deductions for adjusted gross income are usually more advantageous than deductions from adjusted gross income.

Expert Solution & Answer

Explanation of Solution

Even though both types of deductions decrease taxable income, deductions for adjusted gross income are constantly deductible.
Those taxpayers who acquire allowable deductions from adjusted gross income might not obtain the complete benefit of the deduction.
First, even if an allowable expense might be suffered, if the total itemized deductions of the taxpayer do not exceed the amount of standard deduction, then the taxpayer deducts the standard deduction and does not obtain any advantage from the allowable expenses.
Second, most of the deductions are prone to restrictions depending on the adjusted gross income of the taxpayer. For instance, usually the deduction for medical expenses is decreased by 7.5% of the adjusted gross income of the taxpayer.
Therefore, most of the allowable deductions from adjusted gross income are not deducted completely. Finally, provided the reduction depending on adjusted gross income, any deductions for adjusted gross income is the impact of making the allowable deductions from adjusted gross income bigger.

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Answer 5

Chapter 5, Problem 1DQ

To determine

State the reason for which the deductions for adjusted gross income are usually more advantageous than deductions from adjusted gross income.

Expert Solution & Answer

Explanation of Solution

Even though both types of deductions decrease taxable income, deductions for adjusted gross income are constantly deductible.
Those taxpayers who acquire allowable deductions from adjusted gross income might not obtain the complete benefit of the deduction.
First, even if an allowable expense might be suffered, if the total itemized deductions of the taxpayer do not exceed the amount of standard deduction, then the taxpayer deducts the standard deduction and does not obtain any advantage from the allowable expenses.
Second, most of the deductions are prone to restrictions depending on the adjusted gross income of the taxpayer. For instance, usually the deduction for medical expenses is decreased by 7.5% of the adjusted gross income of the taxpayer.
Therefore, most of the allowable deductions from adjusted gross income are not deducted completely. Finally, provided the reduction depending on adjusted gross income, any deductions for adjusted gross income is the impact of making the allowable deductions from adjusted gross income bigger.

Answer 6

Chapter 5, Problem 1DQ

To determine

State the reason for which the deductions for adjusted gross income are usually more advantageous than deductions from adjusted gross income.

Expert Solution & Answer

Explanation of Solution

Even though both types of deductions decrease taxable income, deductions for adjusted gross income are constantly deductible.
Those taxpayers who acquire allowable deductions from adjusted gross income might not obtain the complete benefit of the deduction.
First, even if an allowable expense might be suffered, if the total itemized deductions of the taxpayer do not exceed the amount of standard deduction, then the taxpayer deducts the standard deduction and does not obtain any advantage from the allowable expenses.
Second, most of the deductions are prone to restrictions depending on the adjusted gross income of the taxpayer. For instance, usually the deduction for medical expenses is decreased by 7.5% of the adjusted gross income of the taxpayer.
Therefore, most of the allowable deductions from adjusted gross income are not deducted completely. Finally, provided the reduction depending on adjusted gross income, any deductions for adjusted gross income is the impact of making the allowable deductions from adjusted gross income bigger.

Answer 7

Chapter 5, Problem 1DQ

To determine

State the reason for which the deductions for adjusted gross income are usually more advantageous than deductions from adjusted gross income.

Answer 8

Expert Solution & Answer

Explanation of Solution

Even though both types of deductions decrease taxable income, deductions for adjusted gross income are constantly deductible.
Those taxpayers who acquire allowable deductions from adjusted gross income might not obtain the complete benefit of the deduction.
First, even if an allowable expense might be suffered, if the total itemized deductions of the taxpayer do not exceed the amount of standard deduction, then the taxpayer deducts the standard deduction and does not obtain any advantage from the allowable expenses.
Second, most of the deductions are prone to restrictions depending on the adjusted gross income of the taxpayer. For instance, usually the deduction for medical expenses is decreased by 7.5% of the adjusted gross income of the taxpayer.
Therefore, most of the allowable deductions from adjusted gross income are not deducted completely. Finally, provided the reduction depending on adjusted gross income, any deductions for adjusted gross income is the impact of making the allowable deductions from adjusted gross income bigger.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 5 - Prob. 1DQ Ch. 5 - Why does the computation of adjusted gross income...Ch. 5 - Prob. 3DQ Ch. 5 - Prob. 4DQ Ch. 5 - Prob. 5DQ Ch. 5 - Prob. 6DQ Ch. 5 - Prob. 7DQ Ch. 5 - Prob. 8DQ Ch. 5 - Prob. 9DQ Ch. 5 - What is the difference between a trade or business...

State the reason for which the deductions for adjusted gross income are usually more advantageous than deductions from adjusted gross income.

State the reason for which the deductions for adjusted gross income are usually more advantageous than deductions from adjusted gross income.

Explanation of Solution

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