ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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contributions to charitable organizations.
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certain medical expenses.
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rent expense.
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interest paid on a home mortgage or home equity loan.
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Detailed explanation-1: -Standard deduction and itemized deductions. Deductible nonbusiness taxes. Personal Property tax. Real estate tax. Sales tax. Charitable contributions. Gambling loss. Miscellaneous expenses. More items •11-Jan-2023
Detailed explanation-2: -Retirement contributions. Charitable donations. Mortgage interest deduction. Interest on college education costs. Self-employment expenses.
Detailed explanation-3: -Personal Expenses. As mentioned above, ordinary expenses related to personal or family expenses aren’t deductible. Political Contributions. Commuting Expenses. Certain Gifts. Travel Expenses for Extra Travelers. Anything Illegal. Meals and Entertainment. 01-Mar-2023
Detailed explanation-4: -Personal Exemption. The personal exemption is one of the most common tax deductions. Standard Deduction. Another common tax deduction is the standard deduction. Charitable Contributions. Mortgage Interest. Tax-Advantaged Account Contributions.