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Description Term Answer Adjustments This is used to calculate limits for certain itemized deductions. A....

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Accounting

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Description Term Answer Adjustments This is used to calculate limits for certain itemized deductions. A. Adjusted gross This can be claimed if taxpayer provides more than half their . support income Taken against gross income, they result in AGI Deductions C. This is mortgage interest expense. Standard deduction D. This is adjusted annually for changes in cost of living E. Itemized deduction F. Examples of this term include charitable deductions, state and local Exemption taxes, and moving expenses Itemized deduction G. This term equals gross income less adjustments. example This term refers to allowable expenses that are deducted from AGI. Capital gains tax . categories Reduce AGI by the standard deduction and allowable exemptions. Steps to AGI I. This is taxed as ordinary income if held less than 12 months. Steps to taxable J. income T When preparing a tax return, it is important to complete each step in the order prescribed. Click in each entry field then type the pre Step A: Determine Adjusted Gross Income Less Equals Less Larger of itemized deductions or standard deduction Step B: Calculate Taxable Income Less Equals Calculate tax using tax tables or tax rate schedules Step C:Calculate Tax Liability Less Plus Equals

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