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***** The Impact of Significant Donations Wages:...

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Accounting

*****
The Impact of Significant Donations
Wages: Thomas ($98,000), Emily ($32,000)
Long-term Capital Gains: $45,000
Interest and Dividend Income: $800
QBI: None
Itemized Deductions: $15,000(before charitable donations)
Allowable deduction for self-employment tax: None
Additional Information:
Cash Donation to Qualified Charity: $30,000
Calculate:
AGI, Taxable Income, Potential Child Tax Credits, Total Tax Liability
Explore strategies to maximize the tax benefit of the large donation (carryovers, etc.)
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