2022 Federal/State Tax Practice Questions:

8. Itemized Deductions Reported in Schedule A or Mentioned IN Intake Form are: a. Medical and dental expenses b. Gifts to Charity c. Interest on Mortgage d. All of the above e. Only a and c above. 9. T/F. Deferral of legitimate tax is the goal of a tax planner because of time value of money. 10. Mendaline was sick and her Medical Doctor prescribed: Antibiotics $40; insulin $50; iron and calcium supplements $70; and beauty products of $80. Medeline can deduct as medical expenses a. $90 b. 160 c. 170 d. $240 e. None of the above. 11. T/F. Deductions for aadjusted gross income can be claimed whether or not the taxpayer itemizes. 12. Miscellaneous Deductions formerly included in Schedule A include: a. costs paid to collect taxable income b. costs paid to protect income producing property c. cost spent to determine the actual amount of refund d. all of the above e. Only a and b above. 13. T/F. If itemized deductions are more than standard deductions, they provide no tax benefits to the taxpayer. 8. Itemized Deductions Reported in Schedule A or Mentioned IN Intake Form are: a. Medical and dental expenses b. Gifts to Charity c. Interest on Mortgage d. All of the above e. Only a and c above. 9. T/F. Deferral of legitimate tax is the goal of a tax planner because of time value of money. 10. Mendaline was sick and her Medical Doctor prescribed: Antibiotics $40; insulin $50; iron and calcium supplements $70; and beauty products of $80. Medeline can deduct as medical expenses a. $90 b. 160 c. 170 d. $240 e. None of the above. 11. T/F. Deductions for aadjusted gross income can be claimed whether or not the taxpayer itemizes. 12. Miscellaneous Deductions formerly included in Schedule A include: a. costs paid to collect taxable income b. costs paid to protect income producing property c. cost spent to determine the actual amount of refund d. all of the above e. Only a and b above. 13. T/F. If itemized deductions are more than standard deductions, they provide no tax benefits to the taxpayer