The year is 2020 Net Sch C Sole Proprietorship Income of $220,000 (tax return business). Tom Smith, age 40, is single and has the following income:

Interest income of $10,000
Hobby income from dog training of $2,000
 
Tom has one child, a 12 year old daughter named Tammy. Tammy lives for the entire year with Tom, who provides 100% of her support.


Tom also has the following expenses in 2020:

State income taxes of $14,000
Real estate taxes of $8,000
Alimony paid of $22,000 (per divorce agreement signed in 2016)
Interest expense of $16,000 from a bank loan. Tom immediately deposited the loan proceeds in his personal bank account where it remained for the entire year.
Interest expense of $60,000 from a loan, secured by his home. The proceeds of this loan were used to purchase his home in 2015. This loan balance at end of 2019 was $1,500,000.
Noncash contributions to charities
Stock A purchased three years ago, FMV $12,000, Basis $10,000
Stock B purchased ten months ago, FMV $15,000, Basis $10,000
Stock C purchased two months ago, FMV $8,000, Basis $10,000
Hobby expenses of $4,500, advertising expenses for his dog training
Medical expenses to build an elevator in his home (doctor ordered). Cost is $23,000 and is expected to increase the value of the home by $2,000
Medical expenses for travel for Tom to see a heart doctor for extensive tests in a Florida hospital. Because he could not get a baby sitter, Tammy accompanied him. There was no medical need for her presence. He spent $2,000 on airfare ($1,000 on his ticket, $1,000 on Tammy's) and ten days in a hotel for him and Tammy for $1,100 ($110/ per night).
 

Calculate Tom's taxable income and regular federal tax after all applicable credits, minimizing his current year tax as much as the tax law allows. Include any applicable Sec. 199A deduction.  Ignore the impact of self-employment tax and AMT tax. Be sure to disclose any carryovers to next year.