1040 Preparation and Planning 3: Deductions (2015 Edition) (00677795, 2015 Edition)

The third course in this series looks at the deductions that taxpayers are permitted to take to reduce their tax. This course covers adjustments to gross income, the standard deduction, and itemized deductions for medical expenses, taxes, interest, charitable contributions, and miscellaneous itemized deductions. 

final exam score: 

final exam status: 

90%

Question 9

Incorrect

A taxpayer has dental work done in December 2014 and charges the expenses to his credit card. None of the work is covered by insurance. He pays the charge bill in January 2015. He should:

 Deduct the expenses in 2014 using his AGI for 2014

 (You Answered) Deduct the expenses in 2015 using his AGI for 2014

 Deduct the expenses in 2014 using his AGI for 2015

 Not deduct anything in 2014 or 2015 

Question 11

Incorrect

All of the following taxes could be deductible as itemized deductions except:

 FICA paid by an employee on his/her wages 

 Local property tax

 Ad valorem personal property tax

 (You Answered) Foreign income taxes