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ACC307 Federal Taxation "Deductions" Please respond to the following (one paragraph only): · A couple comes into your office for a consultation regarding their personal taxes. They make $178,000...

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ACC307 Federal Taxation

"Deductions" Please respond to the following (one paragraph only):

· A couple comes into your office for a consultation regarding their personal taxes. They make $178,000 combined but want to discuss some potential deductions. They inform you they may have new capital losses, depreciation of capital assets, and may have tax credits. Describe the possible deductions and the specific information you may need to complete their taxes on these issues. Also, explain how these issues may affect their tax bracket.

Answered Same Day Dec 26, 2021

Solution

David answered on Dec 26 2021
116 Votes
The tax rates in US are based on the taxable income earned by the assesse. There are different slabs on
taxable income that charged with different tax rates. Further these slabs are dependent on the status of
the assesse i.e., whether he is filing single, ma
ied filing jointly or ma
ied filing separately and so on.
The couple is entitled to claim personal exemption of $4050 in 2016 for each spouse i.e., the ma
ied
can claim two personal...
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