Scenario 2

In: Business and Management

Submitted By MonicaMonica5
Words 719
Pages 3
"Gross Income Inclusions and Exclusions Scenario" Please respond to the following:

It is possible that taxpayers unfamiliar with the tax code may not be aware of the deductions and credits available, and therefore, rely on tax experts to identify what information or documents they need to collect to reduce their tax liability. From the scenario, discuss other major tax considerations that could impact the exclusion of the home office expenses and alimony payments in order to determine what data to collect from Mr. Charles to prepare an accurate tax return. Determine what other key deductions and credits, based on the circumstances, Mr. Charles should consider. Provide a rationale for your response.

I believe that it is true that not all taxpayers are familiar with tax codes, but in Mr. Charles case he needed to meet certain requirements. As for his home office expense, the amount he would be able to deduct depends on the percentage of use in his home for business. Most deduction for some expenses will be limited if his gross income from his business is less than his total business expense.
One fact that I found interesting is deducting alimony payments if the alimony includes child support. Child support alone cannot be deducted from your taxable income.

Since interest is taxable from a variety of sources, such as from bank accounts and loans made to other parties, suggest at least two (2) sources of interest that may be taxable in addition to bank loans and individual loans. Provide specific examples of such sources.

Sources of interest that maybe taxable in addition to bank loans and individual loans are:
Investments such as government or corporate bonds and Certificates of deposit or money market accounts, also bank savings accounts. Government bond is a bond issued by a national government, generally with a promise to pay periodic interest…...

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