Research which expenses in your budget may be tax- deductible. For example, your charitable contributions...
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Accounting
Research which expenses in your budget may be tax- deductible. For example, your charitable contributions to 501(c)3 are tax- deductible you itemize your deductions), as may be part of your rent if there is a dedicated space within your home or apartment used exclusively for your business .
1. List these tax- deductible expenditures and the deductible amount on Excel Sheet
2. Below the list of deductible expenses , re- configure your taxes and net income : Subtract your deductible expenses from your gross income to determine your Gross Income ( AGI). Then recalculate your taxes based on the AGI.
3. Subtract your taxes from your Gross Income to determine your updated net income . Please use formulas for your calculations .
Tax calculations should be listed for each type of tax. Please submit this as an excel workbook -a continuance from your previous work
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