Ms. Noteboom, a single taxpayer, projects that she will incur about $13,500 of expenses qualifying as...
Ms. Noteboom, a single taxpayer, projects that she will incur about $13,500 of expenses qualifying as itemized deductions in both 2019 and 2020. Assuming that her standard deduction is $12,200 in both years, compute the effect on taxable income for each year if she can shift $2,500 of deductible expenses from 2019 and 2020.
Homework Answers
| In 2019 the itemwize deduction exceeds standard deduction by (13500-12200)=$1300 | ||||||||
| So if there is a shift of $2500 of deductible expenses into 2020 than there is increase in taxable in 2019 by $1300 only | ||||||||
| He will take standard deduction in 2019 | ||||||||
| The shift will decrease taxable income in 2020 by $2500 (13500 itemwize deduction+2500 additional deduction) | ||||||||
| Hence we can say | ||||||||
| In 2019 the taxable income increase by $1300 | ||||||||
| In 2020 the taxable income decrease by $2500 | ||||||||
| If any doubt please comment | ||||||||
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Ms. Noteboom, a single taxpayer, projects that she will incur
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