Welcome future CPA\'s! You have a client, Mr. Tax, and he is asking you about th

Question

Welcome future CPA's! You have a client, Mr. Tax, and he is asking you about the deductions he can take on his tax return. Mr. Tax does not like paying taxes, and he is ashamed of his last name. As a CPA, you have to explain to him two tax deductions he can take on this return. Please discuss them in this post. Before you do that, please discuss Mr. Tax's background (i.e. single, divorced, saving for retirement (IRA)), so you can prove to the class that he is eligible to take those tax deductions.

Explanation / Answer

He can take two tax deductions like sales taxes, health insurance Premiums. There are many other tax deductions as well. After divorce childs medical bills can be included as medical expense deduction even if he oe she is not the custodial parent.

For individual single there are deductions like insurance, educational loan, interest on deposits as per permissible limits.

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