Tax-deductible causes, Approximately $1800 in property

Tax-deductible causes

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Reference no: EM131856598

It's December and Dana and Sam are trying to decide whether they need to start keeping all their receipts starting in January. They qualify for a standard deduction of $11,400. They expect to pay approximately $6,600 in interest on their mortgage (they made an amortization table to calculate that), approximately $1800 in property taxes for their house and cars, $2400 in state income taxes, and donate $500 to tax-deductible causes. Do you think they should save their receipts? In a paragraph, explain why or why not, and back up your reasoning with calculations.

Reference no: EM131856598

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