Tag Archives: deductible taxes

Explain the Federal income tax treatment of property taxes, state and local income taxes, and sales taxes.

Chapter Introduction After completing Chapter 10, you should be able to: ⦁ LO.1Distinguish between deductible and nondeductible personal expenses. ⦁ LO.2Define medical expenses and compute the medical expense deduction. ⦁ LO.3Contrast deductible taxes with nondeductible fees, licenses, and other charges. ⦁ LO.4Explain the Federal income tax treatment of property taxes, state and local income taxes, […]