If you are filing your tax return as an individual, you will need to itemize your taxes if
(1 point)
Responses
the sum of your deductible contributions is less than $300.
the sum of your deductible contributions exceeds $300.
you don’t have any deductible contributions.
you donated to a religious institution.
What does the CARES Act allow regarding charitable contributions?
(1 point)
Responses
It allows the government to tax your charitable contributions.
It allows you to deduct $300 in charitable contributions.
It allows you to create a 501(c)(3) organization.
It allows you to deduct the price of merchandise you buy from charities.
It allows you to deduct $300 in charitable contributions.
What does the IRS stand for?
(1 point)
Responses
Internal Revenue Service
International Revenue Service
Internal Reward Service
Internal Revenue Society
Internal Revenue Service
Which is an example of a financial institution?(1 point)
Responses
a government regulatory agency of money
the IRS
a group of investors
a retail or commercial bank
a retail or commercial bank
What does it mean when a bank is FDIC insured?(1 point)
Responses
It has insurance on the building.
It has insurance on the building.
It has insurance on its investments.
It has insurance on its investments.
It guarantees that you won't lose all of your money.
It guarantees that you won't lose all of your money.
It is one of the top 100 banks in the world.
It is one of the top 100 banks in the world.
It guarantees that you won't lose all of your money.
If you are filing your tax return as an individual, you will need to itemize your taxes if the sum of your deductible contributions exceeds $300.
To determine whether you should itemize your taxes or take the standard deduction, you should compare the total amount of your deductible expenses to the standard deduction amount for your filing status. Deductible contributions, such as charitable donations, are one type of deductible expense.
In the case of deductible contributions, the threshold is $300. This means that if the total amount of your deductible contributions is less than $300, it would not be beneficial for you to itemize. Instead, you should take the standard deduction.
If the sum of your deductible contributions exceeds $300, then it is worth itemizing your taxes. This allows you to report your contributions separately and potentially reduce your taxable income by the amount of these deductions. Please note that you would still need to meet other itemization requirements, such as having sufficient deductible expenses overall.
However, it is important to consider all of your deductible expenses, not just contributions, before deciding whether to itemize. Consulting with a tax professional or using tax software can help you accurately determine whether itemizing or taking the standard deduction is more advantageous for your specific tax situation.