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What are billable and nonbillable hours? Why do law firms seek to maximize their billable hours?
Federal Income Taxes
Taxes levied by the U.S. federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
Itemized Deduction
involves subtracting eligible expenses from one's taxable income, instead of taking the standard deduction. These expenses are listed out or itemized on the tax return.
Schedule A
An IRS form used for itemizing deductions such as medical and dental expenses, taxes paid, interest paid, gifts to charity, and casualty and theft losses.
Qualified Residence
A primary or secondary home that meets certain IRS criteria, allowing for potential mortgage interest deductions.
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