An Expense That Would Be Included in the Itemized Deductions

question 106

Multiple Choice

An expense that would be included in the itemized deductions of a taxpayer is:

• A)personal postage expenses.
• B)life insurance premiums.
• C)real estate property taxes.
• D)retirement plan contributions.
• E)annual interest paid on credit cards.

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Definitions:

Enabling Legislation

Laws passed by a legislative body that grant specified powers or authority to an entity or individual to carry out specific actions.

Administrative Procedure Act

A U.S. federal statute that governs the way administrative agencies of the federal government may propose and establish regulations.

Sunset Legislation

Laws that are designed to expire on a specific date unless renewed by the legislature, used to ensure periodic review of their necessity and effectiveness.

Congressional Review

The process by which Congress can nullify regulations made by government agencies within a certain timeframe after the rules have been presented to it.