Practice Interview Questions

question 67

Multiple Choice

Practice interview questions:

• A) Are not important
• B) Ensure you will not include personal examples in your answers
• C) Identify common interview questions
• D) All of the above

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Definitions:

Itemized Deductions

Expenses that taxpayers can subtract from their taxable income, detailed on Schedule A of the tax return.

AGI

Adjusted Gross Income, a measure of income calculated from your gross income and used to determine how much of your income is taxable.

Qualified Mortgage Interest

Interest paid on a mortgage that is eligible for tax deduction within the limits set by the IRS.

At-risk Rules

These are tax rules designed to limit the amount of deductible losses from businesses or income-producing activities to the amount the taxpayer has at risk.