Congress allows individual taxpayers to claim a variety of deductions for adjusted gross income (AGI). These include deductions for business activities as well as deductions for specific activities, such as alimony payments paid pursuant to divorce or retirement savings. In addition to these, there are itemized deductions to subsidize specific types of activities.
Respond to the following in a minimum of 175 words:
List 3 types of itemized deductions for AGI.
Discuss each type of itemized deduction.
In 2018, the IRS enacted a $10,000 limit on the itemized deduction for state and local taxes. Do you think this was a favorable step for the taxpayers? Explain your reasoning.
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