https://file.aiquickdraw.com/mathbot/file/1727739802707l02m0h3s.jpg

To determine Canon's deduction for tax year 2020, we need to compare the standard deduction for an individual with their itemized deductions.

### Step 1: Standard Deduction
From the table, the standard deduction for a single filer is $12,400.

### Step 2: Itemized Deductions
The given itemized deductions are:
- $6,000 for educational expenses
- $3,000 for charitable contributions
- $1,600 for property taxes

Total itemized deductions = $6,000 + $3,000 + $1,600 = **$10,600**

### Step 3: Comparison
- Standard deduction: $12,400
- Itemized deductions: $10,600

Since the standard deduction of **$12,400** is greater than the itemized deduction of $10,600, Canon should choose the standard deduction for 2020.

Thus, Canon's deduction is **$12,400**.

Would you like further details or have any other questions? Here are 5 related questions you might find helpful:
1. What qualifies as an itemized deduction for tax purposes?
2. How does the standard deduction change based on filing status?
3. Can educational expenses always be deducted from taxes?
4. What are the benefits of itemizing deductions instead of taking the standard deduction?
5. How does charitable giving affect tax liability?

**Tip:** Always compare your itemized deductions to the standard deduction to determine the best tax benefit for your situation.

For tax year 2020, Canon will file taxes as an individual. If they itemize deductions, they will have the following deductions available: $6,000 in educational expenses, $3,000 in charitable contributions, and $1,600 in property taxes. What is the amount of Canon's 2020 deduction?

Learn how to calculate whether to take the standard deduction or itemize deductions for 2020. In this case, Canon compares a $12,400 standard deduction to itemized deductions totaling $10,600.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation