Essay
Denise (a single taxpayer)contributes $6,000 annually to her church.In addition,she owns a home in which she has $20,000 equity,and she itemizes deductions.If she pays $1,000 interest on credit cards,$6,000 interest on her home equity loan,and is in the 25% marginal tax bracket,calculate Denise's tax savings from these interest payments.
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$6,000 × 0.25 = $1,5...View Answer
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