+1-415-670-9189
info@expertsmind.com
Impact the amount of the itemized deduction claimed
Course:- Taxation
Reference No.:- EM13870084




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Taxation

Question: Maximizing Itemized Deductions" Please respond to the following:

After reviewing the scenario, recommend at least two (2) tax-planning strategies that taxpayers could implement in order to ensure that the itemized deductions exceed their standard deductions, including those deductions that do not require itemization in order to reduce tax liability. Provide support for your recommendation.

Identify at least two (2) deductions that impact the amount of the itemized deduction claimed, and suggest at least two (2) tax-planning strategies for maximizing such deductions. Provide specific recommendations

Answered:-

Verified Expert


Preview Container content

In the current time, different tax planning strategies and methods are used by the taxpayers in the different situations or conditions. In the same way, there are a wide range of tax-planning strategies that taxpayers could implement keeping in mind the end goal to guarantee that the itemized deductions surpass their standard deductions, including those deductions that don't require organization with a specific end goal to decrease tax liability. For instance, the citizen can exploit employer’s Section 125 cafeteria arrangement, 401(k) arrangement,health reimbursement arrangement (HRA), or health savings account (HSA). These are the plan that can help an individual taxpayer in the situation when the itemized deductions exceed their standard deductions.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Taxation) Materials
If the income tax rate is 30% and the amount of income taxes paid would be $225 greater if the LIFO assumption were used, what would be the amount of income before taxes und
Is Quail subject to Federal income tax? If so, calculate the liability. Arthur Morgan, the treasurer of Roadrunner, has contacted you regarding minimizing or eliminating Q
Go into your community with a camera and gather evidence to create a Microsoft PowerPoint presentation of progress made toward the achievement of civil rights of these and ot
Describe how underpayment penalty is calculated. What determines if a taxpayer is required to file a tax return? If a taxpayer is not required to file a tax return, does t
The Corporation wrote off $10,000 in accounts receivable as uncollectible during the year - regular tax depreciation was $28,000. None of the depreciation should be claimed on
Is Education required to file an annual information return? If so, what form is used? If so, what is the due date? How would your answers in (a), (b), and (c) ch
Do you believe the conversion to S status is appropriate? What implications would it have on the corporation's tax liability? What about Ray Johnson's personal tax liability
Discuss possible defences that could be argued by Big Bank and Cyclone, and what Big Bank and Cyclone should have done to limit their legal liability. For this assignment answ