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


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

Ask Question & Get Answers from Experts
Browse some more (Taxation) Materials
circulation of over 20 000 copies, the magazine attracts significant advertising spend from manufacturers and distributors of medicines, hospital supplies and products, and
Jim was injured in an accident and his surgeon botched the medical procedure. Jim recovered $5,000 from the doctors for pain and suffering and $2,000 for emotional distress.
All depreciable assets are for 100% business use and Alpha uses a low-value pool for all eligible assets. The closing value of the low-value pool at 30 June 2013 was $5,300.
Whether, for tax purposes, the taxpayer can contribute the assets held by the sole proprietorship to a corporation tax free? If so, explain your answer. If not, explain your
Demonstrate graphically the cost of income taxation of 30% to consumers and producers for an income of $27,908? How does the taxation change if the income was $220,874?
How do you feel your comprehension of a manual system benefits how you use a computer application for accounting? What areas of knowledge have assisted you with setting up you
Robert, age 55, plans to retire when he reaches age 65. He is not currently an active participant in any qualified retirement plan. His budget will allow him to contribute n
What is Mike's taxable gifts for this year. (a) gifts for gift tax purposes, (b) taxable transfers (e.g. are exclusions or deductions available), and (c) eligible for gift