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What tax planning activities might pam consider

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Reference no: EM13940244

Based on her current and future life situation, what tax planning activities might Pam consider?

Life Situation

Financial Data
Single

Age 22

Starting a career

No dependents		 Monthly income $2,600
Living expenses $2,180
Assets $8,200
Liabilities $3,470
Emergency fund $530

Since the major portion of Pam's income is based on commission, her earnings vary from one month to the next. This situation makes it difficult for her to establish a realistic budget. During lean months, she has had to resort to using her credit card to make ends meet. In fact, her credit card debt, $3,470, is at a fairly high level. In addition, she has not been able to save much for various unexpected expenses and for her long-term financial security.

During the year, Pam has had tax withholding greater than her actual tax liability. As a result, Pam is expecting a fairly large tax refund. In the past, she has always used tax refunds to finance major purchases (a vacation or furniture) or pay off credit card debt. Currently, she is also considering saving some of the money.

Reference no: EM13940244

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