Tax Planning Strategies-Income Splitting
Splitting of income for tax planning purposes is permitted in
certain circumstances.
REQUIRED:
Explain why income splitting results in an overall decrease in
taxes payable for the family when one spouse makes significantly
more income than the other.
Lisa is a single parent with one child over the age of 18 and
two children under 10 years old. List and describe two (2)
income splitting strategies that would be permitted for
Lisa to use for tax...
Learning Objectives:
Identify taxable or nontaxable income, calculate taxable income,
identify tax planning strategies
Background:
Sam and Ricci are a happily married young couple. They work hard
and save diligently. Here comes the tax season and they plan on
filing their joined tax report. They hope they can get some tax
refund. They would also like to find out ways to save their tax
payments in the future, so that they can raise children and prepare
for their education fund....
discuss the purposes for planning the audit and identify the
steps that are performed during this phase of the engagement? A
couple of paragraphs about this third phase. Accounting audit
Discuss the various basic tax planning, timing strategies,
income shifting, judicial doctrines, and the difference between tax
avoidance and tax evasion. please help me do this. Thanks
Discuss some tax planning strategies that can maximize
the benefit of itemized deductions. You should list at least one
strategy for each of the following categories:
Medical Expenses
Charitable Contributions
Interest on Mortgage Indebtedness