Recommend at least two (2) tax-planning strategies that taxpayers could implemen

Question

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.

Explanation / Answer

1. you can take higher amount of loans and with that purchase a long term assets. you can deduct the loan interest in your tax payments, then the itemized tax payment will be higher and tax payments will be lower. and you can buy gifts and give them to the required and needed people who really looking for support.

2. itemized tax deductions means, these are the amounts of expenditures on other services and purchases which can show and deduct from gross income of the individual. these items can minimzed the tax payments by the individual. examples are madical insurance and expenses, state taxes, gifts and mortgage interests.

here you can plan your tax payments in such a way that you can give high worth of gifts to your nearest people and the benefits can be enjoyed by both of you.

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