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Explain each of the following strategies for reducing current taxes a maximizing deductions b income shifting c tax free income and d) tax-deferred income. 2. Demonstrate the differences re

Explain each of the following strategies for reducing current taxes: (a) maximizing deductions, (b) income shifting, (c) tax-free income, and (d) tax-deferred income.

 

2. Demonstrate the differences resulting from a $1,000 tax credit versus a $1,000 tax deduction for a single taxpayer in the 25% tax bracket with $40,000 of pre-tax income.

May 17 2020 View more View Less

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