Case summary:Ms. J is an engineer and does well financially. She does a maximum contribution on behalf of her employer-sponsored retirement plan. She has got few ideas in reducing the income tax liability. The options consist of buying a home, creating a sideline business to sell her own art works, taking a tax-deductible job-hunting trip, starting master’s degree program in engineering or master’s in business administration to enhance her skills. She could manage to contribute $300 on a monthly basis to Roth IRA Account.
Characters in the case : Ms. J
Adequate information: Options of reducing the income tax liability consist of,
Buying a home
Creating a sideline business to sell her own art works
Taking a tax-deductible job-hunting trip
Starting master’s degree program in engineering or master’s in business administration to enhance her skills
Monthly contribution of $300 to Roth IRA Account
To determine: Effectively options to reduce the income tax liability.
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- Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT