Discussion: "Federal Taxation Deductions"
Please respond to the following:
A couple comes into your office for a consultation regarding their personal taxes. They make $178,000 combined but want to discuss some potential deductions. They inform you they may have new capital losses, depreciation of capital assets, and may have tax credits. Describe the possible deductions and the specific information you may need to complete their taxes on these issues. Also, explain how these issues may affect their tax bracket.