How can a taxpayer control the timing of payments


Tax Planning for Itemized Deductions

Response to the following problem:

Individuals can deduct the greater of their standard deduction or itemized deductions.

a. Under what circumstances can a taxpayer control the timing of payments that are deductible as itemized deductions?

b. Identify some specific ways in which the current tax law allows for tax planning with regard to itemized deductions.

 

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Taxation: How can a taxpayer control the timing of payments
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