“Impact of Effective Tax Planning” Please respond to the following:
Week 2 eActivity
- Go the IRS Website, and review â€œPublication 915, Social Security and Equivalent Railroad Retirement Benefitsâ€, located at http://www.irs.gov/publications/p915/index.html. Be prepared to discuss.
- Identify at least two (2) inclusions or exclusions for self-employed taxpayers to reduce their tax liability, and propose at least two (2) tax-planning strategies for taxpayers to reduce their tax liability. Provide specific examples of such strategies.
- Imagine that you are a tax consultant. From the e-Activity, review the guidelines for the social security benefits that are taxable, and recommend at least two (2) key strategies that retirees with pension income may use in order to minimize their number of taxable social security benefits. Provide specific examples of such recommendations.