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How might you apply the tax knowledge that you will acquire in this course? What business or personal situations might require tax knowledge?
What factors increase the benefits of accelerating deductions or deferring income? Under what circumstances can these accelerations or deferrals be used. Provide examples of each in your discussion.
Compare and contrast realization of income for income tax purposes with recognition of income for financial accounting purposes.
Gambling losses are miscellaneous deductions not subject to the AGI floor. Explain why this …show more content…
Why are self-employed taxpayers allowed to deduct ½ of their self-employment taxes to calculate adjusted gross income? Self-employment taxes are based on 92.35% of self-employment net earnings (see Schedule SE). Does combining these two features of self-employment taxes create a greater benefit than salaried earnings on a W-2? Include references to any tax code or publications that you use for your answer.
Explain the tax similarities and differences between qualified defined contribution plans and nonqualified deferred compensation plans from anemployee’sperspective and compare with the employer’sperspective. Include references to any tax code or publications that you use for your answer.
What are the tax and non-tax considerations for choosing the legal form for operating a business? Which form of organization likely provides the most tax benefits and under what conditions? Include references to any tax code or publications that you use for your answer.
Compare and contrast taxable temporary differences, deductible temporary differences, favorable temporary