Maximizing Itemized Deductions” Please respond to the following:
- Recommend at least two (2) tax-planning strategies that taxpayers could implement in order to ensure that the itemized deductions exceed their standard deductions, including those deductions that do not require itemization in order to reduce tax liability. Provide support for your recommendation.
- Identify at least two (2) deductions that impact the amount of the itemized deduction claimed, and suggest at least two (2) tax-planning strategies for maximizing such deductions. Provide specific recommendations.