Which of the following is the best definition of tax planning? Oa. Planning taxpayers' financial affairs to find the best way to avoid tax by successfully bending tax 1 Ob. Planning taxpayers' financial affairs in an effort to minimize tax liability Oc. Researching complex tax issues Od. Preparing a client's tax return Oe. None of these choices are considered tax planning.

Which of the following is the best definition of tax planning? Oa. Planning taxpayers' financial affairs to find the best way to avoid tax by successfully bending tax 1 Ob. Planning taxpayers' financial affairs in an effort to minimize tax liability Oc. Researching complex tax issues Od. Preparing a client's tax return Oe. None of these choices are considered tax planning.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. What is the tax preparer required to disclose before allowing a customer to apply for a Financial Product? a) All filing and product options available to the customer, including those with no additional costs b) The timing and costs associated with each refund option c) All fees and/or repayments that will be deducted from the refund d) All of the above e) Nothing. The tax preparer is not required to disclose anything to the customer.
Determine if true or false.
In your own words, describe the similarities and differences between tax credits and tax deductions. Your response must include two (2) examples of each kind and a discussion on why you think credits are better than deductions, or if deductions are better than credits, or maybe you think they are equal! Tell us why you feel this way.
Which of the following statements NOT correct? a. If a taxpayer is not in agreement with the decision of the Tax Appeals Authority, there is no further action that the taxpayer can take. b. Where a taxpayer loss an appeal, the taxpayer is required to pay interest on the unpaid tax from the payment date statement on the Decision Notice. c. Tax planning within the confines of the tax laws is not illegal. d. Effective tax management may result in significant cost savings.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
The taxes most relevant for personal financial planning are: A. Income tax B. Sales tax C. Estate tax D. Consumer tax
Tax preparers often have a difference of opinion with their clients as to how some transactions should be treated on a tax return. If a client of yours does not wish to report information on their tax return that you feel should be reported, how would you handle the situation? Write in at least 300 words with two scholarly sources.
Distinguish between tax avoidance and tax evasion. What are the ethical responsibilities of the tax practitioner in dealing with tax avoidance? What are the ethical responsibilities of the tax practitioner in dealing with tax evasion?
Which of the following statements is/are correct criteria of the good tax? a. Good taxation should have more possible effects of distorting relative prices. b. It is regarded as good tax if various taxpayers with different incomes are taxed the same. c. It is regarded as good tax if the tax burden is spread fairly among various taxpayers. d. Administrative simplicity in the tax system ensures neutrality and equality. a. a, b, c and d b. a, b and d c. c and d. d. b, c and d
The money you receive back because you have overpaid your taxes is called a tax return. a. true b. false
Examine the income source rules discussed in the textbook and suggest at least two current tax rules that can prevent the manipulation of the source rules to eliminate taxes.
Some said tax planning is one of the confusing parts of personal financing planning. Elaborate the basic part of tax planning.