1. It’s December and Elizabeth is doing an assessment of the past year’s tax liabilities. It has been a tough year for her company. There will be no raise next year, as well as one furlough day each month, which will lower her income. To minimize taxes owed, what should Elizabeth do in the following cases? In each case, explain why. (LO 9-1–LO 9-4)

a. Should Elizabeth accelerate deductions in the current year or hold off until January of next year?

b. Should she delay the receipt of income from a contract until next year or request it in the current year?

c. Should she add solar panels to her house in December or January?

d. Should she deliver twins by c-section on December 31 or on January 1?