1. Listed below are 4 taxpayer profiles and a list of planning ideas. The goal is to identify which tax ideas are applicable to each profile. Some of the choices can be used more than once or not at all. Further the number of ideas per profile may not be equal. (Also suggesting an idea that is clearly not applicable will not be rewarded!)

Taxpayer profiles: 1. Single parent with w-2 income below $30,000. 2 dependent children under the age of 12. Going to night school. Little to no excess cash flow.

2. Recent college graduate with no dependents and wages around $70,000

3. Entrepreneur, married with stay-at-home spouse, with children ranging in ages from 12 to 25. Income varies year to year between $200k to 500k.

4. Partner in law firm partnership making $1.5M per year living in New York City. Law firm has 300 partners and has in house expertise to determine and implement tax relevant matters. Children out of the house. Has grandchildren who are all under the age of 10. Significant portfolio of investment and passive assets. Charitably minded. Relatively risk adventurous.

Possible planning ideas: a. Qualified Business Income deduction b. Whether to make a Roth IRA contribution or Tax-Deductible IRA contribution c. Maximization of qualified plan contributions including employer matching d. Health Savings Account Contribution e. Child tax credit f. American Opportunity Tax Credit g. Earned Income Tax Credit h. Calculation of estimated tax payments to avoid underpayment penalties i. Child and Dependent Care Credit j. Study of tax accounting methods to accelerate/defer income and deduction items k. Investment into tax exempt bonds l. Revised w-4 filing to match withholdings with expected tax liability m. Deduction of student loan interest n. Opportunity Zone Investment to defer Capital Gain Recognition o. Donation of Appreciated Assets to fulfill charitable bequests p. Entity selection to manage self-employment tax q. Funding of a Sec. 529 plan for education r. Usage of a donor advised fund to time charitable deductions s. Usage of a Flexible Spending Account to pay for employee share of health care and/or dependent care.

There is no need to explain your choices unless you want to. However, please be direct. Ideas for profile 1 (list the best 6):

Ideas for profile 2(list the best 4):

Ideas for profile 3(list the best 6):

Ideas for profile 4(list the best 6):