Federal Income Tax 1 Extra Credit Assignment \#2 The following is hypothetical scenario. Please come up with at least 5 tax planning ideas. Your clients wants to meet near year end to discuss tax strategies for the following year. They provide you with the information below. What are some tax strategies you would recommend? Married with 2 kids Both kids are in private high school at the moment Client anticipates both kids going to college Taxpayer is retired Taxpayer will begin drawing $1,000 per month from his IRA Spouse has W-2 wages of $225,000 Employer offers 401(k) Client contributes $1,000 per month Employers offers HSA Client contributes $300 per month Clients donate around $1,000 per month to their local church Clients are close to paying off their mortgage Ever since 2018, your clients have taken the standard deduction Recommendation \#1: Recommendation \#2: Recommendation \#3: Recommendation \#4: Recommendation \#5