How can Philip, who works as a full-time professor at GBC and who operates his part-time consulting business during the summer as a sole proprietorship, use his knowledge of marginal tax rates to reduce his income tax liability? Philip uses cash-basis of accounting for his consulting business. \ \ Question 10 options:\ \ There is insufficient data to determine the correct response. \ \ \ He incurs necessary business expenses before Dec 31\ \ \ Philip lists one-third of his household expenses (mortgage interest, insurance, utilities, property taxes, etc.) as business expenses. Since Philip lives in a two story house, he claims the basement, which represents one-third of the house's living space, as the space used by his consulting business.\ \ \ He defers invoicing clients until January of the following calendar year