Tax Planning: TVM VS. Changes in Tax Rate (LO. 7) Art is in the 24% marginal tax bracket for 2020. He owes a $10,000 bill for business expenses. Because he reports taxable income on a cash basis, he can deduct the $10,000 in either 2020 or 2021, depending on when he makes the payment. He can pay the bill at any time before January 31, 2021, without incurring the normal 8% interest charge. If he expects to be in a 32% marginal tax bracket for 2021, he should pay the bill and claim the deduction in How much tax savings will Art realize by claiming the deduction in the year you answered above if the present value factor for 1 period at 8% equals 0.9267 Round your answer to the nearest dollar