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Your accountant calculates that your Federal tax liability is $2,000. If you are able to claim a refundable tax credit valued at $2,500, then which of the following best describes the situation? O You will need to carryforward the $2,500 credit until next year O You will be entitled to a $500 refund O Your tax liability will be $0 O Your tax liability will be $4,500 According to the lecture, which of the following was NOT identified as one of the Big Three tax planning strategies? Start a small business O Purchase a home O Contribute to tax-advantage retirement plans O Turn down a bonus to lower gross income