Using 2019 IRS forms and the information below, William is 53 and Joyce is 51. They are married. William is a manager for ABC Corporation, a firm that manufactures and distributes widgets. Joyce is a self-employed author of childrens books. The taxpayer wish to minimize their tax by deferring income and accelerating deductions when possible.

1. The taxpayers made a cash contribution to American University of $5,000. They also donated property to the Salvation Army at High Street in Washington, D.C. on July 15: Property FMV (self-appraised) Original Cost Date Acquired Antique Table $400 225 1/4/02 Dishwasher $100 700 5/6/06 2. The taxpayers incur the following expenses: Type Amount Prior year tax preparation fee (paid in current year) $840 Safety deposit box $55 Investment advice $1,120 Business publication (William) $675