ACC307 Week 6 Assignment 1.docx - Assignment 1 Assisting a...

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Assignment 1: Assisting a Family with their Tax ReturnsACC307Given the information provided by both Judy and Walter. I believe the best way for them to fileand receive the best tax benefits would be for each of them to file Single with Walter as Head ofHousehold. This provides the best tax bracket for the both of them compared with filing asMarried filing jointly and Married filing separately. Having both file as Single with Walter asHead of Household will allow them to reap the benefit of the Head of Household standarddeduction of $18,350 with an itemized deduction of $28,060 for Judy compared to the Marriedfiling jointly standard deduction of $24,400. This allows them to maximize on their deductionson both incomes and further decrease their AGI. This will also allow them to claim dependentdeductions as well with the son granting a $2,000 deduction for children 16 or under and $500for the 20 year old daughter that is in college and further deduct for education expenses that they

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