It’s December and Elizabeth is doing an assessment of the past year’s tax liabilities. It has been a tough year for her company. There will be no raise next year as well as one furlough day each month which will lower her income. To minimize taxes owed, what should Elizabeth do in following cases? Explain why:

a. Accelerate deductions into the current year or hold off until January of next year?

b.  Delay the receipt of income from a contract until next year or request it in current year? 

c. Purchase a hybrid car in December or January?

d. Get married on December 31^st or January 1^st?

e. Deliver twins by c-section December 31^st or January 1^st?