Question: Explain the fundamental difference between tax avoidance and tax evasion. What determines whether someone should take the standard deduction or itemize deductions on their personal

Explain the fundamental difference between tax avoidance and tax evasion. What determines whether someone should take the standard deduction or itemize deductions on their personal income tax return? Why are taxes an important consideration in personal financial planning, from your perspective?

Very briefly identify and describe the six (6) steps of the financial planning process. Is this a one-time (static) exercise, or ongoing (dynamic) exercise? Why?

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