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.

The taxpayers paid the following amounts of interest. Bank of America (4400 Mass Ave.) $5,000 (Mortgage of $50,000)

Sun Trust (Home Equity Loan of $20,000) $2,000

Nordstroms $ 100

Bank of America Mastercard $ 200

The proceeds from the home equity loan were used to build an additional room on the house.