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Assume that the Diazes come to you for advice in December 2024. John has learned...

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Accounting

Assume that the Diazes come to you for advice in December 2024. John has learned that he will receive a $45,000 bonus. He wants to know if he should take it in December 2024 or in January 2025. Mary Jane will quit work on December 31 to stay home with the baby. Their itemized deductions will decrease by $3,100 because Mary Jane will not have state income taxes withheld. Mary Jane will not receive the employee award in 2025. She expects the medical benefits received to be $9,000. The Diazes expect all of their other income items to remain the same in 2025. Write a letter to John and Mary Jane that contains your advice, and prepare a memo for the tax files.

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