Contact: Dr. Teryn Cha, yan@essex.edu
Financial resilience is important to individuals and governments. Due to the ongoing coronavirus pandemic, many Americans are out of work and struggle to pay bills and need to maximize tax benefits. According to the latest data from the Federal Reserve Bank of New York. U.S. credit card debt hit a record high of $930 billion in the final quarter of 2019 and chances are likely that 2020 will top that number.
At the same time, many taxpayers who work at home can claim Work-at-Home Tax Break, expecting the tax deductions for costs to purchase new laptops, high-speed internet, and payment delivery services. These tax breaks and benefits are important for individuals’ financial resilience.
Can you use machine learning and data mining techniques to provide solutions to these credit cards and taxation related problems?
For example, Terry is a household manager, supporting four family members financially and paying bills. His multiple credit cards make most of the bill payments.
What: Terry has a considerable amount of credit card debt, and due to the recent pay-cut, he needs to finance. He is thinking of applying for another credit card or applying for a credit card relief program, or doing whatever he can to reduce the financial crisis. He also needs help with different tax softwares. They brought different numbers at the end of the calculation, but he can not understand tax effects.
Where: Terry is looking for an intelligent card management application that can inform the individual credit resilience index and recommend which card would bring the best resolution. He also needs to know which tax software best understands his situation and gets the tax breaks he deserves.
Why: Terry finds credit card debt statistics for 2020 on the Internet. He wonders how lenders calculate the resilience index for an individual. He gets confused with new credit card offers regarding various new credit card features. He is also confused over the different numbers from tax return software.
Can you help Terry to get out of debt and claim his tax benefits? For example,
- How much should he pay for each credit card debt?
- Help him to find a credit card relief program.
- Provide better credit management.
- Choose a good tax software that can maximize his tax benefits.
REFERENCE
Cha, Teryn (2020). Open Government Data for Machine Learning Tax Recommendation. The 21st Annual International Conference on Digital Government Research, June 15-19, 2020, Seoul, South Korea. https://doi.org/10.1145/3396956.3397002
An, Y. J. and Wilson, N. (2016). Tax Knowledge Adventure: Ontologies that Analyze Corporate Tax Transactions, Proceedings of International Digital Government Research Conference (dg.o 2016), Fudan University, China, 303-311.
Alexandria White, https://www.cnbc.com/select/how-to-delay-your-credit-card-payment/
Soon Ae Chun, Yoo Jung An, James Geller, Sunju Park, Fuzzy Virtual Card Agent for Customizing Divisible Card Payments, Proceedings of the 6th International Conference, E-Commerce and Web Technologies 2005, DOI: 10.1007/11545163_29, Available at https://www.researchgate.net/publication/221017574_Fuzzy_Virtual_Card_Agent_for_Customizing_Divisible_Card_Payments