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Explain how the act changed the standard deduction

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Reference no: EM132465771

The Tax Cuts and Jobs Act of 2017 ("the Act") made substantial changes to both the standard deduction and many itemized deductions.

Use internet tax resources to address the following questions. Look for reliable websites and blogs of the IRS and other government agencies, media outlets, businesses, tax professionals, academics, think tanks, and/or political outlets.

Question 1: Explain how the Act changed the standard deduction.

Question 2: Choose five categories of itemized deductions and describe in detail how the Act changed each deduction.

Question 3: In general, how will the changes to the standard deduction and itemized deductions affect taxpayers?

Reference no: EM132465771

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