Reference no: EM133150907
Assignment - Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act was signed on December 22, 2017, and produced some of the most significant impacts on tax law in over 30 years.
Overview
In this assignment, you will use your textbook, the Internet, and Strayer Library to research the tax reform changes brought about by the Tax Cuts and Jobs Act and, analyze the impact these changes have on individual taxpayers and identify related tax planning strategies.
- Summarize the purpose of the Tax Cuts and Jobs Act and explain the main objective(s) for its implementation.
- Examine three significant changes brought forth by the Tax Cuts and Jobs Act and discuss at least two advantages and/or disadvantages of each.
- Analyze the impact that each of the three significant changes has on the taxpayer as an individual and a family.
- Recommend tax planning strategies to maximize tax savings based on the three significant changes identified. Provide a rationale.