Homework: 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 in tax law in over 30 years. In this homework, you will use the Internet or the Strayer University Online Library to research the tax reform changes brought about by the Tax Cuts and Job Act, analyze the impact these changes have on individual tax payers, and identify related tax planning strategies.
Write a three to five pages paper in which you:
I. Summarize the purpose of the Tax Cuts and Jobs Act and explain the main objective(s) for its implementation.
II. Examine three significant changes brought forth by the Tax Cuts and Jobs Act and discuss at least two advantages and/or disadvantages of each.
III. Analyze the impact that each of the three significant changes has on the taxpayer as an individual and a family.
IV. Recommend tax planning strategies to maximize tax savings based on the three significant changes identified. Provide a rationale.
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.
The specific course learning outcome associated with this homework is:
1. Analyze the impact of the Tax Cuts and Jobs Act on personal tax revenues, liabilities, deductions, and exemptions.