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. Use the Internet or the Strayer University Online Library (https://research.strayer.edu) to research the tax reform changes brought about by the Tax Cuts and Job Act, analyze the impact these changes have on individual taxpayers, and identify related tax planning strategies.

Write a paper in which you:

1. Summarize the purpose of the Tax Cuts and Jobs Act and explain the main objective(s) for its implementation.
2. Examine three significant changes brought forth by the Tax Cuts and Jobs Act and discuss at least two advantages and/or disadvantages of each.
3. Analyze the impact that each of the three significant changes has on the taxpayer as an individual and a family.
4. Recommend tax planning strategies to maximize tax savings based on the three significant changes identified. Provide a rationale.

Answer rating: 100% (QA)

1 The tax Cuts and Jobs Act of 2017 made a number of notable changes to the individual income tax as well as reforms to itemized deductions and the option alternative minimum tax and increase standard ... View the full answer