https://www.usatoday.com/story/money/taxes/2018/05/15/irs-may-nix-workaround-tax
ID: 1156931 • Letter: H
Question
https://www.usatoday.com/story/money/taxes/2018/05/15/irs-may-nix-workaround-tax-deduction-caps/608977002/
From this article I need to fill in these blanks, what is in bond letters are the ones that are answered.
Fill in the blanks, below
News Article source (web link) https://www.usatoday.com/story/money/taxes/2018/05/15/irs-may-nix-workaround-tax-deduction-caps/608977002/
Publication date of News Article – May 15, 2018
Presenting in Week # 3
Article summary (2 sentences) – There is a new law out that is going to help residents manage the new caps on Federal taxes. They are trying to find ways to work around the tax increase.
Content-Introduction
The event described is?___________
My article relates to my future occupation / job, which is an accountant
The main economic topic related to our studies is_________________
It’s important to me (Changes to my future career described in the article) _______________________
It’s likely to be important to a future employer because__________________
Discussion / Participation--Provide 3 open ended questions focused on the article & our studies, to stimulate discussion
Question 1---
Question 2---
Question 3---
Explanation / Answer
Ans. The event described is the Tax Cuts and Jobs Act put in place a $10,000 cap on the amount of state and local taxes (SALT) that filers can claim on their taxes.
The main economic topic related to our studies is that how can one increase their disposable incomes and fight the lesser deduction at source further.
It is important for me to change my future career to accountant because it help me to solve problems understanding system of taxes and I will know how much deduction can I get and how much more can I save from other sources and increase my disposable income.
It's likely for a future employer because once the law came into force, the deduction will be forgone and employess has to shell out more towards taxes and thus disposable incomes will reduce.
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