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Week 6 Assignment – Assisting a Family With Their Tax Returns
Imagine that you are preparing taxes for a local tax service provider.
A married couple named Judy and Walter Townson have come to you to seeking
assistance with their federal income taxes. During your meeting with the Townsons, you
gather the following information:
They are both 55 years of age.
They have two daughters and one son.
• One daughter (age 25) is married with children.
• One daughter (age 20) is living at home and attending college.
• Their son (age 16) is a junior in high school.
They are currently paying for their college-student daughter to attend school full time.
Judy is employed as a teacher and makes $60,000 a year. She used $500 of her personal funds to
purchase books and other supplies for her classroom.
Walter is employed as a CPA and makes $100,000 a year.
They provided you a 1099-INT which reported $4,500 in interest, of which $500 was savings bond
They provided you a 1099-DIV which reported $300 in dividends.
They received a state tax refund last year of $385.
They provided you a list of expenses including:
• Doctor’s bills, $800.
• Prescriptions, $400.
• New glasses, $2,000.
• Dental bills, $560.
• Braces, $5,000.
• Property taxes for their two cars of $800, which included $50 in decal fees (tabs).
• Real estate taxes of $4,500.
• Mortgage interest of $12,000.
• Gifts to charities, $1,000.
• GoFundMe contribution to a local family in need, $100.
• Tax preparation fees for last year’s taxes, $400.
Consider the most beneficial way for Judy and Walter to file their federal income tax
Prepare a brief written summary, no more than 500 words that address the following:
Estimated taxable income for Judy and Walter (please show computations).
Summary of tax return, including any suggestions or tax planning considerations.
Explain how you determined the filing status, dependents, and use of standard/itemized deduction.
Complete a tax analysis that is informed by tax law and strategies to determine the most beneficial
way for a client/family to file their federal income tax return.
Week 8 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.
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
Write a 3–5 page paper in which you:
Summarize the purpose of the Tax Cuts and Jobs Act and explain the main objective(s) for its
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
Recommend tax planning strategies to maximize tax savings based on the three significant changes
identified. Provide a rationale.
Use the Strayer Library to find at least three academic resources.
• Internet websites that include a .gov or .org extension qualify as quality academic resources.
• Note: Wikipedia and similar websites are not considered quality references.
The specific course learning outcome associated with this assignment:
Analyze the impact of the Tax Cuts and Jobs Act on personal tax revenues, liabilities, deductions and
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