ACCT 230 ACCT230 ACCT/230 Week 1 Research Project – Tax Research Memorandum

ACCT 230 ACCT230 ACCT/230 Week 1 Research Project.docx Tax Research Memorandum ACCT 230 ACCT230 ACCT/230 Discussion 5.docx - Week 5 1231 1245 1250

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ACCT 230 ACCT230 ACCT/230 Week 1 Research Project – Tax Research Memorandum

Published on Nov 24, 2021

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Tax Research Memorandum Date: August 27, 2019 To: Sadie Merriweather From:Subject:New Tax Law Summary of Facts: Sadie Merriweather has one source of W-2 wages of $100,000. Ms. Merriweather has itemized her prior tax filings. She has two children ages 10 & 14 and files Head of Household. Ms. Merriweather has the following expenses: Charitable Contributions$1000 Mortgage Interest$7300 Property Taxes$3500 State Income Tax Paid in 2019$15,000 Safety Deposit Rental Fee$500 Tax Preparation Fees$750 Medical Expenses$3000 Issue:What are the available tax benefits under the new tax law? Law & Analysis: H.R.1 Tax Cuts and Jobs Act (TCJA) of 2017 reformed income taxes to include individuals for tax year starting 2018. Some changes made that affect individuals filing Head of Household are as follow: increase in standard deduction of $18,000, https://www.solvedcollegepapers.com/product/acct-230-acct230-acct-230-dum https://www.solvedcollegepapers.com/product/acct-230-acct230-acct-230-d5p

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