Answer each of the following:
- What is the purpose of the alternative minimum tax and who pays it? How was the individual alternative minimum tax impacted by the December 2017 tax reform law?
- Review available tax credits discussed in chapter 12 of the text. Compare the tax credits that you actually take with the tax credits you would like to take.
- Explain why you made the particular selections.
- For the tax credit(s) that you would like to take, explain why you are not able to take the tax credits(s).
- For the tax credits that you actually take, explain the benefits that you receive from the tax credit(s).
- If you have never prepared a tax return or looked at this information before, what do you find most significant about the information that you read about tax credits?
- How, if at all, were the tax credits that you take or would like to take impacted by the December 2017 tax reform law?
Your initial posting should be 250-500 words