Accounting Questions on Tax Laws:

1. What is the difference between a tax credit and a tax deduction?
2. How does the IRS determine an individual's tax bracket?
3. Can you explain the concept of tax deferral and provide an example?
4. What are some common tax deductions available to small businesses?
5. How does the taxation of capital gains differ from that of ordinary income?
6. What is the significance of the Tax Cuts and Jobs Act of 2017 on individual taxpayers?
7. How are self-employed individuals taxed differently compared to employees?
8. Can you elaborate on the rules surrounding the taxation of foreign income for U.S. citizens?
9. What is the purpose of tax treaties between countries and how do they impact international taxation?
10. How does depreciation affect taxable income for businesses?