Shannon and Eric Stafford are married with 3 children. The ages of the children are 5 (Lilly), 8 (Reagan), and 12 (Katie). They currently reside in Houston, Texas, and were impacted by a recent natural disaster. Combined Shannon and Eric's gross income: $250,000 IRA deduction: $7,000 Standing deductions: $18,350 Amount withheld for federal income tax: $10,500 Child tax credit: $4,000 Filing status: Married Hurricane Disaster Amount: $4,000 Mortgage Interest: $5,000 Property taxes: $10,000 United Way contributions: $5,000 Answer the following: What is the AGI (Adjusted Gross Income) Note: AGI = Gross income Adjustments What is Staffords taxable income? Based on this information, what is the amount owed to the IRS or refunded to the Staffords by the IRS? Imagine that the IRA deduction is $20,000 instead of $7,000, what would be the refund or owed taxable amount? Tax laws change annually and can impact your personal finances. Refer to the IRS website Links to an external site. Links to an external site.and identify three recent changes in tax laws that may affect your financial planning decisions