ACC 330 Module Six Assignment Template<\/p>\n
Directions
\nBegin by filing in the high-level information for each of the clients in the first category. Then, dig deeper by opening the 1040s for each of the primary taxpayers. This will provide deeper insights into their income streams, deductions, and tax credits. Complete all three parts of the comparison for the first scenario. Then, repeat this process using a second category. Once you have completed the table below you will have enough information to determine which category interests you most. Choose one category to use for Project Two, and enter the number of the client set you plan to use under #4 below.<\/p>\n
1.\tComplete the high-level view of the client tax profiles.
\na.\tIdentify the category type.
\nb.\tIdentify the client IDs.
\nc.\tEnter taxpayer\u2019s names.
\nd.\tEnter filing status.
\ne.\tEnter the spouse\u2019s name if applicable.
\nf.\tList the dependents.
\n2.\tPerform an analysis based on reviews of the additional information from client profiles and Form 1040.
\na.\tIncome Streams: Consider all forms of income, look at the AGI or taxable income.
\nb.\tDeductions: Review deductions for the tax year.
\nc.\tTax Credits: Review tax credits for the tax year.
\n3.\tList multiple tax planning factors.
\n4.\tMake a category selection. [Enter the number here of the client set you plan to use in Project Two.]<\/p>\n
Tax Category Comparison Table of Two Client Profile Sets
\nClient Profile Set #\t[Enter the first client profile Set # here.]\t[Enter the second client profile Set # here.]
\nCategory\/
\nScenario Type
\n[Enter the first category here]\t[Enter the second category here]
\nClient ID #\t[last four digits of SN# of primary]\t[last four digits of SN# of primary]
\n[last four digits of SN# of primary]
\n[last four digits of SN# of primary]<\/p>\n
Primary Taxpayer Name
\nFiling Status
\nSpouse\u2019s name (if applicable)
\nDependents (list)
\n1040 Income Streams (list)
\n1040 Deductions (list)
\n1040 Tax Credits (List)
\nTax planning topics to research (List)<\/p>\n
ACC 330 Client Tax Profiles B Description\t2
\nClients for Tax Planning Scenario \u2013 Set 1 Schedule C and estimated Tax Payments\t2
\nTax Planning Scenario 1\t3
\nClients for Tax Planning Scenario \u2013 Set 2 Education Credits\t3
\nTax Planning Scenario 2\t4
\nClients for Tax Planning Scenario \u2013 Set 3 MFS Standard versus Itemized Deductions\t5
\nTax Planning Scenario 3\t6
\nClients for Tax Planning Scenario \u2013 Set 4 IRA Contributions\t6
\nTax Planning Scenario 4\t7
\nClients for Tax Planning Scenario \u2013 Set 5 Bunching Deductions\t7
\nTax Planning Scenario 5\t8<\/p>\n
ACC 330 Client Tax Profiles B Description<\/p>\n
Note: There are five sets of client data contained in this Client Tax Profile document. Each set represents a category within tax planning, such as Set 2 Education Credits. To show how each category may be applied to clients, there are two client profiles within each category that provide different tax scenarios. This allows you to compare two client scenarios withing a single category of tax planning. The words category and scenario are used interchangeably in this assignment.<\/p>\n
Important: This profile collection will be used in Module Six Case Study and will focus on a single category for Project Two in Module Seven.<\/p>\n
Review each of these scenarios completely by opening their corresponding Form 1040 tax returns. They are linked to the client profile. These clients have each asked for ways to reduce their tax liability.<\/p>\n
Clients for Tax Planning Scenario \u2013 Set 1 Schedule C and estimated Tax Payments
\nTax Planning Scenario \u2013 Schedule C and Estimated Tax Payments
\nClient(s) #1 \tClient(s) #2
\nOpen Client 1040
\n1142\tOpen Client 1040
\n1143
\nPrimary Taxpayer\u2019s Legal Name \tJoanna Roman\tPrimary Taxpayer\u2019s Legal Name \tMalik Ali
\nPrimary Taxpayer\u2019s Preferred Pronoun \tShe\tPrimary Taxpayer\u2019s Preferred Pronoun \tHe
\nSSN \t***-**-1142\tSSN \t***-**-1143
\nAge \t25\tAge \t71
\nOccupation \tGig Worker\tOccupation \tGig Worker
\nCitizen\/U.S. Resident Status \tU.S. Permanent Resident\tCitizen\/U.S. Resident Status \tU.S. Citizen
\nLanguages \tEnglish; Italian\tLanguages \tEnglish
\nMarital Status \tSingle\tMarital Status \tSingle
\nSpouse\u2019s Legal Name \tN\/A \tSpouse\u2019s Legal Name \tN\/A
\nSpouse\u2019s Preferred Pronoun \tN\/A \tSpouse\u2019s Preferred Pronoun \tN\/A
\nSpouse\u2019s SSN\tN\/A \tSpouse\u2019s SSN\tN\/A
\nSpouse\u2019s Age \tN\/A \tSpouse\u2019s Age \tN\/A
\nSpouse\u2019s Occupation\tN\/A \tSpouse\u2019s Occupation\tN\/A
\nDependent(s) (# – Relationship) (Name\/Age\/SSN) \tN\/A \tDependent(s) (# – Relationship) (Name\/Age\/SSN) \tN\/A
\nAdditional information: \tAdditional information:
\n\u2022\tJoanna is a designer who makes one-of-a-kind clothing. She sells her designs on Etsy, at local consignment shops, and at festivals.
\n\u2022\tHer pieces are handmade and only made once. She does not repeat designs, so all pieces are original. She does not maintain any inventory.
\n\u2022\tThis was the first year that Joanna made a profit, as sales increased tremendously after her social media pages grew more popular.
\n\u2022\tShe has been tracking her expenses using a spreadsheet and has spent time researching items she can deduct as business expenses, but because she was so busy, she thinks that she forgot to track some expenses that would be deductible for future years.
\n\u2022\tMalik retired three years ago and has been collecting Social Security and taking required minimum distributions from his retirement account with Fidelity.
\n\u2022\tHe paid $1,785 in Medicare premiums and $255 for Part D premiums (prescription drug plan).
\n\u2022\tHe recently started driving for Uber. He has found he enjoys talking to his customers and driving around his town when he has time to spare.
\n\u2022\tHe reported income earned from driving for Uber and the related mileage expense that is tracked in the app.
\n\u2022\tHe added a few additional expenses that he incurred as well.
\n\u2022\tWhen he was fully retired, he only reported his retirement income and was sometimes not required to file. He noticed that he is now required to file to report this part-time income and owed taxes.
\nTax Planning Scenario 1
\nThese clients have each asked for ways to reduce their tax liability and are interested in knowing what additional deductions they can take to reduce their net income earned from their self-employed income. They are also wondering if they should make estimated tax payments because they read that if they continue to owe taxes each year that they might be subject to penalties.<\/p>\n
Clients for Tax Planning Scenario \u2013 Set 2 Education Credits
\nTax Planning Scenario \u2013 Education credits
\nClient(s) #1 \tClient(s) #2
\nOpen Client 1040
\n1129\tOpen Client 1040
\n1132
\nPrimary Taxpayer\u2019s Legal Name \tTrilby Keller\tPrimary Taxpayer\u2019s Legal Name \tRobert James
\nPrimary Taxpayer\u2019s Preferred Pronoun \tShe\tPrimary Taxpayer\u2019s Preferred Pronoun \tHe
\nSSN \t***-**-1129\tSSN \t***-**-1132
\nAge \t47\tAge \t48
\nOccupation \tAccounting Manager\tOccupation \tPsychologist
\nCitizen\/U.S. Resident Status \tU.S. Citizen \tCitizen\/U.S. Resident Status \tU.S. Citizen
\nLanguages \tEnglish \tLanguages \tEnglish
\nMarital Status \tMarried \tMarital Status \tMarried
\nSpouse\u2019s Legal Name \tDavid Keller\tSpouse\u2019s Legal Name \tNora James
\nSpouse\u2019s Preferred Pronoun \tHe\tSpouse\u2019s Preferred Pronoun \tShe
\nSpouse\u2019s SSN\t***-**-1130\tSpouse\u2019s SSN\t***-**-1133
\nSpouse\u2019s Age \t53\tSpouse\u2019s Age \t48
\nSpouse\u2019s Occupation\tBookstore manager\tSpouse\u2019s Occupation\tOffice Manager
\nDependent(s) (# – Relationship) (Name\/Age\/SSN) \t1 \u2013 Son; Wyatt Keller (Age 22) (***-**-1131) \tDependent(s) (# – Relationship) (Name\/Age\/SSN) \t 2 – Sons; Kris James (Age 18) (***-**-1134); Nolan James (Age 18) (***-**-1135)
\nAdditional information: \tAdditional information:
\n\u2022\tThis year was Wyatt\u2019s fourth year in college.
\n\u2022\tNext year, he is considering moving onto his master’s degree. The Kellers have claimed the American Opportunity Credit for Wyatt for four years.
\n\u2022\tThe Kellers anticipate paying Wyatt\u2019s qualified education expenses towards his master’s degree program next year.
\n\u2022\tWyatt will remain a full-time student and the Kellers provide full support to Wyatt while he is enrolled in school.\t\u2022\tKris and Nolan are twins who will begin attending the local community college in the Fall.
\n\u2022\tThe James\u2019s plan is to support both children financially through the next four years while attending school.
\n\u2022\tThey have already started to accumulate expenses as they prepare to send both children off to school, such as application fees, new computers, and repairs to their cars to make sure they will not encounter issues with car troubles while away at school.
\nTax Planning Scenario 2
\nThese clients are each concerned with reducing their tax liability and are interested in knowing what amount of education tax credits will be available to them for their college-age children next tax year.<\/p>\n
Clients for Tax Planning Scenario \u2013 Set 3 MFS Standard Versus Itemized Deductions
\nTax Planning Scenario \u2013 MFS Standard Deduction Versus Itemized Deductions
\nClient(s) #1 \tClient(s) #2
\nOpen Client 1040
\n1136\tOpen Client 1040
\n1137
\nPrimary Taxpayer\u2019s Legal Name \tKai Lee\tPrimary Taxpayer\u2019s Legal Name \tAlbert Lee
\nPrimary Taxpayer\u2019s Preferred Pronoun \tShe\tPrimary Taxpayer\u2019s Preferred Pronoun \tHe
\nSSN \t***-**-1136\tSSN \t***-**-1137
\nAge \t63\tAge \t64
\nOccupation \tBank Manager\tOccupation \tInventory Manager
\nCitizen \/ U.S. Resident Status \tU.S. Citizen \tCitizen \/ U.S. Resident Status \tU.S. Citizen
\nLanguages \tEnglish; Thai\tLanguages \tEnglish \/ Thai
\nMarital Status \tMarried \tMarital Status \tMarried
\nSpouse\u2019s Legal Name \tAlbert Lee\tSpouse\u2019s Legal Name \tKai Lee
\nSpouse\u2019s Preferred Pronoun \tHe\tSpouse\u2019s Preferred Pronoun \tShe
\nSpouse\u2019s SSN\t***-**-1137\tSpouse\u2019s SSN\t***-**-1136
\nSpouse\u2019s Age \t64\tSpouse\u2019s Age \t63
\nSpouse\u2019s Occupation\tInventory Manager\tSpouse\u2019s Occupation\tBank Manager
\nDependent(s) (# – Relationship) (Name\/Age\/SSN) \tN\/A \tDependent(s) (# – Relationship) (Name\/Age\/SSN) \tN\/A
\nAdditional information: \tAdditional information:
\n\u2022\tKai and Albert are married but separated at this time. They remain cordial and plan to stay married for now, filing separately for the next few years.
\n\u2022\tKai is living with her sister and does not own any property other than the home previously shared with Albert. Kai no longer contributes to the expenses required to maintain their home.
\n\u2022\tKai does not anticipate any changes to her current income or deductions.
\n\u2022\tFiling separately, Albert took itemized deductions, which caused Kai to have to do the same in the same tax year. \t\u2022\tKai and Albert are married but separated at this time. They remain cordial and plan to stay married for now, filing separately for the next few years.
\n\u2022\tAlbert has incurred additional medical expenses in recent years.
\n\u2022\tAlbert retained ownership of the home he and Kai shared and is paying the mortgage and real estate taxes.
\n\u2022\tAlbert anticipates the same expenses to be incurred next tax year and no changes to his current income.
\nTax Planning Scenario 3
\nThese clients have asked whether they should take the Standard Deduction or itemize their deductions next year to save more tax collectively. They are curious about whether they can continue filing separately even though they are still married and what the downfalls of filing separately might include.<\/p>\n
Clients for Tax Planning Scenario \u2013 Set 4 IRA Contributions
\nTax Planning Scenario \u2013 IRA Contributions
\nClient(s) #1 \tClient(s) #2
\nOpen Client 1040
\n1138\tOpen Client 1040
\n1139
\nPrimary Taxpayer\u2019s Legal Name \tCarlos Quintero\tPrimary Taxpayer\u2019s Legal Name \tDaniel Hoffman
\nPrimary Taxpayer\u2019s Preferred Pronoun \tThey\/Them\tPrimary Taxpayer\u2019s Preferred Pronoun \tHe
\nSSN \t***-**-1138\tSSN \t***-**-1139
\nAge \t41\tAge \t39
\nOccupation \tDentist\tOccupation \tFirefighter
\nCitizen\/U.S. Resident Status \tU.S. Citizen \tCitizen\/U.S. Resident Status \tU.S. Citizen
\nLanguages \tEnglish; Spanish\tLanguages \tEnglish
\nMarital Status \tSingle\tMarital Status \tMarried
\nSpouse\u2019s Legal Name \tN\/A \tSpouse\u2019s Legal Name \tJacinta Hoffman
\nSpouse\u2019s Preferred Pronoun \tN\/A \tSpouse\u2019s Preferred Pronoun \tShe
\nSpouse\u2019s SSN\tN\/A \tSpouse\u2019s SSN\t***-**-1140
\nSpouse\u2019s Age \tN\/A \tSpouse\u2019s Age \t43
\nSpouse\u2019s Occupation\tN\/A \tSpouse\u2019s Occupation\tArt Gallery Manager
\nDependent(s) (# – Relationship) (Name\/Age\/SSN) \tN\/A \tDependent(s) (# – Relationship) (Name\/Age\/SSN) \t1 \u2013 Daughter; Cristina Hoffman (Age 8) (***-**-1141)
\nAdditional information: \tAdditional information:
\n\u2022\tCarlos moved to Alaska to assist in an upcoming dental office that is servicing the local community.
\n\u2022\tThey agreed to take a reduced salary for the initial year but anticipates nearly doubling his salary in the years ahead.
\n\u2022\tTheir current employer does not offer any retirement benefits, so they contributed $6,000 to a traditional IRA this year.
\n\u2022\tTheir employer told him they plan to start offering a 401(k) next year. Carlos wishes to contribute $6,000 to his traditional IRA next year.
\n\u2022\tDaniel works full time as a firefighter for the local fire department.
\n\u2022\tHe also has a side business conducting obedience training for dogs. His employer offers full benefits, such as healthcare, retirement, and vacation time off.
\n\u2022\tJacinta\u2019s employer does not offer any employee benefits. She would like to contribute more to her existing retirement account, a traditional IRA she established at her former employer.
\n\u2022\tJacinta also plans to reduce her hours at the art gallery to part time.
\n\u2022\tNext year, Cristina will no longer be attending the daycare center as Jacinta will be working part-time so no childcare expenses will be incurred.
\nTax Planning Scenario 4
\nThese clients have each asked for ways to reduce their tax liability and are interested in knowing whether contributions to a traditional IRA would be tax deductible.<\/p>\n
Clients for Tax Planning Scenario \u2013 Set 5 Bunching Deductions
\nTax Planning Scenario \u2013 Bunching Itemized Deductions
\nClient(s) #1 \tClient(s) #2
\nOpen Client 1040
\n1124\tOpen Client 1040
\n1125
\nPrimary Taxpayer\u2019s Legal Name \tTavaris Johnson \tPrimary Taxpayer\u2019s Legal Name \tJuliana Romero
\nPrimary Taxpayer\u2019s Preferred Pronoun \tHe \tPrimary Taxpayer\u2019s Preferred Pronoun \tShe
\nSSN \t***-**-1124 \tSSN \t***-**-1125
\nAge \t38 \tAge \t62
\nOccupation \tSteel Mill Worker \tOccupation \tPart-time Bookkeeper
\nCitizen\/U.S. Resident Status \tU.S. Citizen \tCitizen\/U.S. Resident Status \tU.S. Citizen
\nLanguages \tEnglish \tLanguages \tEnglish, Italian
\nMarital Status \tSingle \tMarital Status \tSingle
\nSpouse\u2019s Legal Name \tN\/A \tSpouse\u2019s Legal Name \tN\/A
\nSpouse\u2019s Preferred Pronoun \tN\/A \tSpouse\u2019s Preferred Pronoun \tN\/A
\nSpouse\u2019s SSN\tN\/A \tSpouse\u2019s SSN\tN\/A
\nSpouse\u2019s Age \tN\/A \tSpouse\u2019s Age \tN\/A
\nSpouse\u2019s Occupation\tN\/A \tSpouse\u2019s Occupation\tN\/A
\nDependent(s) (# – Relationship) (Name\/Age\/SSN) \tN\/A \tDependent(s) (# – Relationship) (Name\/Age\/SSN) \tN\/A<\/p>\n
Additional information: \tAdditional information:
\n\u2022\tTavaris donated $4,500 in charitable contributions last year but noticed they were not listed on the current year tax return.
\n\u2022\tHe plans to contribute the same amount in charitable contributions next year but considered donating two years of his typical donation in the same tax year to help reduce his tax liability.
\n\u2022\tHe expects no other changes to his income sources or deductions. \t\u2022\tJuliana donated $3,500 in charitable contributions last year.
\n\u2022\tShe mentioned that she typically pays her annual charitable contribution in December of the year.
\n\u2022\tShe was interested in paying next year\u2019s contribution early and is considering sending in two annual contributions in the same tax year.
\n\u2022\tJuliana also shared with you that she will be incurring the following additional medical expenses next year:
\no\tDoctor co-pay: $40 per visit (once per week)
\no\tDental procedures expected: $750 (quote received)
\no\tPrescriptions: $175 per month
\no\tOver-the-counter supplements: $1,250
\no\tMakeup and toiletries: $600
\no\tInsurance premium for additional vision plan: $20 a year
\no\tSpa visit: $120
\no\tHospital bills (payment plan): $250 per month ($3,000 total)
\no\tMileage: Her doctor\u2019s office is 15 miles from her home one way.
\nTax Planning Scenario 5
\nThese clients have each asked for ways to reduce their tax liability and are interested in knowing if they would benefit from bunching their itemized deductions into one tax year.<\/p>\n","protected":false},"excerpt":{"rendered":"
ACC 330 Module Six Assignment Template Directions Begin by filing in the high-level information for each of the clients in the first category. Then, dig deeper by opening the 1040s for each of the primary taxpayers. This will provide deeper insights into their income streams, deductions, and tax credits. Complete all three parts of the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58,59,55,53,56,54],"tags":[67,63,62,66,70,61,69,64,60,68,65,71],"class_list":["post-1112","post","type-post","status-publish","format-standard","hentry","category-australia-dissertation-writers","category-help-write-my-assignment","category-i-need-help-writing-a-page-paper-assignment","category-masters-essays","category-pay-someone-to-write-a-paper-for-you","category-website-that-writes-assignments","tag-assignment-help-by-uks-no-1-writing-service","tag-australia-essays","tag-best-essay-writers-pinterest","tag-dissertation-assignment-help-uae","tag-dissertation-ideas","tag-do-my-university-assignment-for-me","tag-essay-topics","tag-essays-uk","tag-homework-help-services-best-websites","tag-i-need-help-with-my-homework","tag-research-paper-ideas","tag-thesis-examples"],"_links":{"self":[{"href":"https:\/\/www.colapapers.com\/nursing\/wp-json\/wp\/v2\/posts\/1112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.colapapers.com\/nursing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.colapapers.com\/nursing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.colapapers.com\/nursing\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.colapapers.com\/nursing\/wp-json\/wp\/v2\/comments?post=1112"}],"version-history":[{"count":0,"href":"https:\/\/www.colapapers.com\/nursing\/wp-json\/wp\/v2\/posts\/1112\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.colapapers.com\/nursing\/wp-json\/wp\/v2\/media?parent=1112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.colapapers.com\/nursing\/wp-json\/wp\/v2\/categories?post=1112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.colapapers.com\/nursing\/wp-json\/wp\/v2\/tags?post=1112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}