- January 16th, 2013
- John Dillard
- Financial Statements & Bookkeeping, Income Tax Preparation of Corporate & Personal Income Taxes
Duluth/Suwanee/Johns Creek CPA: Illustrates Tax Return Preparation 101: Ensuring You Have Adequate Documentation to Prepare Your Income Taxes
Besides the vast technical skill and experience required a CPA needs to prepare returns ensuring that all clients pay their lowest legal possible tax, a CPA needs to be well skilled and suited in other key areas of the profession as well such as:
-Tax Planning for your Gwinnett Business Owners http://www.hiscpa.com/year-end-tax-planning.html
-Planning for Your Retirement http://www.hiscpa.com/retirement-planning.html
-Preparation of Financial Statements for Duluth/Suwanee, Johns Creek Business Owners http://www.hiscpa.com/financial-statements.html
-Incorporating in Georgia/Entity Selection http://www.hiscpa.com/article2.html
-Avoiding Unnecessary Tax Audits for Atlanta Taxpayers http://www.hiscpa.com/working-with-the-irs.html
-Much, Much, More http://www.hiscpa.com/articles.html
To this end a CPA should be well-organized thereby ensuring clear concise feedback to help taxpayers ensure that they are constantly reminded of tax law and documentation requirements thereof. To this end I have provided below a sample of such correspondence.
Please be reminded that I still need to finish for your personal return.
-Copies of all of your year-end mortgage statements.
-Copies of all of your year-end real estate taxes.
-A recap of all of your cash contributions listing by vendor totals and copies of all receipts over $1000.
-A recap of all of your property contributions listing by vendor totals and copies of all receipts over $1000.
-A copy of your year-end tuition fees paid detailing for whom paid.
For your investments you have where you forwarded K-1 that had been received, that you had personally loaned to that entity $60,000 whereas the K-1 showed a loss of $80,000. Tax law does not allow for taxpayers to deduct more than their tax basis, which is a cumulative function of the cumulative effect of prior financial transactions. Did you loan to the entity enough in prior years to be able to claim these losses (i.e., have you funded all previous losses claimed inception to date and still have sufficient loans/tax basis from prior tax years to cover current tax losses)?
To learn more about tax entities and the taxation thereof visit http://www.hiscpa.com/article2.html There you will also discover a wide host of resources for Atlanta Entrepreneurs.
Duluth/Suwanee/Johns Creek CPA: Income Tax Preparation
Duluth/Suwanee/Johns Creek CPA: Financial Statements & Bookkeeping
Duluth/Suwanee/Johns Creek CPA: IRS Representation, Back Taxes, Offer in Compromise