- February 7th, 2013
- John Dillard
- Income Tax Preparation of Corporate & Personal Income Taxes
Tax deadlines frequently cause people to panic and to make decisions too quickly. Though the final October 15th filing deadline for Personal Income Tax Returns is not that far away, it is wise not to rush and to be sure that you make financial and tax decisions that are valid. Also during the tax preparation process it is the best time to help educate clients on tax issues and rules as well as to ensure that all appropriate tax information is utilized. Below is a sample letter one might use to assist a taxpayer in that process:
This will confirm your advice that you wish me to re-file your Personal Income Tax Return Married Filing Separately, which is the highest tax bracket. This is confirm that you have forwarded a copy of the previously prepared joint return marking items on it that should be taken off the return.
This is to confirm that you are handling all payroll and 1099 issues, your county property tax report, and your business license.
This is to confirm that you are aware of the need to have annual Board of Directors, Officers, and Shareholder’s Minutes meetings and that each year you should pay the annual fee with the Secretary of State’s Office to renew your corporations annual registration.
Please be reminded that you need to keep documentation of business miles by day by vehicle.
This is to confirm that you are aware that all active employee owners have to take a fair salary given their position and profit and that the IRS is a pay as you go system and that you are required to pay your taxes as you earn profits.
Also I suggest we meet at your earliest convenience to look to set up a retirement account for you and your business both to limit ongoing tax obligations and to set aside money for retirement.
To prepare your Personal Return I will need to know:
-Which child are you going to claim.
-Who gets to deduct or how is to be treated to handle the $3000 in contributions to charities, $2000 of state income tax paid with the return, Real Estate Taxes on your primary home, $600 of Property Taxes on cars and $100 of Foreign Tax Paid.
-Please confirm if you should claim all of the rental properties
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 America’s Entrepreneurs.
www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Grayson, Alpharetta, Roswell, Sandy Springs & Tucker as a Faith Based CPA