Client Handouts

Audit

•  Representation for the audit.
•  Returns selected for audit.
•  Audit procedures.
•  Taxpayer's rights regarding audits.

Capital Gains and Losses

•  Capital and noncapital assets.
•  Holding periods.
•  Mutual funds, including cost basis and average basis.
•  Capital gain tax rates.

​Charitable Contributions Recordkeeping Requirements

•  Recordkeeping requirements for charitable contributions.
•  Donations of with goods and services.
•  Out-of-pocket and auto expenses.
•  Noncash contributions in excess of $500.

Consumer Credit

•  Credit reporting agency contact information.
•  Tips on choosing a credit counselor.
•  Debt management information.
•  Tips on how to protect against identity theft and credit fraud.

​Digital Assets

•  Income.
•  Purchase of goods or services.
•  Mining virtual currency.
•  Hard fork and air drop.

​Education Tax Benefits

•  Deduction of education expenses.
•  Education tax credits.
•  Penalty-free IRA distribution for education.
•  Education savings plans.

​​Estimated Taxes

•  Who must pay estimated taxes.
•  Who does not have to pay estimated taxes.
•  When to pay estimated taxes.
•  Underpayment of estimated taxes.

​Families With Children

•  Child Tax Credit and Additional Child Tax Credit.
•  Child and Dependent Care Credit.
•  Earned Income Tax Credit.
•  Adoption Expense Credit.

​Foreign Bank and Financial Accounts

•  Who must file.
•  Exceptions to filing requirements.
•  Additional requirements.
•  Delinquent submission procedures.

​​​Health Savings Account (HSAs)

•  Qualifying for an HSA.
•  Spousal HSAs.
•  High deductible health plans (HDHP).
•  Family HSAs.

​​Hobby vs. Business

•  Determination of activities as a hobby or business.
•  Presumption of profit.
•  Reporting hobby income and expenses.
•  Activities which are generally not engaged in for profit.

​​Identity Theft and Your Taxes

•  Identity theft scams.
•  Fraudulent returns.
•  Identity Theft Affidavit.
•  Identity Protection PIN (IP PIN) Program.

​​Itemized Deductions - Homeowners

•  Real estate taxes including assessments.
•  Mortgage interest including limits on deductions.
•  Mortgage insurance.
•  Home improvements for medical purposes.

​​Itemized Deductions - Taxes Paid

•  State and local income taxes.
•  State and local sales taxes.
•  Real estate taxes.
•  Real estate taxes paid upon the sale or purchase of a home.

​​Life-Kind Exchanges

•  Like-kind exchanges.
•  Mandatory rules.
•  Qualifying property.
•  Excluded property.

​​Multi-State Taxation

•  Tax patters for state returns.
•  Part-year residents.
•  Nonresidents.
•  Military spouses.

​​Standard vs. Itemized Deduction

•  Standard deduction amounts.
•  Itemized deduction limitations.
•  Nondeductible expenses.
•  Medical expense limitations.

​​Tax Facts and Figures

•  Federal tax rate schedule.
•  Additional Medicare tax.
•  Standard deduction.
•  Child Tax Credit.

​​Taxable Social Security Benefits

•  Taxable benefits.
•  Worksheet to determine if benefits are taxable.
•  How much is taxable?
•  Planning tips and strategies.

​​Tipped Employees

•  Daily tip record.
•  Service charges vs. tip income.
•  Reporting tips to employer.
•  Allocated tips.

​​What Should You Do if You Can't Pay Your Taxes?

•  File on time.
•  Pay as much as possible when filing the tax return.
•  Installment agreement request.
•  Online payment agreement.

Cancellation of Debt - Insolvency

​​•  Representation for the audit.
•  Returns selected for audit.
•  Audit procedures.
•  Taxpayer's rights regarding audits.

Charitable Contributions Guide

•  Charitable organizations.
•  Contributions that benefit the taxpayer.
•  Contributions of property.
•  Recordkeeping requirements for charitable contributions.

Charitable Noncash FMV Guide

•  Fair market value guide.
•  Noncash donation tracker.
•  Tips for keeping track of donations.
•  Recordkeeping rules for charitable contributions.

Dependent Support Worksheet

•  Support test to claim the dependency exemption.
•  Definition of support.
•  Dependent support worksheet.
•  Items includable as support.

Divorce and Taxes

•  Filing status.
•  Joint responsibility for taxes.
•  Property settlements and transfers.
•  Deducting the cost of divorce.

​​Energy and Vehicle Credits

•  Energy Efficient Home Improvement Credit.
•  Annual limitations.
•  Home energy audit.
•  Residential Clean Energy Credit.

​Extending Your Individual Income Tax Return

•  Individual extension.
•  When to file.
•  Late filing penalty.
•  Late payment penalty.

​Filing Status

•  Single taxpayers.
•  Married Filing Jointly (MFJ).
•  Married Filing Separately (MFS).
•  Head of Household (HOH) qualifications.

​​Gambling Log

•  Tax reporting requirements.
•  Diary of winnings and losses.
•  Proof of winnings.
•  Gambling log.

​​​High-Income Taxpayers

•  Capital gain tax rates.
•  Phaseouts of itemized deductions and personal exemptions.
•  Reduced IRA deductions and reduced Roth IRA contributions.
•  Phaseout of Retirement Savings Contribution Credit and Child Tax Credit.

​​Household Employees

•  Workers who are household employees.
•  Household employment taxes.
•  FICA and FUTA tax reporting and payment requirements for employers.
•  Wages not counted as FICA wages.

​​Itemized Deductions - Casualty and Theft Losses

•  Federally-declared disaster areas.
•  Deductible amount of loss.
•  Deductible losses.
•  Insurance.

​​Itemized Deductions - Medical Expenses

•  Itemized deduction limitations.
•  When medical expenses are deductible.
•  Whose medical expenses are deductible.
•  Decedent's medical expenses.

​​Kiddie Tax

•  Kiddie tax general rules.
•  Tax treatment of a child's unearned income.
•  Children who are subject to kiddie tax.

​​Moving Expenses

•  Deductibility tests.
•  Foreign moves.
•  Reimbursement.
•  Permanent change of station.

​​Sale of a Principal Residence

•  Principal residence defined.
•  Exclusion of gain.
•  Ownership and use rules.
•  Vacant lot adjacent to residence.

​​Stock Options - Same Day Sales

•  Qualified stock options.
•  Nonqualified stock options.
•  Taxation of a same-day sale.
•  Form 8949, Sales and Other Dispositions of Capital Assets .

​​Tax Scams - Protect Yourself

•  Tax scams.
•  IRS impersonation.
•  Phishing.
•  How to protect yourself from scams.

​​Taxpayers Who Receive an IRS Notice

•  Ten things to know about receiving an IRS notice.
•  Avoid future problems.
•  Taxpayer rights.

​​Understanding How the IRS Contacts Taxpayers

•  Text messages are frequently a scam.
•  Email scams.
•  Contacts by mail and phone.
•  What to know about in-person visits.

​​Filling Out Form W-4

•  Purpose of Form W-4.
•  How withholding is computed.
•  Marital status.
•  Personal allowances.

​Business

​​Business Entity Comparison Chart

•  Sole proprietor.
•  Partnership.
•  S corporation.
•  C corporation.

​​Business Expenses Worksheet

•  Business expenses.
•  Depreciation of assets.
•  Inventory.

​​Business Use of Home

•  Business use of the home expenses.
•  Depreciation of the area used for business.
•  Home improvements.
•  Calculating the business use of home.

​​Corporation Meeting Requirements

•  Piercing the corporate veil.
•  General requirements of all corporations.
•  Outline of suggestion for single-member and multiple-member corporations.
•  Waiver of Notice model language.

​​Employing Family Members

•  Employing family members.
•  Sole proprietorship employing a child.
•  Corporation, partnership, or estate employing a child.
•  Sole proprietorship employing a parent.

​​Expense Reimbursements for Employees

•  Employer reimbursements.
•  Accountable plans.
•  Nonaccountable plans.
•  Reporting reimbursements.

​​Farm Income Worksheet

•  Farm income worksheet.
•  Agricultural program payments.
•  Crop insurance and crop disaster payments.
•  Feed assistance.

​​FinCEN Beneficial Ownership Reporting

•  Reporting company.
•  Domestic reporting company.
•  Foreign reporting company.
•  Exemption entities.

​​Form 1099-MISC and ​​Form 1099-NEC Reporting

•  New filing due date.
•  Who must file.
•  Reportable payments to corporations.
•  Payments to attorneys.

​​Limited Liability Companies (LLCs)

•  Definition of an LLC.
•  Forming an LLC.
•  Default classification of an LLC.
•  Elected classification of an LLC.

​​Partnerships

•  What you need to know about partnerships.
•  Partnership tax filing.
•  Tax filing for partners of a partnership.
•  Advantanges and disadvantages of a partnership.

Real Estate Professionals

•  Passive loss limits.
•  Exception for real estate professionals.
•  Qualifying as a real estate professional.
•  Material participation.

Rental Income and Expenses

•  Rental income and expenses.
•  Security deposits.
•  Vacant property.
•  Insurance and interest expenses.

Repairs vs. Improvements

•  Repairs vs. Improvements comparison chart.
•  Requirements for deducting as a current expense.
•  Recordkeeping guidelines.

S Corporations

•  Qualifications of an S corporation.
•  Corporate formalities.
•  Reasonable wages.
•  Tax forms for the S corporation and shareholder.

Short-Term Rentals

•  Rental and personal use.
•  Limit on deductions.
•  Tax-free rental use - 14 days or less.
•  Providing substantial services.

Starting a Business

•  Business plan.
•  Mission, vision, and description of the business.
•  Marketing plan.
•  Operational plan.

​​Business Entity Pros and Cons

•  Sole proprietor.
•  Partnership.
•  S corporation.
•  C corporation.

​​Business Owners - Taking Money Out of a Business

•  Classification of payments.
•  Intermingling of funds.
•  Taking money out.
•  Flow-through of income.

​​Buy-Sell Agreements

•  Business use of the home expenses.
•  Depreciation of the area used for business.
•  Home improvements.
•  Calculating the business use of home.

​​Employee or Independent Contractor

•  Penalties for incorrect classification.
•  Factors used to determine worker status.
•  Incorrect treatment of employees as independent contractor.

​​Excess Business Loss and Net Operating Loss (NOL)

•  Qualified business income deduction.
•  Threshold amount.
•  W-2 wages limitation.
•  Property limitation.

​​Farm Expenses Worksheet

•  Farm expenses worksheet and depreciation worksheet.
•  Prepaid farm supplies.
•  Real estate taxes paid on farm land.
•  Soil and water conservation expenses.

​​Farm Vehicles and Fuels

•  Record of fuels used for farming.
•  Farm vehicles.
•  Standard mileage rate and actual expense method.
•  Five or more farm vehicles.

​​Form 1099-K

•  Who receives Form 1099-K.
•  What should not be reported on Form 1099-K.
•  What to do with Form 1099-K.
•  Personal items sold.

​​Fringe Benefits

•  Tax treatment of fringe benefits.
•  Nondiscrimination rules.
•  Employer-provided vehicles.
•  Other fringe benefits.

​​Mileage and Expense Log

•  Mileage and expense tracking log.
•  When transportation expenses are deductible.
•  Substantiation for travel, meals, and entertainment.

​​Qualified Business Income Deduction

•  Excess business loss limitation.
•  Individual net operating loss.
•  Partners.
•  S corporation shareholders.

Recordkeeping for Tax Purposes

•  What records should be kept.
•  Proof of income and expenses.
•  Records for special situations.
•  Proof of payment.

Rental Real Estate QBI Safe Harbor

•  Rental real estate enterprise.
•  Safe harbor.
•  Rental services.
•  Excluded rental real estate arrangements.

Rideshare Drivers

•  Tax forms.
•  Income.
•  Car expenses.
•  Other business deductions.

Self-Employment Tax

•  Who pays self-employment tax.
•  Social Security, Medicare, and Additional Medicare taxes.
•  Self-employment tax optional methods.
•  Kids in business.

Small Business Health Care Tax Credit

•  Do you qualify for the credit?
•  Who is considered an employee when calculating the qualifications?
•  Average annual wage defined.
•  Small Business Health Care Tax Credit Worksheet.

Vehicles - Business Use

•  Business use of vehicle.
•  Local transportation.
•  Office in home.
•  Standard mileage rate.

Estates & Trusts

Death of a Taxpayer

•  Personal representative duties.
•  Decedent's tax returns.
•  Request for prompt assessment.
•  Assignment of income in the year of death.

Gift Tax

•  Gift tax rules and exclusion amounts.
•  Gifts subject to gift tax.
•  Tax implication of loan forgiveness.
•  Transfers for tuition or medical expenses.

Estate Tax (Form 706)

•  Estate tax filing requirements.
•  States with estate or inheritance tax.
•  Estate tax exclusion amounts.
•  Estate and gift taxes.

​Personal Representatives - Estates

•  Personal representatives.
•  State law.
•  No court appointment.
•  Specific duties.

Retirement

Individual Retirement Accounts - Kinds of IRAs and Prohibited Transactions

•  Traditional IRAs.
•  Simplified employee pensions (SEP).
•  SIMPLE IRAs.
•  Roth IRAs

Individual Retirement Accounts - Required Minimum Distribution (RMD)

•  When to take the first RMD.
•  When age 70 1/2 is reached for RMD purposes.
•  How to calculate the RMD.
•  Multiple retirement accounts.

Individual Retirement Accounts - Roth IRAs

•  Contribution limits.
•  Rules of a Roth IRA.
•  Phaseout amounts.
•  Conversion rules.

Individual Retirement Accounts - Beneficiaries of IRAs and Qualified Plans

•  Required minimum distributions (RMDs).
•  Inherited traditional IRAs.
•  Inherited Roth IRAs.

Reverse Mortgages

•  Tax-free income.
•  Reverse mortgage situations.
•  Applicable tax law.
•  Examples.

Individual Retirement Accounts - Qualified Charitable Distribution (QCD)

•  Qualified charitable distribution.
•  Maximum annual exclusion.
•  Itemized deductions.
•  Age requirement.

Individual Retirement Accounts - Roth IRA Conversions

•  Roth IRA limits.
•  Nondeductible IRA contribution.
•  Conversions.
•  Recharacterization.

Individual Retirement Accounts - Traditional IRAs

•  Contribution limits.
•  Rules of a traditional IRA.
•  Reduced IRA deductions.
•  Required minimum distribution rules.

Retirement Income

•  Social Security full retirement age.
•  Social Security early retirement reduced benefits.
•  Pension income.
•  IRA distributions including required minimum distribution rules.

Saving for Retirement

•  Traditional IRA rules and limits.
•  Roth IRA rules and limits.
•  SIMPLE IRA rules and limits.
•  Defined contribution plan rules and limits.

Social Security and Medicare

•  Full retirement age.
•  Delayed and early retirement.
•  Qualifying for Social Security benefits.
•  Social Security disability and survivor's benefits.

Tax Planning

Estate Planning, Wills, Probate, and Transfer of Assets

•  Who needs a will?
•  Dying without a will.
•  Property passing at death.
•  Probate assets and nonprobate assets.

Newlyweds Tax Tips​

•  Notify the Social Security Administration.
•  Name change.
•  Withholding changes with employer.
•  Tax filing status.

 Moving Out Worksheet

•  Lodging expenses.
•  Food expenses.
•  Transportation expenses.
•  Personal expenses.

Pension Income Planning​

•  Pension options and the predicament created by those options.
•  Insuring a pension.
•  Tax consequences of implementing the strategy.
•  Possible risks of implementing the strategy.

Saving for College​

•  Custodial accounts.
•  Savings bond interest exclusion.
•  Qualified tuition plans (529s) and education savings accounts (ESAs).
•  Qualified education expenses.

Additional Forms

Business Expense Worksheet

A powerful tool designed to simplify and streamline your expense tracking process. Whether you're managing expenses for a small business, freelancing, or handling personal finances, this worksheet will help you stay organized and on top of your spending.

W-9 Form

Trusted resource for tax compliance and documentation. The W-9 Form is a crucial tool for businesses and individuals who need to collect taxpayer identification numbers (TINs) from vendors, contractors, and other payees.

1099 Form​

Managing the acquisition or abandonment of secured property, a critical aspect of financial and asset management for individuals and businesses alike. Whether you're dealing with real estate, vehicles, equipment, or other secured assets, understanding the implications of acquisition or abandonment is essential for maintaining financial health and legal compliance.

W-2 Form

W-2 Form Wage and Statement resource, your comprehensive solution for reporting employee wages and tax information. The W-2 Form is a vital document that employers must provide to employees and the IRS to report earnings, withholdings, and other pertinent information for tax purposes.