Try the all-new QuickBooks Online for FREE.  No credit card required.

Tax Questionnaire

Document Sample
Tax Questionnaire Powered By Docstoc
					EMMANUEL AKRONG-CPA Main-street financial solutions dot com Living a better life!

Tax Questionnaire

Prospective Client Questionnaire by Emmanuel Akrong (CPA)

Primary Contact Information:
NAME: ADDRESS: CITY, STATE ZIP: COUNTY: PHONE: FAX: E-MAIL: Occupation: Other information

Your Tax and Financial Objectives/Priorities
Please dsescribe what result you would like to achieve from my services .

Page 1

Main-street financial solutions dot com


Tax Questionnaire

Please rank the following in terms of their importance to you, with one (1) being of primary concern. ____ Selling a business ____ Business succession/estate planning ____ Personal income tax savings ____ Avoiding/deferring capital gains taxes ____ Investment tax concerns (other than capital gains) ____ Saving for college expenses ____ Starting a business ____ Other business concerns ____ Business succession/estate planning ____ Estate tax planning & preservation ____ Multi-generation estate preservation ____ Asset protection tax issues ____ (Other)________________________________________ ____ (Other)________________________________________ ____ (Other)________________________________________

Other Contact information
If you are seeking personal tax assistance ....... Are either of you self employed or a principal in a business? Yourself __________________________________________ Spouse __________________________________________ Your Employment Information/Description Spouse's Employment Information/Description ___________________________________________________ ___________________________________________________ ___________________________________________________ Children's Name ________________ ________________ ________________ ________________ ________________ Birthdate ___________ ___________ ___________ ___________ ___________ Married? _______ _______ _______ _______ _______ Occupation ____________ ____________ ____________ ____________ ____________

Grandchildren Name Birthdate


Occupation ____________ ____________ Page 2 Main-street financial solutions dot com

________________ ___________ ________________ ___________

_______ _______

________________ ___________ ________________ ___________ ________________ ___________ _______ _______ _______ ____________ ____________ ____________

Tax Questionnaire

Should I assume that you have a normal (functional) relationship with your children or grandchildren for the purpose of any family tax planning? If not, please comment, as appropriate. ___________________________________________________ A complete copy of your most recent personal tax return.

Salary and Wages Did you receive unemployment Did you receive a pension? Did you receive an IRA distribution? Did you receive any other income? (Jury duty, lottery, alimony, state refund, other, explain



2. Income: Other Income



Interest Income & Dividend Income Intersest Income — Land Contracts Also list tax exempt interest income Did you have any stock or bond sales in? Were you self-employed or had a business in the current year? If so, please attach information regarding income and expenses.

Do you own rental properties? If so, please attach information regarding income and expenses. If purchased or sold in current year, please attach copies of Closing Papers

Do you have an interest in a Partnership or Sub-Chapter S Corporation? If so, please attach Schedule K-1. Page 3 Main-street financial solutions dot com


Tax Questionnaire

3. Do you use your car for business purposes or for job hunting? If yes, please complete the following questions
Job Hunting Business Purposes
Check one

Total number of miles driven during year: Total number of business miles Total number of miles, and year of vehicle used for business Job related moving expense:___Job search expense:____

miles miles miles

4. Medical and Dental Expenses. (NOT reimbursed by insurance).

Page 4

Main-street financial solutions dot com

Cost of prescribed drugs. Cost of all the doctors, dentists and nurses. Hospital $ Hospitalization Hearing Aid $ Eyeglasses Dentures $ Ambulance Service X-Rays $ Clinic (Lab) Miles traveled to doctors Lodging for medical Care $ Nursing Home Insurance Ambulance Service Clinic (Lab) Hospitals Long-term Care Insurance Dental Insurance $

Tax Questionnaire

5.Did you sell your personal residence during the current year

6.Real Estate Taxes paid in tax year 7.License Plate cost on any vehicle 1984 and newer $ 8.Interest paid: Home mortgage paid to (name of individual) Equity Ease or Home Equity Loan Interest Interest—Second Home Investment Interest Did you refinance your mortgage? If so, please attach closing papers.

To Whom 9.Charitable Contributions a Did you contribute clothes or other non-cash items to the Church, Salvation Army or Goodwill? b Miles driven for Non-Profit Organization work: c Community foundation, homelessshelter or food bank


10. Miscellaneous Deductions a. Alimony paid b. Union Dues c Uniforms/Shoes d Safe Deposit Box Page 5


Main-street financial solutions dot com

e Professional Dues & Subscriptions f Tax Preparation Fee g Investment Expenses h other job related expenses i Lottery Expenses 11.List educational expenses that are required by your employer in your present occupation a. Tuition b. Books 11.Child Care Were there child care expenses while husband and wife both worked and were services performed inside your home?

Tax Questionnaire

Additional Information That Will Help Me to Help You
You are welcome to send me as little or as much of the following information as you wish. The more you send me, the better my advice will be in relation to your specific circumstances. I will review this information on a time available basis and will let you know if I feel there is a substantial opportunity for you to save some taxes based on the information you have provided. If not, I will return the documents you send me, with no cost to you other than the cost to send me the information. (I'll even pay the return postage or shipping charges.) If I do believe that I can help you to accomplish the goals you have ranked or commented on above, I will contact you to arrange for a phone consultation. If you agree that you want to discuss your tax concerns with me, I will charge you for that time. If after ten or fifteen minutes, I conclude that I'm not qualified to help you, I will try to provide you with a referral to someone who can help you and I will not charge you for the time on the phone. Please send me a complete COPY of your latest personal and any business income tax returns. (Please do NOT send me your only copy.) If you only need limited information based on a specific question about the tax law, you do not need to send me the following information. However, my answers are often dependent on facts that are specific to you and on information that I can obtain from a review of your tax and financial information. If you anticipate that you will want personal advice relating to your specific tax and financial situation, then the following information may be needed and it would save time to send it to me initially. Please send me a copy of any personal financial statement or "financial plan" that shows the value of your assets, your present debts, any substantial income you have that is not on your tax return and any major expenses you may have that are not reflected on your tax return - if you would like to know if there is a way to deduct them. If you are concerned about capital gain taxes, I will need to know the present market value of the assets and the tax cost of those assets. If you are concerned about estate taxes, I will need a copy of your wills, any trusts that you have established, any power of attorney that you have, any powers of appointment that you hold over any trusts, any inheritances that you are expecting and whether your children or grandchildren already have a substantial estate. I will also need information about your life insurance. If you are concerned about the tax rules applicable to any foreign investment, trust or business operation, please send me an explanation of the situation and of your concerns.

Use Additional Pages as Necessary

Page 6

Main-street financial solutions dot com

IRS Reminder: Make Use of Recent Tax Law Changes for 2008 and Dec. 31 Is the Last Day for Most of These Actions
First-Time Homebuyers Tax Credit — First-time homebuyers should begin planning now to take advantage of a new tax credit available for a limited time. The credit applies to primary home purchases between April 9, 2008, and June 30, 2009. Normally, this tax credit must be paid back in equal payments over 15 years. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. First-time homebuyers are those who have not owned a home in the three years prior to a purchase. Real Estate Tax Deduction — There is an additional standard deduction for those who don’t itemize their deductions, but pay real estate taxes. The additional deduction amount is equal to the amount of real estate taxes paid up to $500 for single filers or up to $1,000 for joint filers. This deduction is available for the 2008 and 2009 tax years and increases your standard deduction. Tuition and Fees Deduction — You may be able to deduct qualified tuition and required enrollment fees up to $4,000 that you pay for yourself, your spouse or a dependent. You do not have to itemize to take this deduction. However, a taxpayer cannot take both the tuition and fees deduction and education credits (Hope & Lifetime Learning Credits) for the same student in the same year. Income limits and other special rules apply to each of these provisions. To determine whether your expenses are qualified, refer to IRS Publication 970, Tax Benefits for Education. The 2008 edition is available soon online. This publication also describes other education-related tax benefits. Educators’ Out of Pocket Expense Deduction — The educator expense deduction allows teachers and other educators to deduct the cost of books, supplies, equipment and software used in the classroom. Eligible educators include those who work at least 900 hours during a school year as a teacher, instructor, counselor, principal or aide in a public or private elementary or secondary school. Worth up to $250, the educator expense deduction is available whether or not the educator itemizes deductions on Schedule A. Recovery Rebate Credit — If you did not qualify or did not receive the maximum amount for the 2008 economic stimulus payment you may be entitled to a recovery rebate credit when you file your 2008 tax return. Review the tax return filing instructions including the recovery rebate credit worksheet. You need to know the amount of the payment you received in 2008, which can be found on your Economic Stimulus Payment Notice (Notice 1378). Two online tools on will be available soon — the Recovery Rebate Credit Calculator will help taxpayers figure the amount they should claim on their 2008 tax return, and How Much Was My 2008 Stimulus Payment? helps you determine what your stimulus payment was. New Rules for “Cash” Charitable Contributions — Since tax year 2007, to deduct any charitable donation of money, you must have a bank record, credit card statement or a written communication from the recipient showing the name of the organization and the date and amount of the contribution. In determining what may be deducted as a charitable contribution, see IRS Publication 526 for 2008 to be released in the near future. Earned Income Tax Credit (EITC) — This credit is offered by the federal government to working families and individuals. You may qualify for the earned income tax credit, or EITC, if you worked, but did not earn a lot of money. EITC is a refundable tax credit meaning you could qualify for a tax refund even if you did not have federal income tax withheld. If you qualify, the amount of your EITC will depend on whether you have children, the number of children you have, and the amount of your wages and income. For more information, go to or see IRS Publication 596 for 2008. Recordkeeping — Are your tax records organized? The IRS encourages taxpayers to take the time now to gather and organize their records to reduce stress at tax time. For tips, see Publication 552, Recordkeeping for Individuals, for 2008. Electronic Filing — The IRS encourages taxpayers to consider e-filing their tax returns. Nearly 90 million returns were filed electronically this year, accounting for about 58 percent of all filers. E-filing is easy, safe and accurate. The fastest way for you to receive a tax refund is to use IRS e-file and choose direct deposit. You can receive your refund in as little as ten days with IRS e-file and direct deposit. The error rate of an e-filed return is less than 1 percent compared to 20 percent for a paper tax return. IRS e-file is the most efficient way to prepare your taxes, particularly taking into consideration the 2008 tax law changes. About 70 percent of taxpayers can prepare and file electronically for free when they enter through and use Free File. Tax Forms and Publications — Tax forms and publications can be accessed on this Web site or requested by calling the IRS toll-free at 1-800-TAX-FORM (1-800-829-3676). Beware of Bogus E-mails — The IRS does not send unsolicited e-mails about your taxes. If you get an e-mail that appears to be from the IRS, it may be an attempt to steal your private information. Don’t click on any links in the message. Rather, forward the e-mail to using the instructions at Web site — Remember to use .gov when seeking the genuine IRS Web site. The address of the official IRS Web site is The IRS Web site contains a wealth of information for your tax planning and filing needs. Check out the latest tax changes on the site, and remember to e-file your tax return, which helps ensure you do not miss out on any tax deductions, credits and benefits.

Planning Your Income — Some taxpayers, such as the self-employed, may have some discretion regarding when they receive income. Properly deferring income until next year can lower your taxable income and tax bill this year. This strategy will, however, raise your tax bill next year. Publication 334, Tax Guide for Small Business, may be of help. And many taxpayers also have some control over their income via the sale of investments to incur a gain or loss. This is generally a key area of decision-making for investors. These decisions must be made and executed by Dec. 31 to be counted on a 2008 tax return. Publication 550, Investment Income and Expenses, for 2008, explains the rules. Retirement Savings — Taxpayers have various options to save for retirement. You need to be mindful of their contribution deadlines and limits. For example, Dec. 31 is the deadline for contributions to a 401(k) plan, while April 15 is the deadline for IRA contributions. Taxpayers can get help from their 401(k) plan administrators where they work. Publication 560, Retirement Plans for Small Business, and Publication 575, Pensions and Annuity Income, may also help. You have more time to make contributions to individual retirement arrangements (IRAs) for a given tax year. You generally have until April 15 of the following year. Publication 590, Individual Retirement Arrangements, for 2008, can answer most questions. New children — If you had or adopted a child in 2008, you should get a Social Security number for that child as soon as possible to ensure that you can include the child as a dependent on your 2008 return. Also, having or adopting a child in 2008 may mean you will receive a larger recovery rebate credit.

of These Actions

Shared By: