20XX TAX PLANNING OPPORTUNITY
PIC, InChng, Prep. Revr--Please list client name and code, check appropriate items, circle choices and insert amounts as you work on the return.
PARENT1 PARENT2 PARENT3 KIDNO KIDYES SSBEN TAXFREE LT CARE REINV MUTUAL FUNDS SETAXDED SELFEMP NOIRA IRA-WD IRA-ND ROTH IRA EDUC PLAN LOAN VESTINT COMPENSATON EFTPS 50-50% SELLER HOME USED CONTRIB250 PHONE SEC179 NOLFWD ACRSSTLN NOLBACK PASSIVE CAPLOSS ALLOWED
YOU CAN ADD YOUR KIDS INCOME ONTO YOUR RETURN IN 2003. YOU CAN'T CLAIM YOUR 25 YEAR OLD COLLEGE STUDENT ANYMORE. MUST HAVE SOCIAL SECURITY NUMBERS FOR CHILDREN. KIDS UNDER 14 DIDN'T HAVE INCOME (AND/OR NEXT) KIDS UNDER 14 PAID TAXES (ALSO CHECK "PARENT1") YOU PAID TAX ON SOCIAL SECURITY ($25,000 OR $32,000) ADJUST YOUR BASIS FOR TAX-FREE DIVIDENDS (ADD LIST OVER) INSURANCE PREMIUMS DEDUCTIBLE DIVIDEND REINVESTMENT PLAN RECORDS BUYING / SELLING MUTUAL FUNDS ONE-HALF SE TAX DEDUCTION DEDUCTION FOR 100% OF S/E MEDICAL INSURANCE ELIGIBLE FOR IRA BUT DIDN'T WANT CONTRIBUTION LIMITED...YOU SHOULD WITHDRAW CONTRIBUTION LIMITED...LEFT IN TO EARN NEW ROTH IRA MAY BE BENEFICIAL NEW EDUCATIONAL INCENTIVES MAY BE BENEFICIAL INTEREST PAID BY LOAN/MARGIN PROCEEDS ($) NOT DEDUCTED INVESTMENT INTEREST DEDUCTIONS CARRIED OVER TO 2003. REASONABLE COMP. ISSUES. YOU MAY MEET REQUIREMENTS FOR ELECTRONIC TAX DEPOSITS (RECORD TO DUE DATE) THE 50% DISSALLOWANCE APPLIED TO MEALS, ENTERTAINMENT, ETC. YOU HAVE A SELLER FINANCED MORTGAGE BUSINESS-IN-HOME EXPENSES LIMITED AND CARRIED FORWARD BUSINESS-IN-HOME EXPENSES LAST YEAR USED THIS YEAR RETURN INCLUDED CHARITABLE CONTRIBUTION OR $250 OR MORE BASIC COST OF SOLE HOME PHONE LINE USED FOR BUSINESS WE DID or DIDN'T USE SEC 179 ON (DELETE ONE PARAG.)
H$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ F$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ S$ $ $ $ $ $ $ $ $ $ PE$ PE$
REVIEWED BY: DATE
W$
NET OPERATIONG LOSS C/O - INTEREST FED and ST $ AMOUNTS WE USED STRAIGHT LINE NOT ACCELERATED BECAUSE ....... NET OPER LOSS CARRIED BACK AND CLAIM FOR REFUND ($) PASSIVE ACTIVITY LOSSES/CREDITS WERE SUSPENDED TO FUTURE YEARS CAPITAL LOSS CARRY-OVER TO 2003 IS ($)
PRIOR PASSIVE LOSSES/CREDITS WERE USED TO COMPUTE
NEW CREDITS YOUR TAXES WERE REDUCED SITTER NOSITTER CREDITS ITEMPERS >>>>>>>>
CLIENT NAME:
TPO DRAFT TYPED BY:
CHILD CARE CREDIT TAKEN (OR NEXT PARAGRAPH) CREDIT NOT TAKEN BECAUSE NO FICA RETURNS START FILING FORM YOU HAD-NEW JOBS ITC LOW INC HSNG C/O FREED
$ ID$ ID$
TPO DRAFT
ITEMIZED DEDUCTION AND PERSONAL EXEMPTIONS WERE LIMITED
I/D ($137,300) OR ($68,650) P/E Single ($137,300) Joint ($206,000) MFS ($103,000) HH ($171,650)
CLIENT CODE:
INITIALS
DATE
TPO DRAFT TO:
INITIALS
AED
RJT
CPGNRATE ALTMIN CORPLIFE 2210-210 WH-EST NOES-MIN REFUND ES-EX1 20XX-UNSAFE
CAPITAL GAIN RATE APPLIED ALTERNATIVE MINIMUM TAX CAUSED BY AMT ACE PROBLEM WITH LIFE INSURANCE
$ $ $ $ $ $ F$ $ ESS $ W/H $
$ $ $ $ $ $ S$ $ $ $
UNDERPAYMENT PENALTY ADDED TO RETURN - FED AND OR ST ($) WITHHOLDING OR ESTIMATED TAX PROBLEM (SEE BELOW) PRIOR YEARS ESTIAMTED TAX LESS THAN MINIMUM REFUND DUE FROM FEDERAL ($) STATE ($) WATCH NEW ESTIMATED RULES - EXCEPTION #1 THE 20XX WITHHOLDING/ESTIMATED PAYMENTS MAY NOT BE SAFE
DNI FIDU-ESS FIDUNEW NRW-H CLEAN 1099 SCHC&E SALEUSE ESTPLAN DEPRVW MINDOC CHANGES RJT CLOSE AED CLOSE
THE FIDUCIARY ACCOUNTING NET INCOME.... NO FIDUCIARY EST TAX PREPARED WE PREPARED ESTIMATED TAX VOUCHERS FOR 2003. NON-RES REQUIREMENTS FOR SHAREHOLDERS/PARTNER/BENEFICIARY PAYROLL TAXES ON CLEANING PERSON FORM 1096/1099 FOR YOUR BUSINESS VARIOUS BUSINESS RETURNS REQUIRED WATCH YOUR SALES TAX RULES REVIEW YOUR ESTATE PLAN/WILL REGULARLY REVIEW DEPRECIATION FOR NEXT YEAR & PROPERTY RETURN CORPORATE MINUTE BOOK UPDATED & DOCUMENTS REVIEWED MANY TAX LAW CHANGES.....WE WILL HELP USE THE SHORT CLOSING PARAGRAPH USE THE SHORT CLOSING PARAGRAPH
ADDITIONAL SERVICES:
CASH/CREDIT MANAGEMENT COMPENSATION AND BENEFIT PLANNING (RETIREMENT/DEFERRED COMP/FLEX PLANS) INVESTMENT AND INSURANCE EVALUATION PLANNING LIABILITY AND RISK MANAGEMENT CHILDREN'S EDUCATION FUNDING BUY/SELL AGREEMENTS COMPUTER SERVICES DISASTER RECOVERY PLANNING ESTATE OR SUCCESSION PLANNING