Assisting a family with their tax returns
How you took info from client and prepared their tax computations from it, show if there’s income, etc.
Line by line what you’ve included to come up with their taxable income. Don’t show summary of taxable income. You can put into table to show how you determine the taxable income.
Need to show depth and the detail behind your answer. Also, identify then the summary of that, including any suggestions or tax planning considerations.
Look at their tax situation, knowing what you do from the information they provided here, and identify suggestions or planning items that you could share with your client for their next taxable year.
There may be certain questions you need to ask them to collect more information. Identify those questions. Dig a little deeper into the clients tax situation and figure out areas that you can suggest for them on how they can improve their tax situation next year.
Lastly, as you’re coming up with the taxable income for this client, you need to identify how you determine the filing status based on the information you have, how you determine the dependents.
Don’t just identify how many dependents they have, identify how you came up with that number and what a dependent, a dependent. And then the use of standard versus itemized deductions.
Figure out in this scenario whether it’s better for your client to use a standard deduction or the itemized deduction. Show how you came up with that analysis. Don’t just identify that one is better than the other.
Show comparisons with what the differences are between those two deductions and why you chose what you did. Based on what you’re told about the children, are they dependents or not. If you feel like you need more information, make sure to include that in the paper.