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Financial Planning
Are you or your spouse self-employed or own a business?
What kinds of income do you and your spouse have?
What kind of deductions do you and your spouse have?
Was there any out of pocket medical expenses?
Do you plan to itemize those deductions?
Do the children work?
Do the children file income tax returns?
Do the children live with you?
Did you pay more than 50% of the children's support?
Do you pay more than 50% of your fathers support?
What was the fair market value of the inherited property at your father's death, or when it was given?
What kind of retirement accounts do you and your spouse have?
What kinds of investments do you and your spouse own?
Do the children...
Refer to lines 23-35 on Form 1040. Charitable contributions is another way of reducing AGI. Refer to publication 17.
For dependent exemption explanation for the children and the father refer to publication 501. This can easily be found at www.irs.gov under forms and publications.
For the gift, or inheritance, of the property, renting the property allows for deductions, such as repairs, maintenance, mortgage interest, and depreciation. If you manage the rental you can deduct up to $25,000 of the rental costs from taxable income. If you hire someone, you can only…
Smiths to Minimize Their Total Tax Liability Mr. and Mrs. Smith's concerns about their future income and estate tax bills are important because of their need to engage in tax planning, which can be described as organizing personal financial affairs in order to lessen taxes. In light of their concerns and current situation, there are several recommendations or ways with which the Smiths can reduce their future income and estate
S. domestic law, a U.S. citizen or resident (Non U.S. person) who is a beneficiary of a foreign retirement plan would be subjected to the existing U.S. income taxation on all of the income that is accrued in their foreign investment plans even though their income is never currently distributed per se to the beneficiary. This should be the case unless the foreign retirement plan accounts as the employee's trust
Tax Advise Table of Contents (optional) Louise is aged 50 and single. Since 1994 she has carried on a retail business as a sole trader. Her trading profits as adjusted for tax purposes and after capital allowances, for the year ended 30th April 2009 were $150,000. The business is carried out from a number of valuable retail outlets, all of which are owned by Louise personally. These units have been acquired over a
It may also include goals concerning the attainment of education for the individual or their children. During this time the individual should establish both short-term and long-term goals (personal finance). The third step in the financial planning process concerns itself with detailing how the goals set forth in step two will be accomplished. For example, certain expenses may need to be reduced and certain investments may need to be made
Tax Avoidance vs. Tax Evasion The main objective of a tax advisor is to assist his/her clients avoid taxes as much as possible through within the confines of the law in order to avoid crossing the line into tax evasion. In this case, the tax advisor guides his/her clients based on the law regarding tax avoidance and tax evasion. This paper focuses on comparing the concepts of tax avoidance and tax
Personal Statement L. Jones Real estate is an exciting, complex, and demanding field of study. Although many work in real estate, to undertake its study as a discipline requires a real love for the industry. That, I have in spades. However, like anyone who truly enjoys a particular area of study, my previous experience in the industry has only fueled my desire to learn more. It is through my admittance and completion