Hello, I need help with an assignment: Module Six Assignment Guidelines and Rubric 6-1 ACC 330 Module Six Assignment Guidelines and Rubric Overview Tax planning is the process of exploring ways to red
ACC 330 Client Tax Profiles B Description 2
Clients for Tax Planning Scenario – Set 1 Schedule C and estimated Tax Payments 2
Tax Planning Scenario 1 3
Clients for Tax Planning Scenario – Set 2 Education Credits 3
Tax Planning Scenario 2 5
Clients for Tax Planning Scenario – Set 3 MFS Standard Versus Itemized Deductions 5
Tax Planning Scenario 3 6
Clients for Tax Planning Scenario – Set 4 IRA Contributions 6
Tax Planning Scenario 4 7
Clients for Tax Planning Scenario – Set 5 Bunching Deductions 7
Tax Planning Scenario 5 9
ACC 330 Client Tax Profiles B DescriptionNote: There are five sets of client data contained in this Client Tax Profile document. Each set represents a category within tax planning, such as Set 2 Education Credits. To show how each category may be applied to clients, there are two client profiles within each category that provide different tax scenarios. This allows you to compare two client scenarios withing a single category of tax planning. The words category and scenario are used interchangeably in this assignment.
Important: This profile collection will be used in Module Six Case Study and will focus on a single category for Project Two in Module Seven.
Review each of these scenarios completely by opening their corresponding Form 1040 tax returns. They are linked to the client profile. These clients have each asked for ways to reduce their tax liability.
Clients for Tax Planning Scenario – Set 1 Schedule C and estimated Tax Payments
Tax Planning Scenario – Schedule C and Estimated Tax Payments | ||||
Client(s) #1 | Client(s) #2 | |||
Open Client 1040 | 1142 | Open Client 1040 | 1143 | |
Primary Taxpayer’s Legal Name | Joanna Roman | Primary Taxpayer’s Legal Name | Malik Ali | |
Primary Taxpayer’s Preferred Pronoun | She | Primary Taxpayer’s Preferred Pronoun | He | |
SSN | ***-**-1142 | SSN | ***-**-1143 | |
Age | 25 | Age | 71 | |
Occupation | Gig Worker | Occupation | Gig Worker | |
Citizen/U.S. Resident Status | U.S. Permanent Resident | Citizen/U.S. Resident Status | U.S. Citizen | |
Languages | English; Italian | Languages | English | |
Marital Status | Single | Marital Status | Single | |
Spouse’s Legal Name | N/A | Spouse’s Legal Name | N/A | |
Spouse’s Preferred Pronoun | N/A | Spouse’s Preferred Pronoun | N/A | |
Spouse’s SSN | N/A | Spouse’s SSN | N/A | |
Spouse’s Age | N/A | Spouse’s Age | N/A | |
Spouse’s Occupation | N/A | Spouse’s Occupation | N/A | |
Dependent(s) (# - Relationship) (Name/Age/SSN) | N/A | Dependent(s) (# - Relationship) (Name/Age/SSN) | N/A | |
Additional information: | Additional information: | |||
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Tax Planning Scenario 1 These clients have each asked for ways to reduce their tax liability and are interested in knowing what additional deductions they can take to reduce their net income earned from their self-employed income. They are also wondering if they should make estimated tax payments because they read that if they continue to owe taxes each year that they might be subject to penalties. |
Tax Planning Scenario – Education credits | ||||
Client(s) #1 | Client(s) #2 | |||
Open Client 1040 | 1129 | Open Client 1040 | 1132 | |
Primary Taxpayer’s Legal Name | Trilby Keller | Primary Taxpayer’s Legal Name | Robert James | |
Primary Taxpayer’s Preferred Pronoun | She | Primary Taxpayer’s Preferred Pronoun | He | |
SSN | ***-**-1129 | SSN | ***-**-1132 | |
Age | 47 | Age | 48 | |
Occupation | Accounting Manager | Occupation | Psychologist | |
Citizen/U.S. Resident Status | U.S. Citizen | Citizen/U.S. Resident Status | U.S. Citizen | |
Languages | English | Languages | English | |
Marital Status | Married | Marital Status | Married | |
Spouse’s Legal Name | David Keller | Spouse’s Legal Name | Nora James | |
Spouse’s Preferred Pronoun | He | Spouse’s Preferred Pronoun | She | |
Spouse’s SSN | ***-**-1130 | Spouse’s SSN | ***-**-1133 | |
Spouse’s Age | 53 | Spouse’s Age | 48 | |
Spouse’s Occupation | Bookstore manager | Spouse’s Occupation | Office Manager | |
Dependent(s) (# - Relationship) (Name/Age/SSN) | 1 – Son; Wyatt Keller (Age 22) (***-**-1131) | Dependent(s) (# - Relationship) (Name/Age/SSN) | 2 - Sons; Kris James (Age 18) (***-**-1134); Nolan James (Age 18) (***-**-1135) | |
Additional information: | Additional information: | |||
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Tax Planning Scenario 2 These clients are each concerned with reducing their tax liability and are interested in knowing what amount of education tax credits will be available to them for their college-age children next tax year. |
Tax Planning Scenario – MFS Standard Deduction Versus Itemized Deductions | ||||
Client(s) #1 | Client(s) #2 | |||
Open Client 1040 | 1136 | Open Client 1040 | 1137 | |
Primary Taxpayer’s Legal Name | Kai Lee | Primary Taxpayer’s Legal Name | Albert Lee | |
Primary Taxpayer’s Preferred Pronoun | She | Primary Taxpayer’s Preferred Pronoun | He | |
SSN | ***-**-1136 | SSN | ***-**-1137 | |
Age | 63 | Age | 64 | |
Occupation | Bank Manager | Occupation | Inventory Manager | |
Citizen / U.S. Resident Status | U.S. Citizen | Citizen / U.S. Resident Status | U.S. Citizen | |
Languages | English; Thai | Languages | English / Thai | |
Marital Status | Married | Marital Status | Married | |
Spouse’s Legal Name | Albert Lee | Spouse’s Legal Name | Kai Lee | |
Spouse’s Preferred Pronoun | He | Spouse’s Preferred Pronoun | She | |
Spouse’s SSN | ***-**-1137 | Spouse’s SSN | ***-**-1136 | |
Spouse’s Age | 64 | Spouse’s Age | 63 | |
Spouse’s Occupation | Inventory Manager | Spouse’s Occupation | Bank Manager | |
Dependent(s) (# - Relationship) (Name/Age/SSN) | N/A | Dependent(s) (# - Relationship) (Name/Age/SSN) | N/A | |
Additional information: | Additional information: | |||
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Tax Planning Scenario 3 These clients have asked whether they should take the Standard Deduction or itemize their deductions next year to save more tax collectively. They are curious about whether they can continue filing separately even though they are still married and what the downfalls of filing separately might include. |
Tax Planning Scenario – IRA Contributions | ||||
Client(s) #1 | Client(s) #2 | |||
Open Client 1040 | 1138 | Open Client 1040 | 1139 | |
Primary Taxpayer’s Legal Name | Carlos Quintero | Primary Taxpayer’s Legal Name | Daniel Hoffman | |
Primary Taxpayer’s Preferred Pronoun | They/Them | Primary Taxpayer’s Preferred Pronoun | He | |
SSN | ***-**-1138 | SSN | ***-**-1139 | |
Age | 41 | Age | 39 | |
Occupation | Dentist | Occupation | Firefighter | |
Citizen/U.S. Resident Status | U.S. Citizen | Citizen/U.S. Resident Status | U.S. Citizen | |
Languages | English; Spanish | Languages | English | |
Marital Status | Single | Marital Status | Married | |
Spouse’s Legal Name | N/A | Spouse’s Legal Name | Jacinta Hoffman | |
Spouse’s Preferred Pronoun | N/A | Spouse’s Preferred Pronoun | She | |
Spouse’s SSN | N/A | Spouse’s SSN | ***-**-1140 | |
Spouse’s Age | N/A | Spouse’s Age | 43 | |
Spouse’s Occupation | N/A | Spouse’s Occupation | Art Gallery Manager | |
Dependent(s) (# - Relationship) (Name/Age/SSN) | N/A | Dependent(s) (# - Relationship) (Name/Age/SSN) | 1 – Daughter; Cristina Hoffman (Age 8) (***-**-1141) | |
Additional information: | Additional information: | |||
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Tax Planning Scenario 4 These clients have each asked for ways to reduce their tax liability and are interested in knowing whether contributions to a traditional IRA would be tax deductible. |
Tax Planning Scenario – Bunching Itemized Deductions | ||||
Client(s) #1 | Client(s) #2 | |||
Open Client 1040 | 1124 | Open Client 1040 | 1125 | |
Primary Taxpayer’s Legal Name | Tavaris Johnson | Primary Taxpayer’s Legal Name | Juliana Romero | |
Primary Taxpayer’s Preferred Pronoun | He | Primary Taxpayer’s Preferred Pronoun | She | |
SSN | ***-**-1124 | SSN | ***-**-1125 | |
Age | 38 | Age | 62 | |
Occupation | Steel Mill Worker | Occupation | Part-time Bookkeeper | |
Citizen/U.S. Resident Status | U.S. Citizen | Citizen/U.S. Resident Status | U.S. Citizen | |
Languages | English | Languages | English, Italian | |
Marital Status | Single | Marital Status | Single | |
Spouse’s Legal Name | N/A | Spouse’s Legal Name | N/A | |
Spouse’s Preferred Pronoun | N/A | Spouse’s Preferred Pronoun | N/A | |
Spouse’s SSN | N/A | Spouse’s SSN | N/A | |
Spouse’s Age | N/A | Spouse’s Age | N/A | |
Spouse’s Occupation | N/A | Spouse’s Occupation | N/A | |
Dependent(s) (# - Relationship) (Name/Age/SSN) | N/A | Dependent(s) (# - Relationship) (Name/Age/SSN) | N/A
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Additional information: | Additional information: | |||
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Tax Planning Scenario 5 These clients have each asked for ways to reduce their tax liability and are interested in knowing if they would benefit from bunching their itemized deductions into one tax year. |