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Review the Client Tax Profiles B Descriiptions found in the Supporting Materials
Review the Client Tax Profiles B Descriiptions found in the Supporting Materials section below. Each of the five sets of profiles is linked to a tax planning scenario category. Each category provides you with two client scenarios to review. The two different categories to compare for this assignment are the only ones on the profile page attached. They are grouped by tax planning category. The profiles’ 1040 is also attached. Form 1040 will provide a level of detail that is not called out in the profile alone. Complete the table for both categories you choose. Each category contains information about two different primary taxpayers. You will compare the two clients within each category. Look at the Module Six Assignment Template attached for a better understanding of how to complete this comparison.
The template contains a table with three parts. Begin by filing in the high-level information for each of the clients in the first category. Then, dig deeper by opening the 1040’s for each of the primary taxpayers to complete the grey section. This will provide deeper insights into client income streams, deductions, and tax credits. In the final part you will list tax planning topics to research. Complete all three parts of the comparison for the first category. Then, repeat this process using a second category. Once you have completed the table, you will have enough information to determine which category interests you most.
Specifically, you must address the following rubric criteria by completing the template provided:
Perform an analysis based on reviews of the additional information from client profiles and Form 1040.
Income Streams: Consider all forms of income, look at the AGI or taxable income.
Deductions: Review deductions for the tax year.
Tax Credits: Review tax credits for the tax year.
List multiple tax planning factors.
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