ACC 330 Module Six Assignment Template Complete

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Southern New Hampshire University *

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330

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Accounting

Date

Jan 9, 2024

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docx

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ACC 330 Module Six Assignment Template Directions Begin by filing in the high-level information for each of the clients in the first category. Then, dig deeper by opening the 1040s for each of the primary taxpayers. This will provide deeper insights into their income streams, deductions, and tax credits. Complete all three parts of the comparison for the first scenario. Then, repeat this process using a second category. Once you have completed the table below you will have enough information to determine which category interests you most. Choose one category to use for Project Two, and enter the number of the client set you plan to use under #4 below. 1. Complete the high-level view of the client tax profiles. a. Identify the category type. b. Identify the client IDs. c. Enter taxpayer’s names. d. Enter filing status. e. Enter the spouse’s name if applicable. f. List the dependents. 2. Perform an analysis based on reviews of the additional information from client profiles and Form 1040. a. Income Streams: Consider all forms of income, look at the AGI or taxable income. b. Deductions: Review deductions for the tax year. c. Tax Credits: Review tax credits for the tax year. 3. List multiple tax planning factors. 4. Make a category selection . [Enter the number here of the client set you plan to use in Project Two.] 5. Provide a written analysis of the Tax items in the table, about 2-3 paragraphs

Tax Category Comparison Table of Two Client Profile Sets Client Profile Set # 1 2 Category/ Scenario Type Standard vs. Itemized Deductions Education Credits Client ID # 1124 1125 1129 1132 Primary Taxpayer Name Tavaris Johnson Juliana Romero Trilby Keller Robert James Filing Status SINGLE SINGLE Married Filing Jointly Married Filing Jointly Spouse’s name (if applicable) N/A N/A David Keller Nora James Dependents (list) N/A N/A Wyatt Keller Kris James ; Nolan James 1040 Income Streams (list) Steel Mill Worker / W2/ $76,312 Part Time Bookkeeper / W2/$24,480 Accounting Manager Bookstore Manager Psychologist Office Manager 1040 Deductions (list) Standard: $12,550 Charity: $300 Taxes Paid: $618 Gift to Charity : $4500 Standard : $12,500 Charity: $300 Standard : $25,100 Standard: $31,338 1040 Tax Credits (List) Child Tax Credit Education tax Credit Child Tax Credit Education Tax Credit Tax planning topics to research (List) Itemized Deductions Standard Deductions Itemized Deductions Standard Deductions Child Tax Credit Education Tax Credit Child Tax Credit Education Tax Credit

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