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Tax Compliance

Form 1040

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  • Most common individual tax return - also Form 1040A and 1040EZ

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  • Includes Itemized Deductions (Schedule A) and Standard Deduction

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  • Report Trade/Business income (Schedule C) - Sole Proprietor and/or LLC

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  • Income from Rental property, Farm, Investing activvities

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  • Preparation fees can vary from $125 to over $1500 depending on activities

Don't be Fooled

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When you see an Internet advertisement such as the one to the right,

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   Beware ...

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Yes, you want the maximum refund Allowable but what you want more is for the tax return to be Complete and Accurate.

... should that be "Stress-Free" ...

And here's another one ...

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Ask the TurboTax CPA/EA if they are signing the return as Paid Preparer?

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According to IRS "Generally, anyone you pay to prepare, assist in preparing, or review your tax return must sign it and fill in the other blanks, including their Preparer Tax Identification Number (PTIN), in the paid preparer's area of your return."   IRC Sec 6695(b)

Form 1065

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  • Partnership tax return - General partnerships and LLCs

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  • Many real estate entities - including Husband-Wife - structured as partnerships

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  • Typically has no tax liability

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  • Net income flows-through to individual partners on their 1040s

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  • Preparation fees can vary from $250 to over $1250 depending on activities

Form 1120S

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  • S Corporation tax return  - Electing corporations and LLCs

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  • Limited size and shareholders with corporate tax benefits

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  • Typically has no tax liability

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  • Net income flows-through to individual shareholders on their 1040s

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  • Preparation fees can vary from $250 to over $2500 depending on activities

Form 1120

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  • C Corporation tax return  - Corporations and LLCs: Just like IBM, ExxonMobil

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  • Full corporate employee and tax benefits

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  • Potentially liable for tax and if dividends are paid, double-tax

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  • Preparation fees can vary from $250 to over $2500 depending on activities

Form 1041

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  • Estate and Trust Income Tax Return - decedent's estate and trusts

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  • Can be simple or complex depending on trust document

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  • Income typically distributed to beneficiary for inclusion on Form 1040

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  • Preparation fees can vary from $250 to over $1250 depending on complexity

Form 8949/Sch D/Form 6781/Form 4797

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  • Investors, Traders and Mark-to-Market Traders

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  • Reporting capital transactions and Trader in Securiites activity

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  • Income typically taxed on Form 1040 but also other entities

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  • Preparation fees can vary from $175 to over $1500 depending on transactions

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