Atlanta CPA Teaches Keeping Adequate Documentation to Prepare Your Income Taxes

Atlanta CPA Teaches Keeping Adequate Documentation to Prepare Your Income Taxes  

Besides the vast technical skill and experience required a CPA needs to prepare returns ensuring that all clients pay their lowest legal possible tax, a CPA needs to be well skilled and suited in other key areas of the profession as well such as:  

-Tax Planning http://www.hiscpa.com/year-end-tax-planning.html  

-Planning for Retirement http://www.hiscpa.com/retirement-planning.html  

-Preparation of Financial Statements http://www.hiscpa.com/financial-statements.html  

-Incorporating/Entity Selection http://www.hiscpa.com/article2.html  

-Avoiding Unnecessary Tax Audits http://www.hiscpa.com/working-with-the-irs.html

-Much, Much, More http://www.hiscpa.com/articles.html  

To this end a CPA should be well-organized thereby ensuring clear concise feedback to help taxpayers ensure that they are constantly reminded of tax law and documentation requirements thereof. To this end I have provided below a sample of such correspondence.  

Please be reminded that I still need to finish for your personal return.  

-Copies of all of your year-end mortgage statements.

-Copies of all of your year-end real estate taxes.

-A recap of all of your cash contributions listing by vendor totals and copies of all receipts over $1000.

-A recap of all of your property contributions listing by vendor totals and copies of all receipts over $1000.

-A copy of your year-end tuition fees paid detailing for whom paid.  

For your investments you have where you forwarded K-1 that had been received, that you had personally loaned to that entity $60,000 in 2009 whereas the K-1 showed a loss of $80,000. Tax law does not allow for taxpayers to deduct more than their tax basis, which is a cumulative function of the cumulative effect of prior financial transactions. Did you loan to the entity enough in prior years to be able to claim these losses (i.e., have you funded all previous losses claimed inception to date and still have sufficient loans/tax basis from 2008 and prior tax years to cover 2009 losses)?  

To learn more about tax entities and the taxation thereof visit http://www.hiscpa.com/article2.html where you will also discover a wide host of resources for Atlanta Entrepreneurs.

John Dillard is an Christian Speaker/Author and an Atlanta CPA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/  and for his latest book Overcoming Life's 9/11's: Job's Journey and a Voice of One: Nehemiah's Prayer visit http://www.john-dillard.com/  or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!