INTEGRATING TAXES

Module (READ) - Integrating Taxes

To be read at your own pace. This can be found in your welcome box you received upon joining as well as can be found by clicking the link below. Our goal for this module is to incorporate integrating taxes into the planning process.  To do so, you will need to understand:

1. Demonstrate understanding of common tax-saving strategies used during tax preparation and planning
2. Demonstrate understanding of the issues surrounding amending tax returns for new clients
3. Develop policies and procedures for your practice that will help you conduct efficient and effective tax-related appointments

There are few client financial issues that are not, in some way, tax-related.Tax issues will be raised at many appointments.In this module, we pay particular attention to tax issues in four particular appointments:

• Preliminary appointment – when a review of prior years’ tax returns can yield a wealth of information about prospective clients’ finances as well as identify hard dollar savings that can offset your fee.
• Amended Return appointment – when you will dig into the detail of the tax issues uncovered at the Preliminary appointment, when applicable.
• Tax Planning appointment – when you will do the heavy tax lifting.  Tax Planning appointments are not as glamorous as Tax Preparation appointments, but they are where you will save your clients substantial sums of money.
• Tax Preparation appointment – when, if you’ve done your job right throughout the year, you will shine as your clients’ “tax hero.” Note that for some new clients you’ll get to experience this during the Presentation appointment.

Quiz (TAKE) - 

Virtual Classroom (WATCH) -

The ACA Virtual Classroom portion is an important part of the ACA Success Program Training. It not only reinforces what you are reading in the Self-Study Manual, but it serves the purpose to help better understand the various ACA tools that will be used in each appointment. Completing of the Virtual Classroom is a prerequisite for attending the Group Instruction.

Tax Appointments

This call will discuss how to apply your knowledge of tax theory during each of the four tax-related appointments.

Learning Objectives:

• Be able to practically apply the knowledge gained in the Tax Theory module.
• Be able to develop processes and procedures for your practice that will help you conduct efficient and effective tax-related appointments.
• Best Practices for tax amendments
• Best practices for tax preparation
• How to integrate tax planning into clients’ financial lives during the tax planning meeting while making a conservative tax projection and identifying tax saving strategies.

Tax Software

During this call we will review the W-2 Calculator and a variety of professional tax planning and preparation programs

Learning Objectives:

• Understand how professional tax software effects your financial planning business
• Learn differences between various professional tax planning programs
• How to use the W-2 calculator
• What to consider when choosing tax preparation and tax planning software.

- 1040 General
- Schedule a & Form 2106
- Schedule C
- Schedule D & Form 4797
- Audit Ranges
- 7 Ways to Write Off Travel
- Stock Options
- Allocating Your Fee
- Partial List of IRS Publications