| What has Changed for You | Planning form |
| Year End Adjustments | Contribution to Roth IRA Contribution to SEP IRA Contribution to 401K / Retirement Accounts Signed Tax Extension on File Signed Engagement Letter Utilize Health Saving Account Rental Property Improvements Purchase Electric Vehicle Estimated Tax Payments |
| IRS Retirement Plans | IRS |
| Recommendations Outline | Recommendations for Reducing Your Taxes: 1. Extra Withholding (W-4 attached) Roger: $600 per weekly pay period Valarie: $100 per weekly pay period 2. Contribute to 401K Max contribution allowed: $20,500 per person Plus, your company may offer matching contributions. 3. Contribute Health Savings Account Max contribution allowed: $7,750 for family 4. Setup 529 Plan There are no Federal or California State Tax Saving, however money grow tax deferred. If you use money to pay for qualified education expenses (elementary, middle, high school and college), you pay no federal or California state income taxes. 5. Gifts to Charity Because itemized deductions are being used to computer your taxes, you can write-off gifts to 501 (c) (3) organizations. Be sure to save your receipts. Information: Income Name $4,500 week = $234,000 year Name $3,272 week = $170,144 year Total = $404,144 year Medical Deductions The first $30,311 of your medical expenses are NOT deductible. Any amount over $30,311 IS deductible. Why? IRS requires medical expenses to exceed 7.5% of your adjusted gross income, before allowing deductions. Dependent Care Expense For 2021 tax year, Child and Dependent Care Expenses were deducted. Services were provided by Tessa Norman. Similar expenses can be deducted in 2022. Adjustments / Deductions / Credits State and Local Taxes $10,000 (maximum allowed) Mortgage Interest $16,300 Gifts to Charity $1,260 were made for 2021 tax year Medical $ (can deduct amount over $30,311) |
| Tax Planning List | ATX Criteria: Individual, Fiduciary, Exempt Org, Other | Complete | all e-file status … Clients with Schedule C and Owe taxes … Clients who Owe taxes … Clients with K-1 and we do their K-1, set appointment for personal and business |
| Tax Planning Call Script | I’m Pat with Susan James and Associates; we handle your taxes. How are you today? I’m calling because we are doing year end tax strategy appointments; to make sure your taxes are in line for 2023. We want to make sure you have no surprises next year. Would you like to schedule a tax session to make sure your income, deductions and other adjustments are ok? If yes, the session cos $250. We project one hour maximum for your taxes. |
| Tax Planning Call Script – Voicemail | Hi xxxx I’m Pat with Susan James and Associates; we handle your taxes. I’m calling to discuss year end tax strategy appointment. You can reach me at 818-846-1619. Thank You. |