Personal Tax Planning Essay

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Total Length: 470 words ( 2 double-spaced pages)

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Financial Planning

Are you or your spouse self-employed or own a business?

What kinds of income do you and your spouse have?

What kind of deductions do you and your spouse have?

Was there any out of pocket medical expenses?

Do you plan to itemize those deductions?

Do the children work?

Do the children file income tax returns?

Do the children live with you?

Did you pay more than 50% of the children's support?

Do you pay more than 50% of your fathers support?

What was the fair market value of the inherited property at your father's death, or when it was given?

What kind of retirement accounts do you and your spouse have?

What kinds of investments do you and your spouse own?

Do the children have education expenses you paid for?

Options

Options in reducing taxes on adjusted gross income include starting a work 401K, or increasing the amount contributed to it, contributions to retirement accounts, or health savings accounts.

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Refer to lines 23-35 on Form 1040. Charitable contributions is another way of reducing AGI. Refer to publication 17.

For dependent exemption explanation for the children and the father refer to publication 501. This can easily be found at www.irs.gov under forms and publications.

For the gift, or inheritance, of the property, renting the property allows for deductions, such as repairs, maintenance, mortgage interest, and depreciation. If you manage the rental you can….....

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