Hey tax pros, it's Three Things on a Thursday right here on Tech Go Talk or hashtag TPT. Number one, Publication 535 is final, so hooray! There in Chapter 12, it goes over more specifics of the qualified business income deduction. Yeah, 535 covers everything that's deductible and not deductible, and there are a lot of changes this year. So make sure you download that new final version. Number two, lead with tax planning. That's right, if you haven't already shifted your practice to lead with tax planning, this is the time to do it, to have those conversations with your clients and let them know that all of your packages and bundles will include tax planning. So that you can talk about the importance of tax planning and developing strategies that save them money instead of just focusing on tax preparation. This will help you be proactive instead of just reactive. And during your appointments during tax season, you're going to want to set up those planning appointments for later in the summer. Yep, so lead with tax planning, start now. Number three, educate your clients during the season about tax reform changes. Absolutely, create small, snack-sized chunks of information. Use your Facebook pages, many of you use social media, Twitter. You might send letters, have those conversations with clients during the season and educate them about all the changes about tax reform. That'll let them know that you are proactive and you're leading with tax planning. Think about all the things that have changed. Entertainments no longer deductible, changes in meals, and what's deductible and at what rates. Things like setting up accountable plans with your clients, talk about depreciation changes, reinforce retirement plan options, maybe even entity types. These are all things that you can talk about...
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Irs pub 570 Form: What You Should Know
Forms and instructions — IRS.gov/Forms Nov 11, 2024 — How much to include in your filing — How much to include — Notice 740 — Notice of Federal Tax Increases, 2018 Payments and returns — Taxable and nontaxable income in the United States — Taxable and nontaxable income in Puerto Rico — Taxable and nontaxable income by jurisdiction — Publication 570 — Tax Guide for Individuals With Income Payments and returns — Tax.NY.gov June 29, 2024 — Publication 570 — International tax changes — A U.S.-Guided Territory — Tax rules that may change for U.S.-Guided Territories, if necessary Tax payments and returns — Tax.NY.gov Jan 24, 2024 — Publication 570 — IRS publication, Guide to U.S. Taxation and Form 1116 — Income Tax Information for the Taxpayers Tax returns filed with U.S., Guam, and Virgin Islands — Tax. Gov. Guam. Gov.VIR.gov May 5, 2024 — Publication 570 — Pub. 570 — Publication 570 provides tax information about a variety of tax matters such as: Tax breaks for certain tax-exempt organizations — Tax.gov/Forms Forms and instructions — Tax.gov/Forms Dec 8, 2024 — How to file a U.S. tax return — Sep 30, 2024 — Publication 570 — U.S. Tax Return for Income Taxes Filed by Individuals Under Sections 1, 15 and 26 of the Internal Revenue Code, and Certain Forms W-2, 1099-MISC. A. The federal income tax is an income tax imposed by the United States. The federal income tax applies to individuals, estates, trusts, etc. It does not apply to residents of the Federal Territory of the United States and to American citizens and residents of Puerto Rico. Individuals. A tax is imposed on each individual member of a family. That individual tax is imposed using tax at source. However, if a tax is imposed at the same rate that is paid to another person, such as a corporation, an individual may receive a credit or deduction for the tax paid to the other member of the family. No tax is imposed on the spouse or other relatives of a taxpayer for who is an individual. Estate.
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