Tax Strategy Tax Strategy

1040 – Individual Tax Returns

• Wage and Salary Income (W2).
• Taxable State Return (1099G).
• Interest and Dividend Income (1099-INT/DIV).
• Pension and IRA Distributions (1099R).
• Other Income, sale of shares and securities.
• Itemized Deductions.
• Estimated tax payments.
• Income from Pass-through K-1 from Partnerships, S-Corp & 1041 (input of Schedule K-1’s)(only 1).
• Any item resulting in adjustments to income and those items (HSA deduction 8889, Moving expenses 3903, student loan interest deduction 1098-E & Tuition fees deduction 1098-T) to be entered manually.
• Any item resulting in Credit and those items (Education credit 8863, residential energy credit 5695, Child & dependent care expenses 2441).
• Single Membership LLC (Sch C) and Farm Income (Sch F).

1065 – Partnership Tax Returns

• Firm Total Receipts less than $250,000 & total asset less than $ 1 million.
• Form 4562 (deductions for the depreciation or amortization of tangible or intangible property) and Form 1125A (COGS).
• Schedule B (other information).
• Schedule D (capital gains).
• Schedule K (farm income).
• Schedule M1 (Reconciliation of income/loss per books with income per return).
• Schedule M2 (Analysis of Partners Capital Accounts).

1120/1120S – Corporations and Small Corporations

• Corporation total receipts & total asset at the end of the tax year less than $250000.
• Form 4562 (deductions for the depreciation or amortization of tangible or intangible property) and Form 1125A (COGS).
• Form 1125E (Compensation of Officers).
• Schedule K (other information).
• Schedule C (dividend).
• Schedule D (capital gain).
• Form 8810 (rental income subject to passive activity limitation).
• Schedule M1 (Reconciliation of income (loss) per the books with income per return).
• Schedule M2 (Analysis of Partners Capital Accounts).