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Understanding how Federal Income Tax is calculated, Credits and Deductions, Interview Process, Value to your Clients.

YOUR VALUE PROPOSITION     Going The Extra Mile for Your Client    Positioning your practice in a competitive landscape
Your Value Proposition A major factor of what your value is to your client is having the knowledge and understanding of   ...
Timeline DECEMBER December Is here you will begin the process of marketing and planting seeds for clients for tax preparat...
UNDERSTANDING THE FORMULA FOR CALCULATING INCOME TAX
WHAT IS THE PURPOSE OF INCOME TAXES  The first income tax in the United States was implemented in 1861 to help the federal...
Q  How do you calculate federal income tax  A  QUICK ANSWER In the United States, federal income tax liability is calculat...
How to Calculate Federal Income Tax     Rates Table   Tax Brackets The United States income tax laws are based on a progre...
How Much You   re Taxed Your total tax owed is based on your adjusted gross income or  AGI . When you fill out Form 1040  ...
How Much You   ll Owe After you figure out your taxable income, you can determine how much you owe by using the tax tables...
How Much You   ll Owe For simplicity   s sake, the tax tables list income in  50 chunks, making the math a lot easier once...
What Are Tax Brackets  Tax tables show the total amount of tax you owe, but how does the IRS come up with the numbers on t...
What Are Tax Brackets  For instance, if you are filing as single, your adjusted gross income up to  9,075 is taxed at 10 ....
What Are Tax Brackets  Tax Brackets for Income Earned in 2014 Tax rate  Single filers  Married filing  jointly  or  qualif...
Marginal Tax Brackets The highest tax bracket that applies to you is called your marginal tax bracket. It   s the one brac...
Factors that Impact a Return You, Your Income   Your Deductions or Expenses  Payments and Adjustments or Credits  About Yo...
Federal Income Tax Withholding When you start a new job, you   ll complete Form W-4. This is the Employee s Withholding Al...
UNDERSTANDING DEDUCTIONS AND CREDITS    Making sure your client is getting the biggest refund allowed
What s the DIFFERENCE between a Deduction and a Credit  You ll often hear the terms  tax credit  and  tax deduction  used ...
What s the DIFFERENCE between a Deduction and a Credit  Is there a limit to the deductions you can take    There is a limi...
What s the DIFFERENCE between a Deduction and a Credit-Review A Credit directly decreases your taxable liability. A Deduct...
DEDUCTIONS     Ensuring your client gets All The Tax Deductions Possible When Filing
What Are Tax Deductions  OVERVIEW The federal tax law allows you to deduct several different personal expenses from your t...
2015 Deductions for Individuals Work-Related  Health Care                                            Deductible Business E...
Standard Deduction vs. Itemized Deductions    Should I itemize or use the standard deduction
Standard Deduction vs. Itemized Deductions Should I itemize or claim the standard deduction  It depends. Choose the method...
Standard Deduction Standard deduction The standard deduction is a fixed dollar amount that reduces the income you   re tax...
Standard Deduction vs. Itemized Deductions You can either claim the standard deduction or itemize your deductions -- which...
Itemized Deductions                                              Deductible Taxes Property Tax Real Estate Tax Sales Tax C...
CREDITS     Become credit savvy and so your clients can be Refund Happy
What Are Tax Credits  OVERVIEW Credits work better than deductions as refund boosters. For each credit dollar, your taxes ...
What Are Tax Credits  Even with zero tax liability, you may still qualify With refundable credits, if you qualify, you can...
Credits for Individuals Family   Dependents                      Earned Income Tax Credit Child and Dependent Care Credit ...
Refundable vs. Non-Refundable Tax Credits There Are Two Main Types of Credits That Can Reduce Your Tax Bill Tax credits, a...
Refundable Tax Credits  Refundable Credits  Refundable credits are the most versatile type of tax credit. These credits ar...
Non-Refundable Credits Non-Refundable Tax Credits Nonrefundable credits are another great way to decrease your tax bill. A...
Partially Refundable Tax Credits Partially Refundable Tax Credits Certain tax credits are considered partially refundable ...
Let   s Review  2015 Tax Provisions
2015 Tax Provisions for Individuals  A Review From tax credits and educational expenses to the AMT, many of the tax change...
2015 Tax Provisions for Individuals  A Review From tax credits and educational expenses to the AMT, many of the tax change...
2015 Individual Tax Credits Adoption Credit  In 2015 a nonrefundable  i.e. only those with a lax liability will benefit  c...
2015 Individuals     Education Expenses Coverdell Education Savings Account  You can contribute up to  2,000 a year to Cov...
What Have We Learned So Far  Let   s Recap
Step  1  TAX PROFESSIONAL TRAINING  We Offered  UFSTSG Tax Institute Certified Tax Courses You   ve learned how to prepare...
MARKETING Step2 We learned     How To Market    and the importance of Marketing. Owners  Market for Managers, Preparers, M...
SOFTWARE Step 3 We learned  UFS 1040 Pro Software Most Commonly Used Forms  Questionnaire, Income Statements, Credit forms...
Discovery Step 4 Now that you have done a fantastic job at marketing and you have clients wanting estimates. Estimates hel...
Step  5  Do The Math  Understanding How a Tax Refund is Calculated  Before you begin asking any further questions, we need...
5th  Interview Process     Ways To Increase Your Clients Tax Refund You Need to Think About    Our Interview Process begin...
Bringing it All Together  Now That You Understand      How to Market to find Clients and you will have those clients in fr...
THE   INTERVIEW  PROCESS    Going The Extra Mile for Your Client    MEETING YOUR CLIENTS EXPECTATIONS
3 Important Questions You MUST Ask EVERY Client    Remember you are in the service Industry, you work for your Client, mee...
Example Conversation Question 1   Tax professional     Terry how much did you get back on your tax return last year     An...
Meeting your Clients Expectations By understanding How an Income Tax is calculated and each credit and deduction  that is ...
Your Value Proposition THE PRICE OF EXPERT ADVICE What Are You Charging  For  YOUR GOAL AS A TAX PROFESSIONAL  You work fo...
THE CHALLENGE Presenting your practice to your clients is largely a matter of communicating and delivering on a relevant v...
THE OPPORTUNITY Demonstrating that you provide value is particularly critical in today   s increasingly competitive market...
CONGRATULATIONS  YOU ARE READY TO EARN GREAT MONEY AS A TAX PROFESSIONAL   TIP  Utilize scenarios and interview sheet prov...