Take Charge of your Tax Return
What you’ll get out of today
The contents of this meeting are for informational purposes only and do not constitute financial, accounting, or legal advice. We cannot promise that the information shared in this meeting is appropriate for you or anyone else. By continuing in this meeting and using the provided templates, you agree to hold me, Ark Financial Holdings, Ark Academy, and Jane, harmless from any ramifications, financial or otherwise, that occur to you as a result of acting on information discussed. It is up to you to implement the methods shared in this meeting. This meeting is being recorded. Please respect the privacy of other individuals in this meeting and do not ask questions or share information that you do not wish to be made public. This presentation and information provided are affiliated with services provided by Ark Family Office, LLC, Ark Academy, LLC, and Ark Wealth Management, LLC.
About Me
The Tax Calendar
Business returns due
(S corp, partnerships) (K-1 issued)
Extension due
Personal returns and C corp business returns due
Extension due
True-up due
Business returns due (S corp, partnerships) if extended
Personal returns and C corp business returns due if extended
Quarterly estimated payments due
Factors to Consider for Filing Extensions
Pros of Filing an Extension
Cons of Filing an Extension
Guaranteed Problems
“Fire and Forget” Approach
CPA sends you list of documents you need to collect
You send the documents
CPA sends you the draft return
You sign
A Better Approach
Filing your Taxes is a Mini-project of Collaboration between you and your CPA
Plan
Starts with a plan
Gather documents
Draft the return
Review draft
Finalize
File
You sign
A Better Approach
Filing your Taxes is a Mini-project of Collaboration between you and your CPA
Plan
Starts with a plan
Gather documents
Draft the return
Review draft
Finalize
File
You sign
Planning Steps
What’s Changed Since Last Year
Document List
Available FREE Templates
A Better Approach
Filing your Taxes is a Mini-project of Collaboration between you and your CPA
Plan
Starts with a plan
Gather documents
Draft the return
Review draft
Finalize
File
You sign
A Better Approach
Filing Taxes is a mini-project of collaboration between you and your CPA
Plan
Starts with a plan
Gather documents
Draft the return
Review draft
Finalize
File
You sign
A Better Approach
Filing Taxes is a mini-project of collaboration between you and your CPA
Plan
Starts with a plan
Gather documents
Draft the return
Review draft
Finalize
File
You sign
Reviewing your Personal Tax Return
Your Typical CPA Tax Package
100+ pages of pure bliss
Your Typical CPA Tax Package
What makes up that 100+ page PDF from your CPA?
Letter saying “thanks” and outlining next steps
Summary
year-over-year comparison
Quarterly Estimated Tax Payment coupons
Form 1040
(2 pages)
Statements, Schedules, and worksheets
Form 1040 – Personal Tax Return
About you
Income
Deductions
Tax Due
Payments & credits
Balance due or refund
Signatures
Page 1
Page 2
Optional Additional Pages that Support Form 1040
Schedule C
Business income if sole prop
(simple P&L)
Schedule E
Rental income, S corp, partnerships
(simple P&L)
Schedule A
Itemized Deductions
(fancy list)
Review your Personal Tax Return (a 2-cup job)
There is often an ROI to reviewing your personal tax return
Tax return Review 101 – income
About You
What to check
Most Common Mistakes
Tax return Review 101 – income
Income
What to check
Most Common Mistakes
Tax return Review 101 – Deductions
Deductions
What to check
Most Common Mistakes
Tax return Review 101 – Tax Due
Tax Due
Tax Brackets
Tax Rate | MFJ Range | Amount in range | Tax |
10% | $0 to $20,550 | $20,550 | $2,055 |
12% | $20,551 to $83,550 | $62,999 | $7,560 |
22% | $83,551 to $178,150 | $94,599 | $20,812 |
24% | $178,151 to $340,100 | $161,949 | $38,868 |
32% | $340,101 to $350,000 | $9,899 | $3,168 |
| Total | $350,000 | $72,463 |
Example – Married couple with total income $350,000
Highest tax bracket
Average tax bracket
$72,463
$350,000
= 21%
1
2
3
4
5
6
7
8
9
Tax return Review 101 – Tax Paid
What to check
Most Common Mistakes
Payments & credits
Tax return Review 101 – Balance Due
Balance
What to check
A Better Approach
Filing Taxes is a mini-project of collaboration between you and your CPA
Plan
Starts with a plan
You sign
Gather documents
Draft the return
Review draft
Finalize
File
A Better Approach
Filing Taxes is a mini-project of collaboration between you and your CPA
Plan
Starts with a plan
Gather documents
Draft the return
Review draft
Finalize
File
You sign
a Successful tax filing Mini Project
Accurate
Filed on time (regular or extension)
Predictable tax outcome
No stress
Tax Return Review Guide
Covers how to review your Personal Tax Return and Common Mistakes
Personal Tax Return Review Guide
$25,000 - $999,999 taxable annual income
Personal Tax Return Review Guide
Above $1,000,000 taxable annual income
Key Takeaways from Today’s Training
Ark Family Office Academy is Personal Financial Coaching for First-Generation Business Owners
arkfinancial.com/academy
Ark Academy Monthly Training Topics
Cashflow Foundation
Get control of your cash
January
Wealth Management
Accumulate wealth with purpose
February
Life Insurance
Straight talk without a pitch
April
Debt
Make debt work for you and your business
August
Contracts
How to protect yourself and your business
July
Entity Structures
Get it right (finally)
May
Risk Mitigation
Protect your business sufficiently with insurance
June
Estate Planning
Pass your wealth to your family and charities
September
Tax Season Bootcamp
Navigate tax season with confidence and reduced stress
March
Year-End Tax Strategies
Even bigger tax savings
November
Legacy
Experience abundance
December
Succession & Exit
Plan your future
October
Copyright 2023 Ark Financial Holdings, LLC
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