ACC 330 Project One Milestone Two Template

Instructions: Complete all six sections of the template. In item number five, you will also complete the Tax Organizer document. You will submit both documents upon completion.

1. Compare three tax positions by completing the table below:

Criteria to Compare	Position 1	Position 2	Position 3
Client ID
Filing Status
Dependents (list)
Income Streams (list)
Deductions (list)
Tax Credits (list)
Other pertinent information (list)

2. Summarize the features of each tax position.

Position 1 [summarize]

Position 2 [summarize]

Position 3 [summarize]

3. Identify your chosen clients tax position.

[Identify which client profile you select to work with.]

4. Explain the characteristics of your chosen tax position.

[characteristics]

[characteristics]

5. Complete the Tax Organizer section (accessible from the Supporting Materials section of Project One Milestone Two Guidelines and Rubric), which has two steps.

Complete the Tax Organizer using the data provided for the chosen tax position.

[Comment here in this document on your experience of completing the Tax Organizer.]

6. Tax Planning considerations based on the completed Tax organizer.

[List several bulleted points to consider.]

[List several bulleted points to consider.]

[List several bulleted points to consider.]

References:

[Sources should be cited according to APA style.]

Tax Client #3 Jeffrey Erikson

Descriptors Data Comments

Client ID 1116

Primary Taxpayers Legal Name Jeffrey Erickson

Primary Taxpayers Preferred Pronoun He

SSN ***-**-1116

Age 38

Occupation Registered Nurse

Citizen/U.S. Resident Status U.S. Resident

Primary Residence 414 Barns Street, Cheyenne, WY 82001

Secondary Residence 53 Long Road, Denver, CO 80014

Business Owner N/A

Property Ownership 414 Barns Street, Cheyenne, WY 82001 53 Long Road, Denver, CO 80014

Languages English/Dutch

Marital Status Married

Spouses Legal Name Rosemarie Erickson

Spouses Preferred Pronoun She

Spouses SSN ***-**-1128

Spouses Age 37

Spouses Occupation Radiology Technician

Dependent(s) (# - Relationship) (Name/Age/SSN) N/A

Income Streams W2

Jeffrey and Rosemarie are separated and have chosen not to file their tax returns together for the current year. They are living in separate residences as of early this year. Rosemarie informed Jeffrey that she will be itemizing her deductions on her tax return for this tax year.

Client 3 Details

Jeffrey received $100 from a certificate of deposit as interest income.

Jeffrey provided Form 1098 reporting $8,150 in mortgage interest and $7,520 in real estate taxes for his primary residence.

Jeffrey noted that he was able to pay off the mortgage on his secondary home used as a vacation home at the end of last year, so he does not have a Form 1098 any longer on that property, but he paid real estate taxes of $2,566.

Jeffrey provided Form 1098-E reporting student loan interest paid of $8,530.

Jeffrey provided the following additional information: He spent $2,600 on uniforms for his job as a nurse, $750 in non-cash contributions, $1,500 in charitable contributions, and $400 for tax preparation fees from the prior year. The non-cash items donated included clothing, old electronics, and other household items valued at thrift-store prices of $750 on 5/20/21 when they were donated to Goodwill at 3301 Nationway, Cheyenne, WY 82001.

The general sales tax paid was $433.

Client 3 W2

Jeffreys W2 contained information in the following boxes:

Wages (box 1) $68,403

Federal W/H (box 2) $8,236

Social Security Wages (box 3) $68,403

Social Security W/H (box 4) $4,241

Medicare Wages (box 5) $68,403

Medicare W/H (box 6) $992