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Hello, I need help with an assignment: Module Six Assignment Guidelines and Rubric 6-1 ACC 330 Module Six Assignment Guidelines and Rubric Overview Tax

Hello, I need help with an assignment:

Module Six Assignment Guidelines and Rubric

6-1 ACC 330 Module Six Assignment Guidelines and Rubric

Overview

Tax planning is the process of exploring ways to reduce an individual’s tax liability. It requires careful analysis of an individual’s financial situation coupled with extensive tax research to determine the most efficient way to reduce tax liability. This assignment is designed to prepare you for Project Two by allowing you to select a set of cases to research and identify ways to reduce tax liability. Each case leads you into a particular area of research into tax credits.

Directions

Review the Client Tax Profiles B Descriptions found in the Supporting Materials section below. Each of the five sets of profiles is linked to a tax planning scenario category. Each category provides you with two client scenarios to review. Identify two different categories to compare for this assignment. They are grouped by tax planning category. The categories range from education tax credits to self-employment tax credits. The profiles link directly to each client’s Form 1040. Form 1040 will provide a level of detail that is not called out in the profile alone. Complete the table for both categories you choose. Each category contains information about two different primary taxpayers. You will compare the two clients within each category. Look at the Module Six Assignment Template found in the What to Submit section for a better understanding of how to complete this comparison. Once you complete the comparison table you will select the category that most interests you as the topic for Project Two.

The template contains a table with three parts. Begin by filing in the high-level information for each of the clients in the first category. Then, dig deeper by opening the 1040’s for each of the primary taxpayers to complete the grey section. This will provide deeper insights into client income streams, deductions, and tax credits. In the final part you will list tax planning topics to research. Complete all three parts of the comparison for the first category. Then, repeat this process using a second category. Once you have completed the table, you will have enough information to determine which category interests you most. You will choose one as your topic for Project Two.

Note: There are five sets of client data contained in the Client Tax Profiles B document. Each set represents a category within tax planning. To show how each category may be applied to clients, there are two client profiles within each category that provide different tax scenarios. This allows you to compare two client scenarios within a single category of tax planning. The words category and scenario are used interchangeably in this assignment.

Specifically, you must address the following rubric criteria by completing the template provided:

  1. Complete the high-level view of the client tax profiles.
  2. Perform an analysis based on reviews of the additional information from client profiles and Form 1040.
  3. List multiple tax planning factors.
  4. Make a client tax profile selection on the template (Client Profile Set #). This scenario will be the category you use for Project Two.

What to Submit

Submit your completed Module Six Assignment Template for grading. Sources should be cited according to APA style.

Supporting MaterialsThe following resources support your work on the project:

Resource: Client Tax Profiles B Descriptions

  • Client Tax Profiles B 1040 Forms:

Reading: Tax Planning for Beginners: 6 Tax Strategies and Concepts to Know

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