Smith’s Tax Returns

37389 finalize the Smith’s tax returns.Write a 4 page letter to Kate and Sam Smith which:

Walks them through their current year tax return.Detail which expenses they incurred that were nondeductible for tax purposes, and explain why.
Looks forward to the next tax year.
Regarding the investment opportunities you calculated in week 1, explain:
Which investment opportunity you would recommend.
What the conversion tax planning strategy is, and which of these investments employ this strategy.
How “implicit taxes” may limit the benefits of the conversion strategy.
Jonathan Smith will be headed to college in the fall, provide an overview of the various education tax credits they may be able to take advantage of on next year’s return.
Include a discussion surrounding the major tax reform that recently passed – the TCJA (Tax Cuts and Jobs Act) and its potential effect on the client’s situation for the next year, or upcoming years. (i.e. consider the items covered in the handout above).