7.2.1 - Course Reflection - U

7.2.1 - Course Reflection - U - This has been the most...

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This has been the most challenging course I’ve had in the program thus far, albeit, it’s only my 3 rd course. I’ve learned a great deal on how the taxes are filed on a business entity level, and that smallest adjustment in the slightest decision can make an enormous difference. One key element that I’ve learned is from a chapter not covered in our immediate studies, and that’s Transfer of Taxes and Wealth Planning (Ch. 14). Frequently, nonprofit organizations would like information and knowledge that they can relay to possible contributors and donors regarding the benefits of their contribution, outside of the use of the gift. With certain information and deduction possibilities, it could possibly encourage the donor to contribute more if they had a small personal financial benefit. Another valuable lesson that I’ve learned was how a corporation can act as one and be taxed as another.
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Unformatted text preview: An example being an unincorporated en±ty may select to be treated as a C corpora±on and yet be taxed as a sole proprietorship. Working with successful small businesses as a consultant, knowing the advantages and disadvantages of each would lead to a meaningful and proFtable presenta±on for both the consultant and the client if performed accurately. ³inally, I’ve learned that tax codes will always change, have amendments, and be removed when deemed necessary by that powers that be. An ar±cle on ³orbes website read that Americans spend over 6 billion hours preparing their taxes and well over $400 billion in compliance. Knowing to stay on top of readings, hearings and other methods of retrieving tax code interjec±ons, and being to relay informa±on as it changes and assists others in need, will not only lead to a meaningful career, but a monetarily successful career as well....
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