ASSESSMENT 1 – PROJECT STUDENT INFORMATION This information is to be handed to each student to outline the assessment requirements For this assessment, students are required to liaise with your client and undertake a business needs analysis. This can be undertaken in a business of the student’s choice in consultation with their instructor, or alternatively can be done in a simulated working environment with the instructor role-playing the part of appropriate management of a simulated business model.Part 1: You are to consult with appropriate personnel in order to undertake an assessment of your client’s financial needs. You must undertake an interview / consultation process to achieve thefollowing: Good morning Anthony, how are you today? I am Amanda the accountant. We'll have a chat about the company so I'll ask some general questions, is it okay? My first question is: Could you list all the financial objectives of the client, including but not limited to: - Tax liability reduction goals1.Increase Retirement Contributions2.Transition Non-Qualified Investments3.Donate to Charity4.Experience Award-Winning Trading Platforms5.Organize Your Accounts for Tax Optimization6.Tax-Smart Investing7.Self-employed individuals are usually able to deduct your health insurance, and it's missed all the time8.Review Division 7A loan agreements or Repay your private loans to your business before year end.9.Review useful life of fixed assets – there may be benefits in trading in assets before year end
Also, we can do depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property.Most types of tangible property (except, land), such as buildings, machinery, vehicles, furniture, and equipment are depreciable. Likewise, certain intangible property, such as patents, copyrights, and computer software is depreciable.“Cost segregation studies” to accelerate depreciation on assets:To determine, and accelerate, depreciation so taxpayers can get the deductions today instead of 20 years down the road, taxpayers can undergo what's called a 'cost segregation study,' which divides assets into their respective categories and assigns the appropriate deductions. -Wealth accumulation Of the most important ingredients for accumulating wealth is planning. Planning to accumulate wealth enables you to work effectively toward your goals. Without planning you risk investing considerable time, effort and resources with sub-optimal results.Retirement plans: With qualified retirement plans come tax benefits as well as wealth accumulation for the future. Plans like the employer-sponsored 401(k) (limit $18,000 for 2015/2016) are funded with 'pre-tax' dollars that decrease your taxable incomeIn addition to the usual considerations; investment risk, asset structure and ownership, debt management, superannuation contributions, insurance, investment selection and
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- Fall '19
- Depreciation, Anthony