ACC 330 Final Project Three Formal Letter to Client.docx - Maloney Hoffman Raabe Young CPAs 5191 Natorp Boulevard Mason OH 45040 Daniel and Freida

ACC 330 Final Project Three Formal Letter to Client.docx -...

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Maloney, Hoffman, Raabe, & Young, CPAs 5191 Natorp Boulevard Mason, OH 45040 October 27, 2019 Daniel and Freida Butler 625 Oak Street Corbin, KY 40701 Dear Mr. and Mrs. Butler: It was a pleasure assisting you in completing your tax return for 2016. I understand you still have many questions and I hope I can answer them for you. Through this email, I would like to help you understand how to reduce your tax liabilities and the activities that could raise or lower it each year. The most important thing when you are tax planning for the future is to understand what exactly makes up the tax burden. Most only associate their income with the earnings they produce from their employer. Annual income can also be generated from earnings of investments, rent earned, any company royalties, and interest earned from securities. In the United States, we work based on a progressive tax system. What that means is that the more income that is generate, the more you may owe in taxes. Our tax system separates individuals into different tax brackets based on the amount that is earned each year. These brackets
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determine the percentage owed after deductions and credits are applied. The quickest way you
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