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BASIC PERSONAL

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BASIC PERSONAL & BUSINESS TAX RETURN ANALYSIS SEMINAR Presented by: Osburn & Associates, LLC Author/Lecturer DAVID L. OSBURN, MBA, CCRA David Osburn, is the founder ... – PowerPoint PPT presentation

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Title: BASIC PERSONAL


1
BASIC PERSONAL BUSINESS TAX RETURN ANALYSIS
SEMINAR Presented by Osburn Associates, LLC
2
Author/Lecturer
  • DAVID L. OSBURN, MBA, CCRA
  • David Osburn, is the founder of Osburn
    Associates, LLC that specializes in providing
    seminars, webinars, and keynote speeches to CPAs,
    bankers, attorneys, and credit managers on topics
    such as Banking/Finance/Credit, Negotiation
    Skills, Marketing, and Management.
  • David also functions as a Contract CFO and works
    with financial institutions, CPA firms,
    construction companies, and real estate
    developers. He is also an adjunct faculty member
    of both an accredited MBA program and the
    accounting department of a community college with
    over 29 years of teaching experience.
  • Davids extensive professional background
    includes 15 years as both a Business Trainer and
    Contract CFO and 16 years in banking (commercial
    lending) including the position of Vice President
    Senior Banking Officer.
  • David has an MBA in Finance/Marketing
    from Utah State University and a BS degree in
    Finance from Brigham Young University. He is also
    a graduate of the ABA National Commercial Lending
    School held at the University of Oklahoma.
  • David also holds the professional designation of
    Certified Credit and Risk Analyst (CCRA) as
    granted by the National Association of Credit
    Management (NACM).
  • Osburn Associates, LLC
  • A Business Training Contract CFO Firm
  • David L. Osburn, MBA, CCRA
  • Managing Member
  • 7426 Alamo Summit Drive

3
  • BASIC PERSONAL BUSINESS
  • TAX RETURN ANALYSIS SEMINAR
  • I. PERSONAL 1040 FEDERAL TAX RETURN
  • II. PERSONAL CASH FLOW ANALYSIS
  • III. BUSINESS TAX STRUCTURE C CORP, S CORP, LLC
  • IV. BUSINESS TAX RETURN ANALYSIS
  • V. CURRENT TAX CODE, FRAUDULENT RETURNS, RISK
  • FACTORS MARKETING
    OPPORTUNITIES

4
  • I. PERSONAL 1040 FEDERAL TAX RETURN
  • A. THE BASICS WHAT ARE THE MAIN COMPONENTS?
  • Basic information Name, address, exemptions
  • Total (Gross) Income Wages, salaries,
    interest, dividends, alimony received, business
    income, capital gains, rental income, etc.
  • Adjustments to Gross Income Educator expense,
    IRA
  • deduction, alimony paid, etc.
  • Adjusted Gross Income (AGI)
  • Itemized Deductions (Schedule A- ex. Mortgage
    interest)

5
Exemptions Taxable
Income Tax Federal Income Tax
Withheld Overpaid (refunded) or Amount you
Owe! B. BASIC FORMS 1040
EZ 1040 Schedule A, B, C, D, E, F

6
  • C. 1040 TAX RETURN EXAMPLE (SEE
    EXHIBIT 1)

7
  • II. PERSONAL CASH FLOW ANALYSIS
  • A. TRUE CASH FLOW (ADJUSTED FOR TAXES)
  • Wages/Salary Interest
    Dividends Business Income
  • (including depreciation
    interest) Capital Gains (less Loss)
    Rental Real Estate Royalties Partnership
    (LLC) (K-1s)
  • Other Income (Unemployment, etc.)
    Total Income
  • Less Federal State Taxes
  • Cash Flow Available for Debt
    Service
  • Less
  • Debt Service (PI)
  • Margin
  • DCR

8
  • III. BUSINESS TAX STRUCTURE
  • A. C CORPORATION
  • Form 1120 (Income Statement, Balance
    Sheet)
  • Double Taxation
  • B. S CORPORATION
  • Form 1120S (Income Statement, Balance
    Sheet)
  • No Double Taxation

9
  • LIMITED LIABILITY COMPANY (LLC)
  • A. Combines the Benefit of a Traditional C
    corporation with a
  • partnership
  • B. Form 1065
  • C. Income Statement, Balance Sheet

10
  • IV. BUSINESS TAX RETURN ANALYSIS
  • PREPARATION OF CASH FLOW ANALYSIS
  • Net income interest expense taxes
    depreciation
  • amortization (EBITDA)
  • Less
  • Debt Service (PI)
  • Margin
  • DCR

11
  • A. BUSINESS TAX RETURN ANALYSES (SEE EXHIBIT 2,
    3, 4)

12
  • V. CURRENT TAX CODE, FRAUDULENT RETURNS, RISK
  • FACTORS MARKETING
    OPPORTUNITIES
  • A. CURRENT TAX CODE EVER CONSISTENT WHILE
    AT THE
  • SAME TIME EVER CHANGING!
  • SAME MODEL, JUST NEW
    NUMBERS/LEVELS/TECHNOLOGIES
  • EX. DEPRECIATION FORMULAS
  • EX. E-FILE

13
  • B. TAX UPDATES AND LIMITS (See 2014 Business Tax
    Extensions Updates)

14
  • C. FRAUDULENT RETURNS
  • Ex. Two sets of returns
  • Ex. Numbers do not
    add up
  • Ex. Numbers are not
    typical (unusual level of deductions, etc.)
  • Ex. Listen to what
    the customer tells you and does not tell you!

15
  • D. TAX RETURN ANALYSIS MARKETING
    OPPORTUNITIES
  • WHAT DO THE RETURNS
    TELL US?
  • Ex. Marital
    status
  • Ex. Number of dependents
  • Ex. Where is
    the customer on the life cycle?
  • Ex. What type
    of products would fit the customers needs?

  • (Personal Business)
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