Eva Rosenberg for CPA Practice Advisor writes: There’s so much nifty tax preparation software out there these days. Don’t you just love the software that allows us to import W-2 data, stock sales data, QuickBooks data, etc.? With all those tools, we barely even have to look at our clients’ documents. But we should!
TaxMama is a busybody. Otherwise known as a yenta. I always want to know everything about my clients’ lives – especially when it comes to their finances. Instead of looking at what my clients actually do, I look at what they don’t do.
For instance, take a good look at the Form W-2. In fact, look at the instructions on pages 7 and 9 for boxes 10 and 12. It lists a variety of expenses that either reduced both taxable income and FICA/Medicare or just FICA/Medicare, among other things.....[snip]
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To read the rest of this article visit CPA Practice Advisor here.
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