Standard Deduction Amounts                                                                                    Filing Status__________________

Single Or MFS : $5,350                                                                          . Single: unmarried at the end of 2007

Head of Household: $7,850                                                                    . Head of Household: Must have at least 1 dependent

MFJ or Qual. Widower: $10,700                                                                                       must have handled more that half the cost of maintaining

                                                                                                               a household. There cannot be 2 head of households under

Exemption                                                                                              the same address.

$3,400 each for Taxpayer and each                                                                    . Married Filing Separate: Many limitations, taxpayer cannot

Dependent listed                                                                                                  get EIC, education credits, Dependant care credit.  Not

                                                                                                              Recommended.

When to Itemize:                                                                                .  Married Filing Joint: Married couple. Both spouses don’t

. Itemized is larger than ST. Ded.                                                                           have to earn income to file joint.

. If the have large Med bills, mortgage, Charitable Cont.                              A married couple that lived apart for over 6 months are

                                                                                                                eligible to file Head of Household.

Different Tax Forms you will See:

.Turn page for Details of where to put it on Drake.

 

Child Tax Credit – Child Must be… NR                                                                               TIPS

. Under 17 at the end of 2007                                                                 1.  If clients claim they got a higher refund last year: 

                                                                                                                        .  Their Fed tax Withheld has probably gone down

Child Care Credit – Child Must be…NR                                                      .  Their EIC has changed because of change in Income

. Under 13 when the care was provided                                                              .  Ask if they are claiming the same dependents

. Screen 2441: Provider Name, address, phone and SSN

or EIN (Tax ID #) required.  See back page to see Drake Detail.                        2. If they ask what our fee is ….

                                                                                                                        . Our Tax preparation fee is $150

Earned Income Credit – To Qualify Child Must be… R                                           . If they select a Bank product, there is Interest and

. Under 19 at the end of 2007                                                                             related service fees that are standard with bank prod.

. Under 24 and a full-time Student at the end of 2007                                              3. Our triple guarantee is free of charge

Non-consecutive 5 months school is considered full-time student                          . Year round availability

. *EIC available for up to 2 qualifying children                                                     . If audited by IRS, we’ll assist in any manner

. No child over 25 -> Max EIC = $428                                                                      . We’ll work until your Satisfaction is guaranteed!

. 1 qual. Child -> Max EIC = $2853

. 2 Qual. Children -> Max EIC = $4716                                                        4. Jan 3^rd – Jan 11^th  we will be taking information and cueing 

. See Important Drake Requirements on back page EIC section                        their files so it will be first to be processed when IRS opens on

                                                                                                                                  the 11^th.

Education Credits  – Form 8863 – NR                                                                      * Their tax papers and their check shall be ready

. Hope Credit – Expenses paid for Taxpayer, spouse or Dependent                      between Jan 11^th – 13^th because of IRS law changes.

            . Available during the first two years of college                                      

            . Up to $1,650 in total credit                                                                  

. Lifetime Credit - Expenses paid for Taxpayer, spouse or Dependent

            . Available any time, as many times as possible                                       Support is always available

            . Up to $2,000 in Credit

                                                                                                             

To all TEAM members,

 

We are entering a time that calls for us to be united in the sharing of experience and knowledge as a team among each other. So as a team manager and coach, I put together on my personal site a blog for the accumulation of SHORT CUTS in training sessions and another list as WATCH OUT 4 on the blog. We are team, you can add as need for the community blog which we are all called to powerfully assist and move others to success faster for us all together as one inspired TEAM. Let's create an environment of fun, team spirit, breakthrough's, mastering new challenges and unity of success. This leads us all to the possibility of membership and TEAM work. 

 

You may use RSS to get feeds update each time someone updates for this particular blog on Tax Preparer
 

FEED:

 

BLOG LINK:

 

The blog maybe update by all Tax Preparers and Assistants of all findings of SHORT CUT or WATCH OUT 4 also you can add comments or blog other issues of interest for the benefit of the TEAM. This blog is limited to only our SANTA ANA office and Kiosk's for INSTANT TAX SERVICE....So use this tool as a message board for the TEAM. I will moderate all postings and encourage all to participate and contribute to the TEAM effort and success in 2008 tax season to meet a goal of 1.3 mil gross sales.

 

 

I will post some of the common questions Tax Preparers and Assistants ask the management TEAM or you may ask directly by calling them on cell phone:

Robert D'Alesandro        949-307-0234

Ed Quinn                         949-394-6827

Ryan Tyler                      310-403-2205

John Gallardo                 949-842-9789

 

We all really appreciate you personally being part of the TEAM...You make the difference in our company! By powerfully helping the TEAM reach and obtain success in 2008!

 

 

T-Togetherness

E-Excellance

A-Accomplishes

M-Membership

 

Peace, Happy 2008 with Prosperity,

 

John M Gallardo-OPS Mgr
Instant Tax Service
john.gallardo58@yahoo.com
john.gallardo58 IM yahoo
949-842-9789 cell
714-432-7829 Office
714-432-7836 FAX
www.instanttaxservice.com

 

PS You can reach me anytime between 6am-11pm via all the above or text too.