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Increase Sales by Reviewing the Individual Federal Income Tax Return

Increase Sales by Reviewing the Individual Federal Income Tax Return. H. Larry Fortenberry, CPA. Retirement Plan?. Is there a difference between line 1 (wages, tips, other compensation) and line 3 (Social Security wages)?. 12(c) – taxable cost of group insurance.

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Increase Sales by Reviewing the Individual Federal Income Tax Return

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  1. Increase Sales by Reviewing the Individual Federal Income Tax Return H. Larry Fortenberry, CPA

  2. Retirement Plan? Is there a difference between line 1 (wages, tips, other compensation) and line 3 (Social Security wages)? 12(c) – taxable cost of group insurance 12(D,E,G,S, W, Y, AA or BB) – elective deferrals

  3. Is Taxpayer receiving interest as income? Or accumulating it? • Is the purpose long-term growth? Are they invested in short-term assets? • Could this interest cause Social Security income to be taxed? • Are there a lot of dividends from stocks and mutual funds? • What is the purpose of accounts? • Type of assets and value of assets involved?

  4. Did the divorce decree call for a life insurance or a health insurance policy to be provided? • What are the terms of the agreement? • Who will provide for your children’s education needs? • Was a QDRO executed?

  5. Excellent prospect for many types of estate and business planning: • Key Person Life/Disability Income • Long Term Care • Employee Benefit Plans • Retirement Plans • Estate Planning Study business owner’s business expenses Line 12 on 1040

  6. Have a lot of trades taken place? • Mutual Funds or individual stocks? • May be good prospect for variable annuity • When was the last time client/prospect balanced portfolio? • Is there anyone who oversees client’s/prospect’s portfolio?

  7. RMD (Rules for 2009) • Beneficiary arrangement • Review account • What type of pension distribution? • If annuity – SPIA? • Prospect for more immediate annuities?

  8. Is there a mortgage on the property? • Is this a partnership? • Is a buy/sell agreement needed? • Is Life Insurance required? • If there are royalties, is this discretionary income that can be used for planning purposes?

  9. Could be prospect for multiple sales opportunities: • Key Person Life/Disability Income • Fund Buy/Sell • Long Term Care • Estate Planning This person is a beneficiary of a trust: • What type? • What happens at death of taxpayer? • Need for estate planning?

  10. Sole Proprietor Farmer

  11. Prospect for all products and services just like Schedule C: • Key Person Life/Disability Income • Long Term Care • Estate Planning • Fund Buy/Sell Agreement

  12. No Social Security Reduction upon reaching NSSRA

  13. If medical expenses are high: • Are there health issues with any family members? • Could impact insurability

  14. High Real Estate Tax(es)? • Multiple properties? • Wealth Transfer prospect?

  15. Home Interest deductions, points. • Substantial real estate holdings? Lack of liquidity?

  16. Are there substantial gifts to charity? • Wealth Replacement Trust

  17. Interest in Charitable Giving? • Charitable bequests in Estate Planning? • CRT (Charitable Remainder Trust) • CLT (Charitable Lead Trust) • Charitable Gift Annuities

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