Hi Community, Has anyone seen or want to share a good Income Tax Estimates Workflow? I can certaintly make my own but I would love to not re-create the wheel is there was a good one out there.
Hi
If you were in AU I would suggest: https://changegps.com.au/apps/taxplan
I’m not sure for US though sorry 🙂
Thanks
Ahh gotcha
We created our own, not my IP to share, but the gist of it is:
- checking accounting file reconciled to 9th/10th month of the year
- send Client Request checklist asking about the rest of the financial year (any expected/planned changes to income, expenditure for remainder of year, any asset purchased/sold in year, any donations or super contributions planned/made, change in family circumstances)
- project profit for remainder of year
- prepare income tax estimates report in ChangeGPS
- prepare agenda for meeting
- book and hold meeting
Does that help?
We have one that has been working well. Not sure how I can share it.
Preparer
Ensure QBD/QBO/ACS (if applicable) are up to date through prior month
Pull last paystub(s)
Create WP projecting income
Create copy of original 2022 return in Lacerte
Save Support to L drive
Next steps are printing a tax summary to PDF and editing the document as needed. Delete socials, change year to 2023
Partner
Review projection
Email/Loom/call client
Reply
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