Question

Income tax projections - Template

  • 29 November 2023
  • 4 replies
  • 35 views
M
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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. 

4 replies

SamG
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Hi @Madeline Miller,

If you were in AU I would suggest: https://changegps.com.au/apps/taxplan

I’m not sure for US though sorry 🙂

M
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Userlevel 3
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Thanks @SamG I was hoping for a Karbon Work flow

SamG
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Userlevel 7
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Ahh gotcha @Madeline Miller, like a Karbon Work Template? 🙂

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?

T
Rank

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

 

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