Due Diligence in compliance with IRS regulations

Due Diligence Information is not only an IRS auditable requirement, the questions are designed to capture particulars which provide our tax preparers an at a glance picture of our clients household financial portfolio, this information provides the data we use to suggest options, advise tax strategies and best practices to give our clients the largest possible returns.

Instructions: Due Diligence is a 3 page form; please answer the questions to the best of your knowledge, at the beginning of each section is an opt out question; if that section does not pertain to you, click the circle and move to the next section. When done hit submit to go to the next page.

Phase Out of Exemptions
You lose at least part of the benefit of your exemptions if your adjusted gross income (AGI) is above a certain amount. For 2014, the phase out begins at the following amounts. Filing Status AGI Level That Reduces Exemption Amount

Married filing separately .......... $152,525

Single .........................................$ 254,200

Head of household ....................$ 279,650

Married filing jointly ..................$ 305,050

Qualifying widow(er) ...............…$305,050

You must reduce the dollar amount of your exemptions by 2% for each $2,500, or part of $2,500 ($1,250 if you are married filing separately), that your AGI exceeds the amount shown above for your filing status. If your AGI exceeds the amount shown above by more than $122,500 ($61,250 if married filing separately), the amount of your deduction for exemptions is reduced to zero. If your AGI exceeds the level for your filing status, use Worksheet 3-2 to figure the amount of your deduction for exemptions. Separate Returns If you and your spouse made separate estimated tax payments for 2014 and you file separate returns, you can take credit only for your own payments. If you made joint estimated tax payments, you must decide how to divide the payments between your returns. One of you can claim all of the estimated tax paid and the other none, or you can divide it in any other way you agree on. If you cannot agree, you must divide the payments in proportion to each spouse's individual tax as shown on your separate returns for 2014. Divorced Taxpayers If you made joint estimated tax payments for 2014, and you were divorced during the year, either you or your former spouse can claim all of the joint payments, or you each can claim part of them. If you cannot agree on how to divide the payments, you must divide them in proportion to each spouse's individual tax as shown on your separate returns for 2014. If you claim any of the joint payments on your tax return, enter your former spouse's social security number (SSN) in the space provided on the front of Form 1040 or Form 1040A. If you divorced and remarried in 2014, enter your present spouse's SSN in that space and write your former spouse's SSN, followed by “DIV,” to the left of Form 1040, line 65, or Form 1040A, line 41.Type your paragraph here.

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