BASIC PERSONAL & BUSINESS TAX RETURN ANALYSIS SEMINAR Presented by: Osburn & Associates, LLC
Author/Lecturer DAVID L. OSBURN, MBA, CCRA David Osburn, is the founder of Osburn & Associates, LLC that specializes in providing seminars, webinars, and keynote speeches to CPAs, bankers, attorneys, and credit managers on topics such as Banking/Finance/Credit, Negotiation Skills, Marketing, and Management. David also functions as a Contract CFO and works with financial institutions, CPA firms, construction companies, and real estate developers. He is also an adjunct faculty member of both an accredited MBA program and the accounting department of a community college with over 29 years of teaching experience. David’s extensive professional background includes 15 years as both a Business Trainer and Contract CFO and 16 years in banking (commercial lending) including the position of Vice President & Senior Banking Officer. David has an MBA in Finance/Marketing from Utah State University and a BS degree in Finance from Brigham Young University. He is also a graduate of the ABA National Commercial Lending School held at the University of Oklahoma. David also holds the professional designation of Certified Credit and Risk Analyst (CCRA) as granted by the National Association of Credit Management (NACM). Osburn & Associates, LLC A Business Training & Contract CFO Firm David L. Osburn, MBA, CCRA Managing Member 7426 Alamo Summit Drive Las Vegas, Nevada 89129 Direct: E-Mail: Web: (702) 655 -1187 dlosburn@cox. net dlosburn. com
BASIC PERSONAL & BUSINESS TAX RETURN ANALYSIS SEMINAR I. PERSONAL 1040 FEDERAL TAX RETURN II. PERSONAL CASH FLOW ANALYSIS III. BUSINESS TAX STRUCTURE: C CORP, S CORP, LLC IV. BUSINESS TAX RETURN ANALYSIS V. CURRENT TAX CODE, FRAUDULENT RETURNS, RISK FACTORS & MARKETING OPPORTUNITIES
I. PERSONAL 1040 FEDERAL TAX RETURN A. THE BASICS: WHAT ARE THE MAIN COMPONENTS? Basic information: Name, address, exemptions Total (Gross) Income: Wages, salaries, interest, dividends, alimony received, business income, capital gains, rental income, etc. Adjustments to Gross Income: Educator expense, IRA deduction, alimony paid, etc. Adjusted Gross Income (AGI) Itemized Deductions (Schedule A- ex. Mortgage interest)
Exemptions Taxable Income Tax Federal Income Tax Withheld Overpaid (refunded) or Amount you Owe! B. BASIC FORMS: 1040 EZ 1040 Schedule A, B, C, D, E, F
C. 1040 TAX RETURN EXAMPLE (SEE EXHIBIT # 1):
II. PERSONAL CASH FLOW ANALYSIS A. TRUE CASH FLOW (ADJUSTED FOR TAXES) Wages/Salary + Interest + Dividends + Business Income (including depreciation & interest) + Capital Gains (less Loss) + Rental Real Estate + Royalties + Partnership (LLC) (K-1’s) + Other Income (Unemployment, etc. ) = Total Income Less: Federal & State Taxes Cash Flow Available for Debt Service Less: Debt Service (P&I) Margin DCR B. ADJUSTMENTS: YEAR END, RETIREMENT PLANNING, ETC.
III. BUSINESS TAX STRUCTURE: A. C CORPORATION Form 1120 (Income Statement, Balance Sheet) Double Taxation B. S CORPORATION Form 1120 S (Income Statement, Balance Sheet) No Double Taxation
LIMITED LIABILITY COMPANY (LLC) A. Combines the Benefit of a Traditional “C” corporation with a partnership B. Form 1065 C. Income Statement, Balance Sheet
IV. BUSINESS TAX RETURN ANALYSIS PREPARATION OF CASH FLOW ANALYSIS Net income + interest expense + taxes + depreciation + amortization (EBITDA) Less: Debt Service (P&I) Margin DCR
A. BUSINESS TAX RETURN ANALYSES (SEE EXHIBIT # 2, 3, 4):
V. CURRENT TAX CODE, FRAUDULENT RETURNS, RISK FACTORS & MARKETING OPPORTUNITIES: A. CURRENT TAX CODE: EVER CONSISTENT WHILE AT THE SAME TIME EVER CHANGING! SAME MODEL, JUST NEW NUMBERS/LEVELS/TECHNOLOGIES EX. DEPRECIATION FORMULAS EX. E-FILE
B. TAX UPDATES AND LIMITS (See 2014 Business Tax Extensions & Updates):
C. FRAUDULENT RETURNS: Ex. Two sets of returns Ex. Numbers do not add up Ex. Numbers are not typical (unusual level of deductions, etc. ) Ex. Listen to what the customer tells you and does not tell you!
D. TAX RETURN ANALYSIS & MARKETING OPPORTUNITIES: WHAT DO THE RETURNS TELL US? Ex. Marital status Ex. Number of dependents Ex. Where is the customer on the life cycle? Ex. What type of products would fit the customer’s needs? (Personal & Business)
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