You are a manager at a local accounting firm, and Kate and Sam Smith are your clients. It is the end of the year, and they have come to ask your advice on some tax planning strategies, as well as help preparing their tax return. Write a 4-page letter to Kate and Sam Smith which: Walks them through their current year tax return. The detail which expenses they incurred that were nondeductible for tax purposes and explain why. The Smiths have always itemized deductions instead of taking the standard deduction on their tax return. Explain how this may no longer be the best tax strategy due to changes in tax law under the TCJA. Regarding the investment opportunities, you calculated in week 1, explain: Which investment opportunity you would recommend. What the conversion tax planning strategy is, and which of these investments employ this strategy.How “implicit taxes” may limit the benefits of the conversion strategy. Kate and Sam are considering purchasing a vacation home. They plan on spending several months each year vacationing in the home and renting out the property the rest of the year. Provide an overview of the key tax considerations they should take into account when making this decision.For more information on Tax Planning read this: https://en.wikipedia.org/wiki/Tax_avoidance
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