Tax Resources & Education
Clifton Tax Pro Resources
Estimated Taxes
Taxes must be paid as income is earned or received throughout the year. Additional information is linked above.
A number of Excel workbooks have been created to support the tax preparation process. These workbooks can also be utilized for tax planning and review. Workbooks are made available for all tax preparation clients. Workbooks will be made available to other clients for a one-time $75 charge. The following custom workbooks are available:
- Mileage Tracker – useful if you have mileage deductions to track for your Schedule C or Schedule E.
- Home Office Worksheet – utilize to capture your home office deduction for your Schedule C.
- Small Business Sales & Expenses Log – You own a flow-through entity and want to track your sales & expenses throughout the year for your Schedule C.
- Property Sale Worksheet – you should real property and are required to report the sale on Schedule D.
- Rental Property Worksheet – You own investment real estate that you rent to tenants for income and want to track your investment to report on Schedule E.
Other Resources
Internal Revenue Service
The Internal Revenue Service is the official government agency responsible for administering the tax code and collecting taxes. There is a wealth of great information on the official website for the IRS.
Tax Reporting Schedules
- Schedule A – Itemized Deductions
- Schedule B – Interest & Ordinary Dividends
- Schedule C – Profit or Loss from Business (Sole Proprietorship)
- Schedule D – Capital Gains & Losses
- Schedule E – Supplemental Income & Loss (for rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.)
- Schedule EIC – Earned Income Credit
Investopedia
Investopedia is a reputable financial website with a great investment / financial dictionary. The following topics are of particular value relating to personal income tax returns.