Question 1
The need for having a standardized document remains to be a fundamental aspect of ensuring that consistency in quality reporting and presentation. The standardized format serves as an identity and eliminates confusion in having numerous information on the tax, which might lack objectivity (Adams, & Narayanan, 2017). However, the organization might have a standardized document for tax preparation, customized to meet the organization's requirements. The print out form may not be used. The standardized record for the tax will save the company from reporting the issue accurately. Furthermore, the client input will also ensure that the standardized document is received for audit purposes. Lastly, the standardized tax document facilitates compliance with the organizational rules and acceptable legal standards. This form includes general client information, his income before and after tax deduction and also expenses such as Administrative, Fixed selling, tracking and other expenses.
The explanation shows that the overall design will be critical in presenting the final taxable income, depending on the tax's nature (Artiukh, & Murenko, 2018). The business expenses related to the business activities will be carried out to enhance the profit and tax liabilities. After a crucial review of the form, I found the form to be client friendly (Calderon Gomez, 2020). However, the entries' difference is evident due to the nature and type of business that operates at any given time. In conclusion, assessing filing returns form the tax is to create awareness and for comparison. A standardized document will facilitate easy comparison. It also shows the firm is in an excellent position to comply with the existing legal regulation.
Income Information
Net Income Tax 30% NOPAT
$ 200,000.00 $ (60,000.00) $ 140,000.00
Expenses
Tracking Expenses Fixed selling expenses Administrative expenses Other Expenses
$ 50,000.00 $ 10,000.00 $ 20,000.00 $ 20,000.00
I see you also have a number of forms for your client to fill in. Same question, would you give all of these forms to the client at one time, why or why not? Looking at form number 2, you are asking the client to fill in their income, tax amount, and difference. Why did you decide to have these filled in by the client? How are you going to control accuracy of their calculations?
Question 2
I would like to be able to work more efficiently in my small tax practice; hence, I have decided to do some research and come up with a client input form using Excel. The significance of this standardized client input form in my tax practice is that it will allow customers to type in almost everything, and it makes it perfect for leaving feedback. Besides, a standardized client input form allows the client to enter the start dates of projects and allows them to provide any other essential deal information. Further, a standardized client input form will benefit my business as it will help me improve my customer services from the comments they will have posted in the form (R2 Docuo, n. d).
I have decided to create a client input form for track mileage. A track mileage is the keeping of a log of miles or kilometers driven for the purpose of tax reduction. I chose to include the following fields in the input form; first name, last name, date, description, trip purpose, odometer start, odometer finish, miles, and notes. The name is essential as it helps identify the person whom taxes will be reduced from. Dates are significant in the tax law since an individual might desire to know when the claims presented to them became available (Bangkok post, 2017). In the tax law, a person might be interested in knowing why they are being charged a certain amount; hence, it is essential to include the description and purpose in an input form.
I created the track mileage input form in a way that every client would be able to understand how to go about it when filling it. It is as simple as it appears. In the first field, the client is supposed to enter their first name followed by their last name in the second field. In the third field, the date of trips or rides should be indicated to show when a particular activity was performed. In the fourth field, one is expected to write what their trip entails, and in the fifth field one is supposed to indicate the purpose of the trip, is it for business or personal reasons. For a proper record of mileage covered, the odometer start, and odometer finish should be filled. Finally, the last field miles show the actual mileage one has driven.
What do think about this data, do you find the form user friendly, if you think it provides the detail needed to meet the law, etc. When testing your form I was also able to put in a number in the name field. How would you control the input into this form?
Sample Solution