Personal Income Tax Project

Imagine you're handed a thick folder, a client's entire financial life laid out in confusing detail. That's what our ACCO 4010: Individual Income Taxation project felt like. We weren't just learning tax theory- we were tasked with building a client's tax return, a puzzle of intricate regulations, deductions, and credits. The real challenge? Not just getting the numbers right, but making sense of it all for the client. We had to bridge the gap between textbook knowledge and the messy reality of someone's financial situation, all while managing multiple interconnected schedules.

For two weeks, our team worked together to finish the return. I focused on deciphering five key forms, each a piece of the larger puzzle. Then, we complied the final 1040 together, ensuring every detail aligned across 15+ schedules. Next, we were also asked to look into the future, providing tax planning guidance. This meant researching environmental sustainability tax credits on the IRS website and navigating the complexities of a changing filing status, also utilizing the IRS website for guidance. The final step was compiling what we did into a digestible letter that would be sent to our client. We had to craft a narrative for our client, explaining their return and future tax strategies in a clear, accessible letter.

The result was a successfully filed tax return, marked with an "A." This project stretched my problem-solving abilities, showing me how to navigate a complex system and communicate it effectively. I learned to see the interconnectedness of tax regulations, the importance of clear client communication, and the power of teamwork.