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Basis Tax 2.jpg

simple to complex

the W-2 and beyond

As a baseline, a simple tax need would look something like this: Taxpayer files Single or Married Filing Jointly, receives a W-2 , is a renter or home owner, and takes a standard deduction on their returns. 

Adding various circumstances and events in the given tax year, would add to the tax filing and tax planing needs, effectively increase its complexity. See the examples below.

the culprits to complexity

Moved to a new state

Married and had a child

Sold then purchased a new home

Disposed of cryptocurrency at a loss

Traded stocks and mutual funds

Own multiple rental properties

Acquired your first rental

Contributed to a Traditional or Roth IRA

Converted IRA monies to Roth

Sold vested RSUs

Vested Incentive Stock Options (ISOs)

Started a home-based business

Purchased a vehicle for business

Became an active partner in a business

Participate in a Deferred Compensation Plan (DCP)

Opened and funded a Solo 401(k) or SEP IRA

Inherited assets as a beneficiary of an estate

Hold assets outside of the United States

International income from working abroad

Trustee for a simple-trust

Received K-1s

Made gifts to family members

Donated money or property to charitable organization

Funded a Donor Advised Fund

Receive pension income or Social Security retirement benefits

Retired but still earning an income

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