Return Types
What return does an individual taxpayer file?
Form 1040
Are property taxes deductible?
Yes!
What does IRS stand for?
Internal Revenue Service
What is the most common service that we provide in PCG?
Tax compliance (preparing tax returns)
Name the two Chicago airports
O'Hare & Midway
What return does a trust file?
Form 1041
Are contributions to political campaigns tax deductible?
No!
When are individual income tax returns due, assuming no extensions?
April 15th, unless it falls on a weekend or holiday.
Preparing returns is far from the only thing we can do for an individual taxpayer. What is the service where we assist clients with strategizing on how to pay the minimum amount of income taxes possible (within the tax law)?
Tax planning
What condiment is forbidden on a "Chicago-style" hot dog?
Ketchup
What return do you report gift taxes on?
Form 709
Are expenses for commuting (gas, car maintenance, etc.) deductible for someone working at an office?
No
Name a state with no income tax outside of Florida or Texas
Alaska, Nevada, New Hampshire*, South Dakota, Tennessee, Washington*, Wyoming
Something extremely important to wealthy families is preserving their legacy and keeping their hard-earned assets in their family. What PCG service is useful to these families?
Estate planning
Which food is not from Chicago?
a) polish sausage
b) italian beef
c) chocolate covered strawberries
d) chocolate brownies
c) chocolate covered strawberries
What return does an estate file?
Form 706
Is alimony paid to ex-spouse deductible?
No! Unless the divorce happened prior to 12/31/2018
What was the first year income tax (as we know) was enacted?
1913
Does Wipfli directly offer wealth management and investment advisory services?
What was the last major 4 (baseball, football, basketball, hockey) sport Chicago team to win a championship?
Cubs (2016)
What return does a child file?
None if the income is low enough! If they do have enough income, form 1040.
Are business meals for a self-employed individual tax deductible on Schedule C?
Yes, but only 50%!
What amendment gave Congress the right to lay and collect income taxes?
The 16th Amendment
Name an industry that PCG does not work with?
Trick question - None!
PCG involves collaboration with many other Wipfli industry groups and associates.
For example, any decisions at the business level will impact client's individual tax situations and estate planning.
What is the real name of "The Bean"
Cloudgate