Name: How to Create a Tax Plan the Easy Way with Intuit Tax Advisor
Uploaded: 2025-05-20T17:18:08.048Z
Duration: 1 h 2 min 4 s
Description: How to Create a Tax Plan the Easy Way with Intuit Tax Advisor

Transcript for "How to Create a Tax Plan the Easy Way with Intuit Tax Advisor": Hello. I hope you are all doing well today. Thank you, for joining me for this session called how to create a tax plan, the easy way with Intuit tax advisor. Kind of a workshop slash webinar session. Hopefully, we can walk away with a a tangible tax plan. Almost a tongue twister there, man. Lots of alliteration and t's. Hey. Let's get Intuit before I, get myself tongue tied here as we're, talking about today's session. I already mentioned to you that my name is Ross. I am a solution specialist here at Intuit. I've been around for about a decade now helping firms from, customer support to, Ethan fraud theft filings to, onboarding and setup in their new tax software and Lacert, ProSeries, ProConnect. And I wanna summarize everything though in in a cumulative fashion to say, Evertly just helped. I helped empower a lot of firms and understanding, changing, and shifting workflows over the past decade and helping understand what solutions Intuit another that will best be or what could best be implemented to help them meet their goals and the needs of not only their business, but their clients as well. I think oftentimes that goes hand in hand. We do have some housekeeping we want to cover today. First and foremost, there will be some polling questions that you'll see. We've got a trio of polling questions out there. When that polling question pops up, make sure you answer it. You can see it as a pop up. You'll have a go to polls option, or you can click on the poll tab that will only appear when the poll is active. So you'll be able to, answer those polling questions. Again, I'll make sure to announce those. You have plenty of time to answer them, but they here. I did wanna share some best practices with you. You can see those on the screen now. One thing that I would ask all of you to do at the end of this session or towards the end, once we start kinda wrapping up, you'll see a survey prompt appear. I would appreciate if you complete that survey. Let us know what you liked, what we can do more of, or what we can do maybe less of if there was something you didn't like so well. This session is eligible for one CPE credit. Again, you'll need to make sure you're here for the minimum amount of time, answer or participate in the polling questions. And if you meet those requirements, you'll get a certificate to the email that you used to register with. If it's been about two business days, forty eight hours, and you haven't seen it, first check your spam folder, your junk folder. Sometimes it gets caught there. And if not, you can reach out to us at protax_training@atintuit.com. We'll help get that certificate sent your way. A brief disclaimer here. Wanted you to be aware this session is, of course, educational in nature. We do have we kind of brush up against tax law when we're talking about tax advisory and tax planning, and just be aware that things change quickly. So if we look at certain strategies today or certain things you can add in a plan or in a part of tax advising for your clients, something that's relevant today may not be relevant tomorrow. So keep that in mind as we go through this session. And, Gerald, what are our broad goals then? What are we hoping to gain from this session? Well, first and foremost, it is my sincere hope that by the end of our time today, you understand how to complete a tax plan and are able to generate that information within into a tax adviser, which you'll often hear, abbreviated ITA. I'll try to say it out, you know, pronounce it see it. Pronounce it every time. Give the full enunciation from beginning to end. But know that if I do slip up and say ITA, that's what I'm talking about, into a tax adviser. I also want to ensure that you know how to customize and share that report. So that plan is great to be able to get the data from the client's return and have a tax plan that you can use as part of tax advisory is wonderful. But If you don't know how to manipulate it, how to share that with your clients, then it's gonna be part of the equation. So wanna make sure you know that piece as well. And in general, this should all build to more comfort for you. You should be more confident in your ability to use Intuit and to potentially better serve your customers to help meet their goals and, accomplish the things that they're looking to get out of more personalized, more specific, more proactive tax advice and recommendations. And all of that may be a small subset of more confidence, just in general that you're better enabled to provide advisory services. Intuit Tax Advisor is a tool. It's a utility that will help you provide those services, but you're the you're the missing link. Without you, there are no advisory services. There's no one that can provide that advice to your clients. So it's an enabler. It's something that will help you better provide advisory service, but it's not the end all be all, and it can't do it on its own. As some of the prework for this session, if you saw this when registering, maybe days, weeks in advance, you should have completed this. If not, we'll call it do it now work. It shouldn't take too terribly long, but you'll first wanna make sure you've identified a ten forty business owner client. This is a twenty twenty four client, a ten forty return, a twenty twenty four ten forty return that, has been prepared inside either a Lacert or ProConnect tax, and that means that it's a a client you have that has maybe some schedule c activity, some pass through s corporate activity, something like that because that'll help, really populate and and generate some of those, strategies that we'll be using to demonstrate how you just utilize the program. Now if you don't have a client like this, we're not kicking you out, we're not saying leave, maybe pick a client, pick one of your more complex clients, or pick any client. If you just wanna walk through with us and see how it works, you can still get hands on experience here. But if you're looking for an actual built out tax plan, which is what we'd like to have by the end of this session, having an actual client with a completed or mostly completed return It has business activity or has some of those activities that make them an ideal candidate for tax advisory. Those are who you want to identify and pick one client out for today. You wanna log in Intuit Tax Advisor. You can do that from both inside ProConnect and Lacert. If you need some help in the handouts here, you can click on this link on this slide in the presentation, and it'll let you jump to that page. I'll also have I'll drop it in chat here, so you should be able to see that as well. If you're using Lacert and you haven't already synced, Lacert to the cloud, you know, synced up your Lacert client files to Intuit Tax Advisor in the cloud, you wanna do that as well, there is also a link that shows you how to do that here, and I'll put that in the chat as well. So if you haven't done that yet, do it. We'll go through some, of what work some agenda pieces, some details on why and what advisory is, and, hopefully, you can multitask a little bit before we jump into the program to actually walk through how to prepare a tax plan and utilize Intuit Tax Advisor to the fullest. So what is on our agenda for today? Remember, we talked about the goals, what we want to accomplish, how are we gonna get there? Well, we'll first start with an introduction to advisory services, to tax advisory in general. We'll have an overview of some of the tax strategies. We're not gonna go, you know, line by line and talk about everything, all of the possible strategies that are in Intuit Tax Advisor, but some of the high level details, some of maybe the most common, but especially some that I'll be highlighting today as we actually jump into the program, which is third on our list. Let's get into Intuit Tax Advisor. Let's create a 2025 tax plan. I'll be going through on screen, sharing with you my screen. And while that's happening, you can be inside of Intuit Tax Advisor as well and, entering the same information or specific information for your client so that we can, hopefully, have that real life actual tax plan for one of your clients by the end of the session today. Then we'll have a little bit of a wrap up q and a. We'll talk about, you know, some next steps, some commonly asked questions, and it'll have also give you a chance to ask questions. But as we go through this session today, I don't want you to wait and save all of your questions until the end. If you have a question, feel free to drop it in. We'll have, folks behind the scenes here that are helping me out to help answer those questions for you as well, but we will have some more dedicated time towards the end of the session to do that. So we have our first polling question coming up. I would like to give you a little bit of some warning about what that would look like. So the first polling question is not a trick. It's just what's your primary reason for attending this webinar? Are you interested in that CPE to explore a new solution, solve a specific problem, general interest, just education piece or something else. If it's something other, let us know in the chat, why you're here taking this course. Take about, thirty seconds or so to answer that question, and I'll be right back to you. Okay. Let's move on. Remember, you can answer that polling question in the poll tab. It should also have appeared on screen. We'll consider that our test poll. We'll have, again, a couple more of those coming up in just a moment. Let's start at the beginning that kind of an overview of tax advisory and to help us understand this best for those of you that maybe are just getting into the the business of offering tax advisory services or considering it. This helps really cement the benefits or the the key differences between firms who lead with tax compliance, right, filing a tax return, transactional work, and advisory. So when it comes to tax compliance work, those services, as I've mentioned, are deadline driven, tax preparation, some projections that we can build out based on the future year. But, again, we're really dependent, we're really contingent on deadlines, on filing deadlines to get that work completed. When we're offering advice, it typically is more informal, times an email, sometimes, hey. I've got a quick question. Can you help me? And sometimes, even worse, it's lost in the tax return. Right? It may be something you've provided them, but they've overlooked it. They don't really consider it. That's not necessarily an actionable insight either. You're delivering, of course, the tax return, the compliance piece that needs to be filed, and potentially some tax projections to give them a little bit of an insight into the next year, but not always on that strategic side of how can we make changes to reduce tax liabilities or, again, help accomplish whatever goals. Goals aren't as big of a part of the equation when it comes to tax compliance because really the goal is let's get this return filed because we have to. And when it comes to billing, the vast majority of firms bill hourly or by the form or or per tax form, they have that style of billing when it comes to compliance work. Now let me be frank here. There's not nothing saying that this is necessarily bad, But what we're saying is when you compare it to firms who lead with tax advisory, you'll see that there's some key benefits that differentiate, those tax advisory firms from a firm that maybe is more purely tax compliance. The first is those services change from deadline driven to meetings and strategy engagements, throughout the year. You build these using your calendar. You're setting these times up rather than it being again continued on. When does this return have to be filed? No. We have a cadence. We're staying on top of things. And, yes, we will file tax returns. We will do the compliance work, but in some ways, that's almost an an afterthought or just what will happen naturally as you're having these conversations and advising clients. You're also quantifying these savings. So that informal advice, those small pieces of, helpful tips and hints you're providing, those are now quantified. So you can see and your client can see what is the return on their investment, what are they getting back from this advice, And that really helps to demonstrate the value outside of just I think this return filed. It also really shifts into what clients are hoping to achieve, especially true, of course, for business clients or clients that have income activities outside of just w twos. But even clients that are what we would maybe consider more simple, they still have goals. They still have, financial objectives, whatever, synonym you want to use there, and we can start to focus on those and adapt advice and adapt plans around what the client is hoping to achieve. Because you're creating this value, it also allows firms to shift into a subscription model or a value based model that helps essentially provide and pay you as the firm for these services, not in a way that we're, you know, we're not wanting to take advantage of clients. We're not wanting to, you know, pick pockets or get what we can because we feel that the clients can pay more. We're actually shifting this model from transactional. Let's just get the return out the door to let's provide you some additional value on top of that. And when you're adding that additional value, when you're giving those clients that additional information, right, this is additional services, what we've seen is that on average, these are five x, five times more than tax tax preparation alone. Some more insights around the data when we talk about what Tax Advisory is, what it brings to the table. Right now, based on surveys of all firms that provide Tax Advisory services outside of Intuit Tax Advisor, we see about two point three hours is the time beginning to end to prepare a tax plan for clients. That's kind of the present state. 35% of clients at a typical firm, again, these are all on the average, receive tax planning services, and the average fee charged per client is $2,351, again, for those planning, processes. For those firms that provide tax planning and advisory that is their average fee. So again, that fee, you know, higher than the average tax preparation fee. But what are clients getting out of this? Well, clients tell us what they want, and in some ways, that's what they get out of advisory. They want to be working with firms and professionals that are having and utilizing the most, up to date, the most accurate tools that can be advising them and providing those insights based on their data and their specific situation. And over four out of five would prefer and would actively choose to work with firms that can provide them ongoing tax advice rather than just that transactional one off experience. So the need is out there. Clients are asking for this. And when it comes to those fees, the reason why we're saying, you know, this is something that is a trend across is because not only is it a value benefit to them, they recognize it. And almost 80%, almost four out of 79% are willing to pay more because they see the value in these services. Again, it's because it's really connecting their financial goals to their actions they can take. And it helps them stay focused, stay on track, stay on plan, and even more so than that, helps them execute that plan. That is what advisory brings to the table, and clients do not have to be, you know, told this seven different ways to see the value. You they see it almost immediately because it's speaking to what is most important to them. And there's a a a link too you can find in the handouts for this data to to see more insights, more verbatims and details around kind of the the scope of the industry when it comes to advisory. So this engagement process for tax advisory, as mentioned now several times, it really focuses on client goals. But we're looking at these strategies, you can see some of them listed out there, that impact clients and can really help reduce tax liabilities, but beyond that, help them achieve future goals. Some of these strategies are not just designed to reduce tax liability, but to set the client up for success Are they planning on selling their business or expanding their business, consolidating? Whatever their plans are, these strategies can help them ensure that they're working towards them the most efficiently and that they're in good position to deliver on those goals when the time comes. Things like entity selection, of course, can help with reducing tax liability. But as mentioned, if they're looking to retire, looking to sell that entity, this helps position that business to be more attractive to be sold, to change hands, to pass down. Whatever the goal is, it can help to solve for that. Income shifting and business deductions, these pieces, can play a significant role, again, in the current tax liability, but can also help reinforce decisions that are being made. So not all these strategies are insights that have to be, let's go and make this change, but also reinforcing that we're still on the right track. And that's an important part of this continued engagement over time is that we're evaluating this. Entity selection doesn't need to be a one time process when we're, you know, forming the business, when we've created it. It should be something that's being continuously reevaluated. And that's where some of these strategies can come into play, pretty impactfully to help reinforce it, but also to help you identify when a change may be needed, when the norm is no longer or what we've been doing is no longer the best process for us either. And this is a lot. This isn't something where you're going to be able to meet with the client and talk about all of these different topics in one meeting. That further reinforces the point of saying this is an engagement experience where you're meeting with the client over time, multiple times during the course of the year, and it may be the case that you focus on some of these. You know, you separate them up and focus on certain strategies at certain times of year when you're meeting with clients and have that be more of an annual review process. So you can hit some of these, not having to have them all covered again in one meeting at one point in time, which is overwhelming maybe at best, and also at worst, just not impactful and not useful to clients, which detracts immediately from the value that it's providing. Some additional details around some of these, strategies that are built into into a Tax Advisor can be found in the handout. So I mentioned that s corporation choice of entity. You'll see some articles and video tutorials, video guides listed out here in the slides. So we'll look at some of these of the choice of entity. That's one of the areas we'll we'll add on to our tax plan. It may not be something that you have to add on to your client, but we'll look at that piece as we go into Intuit Tax Advisor as well. But if you need more details on this, you'd like to get more hands on about this particular strategy, that's where these resources in the presentation slides come in. So s corporation choice of entity, s corporation compensation analysis, which is a can be some pretty detailed and thorough work to make sure that, what is that reasonable compensation for those clients, for those individuals, and making sure that you're having that, entered into the program, entered into into a Intuit Tax Advisor, and that the amounts are appropriate. Bonus depreciation is something else, that I've shared in the presentation slides, some additional resources. Some of these are a little bit more necessarily intuitive. Maybe the calculations can be a little bit easier to understand without having a, you know, a tool or a platform to enter this information and to build a tax plan out. But as part of a comprehensive plan, with, bonus depreciation and retirement details, retirement plans are, especially helpful in giving your client that kind of complete picture beginning to end and, help ensure that they're not missing anything. That's the bottom line with any tax advising, any tax planning is we just we don't wanna leave anything on the table, and we don't want to assume that the strategies that we've employed in the past or that we've advised in the past are always going to be the applicable or the best approach for the client moving forward. And that's the that's the whole idea around this is ensuring that we're taking the best approach or we're advising the client of the best approach. Sometimes the prerogative is still on them to take that path, but we're advising them of that best that best laid path that will help them meet their goals, meet whatever check marks, whatever achievements they're hoping to have. That is what we're after when it comes to tax advising and what Intuit Tax Advisor should enable. We're gonna jump in into a tax advisor next, but before we do so, I wanna launch our next polling question. I don't know if you caught this. I did I shared this statistic fairly quickly, but I did mention that. Reportedly, based on our surveys, how long on average does it take it does it take to prepare a typical tax plan outside of Intuit Tax Advisor? So based on what our, users of, our software has have said, what is that timeline? Take it about thirty seconds again to answer that question, And I'll look at the questions you've asked of me and be right back shortly. Perfect. Okay. Take a few more seconds to answer this question. Again, you should see the polling tab. You You'll also see it on screen. We'll wrap this up here in three, two, and one. First, the answer here was two point three hours. So that's the the typical time to prepare that plan outside of ITA, And, of course well, tell me. Maybe you've heard. What do you how much what do you think the average time is to prepare a typical tax return inside of Intuit Tax Advisor? It's out there, it's hidden. I don't think I shared that number with you directly, but if you know it, put it in the chat, and if no one gets it right, I'll share the answer. But, go ahead and a bonus question there for you for the chat experience. So let's move on, though. We wanna create a tax plan, we want to jump into Intuit Tax Advisor for it. I'm gonna go just about completely off screen here so that we can see a full view image of Intuit Tax Advisor. Let me shuffle that over. Perfect. So, again, I hope that those of you maybe weren't didn't have your client ready. We hope you found a client. If not, we're jumping into a tax adviser now. Again, you can, the link is in the presentation slides. You can go through ProConnect. You can go through the cert. It's built in to both to get into a tax adviser. If you've got a client you're working on, just give me a yes in the chat. Let me know if you're working on a client. Again, we're not kicking you out if you don't have an actual client ready to go. But if you do, hit yes in chat. We can see how many have, working along to build a maybe your first ever tax plan for a client, maybe the first one and not into a tax adviser, but I'm glad that you're here regardless. Let's jump in to Intuit Tax Advisor. Perfect. So this is Intuit Tax Advisor. I'm gonna zoom in just a smidge for us so we can see things in a little more detail. Now how am I doing this? Well, because it's browser based, I'm in the browser, for Intuit Tax Advisor, and I'm in Chrome, I can hold down control and use my mouse wheel to kinda zoom in. You'll notice too I have that zoom in option. You may not need to zoom in this far yourself, but I figured we wanna see kind of the full picture when I'm showing you into a tax adviser here. Now it says welcome, Ross. It'll have your name on there, as we are on the welcome screen. And before we jump into a tax return directly, let's talk about what we're seeing on this screen. Some of the the resources, the organization layout, do a quick rundown of what we're seeing. And we'll start with what's right in front of us. So notice that you have a Quarterly Estimated Tax Payment Projection. It's gonna allow you to calculate those Estimated Payments, so you don't have to create duplicated tax returns. This may be where you start for some clients. This may be the inroads to advisory services for some clients. And what you can do is if you're wanting to utilize this just for creating those projections, you can create a projection and into a tax adviser, and then afterwards, use that projection as the base or the starting point for building out a full tax plan. So I know while I've told you find your client, pick a client out, this may be one way that you identify certain clients that have trickier or complex, changing tax situations that require some more detail or require the use of projecting out for estimated payments. Those may be the ideal clients to engage for advisory services. So that's what we have front and center. As we move to the right, you'll see some quick help icons, wonderful resources for you, for training, for marketing, for support. To get more details, in fact, you'll see an option to see more webinars there that you can navigate to as well. And we have some additional videos towards the bottom. Again, video overviews that show you some of the things that can be done inside of Intuit Tax Advisor. Excuse me. Things like what we talked about, the quarterly estimated payments, projecting w two incomes, converting schedule c to s corps, that conversion process or that choice of entity if that's the selection to make, as well as some of the k one income planning, basis tracking, qualified business income deduction planning. Those videos are front and center for you to review. When you fur when you come in here after this first time, you may land on the plans page, and that's fine. That will list out all the plans that you have available. Well, before we jump into these three rows that are kind of our main navigation, wanted to just give a quick rundown here of the ability to first collapse this menu if you want more real estate, to navigate to see what has been added into a tax adviser since we're always adding new strategies, new capabilities to Intuit Tax Advisor. This is a page it's also in the presentation slides if you have those downloaded or would like to view it after the session to see what's been added, what's coming, what's new in Intuit Tax Advisor. You can even subscribe to update so that you'll be, informed when something changes. You also find the option for help directly here if you need a little assistance utilizing Intuit Tax Advisor, and I think my favorite tab here is the feedback tab. What do what do we need to add? Are there any strategies or anything that can make Intuit Tax Advisor assist you in again, providing value to clients, helping you meet your clients' goals more easily. That's the type of feedback we can have here, and we do take that feedback to heart, and you'll find a lot of that feedback implemented in what's new little on little down the road once we have time to implement it in the program. So feedback, what's new, a perfect loop there to keep Intuit Tax Advisor, always always being updated, always updated to have new strategies, of course, but also functionalities and tools that you're asking for. So now going into our main navigation here, you may have landed on plans as you're getting started. This will list out all of your plans for your clients. You can, expand those to see all of the plans you've created, or jump into the tax plan for any of these clients as well. Notice, you do have a section for estimated tax payment plans as well. So if you're utilizing, Intuit Tax Advisor to create those estimated tax payments, to generate those amounts, you can see those listed out as well. And, again, convert those over to tax needed. You're able to search and navigate through this particular screen, and you also have some filters if you want to just show certain projected years or starting point or base years. You can do that to really narrow down what is in this return, or what is in this particular menu. So if you do this year over year, you're not looking at everything, just the years that are most important to you. Also within this screen, you'll notice a view potential clients. You can see that here. You can also click on this client section to the left, which will show you, your client list, again, integrated with Lacert or ProSeries, and you'll notice these arrows that you can use to sort. So if you want to see your clients sorted by the forms or schedules they use or by their AGI, for example, You can use this to sort through your clients. The areas that probably will get the most attention, though, are the are the columns labeled potential tax savings and likely strategies. This will allow you to sort your clients to see what has Intuit Tax Advisor identified as the clients or as the returns that have the most likely strategies or the most potential savings if your clients adopt strategies that Intuit Tax Advisor has identified. Now these amounts, again, are projections or estimates. They're not necessarily gonna be the bona fide truth. You ultimately have the final say in determining which which strategies are applicable and which are not. So is it always going to be this exact amount? Probably not. Sometimes it'll be more, sometimes it'll be less. But this gives you at least a ballpark or a general idea of what types of strategies or what types of return on investment, those savings your clients can have at a glance. And if you haven't picked a client out, this may be one way to find that client. Navigate to your list of clients and into a tax adviser, find that client that has the highest potential tax savings or the highest number of likely strategies, and use that client to then create a plan. You can see that you can do that directly from here, but notice you can also use this to create templates to reach out to these clients. So if you're just starting advisory and expanding your services to provide advisory, you can also utilize this screen, this platform, to contact these clients as well. So I can click create a plan from here. I have my blue create a plan button. You'll find that across multiple instances in Intuit. When you go to create a plan, you'll have the first option saying, what are you creating, an estimated tax payment plan or a tax plan? And then also, who are you creating a plan for? And you'll see some high level detailed information. It'll have you select a return. It doesn't have to be e filed. It doesn't have to be completed, but the more details you put in a return, the more data we'll be able to extract and identify those savings and strategies that could be applicable. And you can create more than one tax plan, so maybe q two, q three, q four. This will allow you to have, again, those reoccurring, meetings, those touch points to address any changes that may have happened, And when you're ready to get rolling, start planning will create this plan. Now I have a client whose return I've already started, so I'm gonna navigate to them, under the list of plans since I've already started them. So I'm gonna navigate to them, and I can see that 2025 plan right there. So I'll go ahead and view that. And now I am inside of this client's, tax plan. And I'm going to sometimes start on this pre strategy baseline. If you jumped in and you're on strategies, make sure you navigate back to pre strategy baseline. That's where we're gonna start things, and that's why I want you to approach this. You'll see these four tabs across the top. We're gonna move from left to right, pre strategy baseline, to strategies, to review, to the client report. Just like if we were in Lacert or ProConnect moving from left to right, that's gonna be a similar navigation path for us and into a tax adviser. Notice you have some insights or some key details here, some in product help as well, so you can view those as needed. But where we're going to begin is on this pre strategy baseline. What is this? This allows us to take the information and adjust for any potential changes for the next year. So our 2024 return is where the baseline information is coming from, but we may know that things are changing. We're gonna have more or less income. We're gonna have additional deductions, additional credits. We may have additional life changes, that are going to impact the return, right, with dependents or filing status. So that's what we're doing here on this pre strategy baseline is setting up what is the actual foundation with the starting point being what was in the return last year, and that's what we're doing here. So a few pieces to navigate this as we get started. First, I recommend collapsing all of these rows so we can see everything. Again, more of a summary view, but that does let us click on these to expand to get to more details. And the other thing I recommend that you do here is turn off the auto calc in the upper right because that'll let us make these changes without it calculating every time we enter something. Now if we navigate between these tabs, it will calculate for us, and this will help us, go through and enter more information at one time without us having to pause and calculate these amounts every time we make a change. So that's my recommendation to you. And you can also use this search box to find details of the screen below. So while I've shrunk it or or reduced minimize the rows from their expanded state, if you wanna find things as well, that search option gives you a wonderful way to do that. Another way to see summary information, well, view summary. It'll give you an idea of what happened in '24 as well as what the projected '25 start is. And notice you can toggle here for the state as well, for the primary state. Just one state you're able to navigate to to see that summary information as well as being able to adjust the pre strategy baseline for that state also. So you can make those adjustments again for that particular state and the federal. Again, we're getting this set up so that we have accurate information to begin creating this, plan, utilize or utilizing strategies for the next year. One final piece that's gonna be helpful to you as I mentioned, life changes, situations change. If your client does change their filing status, you can click on this pencil icon next to their profile, and you'll be able to adjust the filing status or add, dependents, if that has happened, or remove dependents. Right? If they've, you know, example, their child is now older, they're not that probably would jump off. But if for some reason they can no longer claim someone as a dependent, you can go here to remove them as a dependent. This is where you can make those adjustments as well here. And in this case, if we did have a situation with maybe from single to married filing joint, it may be the situation that you need to add some of the spouse's activities. You can do that by clicking on add new activity, choosing what type of activity or form that you're wanting to add. So maybe it's a w two or a schedule c that the spouse has that is is now going to be reported on this return, And we can indicate that it belongs to the spouse or jointly here as well to enter this information and put in those amounts as they were in 2024, but we can also make those adjustments to what we're expecting those amounts to be in '25 based on any potential new activities. To edit the amounts that have come through from the return, like I said, you can simply click on those to expand, and you can see all the various categories that you can enter in. So it gives you really fine control over what is changing. So we put in a new amount for gross sales, for example, in a Schedule c, we can see the difference, but that will impact the pre strategy baseline for those amounts as it calculates. Other areas that you may want to make adjustments or changes would be things like, payments. If you're adjusting those estimated tax payments or if you're adjusting withholding, the same would be true on the state side. If you need to make adjustments to state withholding, you can do that as well. Again, all of these things are getting the data in ship shape and starting point status for this particular client as we start to build out this particular strategy or this particular tax plan for this client. You can also print this page out. So if you do wanna have this kind of as a summary data, you can do so. But once you're satisfied with these amounts, and you may not need to make any too many differences, maybe you're not aware of any or you're just wanting to utilize a 2024 data to build out a strategy, you can do that too. So there's no need to make these adjustments, but if you do so, this is where you'll see those changes and where you can make any additional changes as needed. Our next step, again, moving left to right, is looking at strategies, and I have a little pop up here that's tell telling me about Intuit. So if I wanted to, as we think of what strategies may be applicable here, I can utilize Intuit to ask some questions. Things like, you can see some examples here. Show me the top three retirement strategies or business strategies or confer convert a schedule c to an s corporation. Intuit can help with those particular strategies, especially if this is something that's brand new to you to help give you those insights. Now you'll see it kind of says, hold on. Temper your expectations. I'm only helpful right now with strategy recommendations. More will be added soon. But this is helping you identify, configure, and potentially utilize some of these strategies for your clients. Now my strategies were kind of hidden in their nose. I clicked that blue arrow to bring it out. And zoom back in here so we can see a little bit more on screen at one time. I have 15 separate insights. So as I scroll down, I can see those insights, and I can collapse them all to see them in categories. Remember earlier, we talked about those different buckets, those different categories of strategies that you may be engaging clients to work through those advisory services? That's how they're organized here. So you may not be addressing all of these at one time, but you may pick the select few that you wanna focus on, again, maybe based on the time of year or based on what is most important to that client right now. You can also see all strategies here. So just because we see what we've suggested some, there's gonna be a lot more that you can search through and potentially add or navigate through to see what this out in the wide world of strategies and into a tax adviser. And while we're not gonna be covering custom strategies today, I wanted to bring that to your attention too that you can see with here where to add a custom strategy if you have strategies you'd like to add that would be applicable to one client, many clients, etcetera that you can add as well. So looking at these particular strategies, if I look at something like entity selection, which we've talked about before, this client did have a Schedule c, which had some SE tax. It could potentially benefit from converting to a or changing entity selection to a s corporate return. Now I can see this particular strategy. If I click on the name of this strategy, it'll bring up some additional details and insights for me. I'll see details about this strategy and notice that this is telling you it will print for the client, whereas other details are just for your firm. So we have some internal insights and details that will help you and anyone else at your firm that are advising clients better understand why this is being suggested, what any potential limitations are of it, and why and where it is applicable. You can see that by clicking on the name of the strategy. And for example, if I did want to add that to this client's plan, I just simply click add. In this case, I do need to enter, as you can see, some level of reasonable wages, and I think they because they made 85 we'll just put a nice round 50,000 here to say this. Notice you can change it later, and you may need to do a little bit more work on determining those wages, but we'll add that because it is required as it calculates this information. So it's gonna save that strategy to this return. Let me go ahead and dismiss Intuit. I know it wants really wants to help. But I have that entered here, and I can see on the screen. I'll zoom out just a little bit how this is calculated. It's giving me the rundown, the different steps, and in real time, giving me that potential tax savings for this client. Now I have maybe an additional strategy like a business deduction, maybe some bonus depreciation, which we talked about in the slides. If I add that as well for this client, I can choose looks like their supply LLC, their business, and I can choose some level of a depreciable basis for some assets to take that bonus depreciation. So we'll plug that amount in and we'll use that amount. Now notice that I didn't calculate this, so I'm still, entering data. And before I calculate it, I wanna add one more thing. Let's say a retirement plan, and we'll do the, a four zero one k. Yeah. Let's do that four zero one k. Perfect. And I'll just click add. I'll add it to that list for me. And there may be more strategies that I could add here, but for the sake of our demonstration, we'll stop while we have those three added so we can take a look at what this report looks like. So I have my strategies in place. Before I get to that report, I'm gonna click on my next tab, which is review plan. I could also calculate this here if I wanted to see some data before I moved on, but if I go to my review plan, this is gonna look like a more traditional tax plan. It's gonna have that summary information, those details for your client, but without necessarily some of the pre bank strategies or the actionable insights that your clients can use. But this review gives you, that first I should say, that first clear picture of what's going on for this particular client from that more traditional tax plan. So let's let things calculate here, and then we'll see what our yeah. So I can see these green boxes. It's immediately visualizing for me what has changed. I can collapse all these fields just like I did before to have those be a little bit shrunken in and I can expand them to see where or how things are changing and what was affecting that. But this again is giving me the projections, the summary details based on what we've entered in the pre strategy baseline to get started, as well as the strategies that are now impacting those projections as well. And you can also print this information out or filter by strategies if you wanna see those details. Just like we had before, notice you can shuffle or sort between the federal and that primary state also. One other piece that's helpful anywhere through this process that we worked on so far is the notes available here in the upper right. If you're working with more than one person or simply wanna leave notes for yourself, this is a fantastic area or way for you to leave notes, especially if you're going to be revisiting this and you wanna have your notes in inlaid with their tax, plan so that you can immediately recall that or see this, and you're able to create multiple notes to favorite notes, and these will be attached to this client so that anyone working in this plan, including yourself, will be able to see those. The client report is our last stop here as we're inside of Intuit tax adviser, and there's two levels to the client report. First, the proposal. Second, the tax plan. Regardless of which view you're in, notice that you can adjust the settings. So you can add your logo, adjust the colors, and I highly recommend that not right now, but after this session, go in here, choose the colors that your firm uses for, your business. You can adjust those in this particular screen and this gear icon, and that's gonna be set and applied across these proposal and this tax plan. The proposal was in what it sounds like. It's something you can provide to clients. It gives a high level detail of what their estimated tax savings are, what's the snapshot for their particular situation, as well as what those next steps are and how to contact or how to follow through with getting these particular strategies in place. You are able by pulling out or expanding this navigation window, you are able to edit any of these fields. So you can click on the edit content, and notice also if you hover over these fields, you'll see a pencil icon that will let you make those edits as well. If you don't like a page or a section, you can hide the page and it'll be hidden, or you can unhide the page and have that be part of the presentation, or the proposal for your client if to it to be part of that proposal. The tax plan is gonna work a very similar way, but the tax plan now is giving more details to your clients so they can have, again, those actionable steps to follow through with this plan. You'll have the table of contents, what's happening, as well as a disclaimer. Again, you can edit or adjust however you see fit. We, again, get a summary details for what those potential strategy savings are like we saw on the the proposal, and now we have the strategies listed out, and we have more details about those strategies. So as you navigate to those strategies, you'll be able to see what is being communicated to your clients and what steps need to be taken. And as I mentioned, maybe you want to add some additional pieces of insight. You can do that. And if you decide, no. Never mind. Go back to what I said before. You can always push it back to the default. But this allows you full customization across anything your client is seeing, so you don't have to just take how we're describing it or the steps we're asking them to take. Maybe you have some specific steps that you'd ask them to do. You can include those here, by editing any of these fields in the tax plan as well. So while this is fully editable, the next step that you may wanna take is downloading this client report. So you can disseminate it, you can share it with your client, and that will allow you to pull that information out to then share it digitally, however you see fit. You can also edit it as needed. But, again, be because you're able to edit all these fields through into a tax adviser, you may not need to edit the downloaded copy so much, but you always will have the capability. So perfect. I hope that going through this, you were able to add some strategies. Maybe you have your first ever tax plan now in place. If you do, if you have your tax plan in place, go ahead and let me know in chat. Just say, yes. I've got a tax plan, an actual plan for a client. Congratulations. I'm glad that you, hung in with us and created that plan today. Let me jump back into our presentation slides, and we'll continue on. Now I said we have a little time for questions here at the end, and I know we're getting close to the end of our time. I know. It's always sad it's always sad to say goodbye. But if you have any questions, now is the time to ask them and chat. We'll make sure we answer them. And I'm gonna hang around even after the session ends, so you have some burning questions. Even if this if the session concludes, I'll still be here behind the scenes to help out if you have any lingering questions for you. Some next steps, and all this is again, will be in the presentation slides as a resource for you. I've included some frequently asked questions and some hyperlinks to resources. But for you, highly recommend, encourage you, if you've created this plan, reach out to that client now. Have that conversation of how you can help and assist that client align on their goals, and use that tax plan as the starting point in that conversation. If you need more help, you wanna feel more confident, we do have a link to the marketing kit. You can see some of those template emails and letters that will help you approach that and create more plans. Now that you know how to do it, utilize different strategies. If you did entity selection, try retirement planning, income shifting, some more business deductions. The more that you do this, the more that you engage with clients, work through plans with clients, learn the software and fine tune it, the better off you'll be. It's how we learn. Those complicated tax situations that come your way, you had to solve those in the program. The same thing will happen with advisory. How do we best serve clients? Sometimes it's by doing, that's what I encourage you to do. Again, some additional resources here, high level information around Intuit Tax Advisor. Some differences, these are some frequently asked questions. So if, not paying attention to chat entirely, multitasking a little bit here at the q and a, but if you're asking questions about what's the difference between the tax planner and Intuit Tax Advisor, We have those listed out as well. A common question is what clients should I use with ITA? Business owners, high net worth, single states because the one state is in Intuit Tax Advisor, and about 35% of clients receive these. So three or four out of 10 of your clients are ideal candidates. Probably not everyone, but you can use Intuit Tax Advisor to help identify those clients as well. Remember, it doesn't work for business clients, but it does work for businesses. So ten forty returns individual that have business income. You can see more FAQs there. Also included a slide here in the handouts for some video tutorials. Wanted you to have those. You can see all of what we talked about and so much more as additional resources, links to the community to ask questions, to vote on strategies, see updates, all of that available to you. And I have one final polling question for you now. It is, would you like a personalized demo or consultation about what you've learned in today's training event? You'll see some additional resources for training in our Tax Pro Center. All the community resources you can find, all of that will be in the presentation slides. So I highly, highly recommend that you download these slides. Save them. Save them as similar as a resource. They will be hopefully very useful to you as you continue your journey using Intuit Tax Advisor and providing these services. So with that, I wanted to thank you all for your participation today. Again, if you still have some burning questions, I'm here. I'm not going anywhere. For those of you that have been with us for the full hour now, thank you so much for being here, for participating. I do hope you have an actual workable tax plan you can use towards tax advisory for your clients. If not, utilize the presentation materials, the deck, the handouts, so that you can get more confident can see those different strategies, and how Intuit Tax Advisor can unlock tax advisory for you and your clients. Thank you again so much. Have a wonderful rest of the day. Until next time. Bye for now.