Create an estimated tax projection for a client shifting from W-2 to 1099 contractor income to quantify safe-harbor withholding and retirement-contribution impacts

Generate create an estimated tax projection for a client shifting from w-2 to 1099 contractor income to quantify safe-harbor withholding and retirement-contribution impacts for Accounting, Tax Preparation, Bookkeeping, and Payroll Services industry

Accounting, Tax Preparation, Bookkeeping, and Payroll Services

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Upload the complete client file including prior year Form 1040, all W-2s, current year pay stubs-to-date, and any existing 1099 income sources
Specific circumstances of the W-2 to 1099 transition for accurate tax modeling
Provide detailed breakdown of expected contractor income by source, including hourly rates, project fees, retainers, and any performance bonuses anticipated for the projection year
Enter specific deductible business expenses related to contractor work including home office, equipment, professional development, insurance, and travel with estimated annual amounts
Determine the retirement contribution approach to model for tax optimization including solo 401k, SEP IRA, and defined benefit plan scenarios
Choose the IRS safe harbor method for avoiding underpayment penalties with 1099 transition
Specify the preferred IRS quarterly estimated payment approach for contractor transition
Specify all relevant state and local tax considerations including non-resident state filings, local business taxes, and state-specific deduction limitations
Identify health insurance and benefit transitions impacting tax calculations including COBRA, ACA marketplace, and HSA considerations
Determine the level of IRS FinCEN and foreign asset reporting required based on client situation
Specify the intended audience and detail level for the tax projection deliverable
Provide any special circumstances, time constraints, or custom requirements not covered in standard inputs such as executive compensation clawbacks, equity vesting modifications, or unusual state tax reciprocity agreements