Tax cfp - Study guides, Class notes & Summaries

Kristen, a CFP practitioner, reviewed a new client's financial plan that was developed eight years ago. Her client has subsequently inherited $7 million, acquired property that is not mentioned in his will, and is showing signs of early dementia. What should Kristen do to help her client? A. accompany her client to an appointment with an accountant to obtain estate tax advice B. Fill out a durable power of attorney document downloaded from a website C. accompany her client to an app...

Net (After Tax) Yield - ANSWER-[(1+After Tax Return)/(1+Inflation)-1]x100 A young couple (both age 30) comes to the financial planner with the desire for assistance in improving their family's financial position. They have two healthy children, ages 3 and 6. The husband is a foreman for a manufacturer of auto parts. His current salary is $30,000 per year. The wife is a marketing professor for a state university. Her current salary is $40,000 per year. The couple recently purchased a riverfro...

Certified Financial Planner (CFP) (Personal Financial Planning) - Answer-Certified Financial Planner (CFP) www.c(p-net Why has the CERTIFIED FINANCIAL PLANNER certification become so sought after by consumers and the financial planners who serve them? The answer is simple. The public is looking for a planner who has demonstrated a commitment to competency, and financial professionals want an established certification that sets them apart in a globally expanding financial planning profession....

CFP Practice Test 2023 CFP Standards of Conduct Sections (6) - CORRECT ANSWER-A. Duties owed to clients. B. Fin. Planning and Application of Practice Standards C. Practice Standards for Fin. Planning Process D. Duties owed to firms/subordinates E. Duties owed to CFP Board F. Prohibition on Circumvention Section A of CFP Standards of Conduct - CORRECT ANSWER-Duties owed to Client: 1. Fiduciary Duty 2. Integrity 3. Competence 4. Diligence 5. Disclose and Manage Conflicts of Interest ...

Ron believes that you should not teach your children about credit cards, given that credit cards open them to temptation and materialism. True False - CORRECT ANSWER False All debt repayment is done with after-tax dollars. True False - CORRECT ANSWER True Which of the following is NOT an attribute of a Biblical approach to financial decision-making: Is holistic in nature Begins with a biblical worldview Fully integrated in its application Is limited in nature - CORRECT ANSWER Is limit...

1 © 2019 Pearson Canada Inc. Test Bank & Solution manual for Personal Finance, Fourth Canadian Edition (4th Edition) by Jeff Mad 2 © 2019 Pearson Canada Inc. Personal Finance, Canadian Ed., 4e (Madura) Overview of a Financial Plan True/False 1) Many people who believe they have strong personal finance skills do not really understand some basic personal finance concepts. Answer: TRUE Diff: 1 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type:...

IRS Form 1040 The basic income tax form that is the basis for calculating personal income tax. Basic Steps to Income Tax Calculation 1. Determine Filing Status 2. Determine number of personal examptions 3. Add up income from all sources (Gross Income) 4. Make Certain Adjustments to Gross Income (AGI) 5. Subtract from AGI the standard deduction or the dollar amount of itemized deductions 6. Subtract Personal Exemption Amount from Step 5 (Taxable Income) 7. Calculate the tax on Taxable In...

1 © 2019 Pearson Canada Inc. Test Bank & Solution manual for Personal Finance, Fourth Canadian Edition (4th Edition) by Jeff Mad 2 © 2019 Pearson Canada Inc. Personal Finance, Canadian Ed., 4e (Madura) Overview of a Financial Plan True/False 1) Many people who believe they have strong personal finance skills do not really understand some basic personal finance concepts. Answer: TRUE Diff: 1 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type:...

CFP Reviewed Questions and Elaborated Answers 2023 Public 457(b) Plan - CORRECT ANSWER-Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and nongovernmental entities tax exempt under IRC Section 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f). Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future year...

1 © 2019 Pearson Canada Inc. Test Bank & Solution manual for Personal Finance, Fourth Canadian Edition (4th Edition) by Jeff Mad 2 © 2019 Pearson Canada Inc. Personal Finance, Canadian Ed., 4e (Madura) Overview of a Financial Plan True/False 1) Many people who believe they have strong personal finance skills do not really understand some basic personal finance concepts. Answer: TRUE Diff: 1 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type:...