Question
Can somebody help me file the 2014 forms please Russell (age50) and Linda (age45) Long have brought you the following information regarding their income and
Can somebody help me file the 2014 forms please
Russell (age50) and Linda (age45) Long have brought you the following information regarding their income and expenses for the current year. Russell owns and operates a landscaping business called Lawns and Landscapes Unlimited. The business is operated out of their home, located at 1234 Katy Rd., TX 77493 Russell Long had the following income and expenses from the landscaping business:
Income $132,400
Expenses:
Business Insurance 3,800
Office Supplies 2,600
Payroll 83,000
Payroll Taxes 8,100
Meals and Entertainment 2,350
Contract Labor7,290
Maintenance8,300
Equipment Rent 12,300
Telephone 2300
Business Gifts ( no gift over $22)770
Special clothing and safety shoes 600
Subscription to Green Lawns and magazine 120
Education seminar on bug control 350
Other Expenses 1,830
The business uses the cash method of accounting and has no accounts receivable or inventory held for resale.
In addition the above expenses, the Longs have set aside one room of their house as a home office. The room is 150 square feet and their house has a total of 1,500 square feet. They pay $12,000 per year rental on their house, and the utilities amount to $3,000 for the year
Interest From Morgan Bank Bond fortfolio $42520
The Longs have two dependents children, Bill (Social Security number 123-23-7654) and Martha (Social Security 345-67-8654). Both Bill and Martha are full-time high school students, ages 17 and 18, respectively, so they do not qualify for the child credit. Russell social Security number is 664-98-5678 and Lindas is 554-98-3946. They made an estimated tax payment to the IRS of $4,500 on April 15, 2014.
Required: Complete the Longs federal tax return for 2014 Use Form 1040 Schedule b, Schedule C and form 8829 on pages 3-57 to 3-63 and any other appropriate schedules to complete this tax return. Do not complete from 4562 (depreciation) . Make a realistic assumptions about missing data.
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