Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Christian Everland (SS# 412-34-5670) is single and resides at 3554 Arrival Road, Apartment 6E, Buckhead, GA 30625. Last year Christian started his own landscaping business.

Christian Everland (SS# 412-34-5670) is single and resides at 3554 Arrival Road, Apartment 6E, Buckhead, GA 30625.

Last year Christian started his own landscaping business. He now has two employees and had the following business results (Cash basis) in 2021:

Revenue $ 73,500
Expenses
Wages $ 12,500
Payroll taxes 956
Fuel 3,500
Repairs 2,345

Assets

Truck, used 100% for business. Original cost of $22,000. Purchased on 03/01/21.

Mower #1. Original cost of $4,500. Purchased new on 01/05/21.

Mower #2. Leased for $200 per month for all of 2021.

Other business equipment. Original cost of $4,000. Purchased new on 01/05/21.

Section 179 depreciation is elected for all assets.

Christian has no other income, does not itemize, and has no dependents. He paid four quarterly federal tax estimates of $750 each.

Required:

Prepare Christians 2021 Form 1040 and other appropriate forms and schedules. He wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. Christian has not acquired any financial interest in virtual currency last year. For any missing information, make reasonable assumptions.

I need Form 1040, Schedule 1,2,C, SE, Form 4562 and 8995

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Efficient Auditing Of Private Companies A Guide To Audit Planning Implementation And Control

Authors: The Institute Of Chartered Accountants

1st Edition

1841400432, 978-1841400433

More Books

Students also viewed these Accounting questions

Question

What is a positive ion? A negative ion?

Answered: 1 week ago