Question
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.
I need to prepare Form 1040, Schedule 1, Schedule 2, Schedule C, Schedule SE, Form 4562, Form 8995.
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