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, Apt. 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, Apt. 6E, Buckhead, GA 30625.

Last year Christian started his own landscaping business. He now has two employees and had the following business results in 2019:

Section 179 Depreciation is elected for all assets
Revenue -- 63,500
Expenses -- --
Wages -- 12,500
Payroll Taxes -- 956
Fuel -- 3,500
Repairs -- 2,345
Assets -- --
Truck Used 100% for business. Original Cost: $22,000. Purchased on 3/1/19 --
Mower #1 Original cost of $4,500. Purchased new on 1/5/19 --
Mower #2 Leased for $200/month for all of 2019 --
Other business equipment Original cost: $4,000. Purchased new 1/5/2019 --

Christian has no other income, does not itemize, and has no dependents. He paid four quarterly federal tax estimates of $700 each.

REQUIRED

Prepare Christian's 2019 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 had qualifying health care coverage at all times during the tax year. For any missing information, make reasonable assumptions.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions