consulting regarding strategies to save in taxes. Her pertinent information is as follows: Social Security Number: 119-80-5697 Date of birth: April 16, 1962 Home Address: 2706 Beverly Road, Brooklyn NY 11226 Occupation: Part-time College Professor / Self-Employed During the year, Lori received the following tax forms: 1. W2 - Monroe College 2. 1099 DIV - ABC Company 3. 1099 INT - Capitol One 4. 1098 - Caliber Home Loans Lor's business - 'Lori's Look" uses the accrual method of accounting. Her business address is 1116 Park Avenue, New York, N.Y., 10011. Lori's Look income statement for the year ended December 31,20xx is as follows: In light of her additional income, Lori made quarterly tax payments as follows: Federal: $3,450 per quarter. State \& Local $2,380 per quarter Lori is not married, but has a son named Elijah Lashley. Elijah was born 03/11/2019 and his SSN 116-20-9003. A doctor's note was given to confirm Elijah is her dependent. REQUIRED: Prepare Lori's current year Federal Income Tax Return. If using ProConnect, the following forms should be generated: 1) Form 1040& any associated Schedules (Schedules 1, 2 and or 3) 2) Schedule A 3) Schedule B 4) Schedule C 5) Schedule SE 6) Form 8995 7) Form 8867 If you decide to prepare this return MANUALLY, you MUST follow this sequence: Step1: Prepare Schedule C - Transfer profit to lines 3 and 9 of Schedule 1 Step 2: If Schedule C shows a profit, prepare Schedule SE. Step 3: Transfer the amount on Line 5 of Schedule SE to Lines 4 and 10 of Schedule 2. and also Line 22 of Form 1040. Step 4: Transfer the amount on Line 6 of Schedule SE to Lines 14 and 22 of Schedule 1. and also Line 8 a of Form 1040. Step 5: If Schedule C shows a profit, prepare Form 8995. Step 6: Transfer the amount on Line 15 of Form 8995 to Line 13 of Form 1040. Step 7: Then prepare Schedule B. Step 8: Then prepare Form 1040 up to line 11. Step 9: Then prepare Schedule A to determine whether your client should Itemize or take the standard deduction. Step 8: After claiming the correct deduction (itemized or standard) amount, complete Form 1040 . consulting regarding strategies to save in taxes. Her pertinent information is as follows: Social Security Number: 119-80-5697 Date of birth: April 16, 1962 Home Address: 2706 Beverly Road, Brooklyn NY 11226 Occupation: Part-time College Professor / Self-Employed During the year, Lori received the following tax forms: 1. W2 - Monroe College 2. 1099 DIV - ABC Company 3. 1099 INT - Capitol One 4. 1098 - Caliber Home Loans Lor's business - 'Lori's Look" uses the accrual method of accounting. Her business address is 1116 Park Avenue, New York, N.Y., 10011. Lori's Look income statement for the year ended December 31,20xx is as follows: In light of her additional income, Lori made quarterly tax payments as follows: Federal: $3,450 per quarter. State \& Local $2,380 per quarter Lori is not married, but has a son named Elijah Lashley. Elijah was born 03/11/2019 and his SSN 116-20-9003. A doctor's note was given to confirm Elijah is her dependent. REQUIRED: Prepare Lori's current year Federal Income Tax Return. If using ProConnect, the following forms should be generated: 1) Form 1040& any associated Schedules (Schedules 1, 2 and or 3) 2) Schedule A 3) Schedule B 4) Schedule C 5) Schedule SE 6) Form 8995 7) Form 8867 If you decide to prepare this return MANUALLY, you MUST follow this sequence: Step1: Prepare Schedule C - Transfer profit to lines 3 and 9 of Schedule 1 Step 2: If Schedule C shows a profit, prepare Schedule SE. Step 3: Transfer the amount on Line 5 of Schedule SE to Lines 4 and 10 of Schedule 2. and also Line 22 of Form 1040. Step 4: Transfer the amount on Line 6 of Schedule SE to Lines 14 and 22 of Schedule 1. and also Line 8 a of Form 1040. Step 5: If Schedule C shows a profit, prepare Form 8995. Step 6: Transfer the amount on Line 15 of Form 8995 to Line 13 of Form 1040. Step 7: Then prepare Schedule B. Step 8: Then prepare Form 1040 up to line 11. Step 9: Then prepare Schedule A to determine whether your client should Itemize or take the standard deduction. Step 8: After claiming the correct deduction (itemized or standard) amount, complete Form 1040