Question
Dave Stevens, age 34, is a self-employed physical therapist. His wife Sarah, age 31, teaches English as a Second Language at a local language school.
Dave Stevens, age 34, is a self-employed physical therapist. His wife Sarah, age 31, teaches English as a Second Language at a local language school. Daves Social Security number is XXXXX Sarahs Social Security number is XXXXX Sarah and Dave have three childrenAndrew, age 8; Isaac, age 6; and Mira, age 3. The childrens Social Security numbers are, respectively, XXX-XX-XXXX, XXX-XX-XXXX, and XXX-XX-XXXX. They live at 12637 Pheasant Run, West Bend, Oregon 74658. They paid $8,900 in qualified residence interest and $2,400 in property taxes on their home. They had cash charitable contributions of $14,000. They also paid $180 to a CPA for preparing their federal and state income tax returns for the prior year, $100 of which was for the preparation of Daves Schedule C. Sarah and Dave earned interest on CDs of $3,200. Sarahs salary for the year is $32,000, from which $9,600 in federal income tax and $1,400 in state income tax were withheld. Daves office is located at Suite 402,XXXXX Portland, Oregon 74624, and his employer ID number is XXXXX Dave has been practicing for four years, and he uses the cash method of accounting. During the current year, Dave recorded the following items of income: Revenue from patient visits $300,000 Interest earned on the office checking balance 225 The following expenses were recorded on the office books: Property taxes on the office $ 4,500 Mortgage interest on the office 12,000 Depreciation on the office 4,500 Malpractice insurance 37,500 Utilities 3,750 Office staff salaries 51,000 Rent payments on equipment 15,000 Office magazine subscriptions 150 Office supplies 24,000 Medical journals 330 Dave pays $50 annually for use of a safety deposit box to store certain confidential documents related to his business. In addition to his medical practice, Dave spends 15 hours every week managing his real estate investments. To make sure he is aware of all current investment strategies and best practices, he subscribes to the following journals: Wall Street Journal $150 U.S. News & World Report 55 Money Magazine 45 Dave also paid $30,000 in estimated federal income taxes. Prepare Dave and Sarahs tax return (Form 1040, Schedules A, B, C, and SE) for the current year. Disregard any tax credits for which they may be eligible.
I have forms A,B, and C. I just want to check my answers for Form 1040 and SE. Thank you!
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