Federal Tax Return Help
Shelly Beaman (social security number 412-34-5670) Is single and resides at 540 Front Street, Ashland, NC 27898. Shelly's W-2 wages $ 55,800 Federal withholding 6,544 Social security wages 55,800 Social security withholding 3,460 Medicare withholding 809 State withholding 3,148 1999-INT New Bank 632 1099-DIV XYZ, Incorporated Ordinary dividends 258 Qualified dividends 258 Shelly had the following itemized deductions: State income tax withholding (from W-2) $ 3, 148 State income tax paid with 2019 return 600 Real estate tax 4,200 Mortgage interest 11,800 Charitable contributions 2,500 Shelly also started her own home design consulting business in March 2020. The results of her business operations (Cash basis) fe 2020 follows: Gross receipts from clients $ 154,000 Vehicle mileage 21,000 business miles (2,100 per month) 32,000 total miles during the year 2012 Chevy Suburban Placed in service 03/01/20 Postage (750) Office supplies (1,500) State license fees (155) Supplies (5,300) Professional fees (2,500) Design software (1,000) Professional education programs (registration) (550) Travel to education program Airplane (358) Lodging $119ight 3 nights Meals per diem for a day 55 Business Assets Date Purchased Cost Laptop 6/08/20 $ 2,500 Computer 3/05/20 5,700 Printer 3/01/20 1,800 Copier 6/02/20 1,700 Furniture 4/01/20 5,000 Building 3/01/20 175,000 Phone (600) Internet service (450) Rent (8,300) Insurance (1,700) Shelly made a $29,000 estimated tax payment on June 15, 2020. Required: Prepare Shelly's Form 1040 for 2020 including all appropriate schedules. Schedule A. Schedule C. Form 4562 and Schedule SE are required. Section 179 is elected on all eligible assets in 2020. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. For any missing Information, make reasonable assumptions. (List the names of the taxpayers and any income they receive in the order in which they appear in the problem. Input all the values as positive numbers unless otherwise stated in the forms. Instructions can be found on certain cells within the forms. Round your intermediate computations and your final answers to the nearest whole dollar amount. Do not skip rows while entering in Other Expenses section of Schedule C and in Section B of Part III Form 4562.) Use the appropriate EIC Tables (6A-6, 6A 7 or 6A-8). Use the appropriate Tax Tables and Tax Rate Schedules