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COMPREHENSIVE PROBLEM 3 008 008.17 With Emphasis on Schedule C Christian Everland (SS# 412-34-5670) is single and resides at 3554 Arrival Road, Apt. 6E,
COMPREHENSIVE PROBLEM 3 008 008.17 With Emphasis on Schedule C 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 2018: Revenue Expenses Wages Payroll taxes Fuel $63,500 $12,500 956 3,500 2,345 Repairs Assets Truck, used 100% for business. Original cost of $22,000. Purchased on 03/01/18. Mower #1. Original cost of $4,500. Purchased new on 01/05/18. Mower #2. Leased for $200 per month for all of 2018. Other business equipment. Original cost of $4,000. Purchased new on 01/05/18. 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 $700 each. Required Prepare Christian's 2018 Form 1040 and supplemental schedules. Schedule C, Form 4562, and Schedule SE are required. 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.
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Step: 1
To complete Christians 2018 tax return well need to prepare the following forms Form 1040 Schedule C Profit or Loss from Business Form 4562 Depreciati...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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