For this assessment, you will need to complete a Form 1040, Form 4562, Schedule C, and Schedule SE and submit them as file uploads.The PDF forms are available here and in the assessment instructions.

Jayne Smith is single with no dependents and is the sole proprietor of a consulting business. In 2015, she had gross receipts of $700,000. She also incurred the following expenses:

Advertising17,000

Employee Salaries180,000

Employee Health Insurance Premiums26,500

Health Insurance for Jayne8,000

Meals and entertainment12,000

Office Rent36,000Supplies24,000

Taxes and licenses18,000

Travel - lodging only9,000

Utilities4,800

She also made some purchases, which she wants to maximize:

A new car for business use for $34,500. She drove 25,000 miles of which 20,000 were for business and the remaining for personal use.

Purchased new computer technology equipment for $80,000.

Purchased 7-year fixtures on April 1 for $90,000 and on September 1 for $120,000.

Jayne has no itemized deductions or other income. She did make estimated income tax payments to the IRS for $25,000. She wants to maximize her deductions in this tax year.

Prepare all necessary tax forms for Jayne's return and submit.