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I need help with creating a 2023 IRS Form 1040 Income Tax Return (with all appropriate schedules and forms) Please upload the completed Federal Form
I need help with creating a 2023 IRS Form 1040 Income Tax Return (with all appropriate schedules and forms) Please upload the completed Federal Form 1040 with all appropriate schedules.
Taxpayer Information follows:
- Single, age 42
- CPA Business
- $160,000 gross revenue
- Business Expenses: $30,000 wages, $30,000 office rent, $2,000 Business License, $5,000 insurance, $1,000 code violation fine
- Bought three assets for business in 2022
- 11/1/2022. Office Desk $4,000. Did not elect to take Section 179, or 100% bonus Depreciation
- 12/1/2022. Bought Tesla Model 3, 100% Business for $60,000. Would like to take Section 179 and/or 100% bonus depreciation.
- 12/1/2022. Bought Computer System for $25,000. Would like to take 100% bonus depreciation.
- Standard Deduction
- $11,000 Federal Income Tax Estimated Payment, $4,000 CA Income Tax Estimated Payment
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