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In 2 0 2 3 , Sterling and Lana Archer ( ages 3 1 and 2 9 ) are married and live in New York,
In Sterling and Lana Archer ages and are married and live in New York, NY Their address is th Ave Unit A New York, NY They have a twoyearold child, AJ Their phone number is Sterling, Lana and AJs social security numbers are and respectively.Sterling received $ of qualified Microsoft dividends, as well as $ of nonqualified dividends from Xerox. Sterling also received $ of interest from City of New York bonds, and $ of interest from Proctor & Gamble bonds. The remaining income came from their own business. Sterling and Lana both run Clandestine Operations CO as a calendar year end, cash basis, schedule C company EIN CO was formed in and only sells its services no inventory In CO had $ of revenue. The Archers also listed the following expenses:$ to lease their office at th Ave, New York, NY $ in employee wages$ in payroll taxes$ in health insurance premiums for CO employees$ in health insurance premiums for the Archer family$ in business loan interest$ in legal fees$ in new supplies$ in utilitiesFurther, CO gave more detailed information on the following items:Travel Expenses: Sterling estimates their personal family vehicle Acura RDX was driven miles for qualifying overnight business trips, but only documented of those miles standard mileage rate is cents Sterling also saved gas receipts totaling $ toll receipts totaling $ parking fines totaling $ and food receipts totaling $ The Archers also flew to two locations for business. The first was a day trip to Miami, FL and the second a day trip to Aspen, CO Per discussions with Sterling, business was only conducted for of the days in Miami, with the other two days spent lounging on South Beach. CO paid $ for two first class tickets to Miami, $ per night for a hotel, $ in taxi fares to get to and from business meetings, and $ for meals. On the second trip, business was only conducted on of the days. CO paid $ for two first class tickets to Aspen, $ per night for a hotel, $ in taxi fares to get to and from business meetings, and $ for meals.Depreciable Assets: CO currently owns various office furniture put in service on March st when CO opened for business. The office furniture has a total original cost of $ CO also owns computers, also placed in service on March st with a total original cost of $ Further, new computers were purchased in and placed in service on September st with a total cost of $ CO purchased a Ford Escape for $ also placed in service on March st CO also owns a warehouse on the outskirts of town for storage. The warehouse had an original cost of $ and was placed in service on March st No section or bonus depreciation was taken in prior years. However, the Archers would like to fully utilize any available or bonus depreciation on new assets placed in service during Sterling also informed you of the following personal information:Paid $ of unreimbursed medical expensesPaid $ of state and local income taxesPaid $ in property taxesPaid $ in home related interest interest on a $ acquisition mortgage and interest on a $ home equity loan proceeds used for home renovation The home was purchased on and the average loan balance for the year was $Donated $ to NYU, Sterlings Alma Mater, and artwork with a basis of $ and a FMV of $ to The Metropolitan Museum of ArtSterling is divorced from his first wife SS# with whom he has a yearold child the child resides with the mother yearround, and the mother takes all possible tax benefits related to the child Sterling pays a court ordered $ annually as part of the divorce agreement, with this amount decreasing to $ annually when the child turns years old. The divorce decree is dated The Archers made four $ quarterly estimated tax payments, which exceeded of the prior year tax liability.The Archers paid $ in childcare necessary for both parents to work.The last item Sterling informs you of is a rental property they own in Destin, FL The address is Gulf Shore Drive, Destin FL The property was purchased November st with an original cost of $ This property is rented yearround. While Emerald Coast Realty is engaged as a property manager to manage the bulk of the rental work, Lana participates enough to be considered an active participant of the rental. In the property rented for $ per month, an appropriate FMV with of each rent check being taken as property management fees. The Archers also incurred the following expenses related to this property:$ in advertising$ in cleaning$ in insurance$ in mortgage interest$ in property taxes$ in utilitiesYou have been contracted to prepare the Archers personal federal tax return in They wish for you to take whatever tax positions you can to minimize their tax liability. Sterling would like $ to go to the presidential election campaign fund, but Lana does not. The Archers do not want to designate anyone as a thirdparty designee. Any overpayment should be refunded. Round all line items to the nearest dollar. Any overpayment should be refunded.Notes:You will need to submit a schedule A schedule C schedule E schedule SE schedule and schedule For schedule C you can ignore parts III, IV and V as well as the business code. Also, instead of submitting form for depreciation, you can calculate depreciation without the form and simply place the total on line of schedule C However, you need to submit your depreciation calculations an excel file for instance, or scannedin handwritten work. You are welcome to use form if you prefer.For schedule E you can ignore form You can ignore schedule BFor schedule SE you can use the short form page one of the scheduleIgnore additional Medicare taxIgnore QBI
In Sterling and Lana Archer ages and are married and live in New York, NY Their address is th Ave Unit A New York, NY They have a twoyearold child, AJ Their phone number is Sterling, Lana and AJs social security numbers are and respectively.Sterling received $ of qualified Microsoft dividends, as well as $ of nonqualified dividends from Xerox. Sterling also received $ of interest from City of New York bonds, and $ of interest from Proctor & Gamble bonds. The remaining income came from their own business. Sterling and Lana both run Clandestine Operations CO as a calendar year end, cash basis, schedule C company EIN CO was formed in and only sells its services no inventory In CO had $ of revenue. The Archers also listed the following expenses:$ to lease their office at th Ave, New York, NY $ in employee wages$ in payroll taxes$ in health insurance premiums for CO employees$ in health insurance premiums for the Archer family$ in business loan interest$ in legal fees$ in new supplies$ in utilitiesFurther, CO gave more detailed information on the following items:Travel Expenses: Sterling estimates their personal family vehicle Acura RDX was driven miles for qualifying overnight business trips, but only documented of those miles standard mileage rate is cents Sterling also saved gas receipts totaling $ toll receipts totaling $ parking fines totaling $ and food receipts totaling $ The Archers also flew to two locations for business. The first was a day trip to Miami, FL and the second a day trip to Aspen, CO Per discussions with Sterling, business was only conducted for of the days in Miami, with the other two days spent lounging on South Beach. CO paid $ for two first class tickets to Miami, $ per night for a hotel, $ in taxi fares to get to and from business meetings, and $ for meals. On the second trip, business was only conducted on of the days. CO paid $ for two first class tickets to Aspen, $ per night for a hotel, $ in taxi fares to get to and from business meetings, and $ for meals.Depreciable Assets: CO currently owns various office furniture put in service on March st when CO opened for business. The office furniture has a total original cost of $ CO also owns computers, also placed in service on March st with a total original cost of $ Further, new computers were purchased in and placed in service on September st with a total cost of $ CO purchased a Ford Escape for $ also placed in service on March st CO also owns a warehouse on the outskirts of town for storage. The warehouse had an original cost of $ and was placed in service on March st No section or bonus depreciation was taken in prior years. However, the Archers would like to fully utilize any available or bonus depreciation on new assets placed in service during Sterling also informed you of the following personal information:Paid $ of unreimbursed medical expensesPaid $ of state and local income taxesPaid $ in property taxesPaid $ in home related interest interest on a $ acquisition mortgage and interest on a $ home equity loan proceeds used for home renovation The home was purchased on and the average loan balance for the year was $Donated $ to NYU, Sterlings Alma Mater, and artwork with a basis of $ and a FMV of $ to The Metropolitan Museum of ArtSterling is divorced from his first wife SS# with whom he has a yearold child the child resides with the mother yearround, and the mother takes all possible tax benefits related to the child Sterling pays a court ordered $ annually as part of the divorce agreement, with this amount decreasing to $ annually when the child turns years old. The divorce decree is dated The Archers made four $ quarterly estimated tax payments, which exceeded of the prior year tax liability.The Archers paid $ in childcare necessary for both parents to work.The last item Sterling informs you of is a rental property they own in Destin, FL The address is Gulf Shore Drive, Destin FL The property was purchased November st with an original cost of $ This property is rented yearround. While Emerald Coast Realty is engaged as a property manager to manage the bulk of the rental work, Lana participates enough to be considered an active participant of the rental. In the property rented for $ per month, an appropriate FMV with of each rent check being taken as property management fees. The Archers also incurred the following expenses related to this property:$ in advertising$ in cleaning$ in insurance$ in mortgage interest$ in property taxes$ in utilitiesYou have been contracted to prepare the Archers personal federal tax return in They wish for you to take whatever tax positions you can to minimize their tax liability. Sterling would like $ to go to the presidential election campaign fund, but Lana does not. The Archers do not want to designate anyone as a thirdparty designee. Any overpayment should be refunded. Round all line items to the nearest dollar. Any overpayment should be refunded.Notes:You will need to submit a schedule A schedule C schedule E schedule SE schedule and schedule For schedule C you can ignore parts III, IV and V as well as the business code. Also, instead of submitting form for depreciation, you can calculate depreciation without the form and simply place the total on line of schedule C However, you need to submit your depreciation calculations an excel file for instance, or scannedin handwritten work. You are welcome to use form if you prefer.For schedule E you can ignore form You can ignore schedule BFor schedule SE you can use the short form page one of the scheduleIgnore additional Medicare taxIgnore QBI
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