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Please let me know if I should submit this huge question in several other chegg questions. I need help with this asap. Please explain. Thank
Please let me know if I should submit this huge question in several other chegg questions. I need help with this asap. Please explain. Thank you!!
In 2019 Jon Willet, a newly minted CPA, decided to start his own tax preparation firm (as a sole proprietor) named 'Taxes R Us'. Jon decided to rent an office space for his business, and he pays 1,200 per month in rent. The lease started January 1, and Jon always pays the rent on the first of the month. Additionally, he is a cash basis taxpayer who has the following items associated with the business: 21 Income from preparing returns: 120,000 Fee for obtaining a PTIN: Utilities: 8,750 Supplies: 2,300 Insurance (liability): 4,000 Travel (for business related conferences): 2,000 Meals (incurred while traveling): 1,000 Employee wages (including all associated taxes): 4,000 Furniture (bought new on February 1): 18,000 Computer and other equipment (bought used on October 1): 15,000 Jon converted his old school laptop into a business asset (used entirely for his business) on January 1. He paid $2,000 for the computer when he bought it two years ago, and it had a fair market value of $1,200 when it was converted to business use. Jon wishes to elect $179 treatment on all assets that qualify for such treatment. Jon has a house that he bought a couple of years ago. He pays his mortgage every month, and for the year he paid Greedy Tree Bank 7,500 in interest. He also paid property taxes on the house totaling $2,000 to the local county. Jon paid 3,175 in taxes to the state of Virginia, and he donated 10,000 to his Church as a charitable contribution. Jon earned 2,500 in interest from a savings account he has at Greedy Tree Bank, and he pays $500 a month in alimony to his ex-wife (the divorce was finalized on May 1, 2017). Jon has three children (named Huey, Dewey, and Louie - aged 4, 9, and 11, respectively) that live with him all year. Prepare Mr. Willet's tax return. You will need Forms 1040. You may need forms 4562, 8812, and 8995. You will need Schedules 1, 2, 3, A, B, C, and SE. When completing the tax forms you will need to properly fill in the headings. Make up any information you need for headings (that hasn't been provided), such as addresses and social security numbers. In 2019 Jon Willet, a newly minted CPA, decided to start his own tax preparation firm (as a sole proprietor) named 'Taxes R Us'. Jon decided to rent an office space for his business, and he pays 1,200 per month in rent. The lease started January 1, and Jon always pays the rent on the first of the month. Additionally, he is a cash basis taxpayer who has the following items associated with the business: 21 Income from preparing returns: 120,000 Fee for obtaining a PTIN: Utilities: 8,750 Supplies: 2,300 Insurance (liability): 4,000 Travel (for business related conferences): 2,000 Meals (incurred while traveling): 1,000 Employee wages (including all associated taxes): 4,000 Furniture (bought new on February 1): 18,000 Computer and other equipment (bought used on October 1): 15,000 Jon converted his old school laptop into a business asset (used entirely for his business) on January 1. He paid $2,000 for the computer when he bought it two years ago, and it had a fair market value of $1,200 when it was converted to business use. Jon wishes to elect $179 treatment on all assets that qualify for such treatment. Jon has a house that he bought a couple of years ago. He pays his mortgage every month, and for the year he paid Greedy Tree Bank 7,500 in interest. He also paid property taxes on the house totaling $2,000 to the local county. Jon paid 3,175 in taxes to the state of Virginia, and he donated 10,000 to his Church as a charitable contribution. Jon earned 2,500 in interest from a savings account he has at Greedy Tree Bank, and he pays $500 a month in alimony to his ex-wife (the divorce was finalized on May 1, 2017). Jon has three children (named Huey, Dewey, and Louie - aged 4, 9, and 11, respectively) that live with him all year. Prepare Mr. Willet's tax return. You will need Forms 1040. You may need forms 4562, 8812, and 8995. You will need Schedules 1, 2, 3, A, B, C, and SE. When completing the tax forms you will need to properly fill in the headings. Make up any information you need for headings (that hasn't been provided), such as addresses and social security numbersStep by Step Solution
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