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Please see attached 2014 tax return problem. I need complete tax return forms filled out. Check figures: AGI $20,263; Taxable income $4,613; Itemized deductions $11,700
Please see attached 2014 tax return problem. I need complete tax return forms filled out. Check figures: AGI $20,263; Taxable income $4,613; Itemized deductions $11,700
Janice Morgan, age 32, is single and has no dependents. She is a freelance writer. In January 2014, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Social Security number is 123-45-6789. Janice wants to contribute to the Presidential Election Campaign Fund. During 2014, Janice reported the following income and expense items connected with her business. Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate expensing under 179. Furniture and fixtures (new) costing $21,000 on January 10. Computer equipment (new) costing $12,400 on July 28. Janice's itemized deductions include: Janice did not keep a record of the sales tax she paid. The pertinent amount from the sales tax table is $437. Janice reports interest income of $4,000 on certificates of deposit at Second Bank. Janice makes estimated tax payments of $3,000 for 2014. Compute Janice Morgan's 2014 Federal income tax payable (or refund due). If you use tax forms for your computations, you will need Forms 1040 and 4562 and Schedules A, B, and CStep by Step Solution
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