Please use pdf U.S. Federal tax forms required for the information found below:

Income Tax

Project 2

Taxpayers

Dennis and Jennifer Simpson

Ages 35 and 34

Kids David (age 5) and Cindy (age 3)

123 Baker St., Albany GA 31707

Dennis is a self-employed consultant and Jennifer is a teacher

W-2 Jennifer

Wages 45,000, Fed w/held of $5,000 and state w/held of $2,000

Jennifers Expenses

$400 spent for school supplies and furnish classroom

Interest 1099s

General Motors bonds of $700

Bank of America of $1,100

Georgia bonds of $400

Federal tax refund 2020

$600

Life insurance proceeds

$50,000 from Jennifer's aunt from Hartford

Inheritance

$75,000 from Jennifer's aunt

Expenses

Property taxes on Albany residence of $3,400

Mortgage interest on Albany residence of $3,000

IRA contributions of $4,000 for Dennis and $4,000 for Jennifer

Consulting Business Dennis

Consulting fees: $130,000

Airfare: $5,000

Lodging: $4,700

Meals: $900

Entertainment - UGA football games: $2,500

Rental cars: $500

Business gifts 15 gifts @ $16 each: $240

Business mileage of 10,000

Personal mileage of 4,000

Use standard mileage method

Home Office Dennis

Dennis uses 300 sq ft of his home for his consulting business

2,400 sq ft home costs $250,000 ($25,000 for land)

Use MACRS 39-year tables

Home expenses in 2021