Prepare form 1140, schedule C, SE, and form 4562. Use 2018 Tax Rules to prepare.
Carlos and Maria Gomez live in Thibodaux , LA . The Gomezes have two children : Luis ( age 14 ) and Amanda lage 12) . Both children qualify as federal income tax dependents of Carlos and Maria . The Gomezes provided the following information Carlos's social security number is 234 - 78 - 4321 Maria's social security number is 432 - 34- 5468 Luis's social security number is 589 - 24 - 843 Amanda's social security number is 599 - 74- 873 The Gomez's current mailing address is 1234 Canal Blud Thibodaux , LA 7030 Carlos start his own engineering firm called Gomez Professional Engineers ( GPE ) January 1 2018 . GPEI onducted as a sole proprietorship with Carlos being the sole owner . GPE is located at 1515 Canal Blud Thibodaux , LA 70301 ( EIN 20 - 1616167 ) . Maria is a seventh grade English teacher at the local middle school The following was reported on Maria's Form W Employer Gross Wages Federal Income Tax State Income Tax Withholding Withholding ocal Middle School 55.000 8000 3 , 750 All applicable and appropriate payroll taxes were withheld by the employer . Carlos reported the following information for GPE 's business activities ( GPE uses the cash method . the cash method of accounting ) : Revenues : Credit card receipts 5352 000 Cash receipts 648000 Total revenue $1 000 000 Expenses Advertising 5 450 Insurance- professional 15 , 750 Office building ren 62.000 Equipment leases 6 050 Travel 14 .200 Meals 2975 Entertainmen 4,000 Wages 498 ,725 Taxes and licenses 4 4 875 mploye health insurance 42000 Employee benefit programs 14,500Utilities 37,425 Office supplies 13,900 Legal and professional fees 15,550 Repairs and maintenance 10:000 Total Expenses S 738,400 GPE purchased and placed in service the following fixed assets in 2016: _ Date Purchased Laptop computers _EEE_ September 10 $19 000 GPE does not want to claim any bonus depreciation or Section 179 expensing on any of these assets. Other Information 0 The Gomezes have the total net capital loss of $6,000 in 2018- 0 Assuming Gomezes' total itemized deduction is $27,000 in 2018 and assume they don't have any other income or expenses and no contribution to retirement account. 0 And assuming they are not qualified for any other credits other than child tax credits. 0 The entire family is covered under health insurance through Maria's job. 0 The Gomezes made timely federal estimated tax payments for 2018 as follows: April 15, 2018 $11,000 June 15. 2018 511,000 September 15. 2018 $11,000 January 15, 2019 $11,000 0 The Gomezes would like to receive a refund (if any) of tax they may have overpaid for the year. Their preferred method of receiving the refund is by check. Note: Please follow 1018 new tax rules and use 2011 eerslon of tax forms to nish the project. Use 2018 updated tax rates and standard deduction amount for the calwletlon. You may need to manually change line 42 as Qualified Business Deduction. You are expected to complete form 1140. schedule C. SE and form 4562
