Question
Prepare the federal income tax return on the appropriate IRS forms.Please be sure to have all returns filled in each appropriate section of the return
Prepare the federal income tax return on the appropriate IRS forms.Please be sure to have all returns filled in each appropriate section of the return on all forms ( Form 1040, Schedule A, C, D and SE and Form 8949. please do not copy and paste another answer provided. I would like to see all forms filled in the appropriate sections on each form as well as accurate calculations.Thank You
Tax Return Problem Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6789. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1111. Karl lives with Ashley, and she fully supports him. Bill spent 2014 traveling in Europe and was not a college student. He had gross income of $4,655 in 2014. Ashley owns the Enterprises, LLC sole proprietorship, a data processing service (98-7654321), which is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2014 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000, office expenses of $66,759, employee salary of $63,000, employee payroll taxes of $3,560, meals and entertainment expenses (before the 50% reduction) of $22,000, and rent expense of $34,000. The rent expense includes payments related to renting an office ($30,000) and payments related to renting various equipment ($4,000). There is no depreciation because all depreciable equipment owned has been fully depreciated in previous years. No fringe benefits are provided to the employee. Ashley personally purchases health insurance on herself and Bill. The premiums are $23,000 per year. Ashley has an extensive stock portfolio and has prepared the following analysis: Stock Number of Shares Date Purchased Date Sold Per-Share Cost Per-Share Selling Price Total Dividends Beige 10 10/18/13 10/11/14 $80 $ 74 $30 Garland 30 10/11/07 10/11/14 43 157 70 Puce 15 3/10/14 8/11/14 62 33 45 Enlarge Table NOTE: Ashley received a Form 1099B from her stockbroker that included the adjusted basis and sales proceeds for each of her stock transactions. The per-share cost includes commissions, and the per-share selling price is net of commissions. Also, the dividends are the actual dividends received in 2014 and these are qualified dividends. Ashley had $800 of interest income from State of Ohio bonds and $600 of interest income on her Wayne Savings Bank account. She paid $25,000 of alimony to her former husband. His Social Security number is 123-45-6788. Ashley itemizes her deductions and had the following items, which may be relevant to her return: Item Amount Comment Unreimbursed medical expenses for Ashley (all for visits to doctors) $1,786 Does not include health insurance premiums. State income taxes paid 1,830 Real property taxes on personal residence 3,230 Interest paid on home mortgage (Form 1098) 8,137 The loan is secured by the residence and was incurred when the home was purchased. Charitable contributions 940 Cash paid to Ashley's church. Sales taxes 619 Amount per sales tax table. Ashley made a $30,000 estimated Federal income tax payment, does not want any of her taxes to finance presidential elections, has no foreign bank accounts or trusts, and wants any refund to be applied against her 2015 taxes. Compute Ashley's net tax payable or refund due for 2014. If you use tax forms for your computations, you will need Form 1040 and its Schedules A, C, D, and SE and Form 8949.
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