Review your return for Caitlyn. You can make any updates you would like from your original submission. If you make changes, please upload a new return for my reference. Do write a memo to Caitlyn explaining her taxable income and liability for the current year. Be sure to address the following matters in a professional manner; professionalism (including grammar) is 10% of your grade: o Summarize and explain her return. Be sure to reference at least five of the forms below - how does that form either impacted her 1040, her taxable income, or her refund/amount owed. When writing be sure to ask yourself what would you want to know if you were her? Do not use a list. 1040 Schedule 1 Schedule 2 Schedule 3 Schedule A Schedule B Schedule C Schedule SE Form 4562 o Explain her current year filing status and if it will change next year; why or why won't it change (it is changes; what will it be?) o Discuss her standard deduction - explain to her why her standard deduction was used and how much more she would have had to spend to use her itemized deduction. If the taxpayer spent that much more; what tax benefit would it give her? Is it worth it? Assuming her itemized deductions total will be consistent year-over year, can she expect to itemize or use the standard deduction next year? o Give her 4 reasons her tax liability most likely will change next year - be specific to what is going on in her life, family, and business - will those factors increase or decrease her liability? Do not focus on "if this then that will happen", but focus on definitive facts. o Caitlyn has heard about education credits. Please explain the different options and which one she qualified for; if she did not qualify for any, please explain why. o She organized her business as a sole proprietor, but she wants to know if she could maintain that business entity or should change it. Please give your professional opinion as to what business entity she should use. How will this impact her tax entity and tax liability? Explain your opinion. o Do you have recommendations as to how much her estimated tax payments should be this coming year?