Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Tax return 4:Assuming Jay and JoAnn have an unincorporated business that they run as a sole proprietorship, prepare their joint Federal income tax return
Tax return 4:Assuming Jay and JoAnn have an unincorporated business that they run as a sole proprietorship, prepare their joint Federal income tax return for 2019. Assume that they have no dependents, do have insurance coverage, do not have any other income or itemized deductions, and they made quarterly Federal income tax payments totaling $24,000. Don't forget to include a standard deduction. You should complete a Schedule C, Schedule SEs, Form 4562, and a Form 1040. Account Consulting revenue Salaries expense, employees Payroll tax expense Owners' Draw Rent expense New Computer equipment (total cost) Claim section 179 deduction Travel expense Health Insurance (employees) Health Insurance (owners) Meals Entertainment Supplies Amount $256,000 100,000 18,000 70,000 12,000 10,000 4,000 6,000 4,000 1,000 1,000 5,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
SOLUTION To prepare Jay and JoAnns joint Federal income tax return for 2019 we will need to complete Schedule C Schedule SE Form 4562 and Form 1040 He...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started