Taxpayer Information: Taxpayer Names: Clyde & Bonnie Barrow 666 Parker Lane Taos, NM 87571 Filing Status: Married Filing Jointly Dependent: Wheel Barrow Social Security Numbers: Clyde Barrow (age 46) 111-22-3333 Bonnie Barrow (age 45) 444-55-6666 Wheel Barrow (age 17) 153-46-8897 Income: Wages: Bonnie Wages (Refer to W2 Form) Clyde Self Employed (Refer to Sole Proprietorship information below) Estimated Federal Tax Payments - 4 Equal Payments of $800 Refund New Mexico State Tax Refund $125 (taken as an itemized deduction for taxes in 2014) Personal Expenses: Sales Tax on Purchase of Auto - $1,800 Sales tax from IRS Tables - $875 Real Estate Taxes - $6,150 Medical Expenses: Prescription Drugs - $410 Health Care Premiums - $10,400 Non-Prescription Drugs ( Cold & Flu Medicine, Eye-drops, Heating Pad) - $116 Non-Prescription Drugs (Insulin) - $375 Doctors Bills 1,150 Eyeglasses - $250 Family Membership to Health Fitness Club - $900 Cosmetic Surgery for Bonnie after receiving injuries in a skiing accident $3,000. Her Insurance reimbursement for the surgery was $2,500. Mortgage Interest - $13,250 Personal Credit Card Interest - $475 Interest on Auto Loan $620 Charitable Contributions: American Cancer Society - $25 United Way - $75 Tax Preparation Fees - $350 Union Dues $500 Sole Proprietorship: Clyde Sole Proprietor Company Name: The Surrealistic Guitar Store Address: 342 Route 66, Taos , NM Principal Business Guitar Maker Principal Business Code: 999999 Accounting Method: Cash Materially Participate in the Business: Yes Business Started in 2015 Business did not make any Payments in 2014 that required filing Form 1099 Income Gross Sales - $68,000 Cost of Goods Sold - $19,070 Expenses Advertising - $420 Car Expenses traveled 1,865 miles for business (Mileage Method is preferred over Actual Auto Costs) Insurance - $3,600 Credit Card Interest - $205 Legal Fees - $750 Office Expenses - $110 Rent Expense - $9,600 Licenses - $120 Travel Expenses: o Business trip to Martin Guitar Factory, Nazareth, PA Roundtrip Airfare: $680 Lodging: $450 Meals & Entertainment: $350 Rental Car: $120 Parking Fees: $40 Utilities - $1,150 Other Expenses: o Professional Dues: Guitar Makers of America - $150 o Internet Expenses - $1,125 o Cell Phone Charges - $900 o Tolls - $80 Required: 1. Download the following Tax Forms from Blackboard: Form 1040 Form 1040 Schedule A Form 1040 Schedule C Form 1040 Schedule SE 2. Download the following Tax Forms from Blackboard: Forms W2 3. Prepare the 2015 Personal Income Tax for Bonnie & Clyde for 2015 a. Calculate the tax refund or amount due b. Sign your name at the bottom of Form 1040 as the preparer c. Sign Taxpayers Names at the bottom of Form 1040