Using 2019 Federal tax return and using 2019 Intuit ProConnect Tax Software, kindly assist in the computation of Nancy Madsons 2019 Federal income tax payable (or refund due) Using Forms 1040 (and Schedules 1 3), 4562, 8995 and Schedules A, B C, and SE for the following Schedule C, line 31 Net profit or (loss) Form 1040, line 8b Adjusted gross income Form 1040, line 11b Taxable income Nancy Madson, age 24, is single and has no dependents She is an accountant She lives at 1701 N Michigan Avenue, Chicago, IL 60601 Her Social Security number is 405 45 6789 In January, 2018, Nancy opened her own CPA office located at 820 N State Street, Chicago, IL 60601 Her business is called Madson Accounting Services Nancy is a cash basis taxpayer Nancys parents continue to provide health insurance for her under their policy Nancy wants to contribute to the Presidential Election Campaign Fund During 2019, Nancy reported the following income and expense items connected with her business Service fee income $95,000 Office rent expense 18,000 Utilities expense 8,200 Supplies expense 2,500 Insurance expense 4,500 Travel (including meals of $1,400) 3,200 Nancy purchased and placed in service the following fixed assets for her business Nancy wants to elect immediate expensing under IRC Section 179, if possible Furniture and fixtures (new) costing $18,600 on January 12 Computer equipment (new) costing $20,000 on July 28 Nancys itemized deductions include State income tax estimated payments made in 2019 $3,200 Home mortgage interest paid to Centier Bank 5,000 Property taxes on home 3,500 Charitable contribution to her alma mater, Saint Leo 1,300 Nancy paid sales tax of $437 during 2019 Nancy reports interest income of $3,000 on certificates of deposit at Peoples Bank and qualified dividend income of $1,000 from DEF Company, Inc Nancy made Federal estimated tax payments of $6,000 for 2019 (payments of $1,500 were made on April 15, 2019, June 15, 2019, September 15, 2019, and December 15, 2019)

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Using 2019 Federal tax return and using 2019 Intuit ProConnect Tax Software, kindly assist in the computation of Nancy Madsons 2019 Federal income tax payable

Using 2019 Federal tax return and using 2019 Intuit ProConnect Tax Software, kindly assist in the computation of Nancy Madsons 2019 Federal income tax payable (or refund due). Using Forms 1040 (and Schedules 1-3), 4562, 8995 and Schedules A, B C, and SE for the following;

Schedule C, line 31 - Net profit or (loss)
Form 1040, line 8b - Adjusted gross income
Form 1040, line 11b - Taxable income

Nancy Madson, age 24, is single and has no dependents. She is an accountant. She lives at 1701 N. Michigan Avenue, Chicago, IL 60601. Her Social Security number is 405-45- 6789. In January, 2018, Nancy opened her own CPA office located at 820 N. State Street, Chicago, IL 60601. Her business is called Madson Accounting Services. Nancy is a cash basis taxpayer. Nancys parents continue to provide health insurance for her under their policy. Nancy wants to contribute to the Presidential Election Campaign Fund.

During 2019, Nancy reported the following income and expense items connected with her business.

Service fee income $95,000
Office rent expense 18,000
Utilities expense 8,200
Supplies expense 2,500
Insurance expense 4,500
Travel (including meals of $1,400) 3,200

Nancy purchased and placed in service the following fixed assets for her business. Nancy wants to elect immediate expensing under IRC Section 179, if possible.

Furniture and fixtures (new) costing $18,600 on January 12
Computer equipment (new) costing $20,000 on July 28

Nancys itemized deductions include:

State income tax estimated payments made in 2019 $3,200
Home mortgage interest paid to Centier Bank 5,000
Property taxes on home 3,500
Charitable contribution to her alma mater, Saint Leo 1,300

Nancy paid sales tax of $437 during 2019.

Nancy reports interest income of $3,000 on certificates of deposit at Peoples Bank and qualified dividend income of $1,000 from DEF Company, Inc. Nancy made Federal estimated tax payments of $6,000 for 2019 (payments of $1,500 were made on April 15, 2019, June 15, 2019, September 15, 2019, and December 15, 2019).