Question
Using 2019 IRS forms and the information below, prepare the federal income tax return for William and Joyce Jones. William is 53 and Joyce is
Using 2019 IRS forms and the information below, prepare the federal income tax return for William and Joyce Jones. William is 53 and Joyce is 51 as of the end of the taxable year. William is a manager for ABC corporation, a firm that manufactures and distributes widgets. Joyce is a self-employed author of children's books. The jones have two children, Will, 21 and Tom, 16 and both are full time students. The children have no income. The Jones are on the cash method of accounting and their return is due April 15. They wish to minimize their tax by deferring income, accelerating deductions and taking advantage of any suggestion you offer.
The taxpayers incur the following expenses: Type Amount Prior year tax preparation fee (paid in current year) $840 Safety deposit box $55 Investment advice $1,120 Business publication (William) $675 The taxpayers incur the following expenses: Type Amount Prior year tax preparation fee (paid in current year) $840 Safety deposit box $55 Investment advice $1,120 Business publication (William) $675Step by Step Solution
There are 3 Steps involved in it
Step: 1
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