Using 2022 Itts forms and the information below, prepare the fedent isconse tax refurn for William (SSN: 150-52-0546) and Joyce (5SN 471-42.5207) Jones. You are weleome to use any tax returm preparation software. But you must include with the completed forms stalengents explaining your reasoning for the treatrated of your entries ( 1 -21 below) on the return. The taxpayen live at 1040 Connecticut Avenue in Washinglon, D.C.20016 William is $2 and Joyce is 51 as of the end of the taxable year. William is a manager for ABC Corpontion, a firms that manafactures and distribules widgets. Joyce is a self-employed author of chillten's books. The Joess have two ehildren, Will, 21 (SSN 372-46-2611) and Tom, 16 (SSIN 375-49-651), full time students who have no income. Tom lives at home whale Will is a sophomere at Ameriean Univensity(EIN: 54345678 ) residling in a $51,000 per month apartment that his parents pay for. The Jones also pay Will's taition of $25,000. The Jones are os the cash method of scoounting and they filed an extersion for 2022 with which they paid 51,000 . They wish to minimize their tax by deferring income, secelerating deductions and taking advantage of any suggestion you have in preparing the return. - The taxpoyers do not wish to contribute to the presidential election campaign fund. - The family has health insurasce coverage from Walliam's employer. - They claimed tho standard deduction on their 20000 retum. 1. William's W-2 contists of the followina: 2. The taxpayers received the followine internat payments: 2 Ford Motor Ca. Bonits 75 3. Joyce and ker brother are ev-ownes of a fumiture-restoration busiens. Joyce owns 30 Using 2022 Itts forms and the information below, prepare the fedent isconse tax refurn for William (SSN: 150-52-0546) and Joyce (5SN 471-42.5207) Jones. You are weleome to use any tax returm preparation software. But you must include with the completed forms stalengents explaining your reasoning for the treatrated of your entries ( 1 -21 below) on the return. The taxpayen live at 1040 Connecticut Avenue in Washinglon, D.C.20016 William is $2 and Joyce is 51 as of the end of the taxable year. William is a manager for ABC Corpontion, a firms that manafactures and distribules widgets. Joyce is a self-employed author of chillten's books. The Joess have two ehildren, Will, 21 (SSN 372-46-2611) and Tom, 16 (SSIN 375-49-651), full time students who have no income. Tom lives at home whale Will is a sophomere at Ameriean Univensity(EIN: 54345678 ) residling in a $51,000 per month apartment that his parents pay for. The Jones also pay Will's taition of $25,000. The Jones are os the cash method of scoounting and they filed an extersion for 2022 with which they paid 51,000 . They wish to minimize their tax by deferring income, secelerating deductions and taking advantage of any suggestion you have in preparing the return. - The taxpoyers do not wish to contribute to the presidential election campaign fund. - The family has health insurasce coverage from Walliam's employer. - They claimed tho standard deduction on their 20000 retum. 1. William's W-2 contists of the followina: 2. The taxpayers received the followine internat payments: 2 Ford Motor Ca. Bonits 75 3. Joyce and ker brother are ev-ownes of a fumiture-restoration busiens. Joyce owns 30 9. In January, Joyec purchases a new car for $15,000 to use in her business, Joyce pays $5,000 in cash and finances the balance through the dealer, paying $200 of interest on the loan for the year. Daring the year she drives 4,000 miles for business and 6,000 for other purposes. Total expenses for operating the car for the year are: repairs and maintenance. $100, issurance, $200 and gasoline, $1,000. 10. At the beginning of the year Joyce set aside a separate foom of the hoese which she uses exclusively for basiness. The room is 100 square foet of the total 5,000 square feet of the house. The taxpayers parchasied the home several years ago for $70,000 with 20 percent of the purchase price attributable to the land. The total bouschold expenses for the year are as follows: 11. On June 1, Joyce sold her old eompuler nytem for 5400 . She had acquireal the compuler in 2010, for \$2,000. When the taxpayes prepared their 2010 tax retum they clected to expense the computer using Section 179 . The coerpirter was axd exclasively in ber businem. 12. Williwm began work ce his MS in aceoothing at Americas Univesity in arder to become ICPA. He paia $4,000 in tuition: Medual Fremuim. $4,000 16. The taxpavers nav the followine nmerto taxes: 17. 18. The taxpayere mode a cash contritucion to American Uaiversity of Sioe. They afto 19 Trive Ameven 20. In January, Wiltiam inherited his father's summer home that had a fair market value of $500,000 at the date of his father's death. His parenes bad purctased the house mamy yean ago for $100,000,20% of which was atfributable to the land and made $75,000 worth of capital improvements to it. William docides to roat the property and actively participates in findihe a fenat and managing the property. The property is the following income and ecpense informatios for the property? 604 - Tax Planning for Individuah Using 2022 Itts forms and the isformation below, prepare the fedent iscome tax refum for William (SSN: 150-52-0546) and Joyce (SSN 471-42.5207) Jones. You mee weleome to use any tax return preparation software. But you must include with the completed forms statements explaiaing your reasoning for the treatment of your entries ( 121 below) on the retum. The taxpayen live at 1040 Connecticut Avenue in Wathington, D.C. 20016 William is 52 and Joyec is 51 as of the end of the taxable year. William is a manager for ABC Corporation, a fitm that manafactures and distribules widgets. Joyce is a self-employed nuthor of chilfece's books. The Joess have two ehildren, Well, 21 (SSN 372462611 ) and Tom, 16 (SSN 375496511 ). full time students who have no income. Tom lives at home while Will is a sophormer at American Univensity(EIN: 54-345678) residing in a 51,000 per month apartment that his parents pay for. The Jones also pay Will's taition of $25,000. The Jones are on the cash method of accousting and they filed an externion for 2022 with which they paid 51,000 . They wish to minimize their tax by deferring income, accelerating deductions and taking advantage of ang? suggestion you have in preparing the return. - The taxplyers do not wish to contribute to the presidential election campaign fund, - The family has health insurance coverage from Wulliam's employer. - They claimed tho standard deduction on their 2000 retum. 1. William's W-2 contists of the following: 2 The taxpayers received the followine internat payments: 2 Ford Motor Ca. Fonits 75 3. Joyce and her forother ate co-owners of a fumifure-restoration busibes, Joyce owns 30 6 \begin{tabular}{llllll} 50 shares Alcoa & 6/10/07 & 10/23 & $ & 500 & $2,000 \\ 25 shares Luminent & 4/28/CY & 9/4 & $3,000 & $1,000 \\ 60 shares Textron & 9/1//CY & 10/27 & $10,000 & $9,000 \\ \hline \end{tabular} Because of concern about a conflict in times, the final exam will be held over two days instead of one. You may now take the exam on either December 13 or 14 . However the amount of time available will be the same. Tax Return Project Sme students have expressed concerns about never having prepared an income tax return before and some were concerned about having to purchase income tax preparation software. We will offer an alternative to preparing an income tax return using the fact pattern presented in the project. The alternative is to submit a paper where you describe in detail the nature of each item listed in the opening paragraphs and how each of them as well as each of the twenty-one facts affects the income tax of liability of the taxpayers. For example, explain whether the items is taxable income, excluable incorne, a deduction for arriving at AGI, a deduction from AGI (itemized deduction) or does not affect the tax and why. 11 you decide to prepare the return, do so either by hand using 2022 forms available on IRS.GOV or by using 2022 tax preparation software. A link is provided on the Assignment tab