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Tax Return P 39. Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive, Boca Raton, FL 33434. Jane is a material participant in the business. She is a cash basis taxpayer. Jane lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Jane's Social Security num- ber is 123-45-6781. Jane indicates that she wants to designate $3 to the Presidential Election Campaign Fund. Jane has never owned or used any virtual currency. During 2019, Jane had the following income and expense items: a. $100,000 salary from Legal Services, Inc. b. $20,000 gross receipts from her typing services business. c. $700 interest income from Third National Bank. d, and I will recur in 2020. Jane plans to continue her typing services business Greer to item b) and expects gross receipts of $51.000. She projects that all busi under the terms of her case, will remain the same as in 2019. Items el. skands ness expenses refer to them h) will increase by 10, except for office rent och Based on this information Jane would like you to provide a tentative comput ten of het 2020 taxable income. Prepare a meno to her tax files that details thuis will not recur in 2020 Items cm, P and will be approximately the same a $1,000 Christmas bonus from Legal Services, Inc. 60.000 Mensurance proceeds on the death of her sister 55.000 check ghen to her by her wealthy aunt $100 on in a bingo game Expenses connected with the typing service Oferent S000 Sales 5.000 500 3.000 Elment rentals $9.500 interest expense on a home mortgage (paid to San Jose Savings and Loan $15.000 fair market value of silverware stolen from her home by a burglar on October 12, 2019. Jane had paid $14.000 for the silverware on July 1, 2009.se was reimbursed $10,000 by her insurance company k Jane had loaned $2,100 to a friend. Joan Jensen, on June 3, 2015. Joan declared bankruptcy on August 14, 2019, and was unable to repay the loan. Assume that the loan is a bona fide debe Legal Services, Inc, withheld Federal income tax of $15.000 and the appropriate amount of FICA tax from her wages. m. Alimony of $10,000 received from her former husband, Ted Smith; divorce was finalized on December 2, 2013, and no changes have been made to the divorce decree since that time. n. Interest income of $800 on City of Boca Raton bonds. o Jane made estimated Federal tax payments of $2,000 p. Sales taxes from the sales tax table of $953. Property taxes on her residence of $3.200 Charitable contribution of $2,500 to her alma mater, Citrus State College On November 1, 2019. Jane was involved in an automobile accident. At the time of the accident, Jane's automobile had an FMV of $45,000. After the acci dent, the automobile's FMV was $38,000. Jane acquired the car on May 2, 2018 at a cost of $52,000. Jane's car was covered by insurance, but because the policy had a $5.000 deduction clause, Jane decided not to file a claim for the Part 1 - Tax Computation Compute Jane Smith's 2019 Federal income tax payable for refund due). If you us Las forms for your computations at a minimum, you will need Form 1040, Schedule Form 1040), and schedules A, C, and D. Suggested software ProConnect Tas Online Part 2--Tax Planning In 2020, Jane plans to continue her job with Legal Services, Inc. Therefore, there as in 2019 compulation Tax Return P 39. Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive, Boca Raton, FL 33434. Jane is a material participant in the business. She is a cash basis taxpayer. Jane lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Jane's Social Security num- ber is 123-45-6781. Jane indicates that she wants to designate $3 to the Presidential Election Campaign Fund. Jane has never owned or used any virtual currency. During 2019, Jane had the following income and expense items: a. $100,000 salary from Legal Services, Inc. b. $20,000 gross receipts from her typing services business. c. $700 interest income from Third National Bank. d, and I will recur in 2020. Jane plans to continue her typing services business Greer to item b) and expects gross receipts of $51.000. She projects that all busi under the terms of her case, will remain the same as in 2019. Items el. skands ness expenses refer to them h) will increase by 10, except for office rent och Based on this information Jane would like you to provide a tentative comput ten of het 2020 taxable income. Prepare a meno to her tax files that details thuis will not recur in 2020 Items cm, P and will be approximately the same a $1,000 Christmas bonus from Legal Services, Inc. 60.000 Mensurance proceeds on the death of her sister 55.000 check ghen to her by her wealthy aunt $100 on in a bingo game Expenses connected with the typing service Oferent S000 Sales 5.000 500 3.000 Elment rentals $9.500 interest expense on a home mortgage (paid to San Jose Savings and Loan $15.000 fair market value of silverware stolen from her home by a burglar on October 12, 2019. Jane had paid $14.000 for the silverware on July 1, 2009.se was reimbursed $10,000 by her insurance company k Jane had loaned $2,100 to a friend. Joan Jensen, on June 3, 2015. Joan declared bankruptcy on August 14, 2019, and was unable to repay the loan. Assume that the loan is a bona fide debe Legal Services, Inc, withheld Federal income tax of $15.000 and the appropriate amount of FICA tax from her wages. m. Alimony of $10,000 received from her former husband, Ted Smith; divorce was finalized on December 2, 2013, and no changes have been made to the divorce decree since that time. n. Interest income of $800 on City of Boca Raton bonds. o Jane made estimated Federal tax payments of $2,000 p. Sales taxes from the sales tax table of $953. Property taxes on her residence of $3.200 Charitable contribution of $2,500 to her alma mater, Citrus State College On November 1, 2019. Jane was involved in an automobile accident. At the time of the accident, Jane's automobile had an FMV of $45,000. After the acci dent, the automobile's FMV was $38,000. Jane acquired the car on May 2, 2018 at a cost of $52,000. Jane's car was covered by insurance, but because the policy had a $5.000 deduction clause, Jane decided not to file a claim for the Part 1 - Tax Computation Compute Jane Smith's 2019 Federal income tax payable for refund due). If you us Las forms for your computations at a minimum, you will need Form 1040, Schedule Form 1040), and schedules A, C, and D. Suggested software ProConnect Tas Online Part 2--Tax Planning In 2020, Jane plans to continue her job with Legal Services, Inc. Therefore, there as in 2019 compulation