Your client, Deborah Harris, writes you and asks you to assist her in understanding her filing obligations surrounding the video business that she started during the last tax year, for which she thinks she has a filing obligation. She wants to make travel videos to publish on her blog. Its early and she doesnt have much income yet, but she believes that she has substantial potential to earn advertising revenues. Additionally, she plans to earn revenue by building her library of content and then licensing it to various studios and production companies. Below are her income and expenses that she hopes to include on her tax return: Non-photography income from her full-time banking job for which she gets a W-2 form for $75,000. Video equipment she purchased for $15,000. Equipment insurance premium of $500. Computer equipment for $3,800. Computer software for $675. Various magazine subscriptions she purchased for $1,000. Travel supplies (suitcases and such) she purchased for $500. Travel expenses of $15,000 for photography trips she took to Asia to build content. Part of the mortgage associated with where she setup her video studio for $1,500. Deborah has the following outstanding questions she hopes you can answer: She is thinking of beginning a sole proprietorship, but is also open to the idea of a partnership (with a friend of hers who does website development), an S corporation, or a limited liability company. What are the tax advantages and disadvantages of each business form? Out of all the expenses of the business she listed to you, which ones will she be able to deduct on her tax return? Out of the expenses she will deduct, will she be able to deduct the full amount on her tax return? In your paper, Explain the tax advantages and disadvantages of various business forms including sole proprietorship, partnerships, S corporations, and limited liability companies (LLCs). Explain which costs are appropriately tax-deductible as business expenses including any important rules or limitations. Evaluate state and local level tax implications based on a specific state. The Final Paper Must be five to seven double-spaced pages in length (not including title and references pages) and formatted according to APA Style (Links to an external site.) as outlined in the Writing Centers APA Formatting for Microsoft Word (Links to an external site.) resource. Must address all the questions the client asked with critical thought supported by research findings from primary sources. Must utilize academic voice. See the Academic Voice (Links to an external site.) resource for additional guidance. Must include an introduction and conclusion paragraph. Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.