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Assignment : Assisting a Family with their Tax Returns
Imagine that you are preparing taxes for a local tax service provider. A married couple named Judy and Walter Townson have come to you to seeking assistance with their federal income taxes. During your meeting with the Townsons, you gather the following information:
They provided you a list of expenses including:
Consider the most beneficial way for Judy and Walter to file their federal income tax return. Prepare a brief written summary that addresses the following:
Question 1: Estimated taxable income for Judy and Walter (please show computations).
Question 2: Summary of tax return, including any suggestions or tax planning considerations.
Question 3: Explain how you determined the filing status, dependents, and use of standard/itemized deduction.
Note: The summary should be no more than 500 words
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