Prepare all necessary tax forms for jayne return and submit

Reference no: EM132132350

Question - For this assessment, you will need to complete a Form 1040, Form 4562, Schedule C, and Schedule SE and submit them as file uploads. The PDF forms are available here and in the assessment instructions.

Jayne Smith is single with no dependents and is the sole proprietor of a consulting business. In 2015, she had gross receipts of $580,000. She also incurred the following expenses:

Advertising	6,000
Employee Salaries	120,000
Employee Health Insurance Premiums	14,000
Health Insurance for Jayne	3,000
Meals and entertainment	4,200
Office Rent	18,000
Supplies	15,600
Taxes and licenses	12,000
Travel - lodging only	6,000
Utilities	4,800
Parking fees and tolls	300
Car insurance	2400
Car - fuel	1500

She also made some purchases, which she wants to maximize:

A new car for business use for $35,000. She drove a total of 18,000 miles of which 12,000 was for business and the remaining miles were personal.

Purchased new computer technology equipment for $40,000.

Purchased 7-year fixtures on April 1 for $100,000 and on September 1 for $150,000.

Jayne has no itemized deductions or other income. She did make estimated income tax payments to the IRS for $25,000. She wants to maximize her deductions in this tax year.

Prepare all necessary tax forms for Jayne's return and submit.

Reference no: EM132132350

Questions Cloud

How will you implement the proposed educational session : Implementation Strategies: How will you implement the proposed educational session? (150 words). Evaluation Strategies: What tools will you use to evaluate.

Identify the challenge amazon faces : Identify the challenge Amazon faces as it continues to expand its reach within the industry.

When does one proceed to reward someone in the workplace : As a manager, what are some of the factors that must be considered when giving "rewards" to an employee?)

Discuss key considerations for nurse educators : Discuss key considerations (curriculum design, and nursing curricula and regulatory bodies) for nurse educators in curriculum development

Prepare all necessary tax forms for jayne return and submit : Jayne Smith is single with no dependents and is the sole proprietor of a consulting business. Prepare all necessary tax forms for Jayne's return and submit

What are informal and formal social controls : Define deviance. Does it vary per culture? What are informal and formal social controls? Which do you feel are more effective?

Discuss your rationale for the interventions identified : Refer to "Sallie Mae Fisher's Health History and Discharge Orders" for specifics related to the case study used to inform the assignment.

Briefly discuss those key factors that drove change : Briefly discuss those key factors that drove change in the OM environment in which you work.

The requirement for the basic liberties as well : An employee has come to you with a request to take on a part-time job. Discuss why the other options do not meet the requirement for the basic liberties as well

User Account

All Pages