Reference no: EM13543236

Prepare an income tax return for a married couple who are filing jointly. The husband is employed by someone and his wife is self-employed.

Comprehensive Tax Return Problem

Bruce and Lisa Smith are married and will file a joint return. They have two dependent children, Philip, born 10/20/2001 and Michael, born 1/15/1998. Philip's ssn is 987-65-5432 and Michael's SSN is 876-54¬3210.

Bruce is employed as a staff accountant for Laser's Inc. His income and withholdings are summarized on the W-2 form provided. Lisa is a self-employed computer consultant. She received 3 form 1099's that summarize her revenue from her consulting business. Her expenses are summarized on a separate sheet.

Required

Complete the tax return for Bruce and Lisa.

Use forms 1040, sch A , Sch C and Sch SE

Suggestions:

1) organize your information. Tabulate all of the charitable contributions, employee business expenses, etc on one sheet. You can use that sheet to enter much of the data.

2) Complete Schedule C first, and then Schedule SE. You need information from these two schedules to do Form 1040 and ultimately, Schedule A.