Reference no: EM131071459
2 pages + 1 completed Schedule A (APA Format and references cited)
A staff tax accountant has come to you for advice. She has begun a tax return and does not know what to do with the expenses that the client has submitted as itemized deductions. She is unsure which expenses are allowable and should be included on her Schedule A. Review the expenses submitted by the client below. (Note: The client's AGI is $45,000.)
Client submitted expenses:
|
Personal property taxes
|
$ 500
|
|
Reimbursed health insurance premiums
|
$ 1,500
|
|
Charitable contributions (cash only)
|
$ 200
|
|
Prescriptions
|
$ 150
|
|
Mortgage interest
|
$ 3,850
|
|
Contact lenses
|
$ 200
|
|
State income taxes withheld
|
$ 1,675
|
|
Unreimbursed medical expenses
|
$ 875
|
|
Services provided to a qualified nonprofit
|
$ 1,000
|
|
Real estate taxes
|
$ 850
|
Using the client submitted expenses above, complete the following:
- List the allowable expenses.
- Assist your staff with the completion of the Schedule A tax form for the most recent tax year.
- For each expense not allowed, please explain why it is disallowed.
To obtain the most recently revised Form 1040 (Schedule A), follow these instructions:
1. Go to https://www.irs.gov/app/picklist/list/formsInstructions.html
2. In the Find box, type 1040 (in product number) and click "Find"
3. Scroll down to Form 1040 (Schedule A&B), titled Itemized Deductions and Interest & OrdinaryDividends
4. Complete Schedule A only. You do not have to complete Schedule B.
|
Top management leadership and commitment
: You have been tasked with delivering a presentation on total quality management to the leadership teams of your organization. Create a PowerPoint presentation in which you:
|
|
Joint venture and a wholly owned subsidiary
: What is the difference between a joint venture and a wholly owned subsidiary? Are there certain advantages and disadvantages toward both sides if a company would choose one or the other?
|
|
How far does the tip of the minute hand travel
: Freddie is at chess practice waiting on his opponent's next move. He notices that the 4-inch-long minute hand is rotating around the clock and marking off time like degrees on a unit circle. How far does the tip of the minute hand travel during tha..
|
|
Assume that the marginal cost of each firm is zero
: Consider a two-firm industry. Firm 1 (the incumbent) chooses a level of output q1. Firm 2 (the potential entrant) observes q1 and then chooses its level of output q2. The demand for the product is P = 100 - Q, where Q is the total output sold by the ..
|
|
View the expenses submitted by the client
: She is unsure which expenses are allowable and should be included on her Schedule A. Review the expenses submitted by the client below.
|
|
Share the monopoly profit using trigger strategies
: Consider an infinitely repeated Cournot duopoly with discount factor δ 0, and inverse demand functions p(Q)=a-bQ, with a>c and b>0. Find the condition on the discount factor,δ , for which the two firms could successfully collude over the monopoly ou..
|
|
Aspects of marketing for a generic soda product
: This is a six page essay addressing the media aspects of marketing for a "generic soda" product.
|
|
Was this smart investment for company if interest rate
: A company buys a piece of equipment that cost $10000. This piece of equipment will last 10 years and at the end of those 10 years it will have a salvage value of $1500. Each year there are $1000 in operation and maintenance cost and the company’s tot..
|
|
Understand teaching styles and learning styles
: Design Your Process for Becoming a "World-Class" Engineering Student One potential definition for engineering is "the design of products or processes to meet desired needs." In engineering education, most of the focus is on designing products. Thr..
|