prepare the following for Suzy Sunshine for 2014: Form 1040 Schedule A Schedule B Schedule C Form 4562 Schedule SE
Suzy Sunshine age 31 is single and has one child that lives with her Johnny age 17. She opened a Show more Suzy Sunshine age 31 is single and has one child that lives with her Johnny age 17. She opened a financial consulting business in January of 2014. She rented office space initially but then purchased an office building for the business at 1234 Nottinghill Maple Grove MI 48430. The business is called Bright Future Financial Consulting. Suzy is a cash basis taxpayer. She lives at 456 Wood St. Maple Grove MI 48430. Her social security number is 123-45-6789. Johnnys social security number is 987-65-4321. Suzy wants to contribute to the Presidential Election Campaign Fund. During 2014 Suzy had the following income and expenses connected with her business: Income from consulting services $84000 Property taxes paid 8000 Rent paid 12000 Utilities 7500 Supplies 1700 Insurance 4000 Travel (including meals of $700) 2200 Advertising 2400 Suzy purchased and placed in service the following fixed assets for her business: Furniture & fixtures (new) costing $15000 on January 15 2014 Computer equipment (new) costing $4500 on January 10 2014 Furniture & fixtures (used) costing $2400 on November 1 2014 Office building costing $180000 on December 5 2014 Suzy has decided not to elect the immediate expensing under 179 but will take the additional first-year bonus depreciation where available. In addition to self-employed health insurance premiums of $6200 Suzy had the following expenditures in 2014: State income tax paid $3000 Home mortgage interest paid to First Bank 6000 Property taxes on home 1500 Charitable contributions 1200 Medical expenses for Johnnys emergency surgery $12000 Medical expenses for Suzy $2700 Suzy did not keep a record of the sales tax she paid. The amount from the sales tax table is $450. Suzy has interest income of $12000 from certificates of deposit at First Bank and $4000 from State of Michigan bonds. Suzy made federal estimated payments of $5000 for 2014. Complete Suzys 2014 Federal income tax return and necessary schedules using the fillable forms in the Resources Module of Canvas. You will need Forms 1040 and 4562 and Schedules A B C & SE. In addition to the forms please include a document showing your depreciation calculation. Note: Based on information provided on the attached document prepare the following for Suzy Sunshine for 2014: Form 1040 Schedule A Schedule B Schedule C Form 4562 Schedule SE Show less
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The post prepare the following for Suzy Sunshine for 2014: Form 1040 Schedule A Schedule B Schedule C Form 4562 Schedule SE appeared first on Premium Academic Affiliates.
