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Presentation/PPT
27/08/2022
Russell (age50) and Linda (age45) Long have brought you the following information regarding their income and expenses for the current year. Russell owns and operates a landscaping business called Lawns and Landscapes Unlimited. The business is operated out of their home, located at 1234 Katy Rd., TX 77493. Russell Long had the following income and expenses from the landscaping business:
Income $133,550
Expenses:
Business Insurance 3,915
Office Supplies 2,575
Payroll 83,643
Payroll Taxes 8,105
Political contributions to Senate campaign 500
Meals and Entertainment 2,300
Contract Labor 7,310
Maintenance 8,316
Equipment Rent 10,900
Telephone 2,215
Business Gifts ( no gift over $22) 790
Special clothing and safety shoes 660
Subscription to Green Lawns and magazine 120
Education seminar on bug control 375
Other Expenses 1,780
Russell attended an online certificate program in landscaping in order to improve his skills and advertise his designation as a certified landscaper. The tuition, fees and bools cost $ 1,400. He also drove his personal car 22 miles each way to Boise to take exams four time for a total of 176 miles.
The business uses the cash method of accounting and has no accounts receivable or inventory held for resale.
In addition the above expenses, the Longs have set aside one room of their house as a home office. The room is 180 square feet and their house has a total of 1,600 square feet. They pay $12,600 per year rental on their house, and the utilities amount to $3,000 for the year.
The Longs also have the following interest income for the year:
Interest from Morgan Bank bond portfolio $42,600
The Longs have two dependents children, Bill (Social Security number 123-23-7654) and Martha (Social Security 345-67-8654). Both Bill and Martha are full-time high school students, ages 17 and 18, respectively, so they do not qualify for the child credit. Russell social Security number is 664-98-5678 and Linda’s is 554-98-3946. They made an estimated tax payment to the IRS of $4,500 on April 15, 2016.
Required: Complete the Long’s federal tax return for 2016 Use Form 1040, Schedule B, Schedule C and form 8829 . Make a realistic assumptions about missing data.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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