2016 Tax Return Project-Please Help

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I need this done in 40hrs from now.

The instruction for my assignment is in my attachment. This is a tax return project. So, anyone who is an expert in tax accounting please help me. I have provided details and pointers for all of you guys in the attachment. The tax return need to use 2016 information not 2015 info. which I have provided as well. I have provided all the documents that need to be fill out so you do not need to do to much research. In addition, I provide a powerpoint that include 2016 personal dependency exemptions (slide 15) and 2016 standard deduction (slide 11). The powerpoint will provide you with additional information like dependency requirement which I believe might benefits you. Furthermore, my instructor provide a check figures for AGI and total tax. I hope your figures will match with my instructor at the end.

  • I just want to fill the forms 1040 attached in the file (2016 Tax Return Project-Please Help.Zip).
  • I have attached sample question with solution but using 2014 forms in file Sample Solution.Zip (Just to guide you)
  • I need you to show some work along the way so I know how you figure out your answer (This can be done by hand and scanned as seperate file). 

 

 Please read my instruction carefully. Also, for business expense(if that occur), please use 2016 info., If need anything, please do let me know or you can look online but ask me first so I assure that is correct. 

 

 

 

Please kindly do not use any tax return software because my instructor told me that they would ask for info. I have not learned in class yet. It also states that in the attachment instruction for the project. 

 

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Tax Accounting I Individual Tax Return Project

Please complete the required federal individual income tax return forms for the following taxpayer.  You must complete the forms neatly by handYou may not use any tax return preparation software.  You can access the necessary forms online on Blackboard under “Course Materials” or at www.irs.gov.  You will need to complete Form 1040, pages 1 and 2; Schedule A, Schedule B, Schedule C, and Schedule EAlthough the forms are for 2015, please use 2016 amounts for personal and dependency exemptions, and for the standard deduction if applicable.  Ignore alternative minimum tax calculations and tax credits.  Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040.  If required information is missing, use reasonable assumptions to fill in the gaps.

 

Also:

 

·         Please round all tax return entries to the nearest dollar.

·         Please use the 2016 tax rate schedule in Appendix D of your text to calculate any tax liability.

·         AGI should equal $57,066 and total tax (line 63) should equal $3,858.- Check Figures

 

Deborah Flores has undergone some major changes in her life recently. In 2014, at the age of 46, her husband, Roger, passed away.  Deborah has not remarried as of the end of 2016. Deborah currently lives in Springfield, Missouri. Deborah has three children (ages as of the end of the year): Amelia (23), Carl (17), and Edward (14).  Deborah would like to determine her federal income tax under the filing status that is most advantageous for her.

 

Deborah reported the following information:

 

·         Deborah’s social security number is 294-83-2845

·         Amelia’s social security number is 824-84-8456

·         Carl’s social security number is 824-34-9584

·         Edward’s social security number is 824-56-2984

·         Deborah’s mailing address is 1234 S. Bruin St, Springfield, MO 65807

 

The entire household had full year health insurance coverage.  (See line 61, page 2 of Form 1040.)- Additional pointer on last page!

 

Amelia is single and a full-time graduate student at State University   She received her bachelor’s degree the year her father passed away.  This year represents her fifth year of higher education schooling.  Amelia works as a graduate assistant at State University to help with some of her living expenses.  Amelia earned $2,300 in gross income during the year, and State University also provided Amelia educational assistance benefits which paid for her tuition, books, and fees, totaling $5,000.   Deborah provided and paid for rent, food, clothes, medicine, and other support items for Amelia that were valued at $12,700 for the year. 

  

Deborah’s W-2 for the year reported the following:

 

Company

Gross Wages

Federal Income Tax Withholding

State Income Tax Withholding

LAND Development Corporation

$46,435

$4,700

$700

 

Deborah’s employer withheld all applicable and appropriate payroll taxes.

 

Through work Deborah was provided with certain benefits as part of her employment:

 

·         Group-term life insurance coverage of $50,000.  Cost to cover Deborah for the company for the tax year is $150.

 

·         Access to the company photocopy machine.  Deborah estimates she made $40 worth of copies during the year primarily for use with her church group activities.

 

Deborah also owns a rental house, which she rented out for all of 2016.  The following items relate to the rental property:

·         Rental income received                                                                                               $6,000

·         Depreciation expense on the rental house                                                          $1,700

·         Real estate taxes paid on rental house                                                                  $   600                                                                                                                                                                  

On January 1 of last year, Deborah started a photography business in which she takes bridal and wedding photographs.  She does not do any of the professional printing.  However, she provides all of the original negatives to her clients on a USB drive as part of her service.  This unique service along with her skill and reputation has allowed her to earn additional money on the weekends primarily in the summer to help support her daughter in college.  Deborah rents all of the camera equipment from a friend and does not currently own any equipment herself.  The photography business uses the cash method of accounting.  The business did not have any obligation to file a Form 1099 to any payee during the year.  Deborah reported the following revenue and expenses for her business for the year:

 

·         Gross Revenue                                                                                                 $6,800

·         Photographic supplies                                                                                  $   650

·         Camera rental                                                                                                   $1,500

               

Deborah Flores also received the following during the year:

 

Life Insurance Payment-Mutual Life (Mother’s passing)                             $150,000

Cash gift from her father                                                                                             $    6,000

Interest income-First Bank of Springfield                                                           $       210

Interest income-General Electric Bond                                                                                $    2,400

Interest income-Springfield School District Municipal Bond                     $    2,200

 

Deborah did not own, control or manage any foreign bank accounts nor was she a grantor or beneficiary of a foreign trust during the tax year.

 

Deborah paid or incurred the following expenses during the year:

 

Dentist (unreimbursed by insurance)                                                                   $1,700

Doctors (unreimbursed by insurance)                                                                 $   500

Prescriptions (unreimbursed by insurance)                                                      $   255

Real property taxes on residence                                                                            $   800

Mortgage interest on principal residence (Form 1098 received)             $6,845

Cash Contribution to the American Lung Association                                    $   500

Cash Contribution to the Habitat for Humanity                                                $1,000

Cash Contribution to Methodist Church of MO                                                  $3,000

Cash Contribution to State University                                                                   $   500

 

Deborah incurred self-employment taxes of $657 for her work as a photographer.

 

Deborah wants to contribute to the Presidential Election Campaign.  She would like to receive a refund (if any) of any tax she may have overpaid for the year.  Her preferred method of receiving the refund is by check.

 

Additional pointers for tutor to watch out:

 

1.       For the health insurance coverage, just indicate a checkmark saying that insurance is covered for the whole family on the line instructed on page 1.

2.      For the contribution of Presidential Election Campaign, I just want to notify that you only need to put a check mark on Form 1040 page 1 where it states Presidential Election Campaign. You do not deduct the 3 dollars meaning it will not affect the overall cash for the tax return. Please remember that. It was a tip given to me by my instructor.

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