Show me the steps to solve Janice Morgan, age 2 4 , is single and has no
Fantastic news! We've Found the answer you've been seeking!
Question:
Show me the steps to solve Janice Morgan, age is single and has no dependents. She is a freelance writer. In January
Janice opened her own office. She called
her business Writers Anonymous. Janice is a cash basis taxpayer. Her Social Security number is Janices parents
continue to provide health insurance for her under their policy.
During Janice reported the following income and expense items connected with her
business.
Income from sale of articles $
Rent
Utilities
Supplies
Insurance
Travel including meals of $
Janice purchased and placed in service the following fixed assets for her business. Janice
wanted to maximize the depreciation deduction in those assets by electing Sec. expensing.
Furniture and fixtures new costing $ on January
Computer equipment new costing $ on July
Janices itemized deductions include:
Qualified medical expense unreimbursed $
State income tax $
Home mortgage interest paid to First National Bank
Property taxes on home
Charitable contribution
Janice made $ contribution to her traditional IRA account for
Janice reports interest income of $ on certificates of deposit at Second National Bank. In
Janice also received interest income of $ from municipal bonds.
Janice makes estimated tax payments of $ each quarter for
Related Book For
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
Posted Date: