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2 pages/β‰ˆ550 words
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Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Coursework
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English (U.S.)
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Topic:

Assisting a family with their tax returns Finance Coursework

Coursework Instructions:

Assignment 1: Assisting a Family with their Tax Returns
Imagine that you are preparing taxes for a local tax service provider. A married couple named Judy and Walter Townson have come to you to seeking assistance with their federal income taxes. During your meeting with the Townsons, you gather the following information:
They are both 55 years of age.
They have two daughters and one son. One daughter (age 25) is married with children. One daughter (age 20) is living at home and attending college. Their son (age 16) is a junior in high school.
They are currently paying for their college-student daughter to attend school full time.
Judy is employed as a teacher and makes $60,000 a year. She used $500 of her personal funds to purchase books and other supplies for her classroom.
Walter is employed as a CPA and makes $100,000 a year.
They provided you a 1099-INT which reported $4,500 in interest, of which $500 was savings bond interest.
They provided you a 1099-DIV which reported $300 in dividends.
They received a state tax refund last year of $385.
They provided you a list of expenses including:
Doctor’s bills, $800
Prescriptions, $400
New glasses, $2,000
Dental bills, $560
Braces, $5,000
Property taxes for their two cars of $800, which included $50 in decal fees
Real estate taxes of $4,500
Mortgage interest of $12,000
Gifts to charities, $1,000
GoFundMe contribution to local family in need, $100
Tax preparation fees for last year’s taxes, $400
Consider the most beneficial way for Judy and Walter to file their federal income tax return. Prepare a brief written summary that addresses the following:
Estimated taxable income for Judy and Walter (please show computations).
Summary of tax return, including any suggestions or tax planning considerations.
Explain how you determined the filing status, dependents, and use of standard/itemized deduction.
The specific course learning outcomes associated with this assignment is:
Complete a tax analysis that is informed by tax law and strategies to determine the most beneficial way for a client/family to file their federal income tax return.

Coursework Sample Content Preview:

Tax Returns Computation
Name
Institutional Affiliation
Taxes, including income levies, are the main source of revenue for a nation. These funds play a vital role in growth and development. Usually, every country has well-laid procedures for collecting and filing taxes. Thus said, filing individual tax returns serves as a legitimate proof of your income. Also, it helps establish a good record and maintain a high credit score essential in the event an individual seeks a loan. This study seeks to compute Judy and Walter Towson tax returns and establish the appropriate and economical approach.
Solution
Details

Walter Townson

Judy


Total

Annual income

$ 100,000

$ 60,000


$ 160,000

Add interest earned




$ 4,500

Add divided




$ 300

Gross incomes

$ 100,000

$ 60, 000


$ 164, 800

Less expenses



Doctor bills ($ 800)





Prescriptions ($ 400)





New glasses ($ 2,000)





Dental bills ($ 560)





Braces ($ 5,000)





Property taxes ($ 800)





Estate’s fee ($ 4500)





Mortgage (12,000)





Gifts ($ 1000)





Local family need ($ 100)





Tax preparation fee ($400)





Decal fee ($ 50)




($ 500)

($ 27610)

($ 28,110)

Income after expense

100,000
...
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