Assignment -
The tax return is for a married couple. They are married filing jointly. 2018 tax laws must be applied. The Tax return is for which country so that i can look at their terms and condition for tax return because it has to be up to date as it has two of 2018 United States of America.
Sole Proprietorship 2018 Financial Information: River Runner Outdoor Center
Sales:
- Canoe Rentals - $92,000
- Outdoor equipment - $90,000
- Cost of Goods sold - $56,900
Expenses -
- Depreciation - must calculate
- Salaries - $40,000
- Payroll taxes (3 part time employees) - $4,000
- Supplies - $4,200
- Insurance - $5,000 (cover premises and fleet of canoes)
- Repairs of equipment - $1,900
The store opened on January 15, 2017.
2017 Purchases:
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Purchase of retail building 9/2/17
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$250,000
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|
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Purchased 10/1/17
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50 canoes
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$50,000
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5 year property
|
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Purchased 2/5/17
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canoe trailer
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$15,000
|
7 year property
|
|
Purchased 9/6/17
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store furniture
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$9,800
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7 year property
|
Walter took Section 179 expense for the full amount of the canoe trailer in 2017.
2017 Purchases:
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Purchased 2/1/18
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5 canoes
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$5,000
|
5 year property
|
|
Purchased 6/5/18
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Used truck to haul canoes
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9,000
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5 year property (not listed property)
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Purchased 7/3/18
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Office furniture
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12,500
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7 year property
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Walter would like to take bonus depreciation on all assets purchased in 2018.
2018 Sales: On November 5, 2018, Walter sold the canoe trailer he purchased in 2017 for $10,000.
Required - Complete only the following forms for River Runner Outdoor Center using the above information.
- 1040 Schedule C
- Form 4562
- Form 4797
- And a 1040 Schedule SE.
Client Information - The family has 2 children, Barry 15 years old and Jane 12 years old. The father, Walter is 46 years old and his wife Gayle is 44 years old.
Walter Felton - 444-25-9645
Gayle Felton - 432-96-7884
Barry Felton - 436-56-1123
Jane Felton - 436-46-2235
Attachment:- Assignment Files.rar