Russell (age50) and Linda (age45) Long have brought you. Russell owns and operates a landscapingbusiness 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 fromthe landscaping business:
Income
Expenses:
Business Insurance
Office Supplies
Payroll
Payroll Taxes
Meals and Entertainment
Contract Labor
Maintenance
Equipment Rent
Telephone
Business Gifts ( no gift over $22)
Special clothing and safety shoes
Subscription to Green Lawns and magazine
Education seminar on bug control
Other Expenses
$132,000
3,800
2,600
83,000
8,100
2,350
7,290
8,300
12,300
2300
770
600
120
350
1,830
WRITE THIS ESSAY FOR ME
Tell us about your assignment and we will find the best writer for your paper.
Get Help Now!The business uses the cash method of accounting and has no accounts receivable or inventoryheld for resale.
In addition the above expenses, the Longs have set aside one room of their house as a homeoffice. The room is 150 square feet and their house has a total of 1,500 square feet. They pay$12,000 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
$42,520
The Longs have two dependents children, Bill (Social Security number 123-23-7654) andMartha (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 Securitynumber is 664-98-5678 and Linda’s is 554-98-3946. They made an estimated tax payment tothe IRS of $4,500 on April 15, 2013.
Required: Complete the Long’s federal tax return for 2013 Use Form 1040, Schedule B,Schedule C and form 8829 on pages 3-57 to 3-63 and any other appropriate schedules tocomplete this tax return. Do not complete from 4562 (depreciation) . Make a realisticassumptions about missing data.
AGI should be 42,384
Schedule C should be a net loss of -135.
Introducing our Online Essay Writing Services Agency, where you can confidently place orders for a wide range of academic assignments. Our reputable homework writing company specializes in crafting essays, term papers, research papers, capstone projects, movie reviews, presentations, annotated bibliographies, reaction papers, research proposals, discussions, and various other assignments. Rest assured, our content is guaranteed to be 100% original, as every piece is meticulously written from scratch. Say goodbye to concerns about plagiarism and trust us to deliver authentic and high-quality work.
WRITE MY ESSAY NOW
