Assignment 1: Assisting a Family with their Tax Returns
Due Week 6 and value 155 pointsImagine that you are preparing taxes for a persomal tax benefit provider. A married townsman named Judy and Walter Townson possess end to you to seeking protection after a while their federal inend taxes. During your consultation after a while the Townsons, you supplement the aftercited information:They are twain 55 years of age.They possess two daughters and one son. One daughter (age 25) is married after a while consequence. One daughter (age 20) is foundation at settlement and watching instruct. Their son (age 16) is a younger in excellent instruct.They are currently paying for their instruct-student daughter to watch instruct liberal duration.Judy is filled as a instructor and makes $60,000 a year. She used $500 of her identical funds to donation books and other food for her classroom.Walter is filled as a CPA and makes $100,000 a year. They supposing you a 1099-INT which reported $4,500 in share, of which $500 was savings obligation share.They supposing you a 1099-DIV which reported $300 in dividends. They current a avow tax restore decisive year of $385. They supposing you a schedule of expenses including: Doctor’s bills, $800Prescriptions, $400New glasses, $2,000Dental bills, $560Braces, $5,000Property taxes for their two cars of $800, which included $50 in decal feesReal eavow taxes of $4,500Mortgage share of $12,000Gifts to charities, $1,000GoFundMe oblation to persomal lineage in insufficiency, $100Tax provision fees for decisive year’s taxes, $400Consider the most salutary way for Judy and Walter to rasp their federal inend tax revert. Prepare a illiberal written resume that addresses the aftercited: Estimated taxable inend for Judy and Walter (gladden illusion computations).Summary of tax revert, including any suggestions or tax planning considerations. Explain how you particularized the filing foundation, dependents, and use of standard/itemized inference.Note: The resume should be no further than 500 suffrage and should be uploaded as a Word instrument after a while a cover page via the Blackboard assignment tab in Week 6.The particular way literature outcomes associated after a while this assignment is:Complete a tax resolution that is known by tax law and strategies to particularize the most salutary way for a client/lineage to rasp their federal inend tax revert.Grading for this assignment achieve be inveterate on vindication property, logic/organization of the tract, and speech and answerableness skills, using the rubric located near.