Income tax return hw | Business & Finance homework help

NOTE:

I need you to fill up the following attached forms correctly with the information provided. I also attached here a sample filled form for your ease. Make sure there should be no plagiarism in your answer.

 

Information for filling up the form:

 

George Large (SSN 000-11-111) and his wife Marge Large (SSN 000-22-222) live at 2000 Lakeview Drive, Cleveland, OH 4901 and want you to prepare their 2012 income tax return based on the information below:

 

George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000 to cover his employer business expense. George must make an adequate accounting to his employer and return any excess reimbursement; none of the reimbursement was related to the meals and entertainment. Additionally, Toyboat provides George with medical insurance worth $7,200 per year. George drove his car 24,000 miles during the year, and he placed the car in service on June 1, 2010. His log indicates that 18,000 miles were for sales calls to customers at the customers’ offices and the remainder was personal mileage. George uses the standard mileage rate method. Assume his business miles were driven evenly during the year. George is a college basketball fan. He purchased two season tickets for a total of $4,000. He takes a customer to every game, and they discuss some business before, during, and after the games. George also takes clients to business lunches. His log indicates that he spent $1,500 on these business meals. George also took a five-day trip to the Toyboat headquarters in Musty, Ohio. He was so well-prepared that he finished his business in three days, so he spent the other two days sightseeing. He had the following expenses during each of the five days of his trip:

Airfare $200

Lodging $85/day

Meals $50/day

Taxicabs $20/day

Marge Large is self-employed. She repairs rubber toy boats in the basement of their home, which is 25% of the house’s square footage. The business code is 811490. She had the following income and expenses:

Income from rubber toy boat repairs $15,000

Cost of suppliers 5,000

Contract labor 3,500

Long-distance phone calls (business) 500

The Large’s home cost a total of $150,000, of which the cost of the land was $20,000. The FMV of the house is $225,000. The house is depreciable over a 39-year recovery period. The Larges incurred other expenses:

Utility bills for the house $2,000

Real estate taxes 2,500

Mortgage interest 4,500

Cash charitable contributions 3,500

  

 

Prepare Form 1040, Schedules A, C and SE for Form 1040, and Forms 2106 and 8829 for the 2012 year. (Assume no depreciation for this problem and that no estimated taxes were paid by the Larges.)







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