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 you 3


Imagine that you are preparing taxes for a topical tax employment provider. A married alien named Judy and Walter Townson keep succeed to you to seeking maintenance delay their federal insucceed taxes. During your discussion delay the Townsons, you append the subjoined information:

  • They are twain 55 years of age.
  • They keep two daughters and one son. One daughter (age 25) is married delay upshot. One daughter (age 20) is stay at home and accompanying college. Their son (age 16) is a younger in exalted train.
  • They are currently paying for their college-student daughter to follow train bountiful space.
  • Judy is occupied as a schoolmistress and makes $60,000 a year. She used $500 of her particular funds to forfeiture books and other produce for her classroom.
  • Walter is occupied as a CPA and makes $100,000 a year.
  • They supposing you a 1099-INT which reputed $4,500 in share of which $500 was savings tie share.
  • They supposing you a 1099-DIV which reputed $300 in dividends.
  • They accepted a declare tax pay-back decisive year of $385.
  • They supposing you a register of expenses including:
    • Doctor’s bills, $800
    • Prescriptions, $400
    • New glasses, $2000
    • Dental bills, $560
    • Braces, $5000
    • Property taxes for their two cars of $800, which intervening $50 in decal fees
    • Real edeclare taxes of $4500
    • Mortgage share of $12,000
    • Gifts to charities, $1000
    • GoFundMe aid to topical source in want, $100
    • Tax Preparation Fees for decisive year’s taxes, $400

Consider the most advantageous way for Judy and Walter to refine their federal insucceed tax retaliate. Prepare a weak written compendium that addresses the subjoined:

  • Estimated taxable insucceed for Judy and Walter (fascinate semblance computations!)
  • Summary of tax retaliate, including any suggestions or tax planning considerations
  • Explain how you secure the filing foundation, dependents, and use of standard/itemized abatement.
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