INCOME TAX RETURN PROJECT (35 POINTS) ACCT 341 Fall 2019 Due November.docx - INCOME TAX RETURN PROJECT(35 POINTS ACCT 341 Fall 2019 Due no later than

INCOME TAX RETURN PROJECT (35 POINTS) ACCT 341 Fall 2019 Due November.docx

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INCOME TAX RETURN PROJECT (35 POINTS) ACCT 341 Fall 2019 Due November 25, 2019 no later than 6:00 pm in PH #233 You are a beginning tax associate at Taxxus and Taxxus LLC, 1000 Badapril Ct, Sellville, Missouri 63001 (Employer Identification Number 37-0000009). You and the firm's senior tax partner, Mortimer Taxxus IV (PTIN #P98765441) have just met with new clients, Jethro and Janice Heavho. You have collected a large amount of information regarding the Heavhos, which is detailed in the following pages. Mr. and Mrs. Heavho have given you virtually all information necessary to prepare their income tax return, but do point out that tax depreciation calculations (and $179 calculations as applicable) for Mr. and Mrs. Heavho's rental property, and Mr. Heavho's property used in his sole proprietorship, will need to be prepared by you. Neither Mr. nor Mrs. Heavho desires to contribute to the presidential election campaign. If a refund is due after completion of the tax return, the Heavhos desire to have the refund applied to their 2019 estimated tax After meeting with the Heavhos, Mortimer Taxxus IV assigns you the task of preparing their joint 2018 Form 1040, U.S. Individual Income Tax Return. He additionally has prepared a list of the forms you will likely need to complete their income tax return. These forms include the following: Form 1040 (U.S. Individual Income Tax Return) Schedule 1 (Additional Income and Adjustments to Income) Schedule 3 (Nonrefundable Credits) Schedule 4 (Other Taxes) Schedule 5 (Other Payments and Refundable Credits) Schedule A
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(Itemized Deductions) Schedule B (Interest and Ordinary Dividends) Schedule C (Profit or Loss from Business) Schedule D (Capital Gains and Losses) Form 8949 (Sales and Other Dispositions of Capital Assets) Schedule E (Supplemental Income and Loss) Schedule SE (Self- Employment Tax) Form 2441 (Child and Dependent Care Expenses) Form 4684 (Casualties and Thefts) Form 4797 (Sales of Business Property) Form 8863 (Education Credits) Form 4562 (Depreciation and Amortization) "PRELIMINARY" OR "REVIEW COPY" MARKINGS ON THE RETURN THAT YOU TURN IN FOR CREDIT). HAVING SUCH MARKINGS ON YOUR RETURN WILL RESULT IN A LOSS OF THREE POINTS. YOU MAY WORK INDIVIDUALLY, OR IN GROUPS OF NO MORE THAN THREE (3) INDIVIDUALS. A GROUP OF TWO OR THREE INDIVIDUALS MAY COMPLETE AND TURN-IN A TAX RETURN AS THEIR JOINT PROJECT AND THE GRADE ON THE PROJECT WILL BE IDENTICAL FOR ALL SUCH INDIVIDUALS. ALL SUCH GROUPS MUST SPECIFICALLY ATTACH A SHEET TO THE TAX RETURN INDICATING THE NAMES AND STUDENT ID NUMBERS FOR THOSE WHO WORKED ON THE RETURN. Client Background Information Jethro C. Heavho (social security number 495-77-7777) (birthdate 2.7.1964) and Janice P. Heavho (social security number 495-77-7778) (birthdate
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2.26.65) are married taxpayers with good eyesight. They live at 345 Lowgrade Way, Sellville, Missouri 63002. They have two children that live with them. Klaus (social security number 495-76-7717) (birthdate 1.5.1999) is their son. He lives with them, and attends college (he is a full time student). Klaus earned $3,800 during the summer of 2018 working as a dumpster cleaner. He has no other earned or
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