Unformatted text preview: filing her 2011 Federal income tax return. Write a letter to Jane that contains your advice and prepare a memo for the tax files. Dear Jane, Because your gross income for your business will be higher we will need to adjust your estimated tax for 2011. The following is shown for your new tax: Total Income: $26,000 Expenses: $7000 4840 5148 5050 550 3300 Total Adjustments: $ 25,888 AGI = $112 I hope that this predicted amount and schedule assists you in calculating your new taxable income and AGI for 2011....
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- Spring '11
- Taxation in the United States, new taxable income