Barbara Gonzales, age 53, is a self-employed tax attorney (social security number 444-88-9999). She is supporting her mother, Martha Garza, age 85 who lives with her. Martha’s social security number is 666-99-4444. Barbara lives in a rental at 4597 Campbell Ave. Campbell, CA 95008
Barbara’s office is located at 6578 Hamilton Ave. Ste. 456, San Jose, CA 95130. Her business name is her name- Barbara Gonzales, Attorney. She materially participates in her business. She has the following income and expenses pertaining to her business.
Barbara’s gross receipts for 2018 $189,300
Office Supplies $4897
Depreciation: $1,489 ( on her office furniture and computer and printers- you do not have to prepare a depreciation form)
Telephone and internet: $5,699
Rent $ 18000
Software fees for tax preparation: $8,451
Education needed to keep up on the latest tax laws: $2575
The business uses the cash basis of accounting.
Other income includes Interest from Wells Fargo, $249.
You do not have to calculate self-employment taxes as this will be covered in another chapter.Barbara sent estimated tax payments to the IRS for the 2018 taxes totaling $15,000.
Prepare Barbara’s Form 1040 tax return for 2018. Schedules 1, 4 and 5 are required. You should also prepare a Schedule C.
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