I need someone that already known about tax forms. there is a quiz about tax form im going to attach the files that about the quiz, if you have any question let me know please.
Attached is your midterm exam including all the blank tax forms that need to be completed and returned in Canvas. I am also attaching a table that has the tax rates and a depreciation worksheet that you can use to calculate the depreciation for this problem. Also, a few hints:
The depreciation on the portion of the home used for business goes on form 8829. The depreciation of the personal property (furniture & office equip, etc) goes directly on schedule C. Your exam will begin at 6:15 and Canvas will close at 10:30. Remember to save your forms frequently so that you do not loose data. Also, the estimated federal tax payments of $20,000 goes directly on line 26 of form 1040. Remember to prepare the forms in the order that are listed in the problem. Prepare schedule C, then Schedule SE, then the SEP calculation. If you have a problem with any forms provided, you can go to IRS.gov for another form. The Practice Problem that was reviewed last class was posted as an Announcement for you to use as a reference for this Midterm. A few diffenences to note: The review problem used 2019 forms which are almost identicle to the 2020 forms except for estimated taxes. In the review problem, (2019 forms) estimated taxes goes on schedule 3 and on the 2020 form the estimated tax payment goes directly on form 1040 which is explaioned in the problem. I am also giving you until 10:00 AM tomorrow morning to complete
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