Tax return | Accounting homework help

[ad_1]

Tax return | Accounting homework help

•Prepare a 1120 U.S. Corporation Income Tax Return as Jim’s Auto Body, Inc.  •Complete the appropriate schedules in the 1120 and Statement 1 – Other Deductions.  •Prepare a 1065 U.S. Return of Partnership as Jim’s Auto Body, LLC.  •Complete the appropriate schedules in the 1065, Statement 1 – Other Deductions and the 1065 Schedule K1 for Jim.
Jim’s Auto Body (Inc., or LLC) 1122 Sesame Street New York, NY, 10002 EIN 90-1234567 Dated incorporated January 1st, 2010  Jim Jameson 8701 Electric Avenue New York, NY, 10002SSN: 123-45-6789 •Jim Jameson took on Fred as a partner for the LLC. Fred owns 50% of all profits, losses, and capital. You do not have to complete Part 2 K, L, or M on the 1065 Schedule K1 (there is not enough information provided).  •$4,500 salary expense is officer’s compensation for the corporation and guaranteed payment to partners for the LLC.  •$55,000 equipment is 7-year property in its 5th year of service and was placed into service in the middle of the year, thus using the half-year convention. Use the correct table from the IRS—Publication 946: How to Depreciate Property—to determine the tax deductible depreciation. Form 4562 is not required.  •Jim made four quarterly estimated tax payments of $800 each over the course of the year.  •In accordance with IRS instructions: “Corporations with total receipts and total assets at the end of the tax year less than $250,000 are not required to complete Schedules L, M-1, and M-2” (Internal Revenue Service, n.d.). This also applies to the LLC.  •For the 1065 Schedule K1, you will not have enough information to fill out Part 2 K, L, and M.

")96% of our customers have reported a 90% and above score. You might want to place an order with us."

Essay Writing Service
Affordable prices

You might be focused on looking for a cheap essay writing service instead of searching for the perfect combination of quality and affordable rates. You need to be aware that a cheap essay does not mean a good essay, as qualified authors estimate their knowledge realistically. At the same time, it is all about balance. We are proud to offer rates among the best on the market and believe every student must have access to effective writing assistance for a cost that he or she finds affordable.

Caring support 24/7

If you need a cheap paper writing service, note that we combine affordable rates with excellent customer support. Our experienced support managers professionally resolve issues that might appear during your collaboration with our service. Apply to them with questions about orders, rates, payments, and more. Contact our managers via our website or email.

Non-plagiarized papers

“Please, write my paper, making it 100% unique.” We understand how vital it is for students to be sure their paper is original and written from scratch. To us, the reputation of a reliable service that offers non-plagiarized texts is vital. We stop collaborating with authors who get caught in plagiarism to avoid confusion. Besides, our customers’ satisfaction rate says it all.

© 2022 Homeworkcrew.com provides writing and research services for limited use only. All the materials from our website should be used with proper references and in accordance with Terms & Conditions.