Tax Return Project

Fill out a 1040, Schedules A, B, C, D, & Schedules 1/2/3 with the following information.

Tax Return Project
BA 431, Fall 2021
Use the following information to prepare an individual tax return complete with appropriate
schedules and attachments.  In addition to the 1040 and schedules, please attach your work
papers and calculations.

Don't use plagiarized sources. Get Your Custom Essay on
Tax Return Project
Just from $13/Page
Order Essay

Taxpayer and Spouse:
Name: Wilbur Farnstrom                          Name: Ethel Farnstrom
Address: 3083 Honeysuckle Avenue       Address: 3083 Honeysuckle Avenue
Dallas, OR  97338                                    Dallas, OR  97338
SS#: 123-45-6789                                   SS#: 234-56-7890
Birth date: 6/10/1959                               Birth date: 2/12/1962
Status: Married, filing jointly                    Status: Married, filing jointly

Name: Grace Farnstrom, daughter         Name: Howard Farnstrom, son
Address: 3083 Honeysuckle Avenue      Address: 3083 Honeysuckle Avenue
Dallas, OR  97338                                  Dallas, OR  97338
SS#: 345-67-8901                                  SS#: 567-89-1023
Birth date: 10/11/2004                            Birth date: 11/12/2006

Wilbur is employed as a Bank Manager and has W-2 income of $5,400 per month.  Federal
taxes of $380 per month are withheld from his gross pay.

Ethel is employed part-time as a receptionist and has W-2 income of $2,300 per month.
Federal taxes of $190 per month are withheld from her gross pay.

State income taxes totaling $348 per month and $150 per month have been withheld from
their gross pay, respectively.

Ethel has a small transcription business that she runs from her home.  She has dedicated a 4th
bedroom in the family’s 4,200 square foot home to the business.  The room measures 16 x 20.
She reports income for this year of $12,500 from the small business.  Ethel paid estimated
quarterly taxes of $270 per month for three quarters.  Costs relating to the home are as
Annual Property taxes $5,800
Annual Mortgage Interest $11,800
Utilities $184 per month
Business telephone $94 per month
Office supplies $65 per month
Depreciation $68 per month

The couple has received $201 in interest income on their savings account for the year.  Every
month, Wilbur deposits $300 to his traditional IRA account and Ethel deposits $175 to her
traditional IRA account.

Wilbur takes prescription medications that cost $285 per month.  The family incurred dental
expenses this year of $3,767 and medical expenses of $9,628 for the year.  Ethel went to the
eye doctor this year and purchased eyeglasses with a cost to her of $440.  Wilbur had to travel
to visit a specialist for a heart condition to a city 375 miles from his home.  He made the
roundtrip twice this year.

The Farnstrom family attends Countryside Church each Sunday.  They have an automated
deduction from their checking account for contributions of $85 per week.  The family traveled
on behalf of their church this year.  They kept a travel log that indicates they traveled 1,610
miles in charitable travel.

The employees of the bank where Wilbur works are represented by a union.  Union dues are
1.6% of each employee’s gross pay.

The full-time employees at the office where Ethel works are also represented by a union.  Union dues are 1.3% of each full-time employees gross pay.

Ethel has some antique jewelry that has sentimental value.  To ensure its safety, she has
obtained a safe deposit box at Wilbur’s bank.  The fee for the box is $28 per month. The
Farnstrom’s store their tax returns and investment information in the box as well.
The couple takes their tax return to a CPA for preparation.  The CPA worked on the returns for
five hours at an hourly fee of $250 per hour.

Wilbur and Ethel purchased 700 shares of LOL, Inc stock for $19.00 per share 18 months ago.
This year they sold the stock for a total of $16,500.  The transaction had an investment fee of
$250.  They also sold 500 shares of long term stock to Ethel’s sister for a loss of $10 per share.

Essay Writing Pros
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

Our writers have been trained on how to handle papers placed by our clients. The writer must read and understand before embarking on writing the papers. In case of any issue that needs clarification, writers are encouraged to ask the client or support.

Professional and Experienced Academic Writers

Our team comprises of the best writers and editors. We do thorough vetting during recruitment to make sure that our writers have the knowledge and experience we aspire in the team.

Free Unlimited Revisions

Our aim is to give the client the best outcome. If for some reason you are not satisfied with the wok done, you can ask the paper to be revised or rewritten. This will be done to your satisfaction with no extra charges.

Prompt Delivery and 100% Money-Back-Guarantee

We have writers who work round the clock. This helps in making sure that all our clients’ papers are delivered on time. If we have issues with the deadline, we will ask for extension. If its not possible, the money is fully refunded.

Original & Confidential

Our clients’ confidentiality is highly respected. We can never disclose our clients’ details to third parties. In the same regard, we strive to give our clients 100% original papers. We do not tolerate plagiarism from our writers.

24/7 Customer Support

Clients can reach us any time of the day, and any day of the week. There is a live chat, email or phone numbers to help in ease of communication.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

You should never be worried about your papers even in the middle of the night. Our team will work round the clock to deliver.


Essay Writing Service

We have an able team that can deliver your work in the shortest time possible. The academic level or the type of work should never be a hindrance. Our highly competent support team is always around (24/7) to give you any assistance you may need.


Admission Essays & Business Writing Help

Do you need to be admitted in your dream institution but find it challenging to write an admission essay? Our team is in a position to write the best letter that will guarantee you an admission. We do as well write the best business proposals and reports.


Editing Support

Writing can be fun and enjoyable when everything has been done right. Writing is not just enough without proper editing and proofreading. We have a team of editors that ensure everything falls in place, whether its issues to do with grammar or referencing styles.


Revision Support

Once the paper has been done and submitted, that is not the end of it. You can always ask for amendment or improvement if you feel something has not been done right. Our team of writers and editors will gladly assist you to your satisfaction. Revision is free of charge.