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Jeannie are married and file a joint return. They have four…

Tony and Jeannie Nelson...

Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 15,17,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married during 2017 and lives with his wife, Jane. They provide you with the following information regarding their 2017 tax return:1. ***** ***** is an aerospace engineer he runs an engineering firm, Nelson Engineering, as a sole-proprietorship and has very lucrative contracts with numerous aerospace companies. Tony rents an office downtown where he meets with clients and conducts business. Tony reported the following items of income and expenses from his engineering firm:
• Revenue $675,000
• Wages expense $162,000
• Rent Expense $ 60,000
Depreciation $ 3,400
• Other Expenses $ 42,000
Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 15,17,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married during 2017 and lives with his wife, Jane. They provide you with the following information regarding their 2017 tax return:1. ***** ***** is an aerospace engineer he runs an engineering firm, Nelson Engineering, as a sole-proprietorship and has very lucrative contracts with numerous aerospace companies. Tony rents an office downtown where he meets with clients and conducts business. Tony reported the following items of income and expenses from his engineering firm:
• Revenue $675,000
• Wages expense $162,000
• Rent Expense $ 60,000
• Depreciation $ 3,400
• Other Expenses $ 42,000

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

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Answered in 1 hour by:
3/23/2018
Jawwaad Ahmed
Jawwaad Ahmed, Studied Taxation in CA
Category: Tax
Satisfied Customers: 5,446
Experience: Doing CA & Bachelor In Commerce
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What you want to calculate in this?

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Customer reply replied 1 month ago
Hello Tutor,Thank you for the prompt response. I attached a document which I need help with completely.
The chart on the 2nd page answers your question. Can you help with the solutions to all 10 questions?

Sorry, I am unable to answer all of them, i thought you need help for that only which your write before, thanks.

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I am opting out from this so another expert can see your question, thanks.

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Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
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Gerald, Esq
Gerald, Esq, Attorney
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Customer reply replied 1 month ago
Hello Gerald, I am not sure why the offer was accepted I needed help with the document attached. I am not sure if you have seen it ?

Yes. I have. I have tried to call you as per your request. I will try again.

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Customer reply replied 29 days ago
Hello Gerald I got a reply from my professor for the deduction questions. Can you still help? I would greatly appreciate it. This is what she said:You should determine how much of each expense would be available and then compute the amount that the Nelson’s are entitled to use for their itemized deductions. Then compare that to the standard deduction to determine which is higher for their taxable income.
I can call you later. I'm out now. I may not still have your #.Give me a couple hours.
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Customer reply replied 29 days ago
No worries, whenever you are available is perfect.

I'm available.

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Here are your numbers:

Adjusted Gross Income (AGI) is still 530,300

The health care dedcution is disallowed because it does not meet th 7.5% of AGI limit.

The Tax prep dedcution is disallowed because it doesn't meet the 2% of AGI limit.

Total itemized deductions are: 105,500.

The standdard deduction is only 12,700. So you take the larger amount.

Taxable income is therefore 424,800

Check your tax tables and do the math you get taxes due of 115,401.00

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