Type:IndividualProject Unit: IncomeTaxReturnPreparation DueDate: Tue,3/6/18 GradingType:Numeric PointsPossible: 100 PointsEarned: 0 DeliverableLength:...

Type:IndividualProject Unit: IncomeTaxReturnPreparation DueDate: Tue,3/6/18 GradingType:Numeric PointsPossible: 100 PointsEarned: 0 DeliverableLength: 2pages+1completedScheduleAAstafftaxaccountanthascometoyouforadvice.Shehasbegunataxreturnanddoesnotknowwhattodowiththeexpensesthattheclienthassubmittedasitemized deductions.SheisunsurewhichexpensesareallowableandshouldbeincludedonherScheduleA.Reviewtheexpensessubmittedbytheclientbelow.(Note:Theclient's AGIis$45,000.) Clientsubmittedexpenses: Personalpropertytaxes $500 Reimbursedhealthinsurancepremiums $1,500 Charitablecontributions(cashonly) $200 Prescriptions $150 Mortgageinterest $3,850 Contactlenses $200 Stateincometaxeswithheld $1,675 Unreimbursedmedicalexpenses $875 Servicesprovidedtoaqualifiednonprofit $1,000 Realestatetaxes $850 Usingtheclientsubmittedexpensesabove,completethefollowing: Listtheallowableexpenses. AssistyourstaffwiththecompletionoftheScheduleAtaxformforthemostrecenttaxyear. Foreachexpensenotallowed,pleaseexplainwhyitisdisallowed. ToobtainthemostrecentlyrevisedForm1040(ScheduleA),followtheseinstructions: 1. Gotohttp://www.irs.gov/app/picklist/list/formsInstructions.html 2. IntheFindbox,type1040(inproductnumber)andclick"Find" 3. ScrolldowntoForm1040(ScheduleA&B),titledItemizedDeductionsandInterest&Ordinary Dividends 4. CompleteScheduleAonly.YoudonothavetocompleteScheduleB. Pleasesubmityourassignment. Yourassignmentwillbegradedinaccordancewiththefollowingcriteria.Clickheretoviewthegradingrubric. Forassistancewithyourassignment,pleaseuseyourtext,Webresources,andallcoursematerials. ReadingAssignment Popeetal.,ChaptersIN­11,IN­14,CO­15 AssignmentObjectives Calculatetheamountoftaxableincomeandincometaxdueforatypicalindividualtaxpayer Differentiatethesourcesofincomethataretypicallyincludedandexcludedinthedeterminationofindividualtaxableincome Constructthelosses,expenses,anddeductionsthataretypicallyallowedanddisallowedinthedeterminationofindividualtaxableincome Assessthetaxconsequencesofvariouspropertytransactions Predictthetaxcreditstypicallyavailabletoanindividualtaxpayer