Personal federal income tax return
ACA1 task 2
>
> *Given:*
>
> Use the attached data (*see the “Given Financial Information” attachment
> below*) to help Spouse A file a personal federal income tax return.
>
> *Note: There is insufficient numeric data supplied to complete the actual
> tax return The tax decisions will be made and explained in essay format as
> described in item A below.*
>
>
>
> *Task:*
>
>
>
> A. Write an essay (*suggested length of 2–5 pages*) in which you recommend
> the most advantageous tax filing status for Spouse A and Spouse B on their
> federal tax return. In your essay:
>
> 1. Explain your recommendation based on current, applicable tax laws.
>
> 2. Explain the rules that apply to the following types of income on the
> couple’s tax return.
>
> a. Taxable and nontaxable income
>
> b. Short-term and long-term capital gains or losses
>
> c. Profit or losses from sale of property
>
> d. Partnership income and losses
>
> e. Gains or losses from passive activity
>
> 3. Explain your decision to include or exclude *each* of the types of
> income in part A2 based on current, applicable tax laws.
>
> a. For part A2e, explain the rules that apply to gains or losses from
> passive activity.
>
> 4. Calculate the adjustments to income that you would include on the
> return(s).
>
> a. Explain *each *adjustment item based on the applicable tax law.
>
> 5. Determine whether the couple should use the standard deduction or
> itemized deductions on their return(s).
>
> a. Explain your decision based on current, applicable tax laws.
>
> 6. Based on the given data, identify all tax credits available to the
> couple.
>
> a. Explain any credits based on the applicable tax law.
>
>
>
> B. When you use sources, include all in-text citations and references in
> APA format.
>
>
>
> *Note: For definitions of terms commonly used in the rubric, see the
> attached Rubric Terms.*
>
>
>
> *Note: When using sources to support ideas and elements in a paper or
> project, the submission MUST include APA formatted in-text citations with a
> corresponding reference list for any direct quotes or paraphrasing. It is
> not necessary to list sources that were consulted if they have not been
> quoted or paraphrased in the text of the paper or project.*
>
>
> *Note: No more than a combined total of 30% of a submission can be directly
> quoted or closely paraphrased from sources, even if cited correctly. For
> tips on using APA style, please refer to the APA Handout web link included
> in the APA Guidelines section.*
>
>
> *Given:*
>
> Use the attached data (*see the “Given Financial Information” attachment
> below*) to help Spouse A file a personal federal income tax return.
>
> *Note: There is insufficient numeric data supplied to complete the actual
> tax return The tax decisions will be made and explained in essay format as
> described in item A below.*
>
>
>
> *Task:*
>
>
>
> A. Write an essay (*suggested length of 2–5 pages*) in which you recommend
> the most advantageous tax filing status for Spouse A and Spouse B on their
> federal tax return. In your essay:
>
> 1. Explain your recommendation based on current, applicable tax laws.
>
> 2. Explain the rules that apply to the following types of income on the
> couple’s tax return.
>
> a. Taxable and nontaxable income
>
> b. Short-term and long-term capital gains or losses
>
> c. Profit or losses from sale of property
>
> d. Partnership income and losses
>
> e. Gains or losses from passive activity
>
> 3. Explain your decision to include or exclude *each* of the types of
> income in part A2 based on current, applicable tax laws.
>
> a. For part A2e, explain the rules that apply to gains or losses from
> passive activity.
>
> 4. Calculate the adjustments to income that you would include on the
> return(s).
>
> a. Explain *each *adjustment item based on the applicable tax law.
>
> 5. Determine whether the couple should use the standard deduction or
> itemized deductions on their return(s).
>
> a. Explain your decision based on current, applicable tax laws.
>
> 6. Based on the given data, identify all tax credits available to the
> couple.
>
> a. Explain any credits based on the applicable tax law.
>
>
>
> B. When you use sources, include all in-text citations and references in
> APA format.
>
>
>
> *Note: For definitions of terms commonly used in the rubric, see the
> attached Rubric Terms.*
>
>
>
> *Note: When using sources to support ideas and elements in a paper or
> project, the submission MUST include APA formatted in-text citations with a
> corresponding reference list for any direct quotes or paraphrasing. It is
> not necessary to list sources that were consulted if they have not been
> quoted or paraphrased in the text of the paper or project.*
>
>
> *Note: No more than a combined total of 30% of a submission can be directly
> quoted or closely paraphrased from sources, even if cited correctly. For
> tips on using APA style, please refer to the APA Handout web link included
> in the APA Guidelines section.*
>
…………………….Answer Preview……………………..
- Recommended Tax Filing Status
Taxes are normally imposed on net income of a person and corporations by the state, federal and some local governments. Citizens, as well as, residents are have taxes imposed on their earnings in the worldwide income. They are also given a credit for the foreign taxes. Income as subjected to tax is calculated under the tax accounting rules. The calculation includes almost every income of the people from whatever source. Most business expenses, however, reduce taxable income. Individuals are only permitted to lower their taxable………………
APA
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