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Student instructions:
Please use IRS Publication 946 , IRS Publication 535, California 540A / 540 Booklet, FTB Publication 1001 and FTB Form 3501 Instructions to complete this topic.
Prepare Form 4562 for Jim Samuels using the following information. Jim will use MCRS to figure his depreciation and he treats his office furniture and equipment as placed in service in the middle of the year (uses the half year convention).
Also prepare Form 1040, Schedule C (Activity codes), Schedule SE, California Form 540 and California Schedule CA.
He owns Samuels Professional Services. He started this business in 2007 and dedicates most of his time to its functions. The types of tasks they specialize in include but are not limited to the following:
 | Typing of all types documents. |
| Computer input of date. |
| Notary public services. |
| Other miscellaneous clerical services. |
Complete a return for Jim Samuels.
| He is an unmarried man and has no dependents. |
| No one can claim him as a dependent. |
| His address is 2342 Main Street, Visalia, CA 91364. |
| He does business at: 1234 Chester Ave, Visalia, CA 91365. |
Income Statement
Year Ended December 31, 2007
| Gross receipts...........................................45,000 |
| ======== |
Expenses:
| Advertising..........................................5,000 |
| Rent.................................................12,000 |
| Repairs and Maintenance ............................450 |
| Supplies..............................................1,050 |
| Taxes and licenses..................................1,100 |
| Utilities (including telephone)....................1,800 |
| Bank service charges.................................150 |
| Chamber of Commerce..............................120 |
| Window washing......................................190 |
Jim's rent payment for his home is $750.00, he has live in his home for about 7 years. The property in which he lives is not exempt from property tax.
Estimated payments paid
| to federal .....................$4,980 |
| to California.....................$900 |
Have your return prepared and ready to answer the questions.
Option 1: Complete Quiz online.
Instructions to submit quiz successfully: Step-by-Step check list
When prompted for your name, please enter your CTEC or Preparer Number (if you have a number) with your name as follows: First, last name, Number (e.g. John Smith A012345 / John Smith P012345)
Option 2: Complete and mail answer sheet.
If you choose not to complete the quiz by pressing "Start quiz" above, you can print questions and answer-sheet to mail to us. If you complete the online quiz, the advantage is that you get an automatic score as apposed to waiting for a response on a manually graded quiz. You can also print the questions and answer sheet and after you answered the questions on paper submit it online by choosing "Start Quiz" above. Please don't sent answer sheet by certified mail.
Print questions Print Answer sheet
Please Note: You must also complete the tax return for this assignment. If you turn in incomplete work, such as purposely not answering the questions regarding the return you prepared, you will not be given credit for the topic.