Business Finance Homework Help

Bob and Carol are married. Bob is self employed as a CPA. Bob collected 80,000 in fees from clients. He paid utility bills of 3000 and spent 2500 on advertising. He also took some clients to dinner. The total costs of the dinners was 800. He also subscribed to several magazines that focused on tax accounting. The costs of the subscriptions totaled 200. He bought several new suits for 1500 that he often wears when he works. He bought his new office building for 80,000 in Feb 2000 (remember to depreciate the building). During the current year, the only new equipment he bought was a new computer for 10,000 in Feb and a nice new desk for 4000 in Jan. Bob elects not to use Section 179 but he wants to use Bonus (100%) depreciation. During the year, Bob has sent in 2000 as estimated payments for his current federal tax liability and 1000 estimated GA income taxes. Bob purchased the medical insurance policy for his family at a cost of 3000.
complete Bob’s taxes including a breakdown of all areas. Remember the Bob is eligible for the Qualified Business Income DD.