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Smith Family’s 2018 Tax scenario

There following forms would need to be done from the Smith’s 2018 income tax: Form 1040- this form can be downloaded from IRS website Schedule A Schedule C Schedule SE Schedule 4562 Schedule 2441 Schedule Esee attachment for scenario

There following forms would need to be done from the Smith’s 2018 income tax:
Form 1040- this form can be downloaded from IRS website
Schedule A
Schedule C
Schedule SE
Schedule 4562
Schedule 2441
Schedule E
SMITH FAMILY’S 2018 TAX SCENARIO
Joseph L. Smith (age 45, Social Security number 145-26-9210) and Rita M. Smith (age 43, Social
Security number 142-46-5108) are husband and wife. They live at 1650 Belmont Avenue,
Chicago, IL 60615. David is a self-employed CPA and Rita is a third grade teacher. They have two
children: Blake (age 5, Social Security number 310-51-2108) and Amelia (age 3, Social Security
number 314-62-8924).
In 2018, Joseph earned $182,000 and Rita earned $46,000. The Smith family has medical
coverage through the school system for which Rita works. As an employee, Rita had $9,500 of
federal tax withheld, $2,300 of IL state tax withheld, and the required Social Security and
Medicare taxes.
Joseph has an office with business expenses for 2018 as follows:
Item
Amount
Office Rent
$24,000
Office Supplies
$8,000
Internet Charges
$1,200
Phone System Charges
$4,800
Advertising Expenses
$1,800
Postage Charges
$1,500
Audit/Tax Software Charges$20,000
Business Gifts
$400
The advertising expenses included local newspaper advertisements, digital marketing, and
direct marketing flyers. The business gifts were $40 gift certificates given to his 10 largest clients
in appreciation for their business.
Joseph purchased a 2017 Honda Civic in 2017. In 2018, he drove 24,000 business miles and
6,000 personal miles, and uses the standard mileage method for tax purposes.
In 2018, Joseph made estimated quarterly federal tax payments of $18,000/quarter and
estimated quarterly IL state tax payments of $3,000. All the payments were made within
calendar 2018. Joseph also contributed $8,000 to his SEP account.
Rita bought various supplies for her classroom, but did not closely track expenditures and thus
only wants to take the allowed educator expenses deduction. Her teacher’s license was also
renewed in 2018 for $125.
Blake and Amelia are both in day care at the Riley Day Care Center at 1325 Lake Street, Chicago,
IL 60612 (EIN 36-2875647). They are only in day care for 9 months of the year (weekly charge of
$240.00/week), because Rita does not work during the summer.
In addition to the wages and expenses as detailed, the Smiths have the following documented
income and expenses:
Item
Amount
Interest income from CDs
$1,800
Interest Income from Series EE
$4,000
Government Bonds Mortgage Interest on Principal Residence$15,000
Property taxes on Residence
$8,000
PMI Insurance Payments
$3,000
Cash Charitable Contributions
$2,500
Non-Cash Contributions (Used Clothing to Salvation Army) $350
The Smiths itemized deductions in 2017. The federal tax refund was $3,500 and the IL state tax
refund was $600.
In addition, the Smiths own rental property (a “two flat” in Chicago) which they have rented out
for the entire year. Total rental income was $30,000. Rental property related expenses were as
follows:
Item
Amount
Mortgage Interest on Rental Property
$13,000
Property Tax
$9,000
Repairs on Rental Units
$2,600
Depreciation on Rental Units (using SL Depreciation)$3,500
Utilities
$3,000
Landscaping
$500

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