Complete 2014 Tax Return With Following Information:
Nick and Jeannette got married twenty years ago and have two children, Jack and Chloe.
Nick’s Social Security number is 111-11-1111
Jeannette’s Social Security number is 222-22-2222
Jack’s Social Security number is 333-33-3333
Chloe’s Social Security number is 444-44-4444
In 2014, Nick was self-employed as a podiatrist, under the business name “Fix-My-Foot”. His business is located at 1990 Jacob -, MS 36395. He uses the cash method, calendar year, and has only one employee. His income and expense information is as follows:
• Sales amounted to $308,000
• Inventory information:
o Beginning inventory: $45,000
o Purchases: $63,000
o Ending inventory: $20,000
• Advertising $2,500
• Employee wages $34,500
• Nick has commuting mileage from his home to his podiatry practice of 11,000 miles
• Building rent $9,600
• Office supplies $2,100
• Accountant fees $3,000
• Payroll taxes and business licenses $3,450
• Utilities $5,230
• Malpractice quarterly federal income tax payments $40,000
• Nick’s business has been in operation for almost 15 years, so he has no assets currently being depreciated.
• Nick also receives an annual royalty of $5,000 for an iPad app he developed that was bought by a large corporation. The app is an educational game for children.
Jane is a full-time elementary school principal. In 2014 she earned a salary of $76,925. She had $13,086 of Federal income tax withheld out of her paycheck. She also owns several bank CDs that paid interest of $4000 this year. The Does’ do not have any foreign accounts.
The Does’ home mortgage interest paid to SVT Bank was $28,500, and they pay $8,000 of property taxes on their home. They also donated $1,000 cash to their local church, but did not obtain a letter from the church verifying this amount. Nick paid $4,200 in student loan interest for his podiatry school studies. He withdrew out of his traditional IRA to pay for this student loan interest.
They spent $3,500 on childcare for Chloe. This was paid to Kid Camp Preschool, located at 1234 ABC i, MS 36395. Their EIN number is ————-
Required: Complete Nick and Jane’s 2014 income tax return, including all necessary schedules.
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