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3 years ago

What should Susan's three main talking points be to convince her Mom that she should file her own tax

Business

1 answer:

Dimas [21]3 years ago

6 0

Answer:

Save money.

Have peace of mind.

Gain financial insight.

Explanation:

1. Save money. Hiring an accountant can be costly, and you can save a bundle if you choose to do your taxes yourself. Furthermore, anyone can file electronically for free via the IRS website. No matter how much your adjusted gross income (AGI) is, you can fill out and submit tax forms online, available via the IRS website. And if your AGI is $57,000 or less, the IRS will provide you a list of multiple companies that will guide you through the process. After your federal return is complete, they will transmit it electronically to the IRS for free. However, be aware that some of these companies will have additional restrictions beyond AGI and may charge you to file your state return.

Another option is to file using a 1040EZ. If you meet the requirements to file this form, some tax preparation companies, such as TurboTax, will complete your return for free.

2. Have peace of mind. I have always had a tough time trusting my tax return to an accountant. Not only are they overloaded this time of year, but you could make an error communicating pertinent information, such as neglecting to inform them of key deductions.

However, if you have a complicated return that requires you to fill out and file multiple forms, make sure you have a thorough understanding of the entire procedure. Otherwise, you are better off with the assistance of a professional.

3. Gain financial insight. An additional benefit to preparing your own taxes is that it will give you a closer look at your finances, and what effect certain saving options have on your return. For instance, I never realized the amount of money you can deduct by making tax-deductible donations until I started filing my taxes on my own. In fact, depending on your income tax bracket, donating unwanted items could be more beneficial than selling them.

I also learned to max out my IRA contributions each year to fully take advantage of that credit.

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Cullumber, Inc. acquired 30% of Marigold Corporation's voting stock on January 1, 2021 for $890000. During 2021, Marigold earned

Strike441 [17]

Answer:

The gain on the sale of investment is $145,325

Explanation:

In determining the gain on the sale of half of the stock,the first thing to do would be determine the cost of the stock sold such that the cost can then be compared with the proceeds from the sale of the investment so as to determine the gain therein.

The total investment should be valued in such a way that the share of profits should be added to the investment while the dividends received would be deducted.

Jan,1 2021 $890,000

Share of profit($367,000*30%) $110,100

less dividends(since it already received in cash

($228,000*30%) ($68,400 )

Value of investment at 31 Dec,2021 $931,700

Share of profit(30%*$467000)*6/12 $70,050

Dividends(30%$128,000) ($38,400 )

Value of investment as at 1 july 2022 $963,350

Note that as at I july 2022 Marigold Corporation is only entitled to half year profits on the investment as well as half year dividends

Cost of half of investment=$963,350*1/2=$ 481,675.00

Gain= proceeds-cost=$627,000- 481,675 =$145,325

4 0

3 years ago

Billie Jean has $120 to spend and wants to buy either a new amplifier for her guitar or a new mp3 player to listen to music whil

Lady_Fox [76]

Answer:

B) people face trade offs

Explanation:

Resources are scarce, and that applies to every person and every organization in the world. Even the richest person or richest organization has a certain finite amount of money, time and other resources. For example, if we decide to work 12 hours a day, we will make more money, but we will also have less time o do other activities that we like.

In this case, Billie Jean only has $120 and she wants to buy both products, but she can only buy one. Whatever product she decides to buy will leave her with $0, so if she wants to purchase the other product she will need to find a job and earn some money, or if she already has a job, she will need to work more hours.

5 0

4 years ago

Oriole Company bought equipment for $290000 on January 1, 2021. Oriole estimated the useful life to be 5 years with no salvage v

xxMikexx [17]

Answer:

$43,500

Explanation:

Calculation for What is the revised depreciation expense for 2022

2022 Revised depreciation expense=290,000/4 years

2022 Revised depreciation expense=72,500

2022 Revised depreciation expense=(290,000-72,500)/(6-1)

2022 Revised depreciation expense=217,500/5

2022 Revised depreciation expense=$43,500

Therefore the revised depreciation expense for 2022 is $43,500

8 0

3 years ago

Read 2 more answers

Suppose you own a restaurant were does the revenue come from

son4ous [18]

Revenue per hour of labor

8 0

3 years ago

Think about your decision to buy the textbook for this course. You paid $250 for the book, but you would have been willing to pa

mart [117]

If the questions are “would I choose to buy the book in the first place”, and “Would I sell the book at the end of the course”, the answer to both questions is yes. The benefit of buying the book for the course is $400 dollars, which is greater than the sales price of $250. Thus, I would buy the book. At the end of the course, the benefit of keeping the book is $50, while my potential sales price is $125 (50% of 250). Thus, I can sell the book for more than it is worth to me, so I will sell the book at the end of the course.

7 0

3 years ago