Our Blog – More About our Services

Compute the taxable income for 2012 for Andrea on the basis of the following information. Her filing status is single. Salary 90000 Interest income from bonds issued by IBM 3000 Alimony payments received 3600 Contribution to traditional IRA 5000 Gift from grandparents...

Compute the taxable income for 2012 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2010. Salary $ 80,000 Interest on bonds issued by City of Boston 3,000 Interest on CD issued by Wells Fargo Bank...

Determine how many personal and dependency exemptions are available in each of the following independent situations. Specify whether any such exemptions would come under the qualifying child or the qualifying relative category. a. Andy maintains a household that...

Determine the number of personal and dependency exemptions in each of the following independent situations. a. Marcus (age 68) and Alice (age 65 and blind) file a joint return. They furnish more than 50% of the support of a cousin, Ida, who lives with them. Ida (age...

Wesley and Myrtle (ages 90 and 88, respectively) live in an assisted care facility and for years 2012 and 2013 received their support from the following sources.   Percentage of Support Social Security benefits 16% Son 20 Niece 29 Cousin 12 Brother 11 Family...

In each of the following independent situations, determine Winston’s filing status. Winston is not married. a. Winston lives alone, but he maintains a household in which his parents live. The mother qualifies as Winston’s dependent, but the father does not. b. Winston...

Christopher died in 2010 and is survived by his wife, Chloe, and their 18 yearold son, Dylan. Chloe is the executor of Christopher’s estate and maintains the household in which she and Dylan live. All of their support is furnished by Chloe. Dylan saves his earnings....

During the year, Chester incurred the following transactions involving capital assets. Gain on the sale of an arrowhead collection (acquired as an investment at   different times but all pieces have been held for more than one year) $ 6,000 Loss on the sale of...

Alexander (Alex) A. and Isabel P. Hill are married and live at 4692 Calhoun Drive, Charleston, South Carolina 29402. Alex is the director of the Tourist and Convention Bureau for the city of Charleston, while his wife is employed part time as a physical therapist by...