How would this effect his Tax Return and add any filled out forms if possible Show less

Jack also runs his own tax preparation business on the side at 12 Main St. Virginia City NV 89406 Show more Jack also runs his own tax preparation business on the side at 12 Main St. Virginia City NV 89406 as a single member LLC. His cash receipts from the business totaled $43000 for 2014. He also is owed $1700 from a client that refused to pay for his services. His expenses were as follows: rent $7800 utilities $3950 part-time contract labor $6000 entertainment of clients at his country club $2000 travel to conferences $1570 insurance $1000 and office supplies of $500. He also purchased tax software for $1500 and a new computer for $1800 during 2014. He paid $10000 in estimated 2014 federal income taxes during the year at the regular quarterly payment dates. Jack also took a graduate course at UNR in taxation during the fall 2014 semester and paid $600 in tuition and $120 for the course textbook. Jacks client Pete was being audited by the IRS. Jack paid the IRS agent $1000 in cash to take care of Petes problem. Since Jacks office needed painting and a painter Jack knows needed his taxes done Jack bought the paint for $200 and then traded his tax prep services for the painters services. The fair value of the services exchanged was $750. Jack sold some business office furniture he acquired in 2011 for $5000 for $1500 on 11/10/14. He used MACRS 7 yr. half-year convention to depreciate the furniture. How would this effect his Tax Return and add any filled out forms if possible Show less


 

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