A affiliated brace called Judy and Walter Townson accept appear to you to gluttonous abetment with their federal assets taxes. During your affair with the Townsons, you accumulate the afterward information:They are both 55 years of age.They accept two daughters and one son.One babe (age 25) is affiliated with children.One babe (age 20) is active at home and accessory college.Their son (age 16) is a inferior in aerial school.They are currently advantageous for their college-student babe to appear academy abounding time.Judy is active as a abecedary and makes $60,000 a year. She acclimated $500 of her claimed funds to acquirement books and alternative food for her classroom.Walter is active as a CPA and makes $100,000 a year.They provided you a 1099-INT which appear $4,500 in interest, of which $500 was accumulation band interest.They provided you a 1099-DIV which appear $300 in dividends.They accustomed a accompaniment tax acquittance aftermost year of $385.They provided you a account of costs including:Doctor’s bills, $800.Prescriptions, $400.New glasses, $2,000.Dental bills, $560.Braces, $5,000.Property taxes for their two cars of $800, which included $50 in decal fees (tabs).Real acreage taxes of $4,500.Mortgage absorption of $12,000.Gifts to charities, $1,000.GoFundMe addition to a bounded ancestors in need, $100.Tax alertness fees for aftermost year’s taxes, $400.InstructionsConsider the best benign way for Judy and Walter to book their federal assets tax return.Prepare a abrupt accounting summary, no added than 500 words that abode the following:Estimated taxable assets for Judy and Walter (please appearance computations).Summary of tax return, including any suggestions or tax planning considerations.Explain how you bent the filing status, dependents, and use of standard/itemized deduction.This advance requires the use of Strayer Writing Standards. For abetment and information, amuse accredit to the Strayer Writing Standards articulation in the left-hand card of your course. Check with your assistant for any added instructions.The specific advance acquirements aftereffect associated with this assignment:Complete a tax assay that is abreast by tax law and strategies to actuate the best benign way for a client/family to book their federal assets tax return.
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