Accounting with Spreadsheets

Task:

A. Write an essay (suggested length of 2–5 pages) in which you recommend the most advantageous tax filing status for Spouse A and Spouse B on their federal tax return. In your essay:
1. Explain your recommendation based on current, applicable tax laws.
2. Explain the rules that apply to the following types of income on the couple’s tax return.
a. Taxable and nontaxable income
b. Short-term and long-term capital gains or losses
c. Profit or losses from sale of property
d. Partnership income and losses
e. Gains or losses from passive activity
3. Explain your decision to include or exclude each of the types of income in part A2 based on current, applicable tax laws.
a. For part A2e, explain the rules that apply to gains or losses from passive activity.
4. Calculate the adjustments to income that you would include on the return(s).
a. Explain each adjustment item based on the applicable tax law.
5. Determine whether the couple should use the standard deduction or itemized deductions on their return(s).
a. Explain your decision based on current, applicable tax laws.
6. Based on the given data, identify all tax credits available to the couple.
a. Explain any credits based on the applicable tax law.

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