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Brett, age 45, is single and resides at 123 Main Street, West Haven, CT 06516. His social security number is 123-45-6788. Brett has two children, Alec (age 17) and Grace (age 10), and their social security #’s are 049-52-5472 and 045-23-5432 respectivel

01 / 10 / 2021 Assignment

This paper circulates around the core theme of Brett, age 45, is single and resides at 123 Main Street, West Haven, CT 06516. His social security number is 123-45-6788. Brett has two children, Alec (age 17) and Grace (age 10), and their social security #’s are 049-52-5472 and 045-23-5432 respectivel together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

Prepare
the 2014 Form 1040 and all other required Federal forms and schedules for Brett
Simons. The returns should be prepared
taking the maximum tax benefit allowable into consideration. Round all amounts to whole dollars.

2. Do
not prepare tax returns for any other individuals mentioned in the problem.

3. The
ages provided in the problem are determined as of 12/31/14.

4. Student
must not use tax software. Prepare return using 2014 tax forms provided or
found at www.irs.gov.

5. Important Requirement!
Any and all amounts excluded from income or deductions either limited or
not taken must be identified. All
calculations used in the determination of the components of taxable income or
tax liability must be provided. This
requirement should be provided in a separate file (Word or Excel) and must be
submitted with the completed tax return.

6. Work
independently. Do not collaborate
with anyone. Collaboration or
assistance, in any form, is considered cheating and will result in a grade of
zero for any student(s) involved.

7. Brett Simon’s tax return must be saved as a
PDF file and submitted to the relevant assignment link at Unit 7 (in addition
to the documents required by #5 and #8 of this document). This assignment is subject to the 10%
late submission discount.

8. Page
1 of this document (with your name inserted) must be returned as part of your
submission; points will be deducted if it is not attached.

Facts:

Brett, age 45, is single and resides at 123 Main Street, West
Haven, CT 06516. His social security number is 123-45-6788. Brett has two children, Alec (age 17) and
Grace (age 10), and their social security #’s are 049-52-5472 and 045-23-5432
respectively. Brett’s mother, Donna Simons
(age 70, social security #048-68-5874) lives at 50 Benton Street, West Haven,
CT. Donna receives Social Security
income of $12,000 per year, $5,000 in part-time wages, and Brett pays his
mother $100 per week to watch Grace after school (36 weeks). Brett does not want to designate $3 to the
Presidential Election Campaign fund.

On New Year’s Eve 2010, Brett’s wife Susan, was tragically
killed in an automobile accident caused by a drunk driver. Brett survived the accident sustaining a
broken leg and arm. He filed a lawsuit
with respect to his injuries which was settled in 2013 awarding compensatory
damages of $30,000 and punitive damages of $10,000.

Brett was the named beneficiary of Susan’s $150,000 life
insurance policy. Brett was given the
option by Liberty Mutual to either receive the entire proceeds as one payment in
2011 or to receive $33,000 per year for five years. Brett chose to receive the proceeds in
installments, the fourth of which was received in February, 2014.

Due to the loss of his wife, Brett decided that he should
work from home. In December of 2013, he retired
from his job as a Waterbury police officer and started his own security company
on January 1, 2014. He continued to work
part-time for the Police Department in 2014. His W-2 from the Waterbury Police
Department (EIN 06-1234567) reported the following: wages $12,000, federal income taxes withheld
$2,500, and Connecticut income taxes withheld $900. WPD withheld the proper amounts of social
security and medicare taxes from Brett’s pay during the year. Brett was not a participant in WPD’s
retirement plan.

Brett’s business “Safe & Secure” (taxpayer I.D. #06-7654321)
opened for business on January 1st. He
uses the cash method of accounting and materially participates in the operation
of this business. Brett uses his
finished basement as his office. It has
a separate entrance for clients and occupies approximately 600 of the 3,000
total square footage of his home. The
home cost $400,000 at acquisition (1/1/2008 and does not include cost of land). Brett rents all necessary office furniture
and equipment however repairs to the walls and painting were required to make
it client ready. The total cost for the wall
repairs and painting was $3,000.

Revenue and expenses for Safe & Secure for the year were
as follows:

Security services Revenue

$70,000

Alarm monitoring services Revenue

$15,000

Equipment rent expense

$8,000

Business insurance expense

$600

Advertising expense

$900

Legal expenses

$500

Wages paid to his employee

$11,000

Payroll taxes paid on employee wages

$900

Office Supplies Expense

$1,600

Liability Insurance Expense

$400

Brett received the following interest and dividend income in
2014 (he did not have any interest in a foreign account or trust):


Interest


Dividends

Webster Bank

$800

UTC Corporation**

$2,200

Waterbury Credit Union

$200

Ace Corporation**

$400

Multistate Municipal Bonds

$900

Walmart**

$500

**Non-Qualified dividends

On November 1, 2005, Brett and Susan invested in Ace
Corporation by purchasing 100 shares at $60/share. Concerned about the future of the company, he
sold the shares at $40/share on February 1, 2014. Brett received a Form 1099-B from his investment company that
reported the sale and basis of the stock sold.

Prior to meeting Susan, Brett was married to Elaine, (social
security #321-54-6789). Pursuant to
their divorce agreement, Brett is required to make monthly alimony payments of
$400 to Elaine. Brett faithfully makes
each month’s payment.

Alec graduated high school in June and decided to study chemistry
at a state university. He received an
academic scholarship of $10,000 towards his first year tuition expenses of $18,000. In addition, he took a student loan for
$6,000 to pay for room and board. Brett
paid the balance of Alec’s tuition costs from Brett’s savings account.

Brett paid (and can substantiate) the following during the
year:

Health insurance premiums for Brett and kids (paid during
2014)

$6,800

Interest on personal credit card

$400

Dental expenses (Grace’s braces)

$6,000



“Lifestyle” lift for Donna

$6,500

Mortgage interest (Main St) (Total mortgage <
1,000,000)

$8,800

Real estate taxes (Main St)

$2,000

Mortgage interest (Donna’s home)

$1,000

Property taxes (assessed on car’s value)

$450

Utilities for residence

$6,500

Homeowner’s insurance

$900

Contributions to church

$700

Used furniture donated to Goodwill (FMV) (Cost = 1,000)

$800

Cost of one dinner ticket to attend a fundraiser for the “Republican
National Committee”; value of a comparable dinner = $50

$475

Brett did not keep mileage records for medical or charitable
contribution deduction purposes.

In 2014, Brett paid a balance of $1,000 with his 2013
Connecticut income tax return. He also made
state estimated tax payments totaling $1,200 ($300 on each of the following
dates 4/15/14, 06/15/14, 09/15/14 and 01/15/15).

In 2014, Brett made federal estimated tax payments totaling
$6,000 ($1,500 on each of the following dates 4/15/14, 06/15/14, 09/15/14 and
01/15/15).

In the event he is due a refund of tax, Brett would like to
apply all of his overpayment to his 2015 tax liability.



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