SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a tax return for 2021. Explain your answer. Yes? No? and Why
Monica is a maid in a San Francisco Hotel. Monica received $500 in unreported tips during 2021 and owes Social Security taxes on these tips. Her total income for the year, including tips, is $4,500. Is Monica required to file an income tax return for 2021?
Assume your client wants to include travel and entertainment expenses in their tax deductions.
Explain the type of documentation needed to support your client’s claim for including travel expense as business expense.Provide a circumstance where such a claim could trigger an IRS audit. Make sure you support your argument with clear tax rules and regulations.Your client is claiming the concert tickets he purchased as a business expense.Use your understanding of the tax laws to explain a situation where your client can claim the expense deduction as a business expense and another example where your client cannot.
Which of the following statements about extensions of time to file certain business income tax returns is true?
a)It is required of mostentities to us e electronic funds transfer to make all federal tax deposits.
b) The IRS will send taxpayers a notification if their request for an extension is approved.
c) Property filing the form wil not automatically give taxpayers the maximum extension of time to file allowed.
d) The maximum extension of the to file allowed from the due date of the taxpayer's business return is generally three months.
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