Tax return project

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Project1BusinessInfoandTaxDeprecFall2020.xlsx
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Cash Disbursements

Client: Gertrude (& Claude) Hamlit
Take Action Now Legal Consulting
Schedule: Cash disbursements
Date: December 31, 2019
Description Amount
Office space rent $ 19,800
Wages paid to part-time receptionist 35,500
Payroll taxes (for part-time receptionist) 5,432
Baseball tickets purchased for loyal customers 250
Liability & property insurance 3,250
Office supplies 725
Advertising 900
Annual Membership in Columbia Chamber of Commerce 500
Janitorial services 1,200
Business Meals (with customers) 330
Estimated federal tax payments 8,400
Down Payment on new computer equipment 1,000
Computer equipment payments 1,008
Telephone & utilities 2,100
Parking fines for parking on street outside of office 250
Contribution to National Democratic Party 500
Gertrude's continuing education required for her legal license 600
Business license 125
Total cash disbursements $ 81,870

Tax Depreciation Schedule

Client: Gertrude (& Claude) Hamlit - Take Action Now Legal Consulting
Schedule: Property, plant and equipment
Date: December 31, 2019
Tax depreciation 2016 2017 2018 2019 deductions Adjusted
Property Acquisition Date Cost Method Class MACRS MACRS MACRS Section 179 Bonus MACRS basis
Computer Equipment #1 2/1/16 2,900 MACRS 200% DB 5
Furniture 3/1/16 1,500 MACRS 200% DB 7
Security System 5/1/16 4,900 MACRS 200% DB 7
Computer Equipment #2 4/1/19 4,600 MACRS 200% DB 5
Additional notes:
[1] No Section 179 election or bonus depreciation on assets purchased before 2019
[2] Maximize deduction for 2019 asset addition.
[3] Computer Equipment #1 was sold on November 1, 2019
[4] Assets are placed in service on the acquisition date.