Imagine that you are preparing taxes for a local tax serviceprovider. A married couple named Judy and Walter Townson have cometo you to seeking assistance with their federal income taxes.During your meeting with the Townsons, you gather the followinginformation: They are both 55 years of age. They have two daughtersand one son. One daughter (age 25) is married with children. Onedaughter (age 20) is living at home and attending college. Theirson (age 16) is a junior in high school. They are currently payingfor their college-student daughter to attend school full time. Judyis employed as a teacher and makes $60,000 a year. She used $500 ofher personal funds to purchase books and other supplies for herclassroom. Walter is employed as a CPA and makes $100,000 a year.They provided you a 1099-INT which reported $4,500 in interest ofwhich $500 was savings bond interest. They provided you a 1099-DIVwhich reported $300 in dividends. They received a state tax refundlast year of $385. They provided you a list of expenses including:Doctor’s bills, $800 Prescriptions, $400 New glasses, $2000 Dentalbills, $560 Braces, $5000 Property taxes for their two cars of$800, which included $50 in decal fees Real estate taxes of $4500Mortgage interest of $12,000 Gifts to charities, $1000 GoFundMecontribution to local family in need, $100 Tax Preparation Fees forlast year’s taxes, $400 Consider the most beneficial way for Judyand Walter to file their federal income tax return. Prepare a briefwritten summary that addresses the following: Estimated taxableincome for Judy and Walter (please show computations!) Summary oftax return, including any suggestions or tax planningconsiderations Explain how you determined the filing status,dependents, and use of standard/itemized deduction. Note: Thesummary should be no more than 500 words and should be uploaded asa Word document with a cover page via the Blackboard assignment tabin Week 5. The specific course learning outcomes associated withthis assignment are: Review tax authorities and sources of tax law.Assess the concepts of gross income and strategies to minimizegross income. Examine deductions from income, limitations on thosedeductions, and strategies for maximizing deductions.