Schedule BDuring the year, Joseph earned and received $12,500 from clients related to this business.His...

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Accounting

Schedule B
During the year, Joseph earned and received $12,500 from clients related to this business.

His expenses were as follows:
Advertising $175
Supplies $500
Legal Fees $750
Liability Insurance $600
The couple have the following additional expenses for the year:
Health Insurance (after-tax) $ 4,400
Doctor bills $ 470
Real estate taxes $ 2,200
Personal property taxes $ 400
Mortgage Interest $15,600

  • Complete the taxpayer information section at the top of the form
  • Enter the appropriate information in Part I and Part II
  • Check the appropriate boxes in Part III - the taxpayers have no foreign interests


Charitable contributions – cash $ 9,000
Charitable contributions – Stock
GE stock owed 5 years:
Fair Market Value (FMV) $ 8,000
Adjusted basis $ 2,000
Tax preparation fees $ 750

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