Kelly and chanelle chambers tax return for their 2014

The following facts are available to help prepare Kelly and Chanelle Chambers U. S. Federal Individual Income Tax Return for their 2014 tax year.
Kelly and Chanelle Chambers, ages 47 and 45, are married and live at***** Durant, Oklahoma, 74701. Kelly’s Social Security number is *****¬93-9483 and Chanelle’s is###-##-####
The Chambers have two children: Emma, age 24, and Chet, age 19. Their Social Security numbers are###-##-####and###-##-#### ***** Emma is a single college student and earned $8,000 during the summer. Kelly and Chanelle help Emma through school by paying for her room, board, and tuition. Emma lives at home during the summer. Chet is also single, has a physical handicap (but is not permanently disabled) and lives at home. He attends a local university on a full-time basis and earned $4,000 working part-time for a marketing firm. In sum, Kelly and Chanelle provide more than 50% of both Emma’s and Chet’s total support for the year. If required, both children will file their own tax returns.
Kelly is a commercial pilot for a small regional airline, Westward Travels. His salary is $220,000, from which $63,000 of federal income tax and $15,000 of state income tax were withheld. Kelly also pays premiums for health, disability, and life insurance: $2,000 of the premium was for health insurance, $250 for disability, and $400 for life insurance.
Kelly’s father passed away during the year. Kelly and Chanelle received $150,000 from the life insurance policy. Neither Kelly nor Chanelle paid any of the premiums.
Chet’s physician recommended that he see a physical therapist to help with his disability. Kelly paid the therapist $10,000 during the year because their insurance would not cover the bills. Kelly also paid $2,000 in dentist expenses for the family and $400 for eyeglasses for Emma. They have no medical mileage and no medical insurance reimbursements.
On October 17, 2014, Kelly and Chanelle went to the Choctaw Casino in Broken Bow, Oklahoma and won $16,000 at the blackjack table. The next night, they lost $10,000 at the slot machines. They have receipts for both their wins and losses.
Kelly and Chanelle gave $3,000 cash to the First Church of Durant, OK during the year. They also had the following other income and expenses:
? Real estate taxes on their personal residence $8,900
? Property taxes on cars (determined by value) $700
? Alimony to Kelly’s ex-spouse (Wilma Wright###-##-#### $6,000
? Home mortgage interest $16,000
? Personal Credit card finance charges $4,300
? Tax return preparation fees ($600 is allocable to Chanelle’s business) $1,200
? Sales tax on major purchases during the year $6,300
? Interest income from a Bank of Durant savings account $900
? Interest income from City of Durant Bonds $800
? Dividend income (Qualified and Ordinary) from 3M stock $600
Chanelle owns Chamber Networks (EIN 74-1234567), a cash-basis sole proprietorship that does network consulting. The business premises are located at***** Durant, Oklahoma, 74701. During the year, Chanelle’s gross revenues were $155,000. She incurred the following expenses in her business:
? Insurance $900
? Rent payments $8,500
? Telephone/cable expense $1,450
? Utility expense $1,500
? Software rental $5,400
? Journals and magazines $150
? Training seminars $1,250
? Supplies $1,100
? Donations to a national political campaign fund $700
? Estimated federal income tax payments $26,400
? Estimated state income tax payment $8,000
In her office, she has computer equipment of $10,000 and office furniture and fixtures of $15,000, all of which was purchased in November 1, 2012. She elected to depreciation these assets rather than immediately expensing them under Section 179 or using bonus depreciation.
Kelly and Chanelle’s home was burglarized during the year on June 4, 2014. The burglar stole an entertainment system (purchased April 10, 2011; FMV $10,000; cost $12,000), an antique diamond ring and pendant (purchased April 20, 2001; FMV $22,000; cost $15,000), and a painting (purchased April 30, 2009; FMV $10,000; cost $3,000). The insurance company pays $1,000 for the entertainment system, $3,000 for the jewelry, and $400 for the painting.
Complete Form 1040 and accompanying schedules for Kelly and Chanelle’s federal income tax return for 2014 year. Use all rates, deductions, personal exemptions and dependency exemptions that are applicable for 2014. Ignore any Alternative Minimum Tax, Additional Medicare Tax, Net Investment Income Tax, credits and penalties.

Semester Papers
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.