Katie and Rob were married in 2010. Katie and Rob lived together until February 2020, when Katie left Rob to go live with her new boyfriend. Katie and Rob are not divorced or legally separated as of December 31, 2020. Rob has a daughter, Emily, who is a dependent child (qualifying child) of Rob and lived with Rob for all of 2020. Rob paid all costs of maintaining the home for him and Emily for all of 2020. Rob does not know where Katie is, and he would not be able to get Katie to sign anything. What would be the most beneficial filing status that Rob could use for 2020? Assume Rob has taxable income of $300,000.

Q: Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD).…

A: Income Tax and Tax Rate: The term "income tax" refers to the category of tax that the government…

Q: Mark and Lisa were divorced in 2018. In 2019, Mark has custody of theirchildren, but Lisa provides…

A: A dependent is a person who qualifies for the dependency exemption but is not the taxpayer or…

Q: You are preparing Timmy’s 2020 tax return. How much will you include as can-cellation of debt…

A: Cancellation of debt: Cancellation of debt is defined as the situation in which the creditor…

Q: Bill and karen are divorced and the parents of one child who is in bill's custody. in order to work,…

A: For a taxpayer to claim a child care expense deduction, the following conditions may typically…

Q: aniel Jackson bought a home in 2010, before he married his wife Sarah. In 2020, Daniel and Sarah are…

A: The IRS allows to use the home for the office purpose. The official space in home can be a separate…

Q: On March 10, 2019, Elizabeth, a college

A: Elizabeth purchased house on Mar 10, 2019  and sold it on July 15 , 2022 .  So she…

Q: Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. •…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: Jed, age 55, is married with no children. During 2019, Jed had  the following income and expense…

A: All amounts are in dollar ($).

Q: Mark and Mary have been married for 12 years and have no children. The couple divorced several years…

A: Section 1041 :                It is one of the section presents Internal Revenue Code…

Q: Dean and Rayann have been married for 25 years. In 2022, they won $1,000,000 ata casino. They knew…

A: The correct filing status for Dean and Rayann for 2023 is Option (a) Married, -76.

Q: What is the total “For AGI” deductions? Paul Turner is single and has two children, Allen and Lee…

A: Alimony deductible refers to the allowances which are allowed for husband or wife by the order of…

Q: Leilani receives a crop share from Galictica Farms, which she rents to her neighbor, Dustin. She…

A: Schedule F is a tax form used in the United States to report income and expenses related to farming…

Q: Bernice is a sole proprietor who provides dog walking services to a number of neighborhood dog…

A: There are two system of accounting for recording the revenue and expenses for a tax payer. Taxpayers…

Q: Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2022 Christmas…

A: "Filling status" in tax refers to the taxpayer's classification based on their marital status and…

Q: Will they qualify for any gain exclusions? If so, explain why. If not, explain why

A: Gain Exclusions.

Q: Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $325,000. He…

A: Recognized gain and realized gain are two important tax concepts that are important to understand…

Q: Ashleigh Batista is 42 years old and divorced. Her net income for 2023 is $84,400. She has retained…

A: Federal Personal Tax Credits:Personal credits are indexed for inflation.Any unused portion of the…

Q: Maribeth and Rick are married and file jointly. Maribeth runs her own bakery and makes a net profit…

A: The objective of the question is to calculate the amount that Maribeth and Rick can deduct in…

Q: irrevocable trust

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Q: Calculate Karen’s realized and recognized gain or loss, and (2) explain

A:

Q: 1. Are Mike and Viola eligible to claim the Child Tax Credit (CTC) and Additional Child Tax Credit…

A: 1. A child is considered qualifying dependent if they satisfy the following basic conditions: Below…

Q: • The loss from the sale of § 1244 stock results in an ordinary loss ✔ of $ 90,000 ✓ . The worthless…

A: 1. Loss from sale of 1244 stock result an ordinary loss of $90000 (120000-30000) 2. The worthless…

Q: Judy’s mother, Sarah, died on July 2, 2018, leaving Judy her entire estate. Included in the estate…

A: Rental Income: Rental income from the property could be treated as income from house property and…

Q: Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is…

A:

Q: Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2021 Christmas…

A: Each and every citizen who has earned income had to pay the required taxes during the period and had…

Q: The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as…

A: According to the Internal Revenue Service (IRS), a dependant is either a qualifying child who is…

Q: Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD).…

A: Adjusted Gross Income (AGI):  Adjusted gross income is the amount on which the tax liability of the…

Q: Lauren and Javier were married in 2016. A year later, in 2017, they purchased their first home for…

A:

Q: Minnie (age 26) lives with her boyfriend Mickey (age 28) during all of 2021. Mickey is unemployed…

A: A Dependent is a person who depends on or needs someone for aid, support, favor, etc.He/She may be a…

Q: .Compute Devon’s lowest net tax payable or refund due for 2018 assuming that he makes any available…

A:

Q: What filing status should Reba use for her 2020 tax return?  Regardless of your answer in a., assume…

A: 1) R is a divorcee as on 31st December 2020 So, she should file recordings as a single for 2020 tax…

Q: John supports Kevin, his cousin, who lived with him throughout 2019. John also supports three other…

A: For tax purposes, a dependent is someone “other than the taxpayer or spouse” who qualifies to be…

Q: Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is…

A: 2022 Federal Tax Return for Ashley PandaForm 1040: U.S. Individual Income Tax ReturnPersonal…

Q: The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as…

A: Taxable income means adjusted gross income less all deductions. Income may be salary, bonus,…

Q: Harry and Carrie Franklin are married and choose to file Married Filing Jointly on their 2020 tax…

A: Eligible educators can subtract up to $250 in eligible expenditures from their wages under the…

Taxes and Financial Planning

Financial planning is the process of achieving one's financial goals and objectives in a step-by-step manner. Financial planning aids in the management of one's income, expenses, assets, and investments. It generates enough liquidity to cover short-term financial needs. Tax planning is one of the most important aspects of financial planning because it contributes to higher returns while lowering tax liability. Tax planning ensures financial growth for investors and assesses their financial situation from a tax standpoint.