Tax Treatments for Individual Returns Essay Example for Free

Tax Treatments for Individual Returns Essay A. Recommended Tax Filing Status The tax filing status that I would recommend is Married Filing Joint. The reason for this is that the IRS has various tax breaks for married persons that file together that are unavailable if you file married filing separate. It also affect the tax rate, they will pay a lower rate of taxes if they file together than they would if they filed separately. A2a. Taxable and Non-Taxable Income Taxable Income for the couple would include the following items: Spouse A’s income from the partnership, Spouse A’s income from the part time job, Spouse B’s income from the electronics firm, and the dividends that were received by Spouse A from Company E. Their Non-Taxable Income items would be: The child support that spouse B receives (child support is nontaxable because it was taxed as income on the parent that is paying it), the interest received on Municipal Bonds (municipal bonds are tax exempt), and the income on the sale of their personal residence is tax exempt because it was their primary residence and they lived there for the required amount of time for the exemption of 500,000 (since they are joint filers). A2b. Capital Gains and Losses The couple has 5,000 in short term capital losses from the day trading while spouse B was unemployed. These losses can be netted against any capital gains that may exist. For example if the sale of the rental property resulted in a long term capital gain, however the rental property is a passive activity so the short term loss can only be claimed for 3,000 and the remaining amount would be carried forward. A2c. Profit or Losses from Sale of Property The profit from sale of the couple’s personal residence would not be taxed. Their personal residence was lived in for at least 2 of the last 5 years and  was under the cut off of the exemption of 500,000 after their adjusted basis calculation was deducted from their sale price. The profit from the sale of the rental property would be taxed as mention in the paragraph above. Depending on how the adjusted basis came out it would either be an ordinary loss or a capital gain. A2d. Partnership Income and Losses Spouse A received a K-1 reporting the share of the partnership income as 142,000. This amount will be reported by the couple on their schedule 1040 as income. The cash withdrawal of 83,500 would most likely not be considered a gain (the determining factor for this is whether or not the amount of Spouse A’s interest in the partnership is higher or lower than the withdrawal amount.) A2e. / A3. Passive Activity Gains and Losses The couple has passive activity from the rental properties that they own but are managed by a local realty company, which means they are not actively participating. Their gross rents are 23,000 and their expenses/depreciation total 29,200. The result of this activity is a passive loss of $6,200.00 The couple also has the gain on the sale of the rental property that could be passive because again it is from their rental properties that they do not actively participate in. The maximum amount of loss they could claim from rental properties is 25,000 per the IRS regulations. A4. Adjustments to Income (on the 1040 form this area is called Adjusted Gross Income) There are multiple adjustments and deductions available to the couple in the 1040 AGI section. The alimony that Spouse A pays can be listed in this section as an adjustment, this will lower their income. Because alimony paid is a deduction to the payer. Alternatively the child support amount that they have listed will not affect anything; you do not need to include it in your income so it is not an adjustment to income. Spouse A’s health  insurance would qualify them for a self-employed health insurance deduction. The contributions to Spouse A’s Keogh plan are also an adjustment to income, this is because they can be deducted in the year they are contributed so that the contributions to the plan are â€Å"tax free†. However, I am unsure about the calculation of maximum because the IRS states that: â€Å"Retirement plans for self-employed people were formerly referred to as â€Å"Keogh plans† after the law that first allowed unincorporated businesses to sponsor retirement plans. Since the law no longer distinguishes between corporate and other plan sponsors, the term is seldom used.† (Retirement Plans for Self-Employed People, 2014) The moving expenses are not an adjustment to Income, the reason for this is that on form 3903 there is a distance test worksheet, when the calculation is done it shows the move was not a difference of 50 or more miles since the move was 52 miles minus the distance to her previous job of 3 miles it is only 49. This does not qualify them to deduct their expenses. A5. Deductions The itemized deductions that the couple would be allowed to take are a deduction for their medical expenses in the amount of expenses that exceeds 10% of their Adjusted Gross Income (line 38 on 1040). So they would take their 10% of their AGI and subtract that number from their total medical expenses and the remaining amount is the available deduction. I don’t believe this would result in much of a deduction if any in their situation. The 6,000 in charitable contributions would be an itemized deduction. However, the 2,600 in business suits is not a valid deduction because you can wear a business suit as everyday clothing. If the clothing were a uniform or something more specifically required by the job that she would not be able to wear in place of her everyday clothes then the amount would be deductible. Due to these calculations, I would recommend to the couple that they take the standard deduction of 12,200 because I believe this would be higher than  their total for itemized deductions. A6. Tax credits Because the couple has a dependent that is in college and living at home they may be eligible to take the American opportunity credit or the lifetime learning credit these credits are available to someone that pays college expenses for themselves or a dependent. They cannot take both however, only one education credit is allowed per year so they would want to calculate which is more beneficial. The couple has dependent children, so they might also be able to take a child tax credit of up to 1,000 per child however, their adjusted gross income may be too high which would phase the credit out to 0. Without doing all of the calculations I am not certain as to whether or not they would actually get this credit. It is also possible that they would qualify for a savers credit which is based upon contributions to a qualifying retirement plan, but again I am not sure if they would end up being over the adjusted gross income limit to receive this credit. References Partners Instructions for Schedule K-1 (Form 1065) (2013 ). (n.d.). Partners Instructions for Schedule K-1 (Form 1065) (2013 ). Retrieved March 10, 2014, from http://www.irs.gov/instructions/i1065sk1/ch02.html Publication 523 (2013), Selling Your Home. (n.d.). Publication 523 (2013), Selling Your Home. Retrieved March 10, 2014, from http://www.irs.gov/publications/p523/ar02.html Publication 544 (2013), Sales and Other Dispositions of Assets. (n.d.). Publication 544 (2013), Sales and Other Dispositions of Assets. Retrieved March 10, 2014, from http://www.irs.gov/publications/p544/index.html Ten Facts about Capital Gains and Losses. (n.d.). Ten Facts about Capital Gains and Losses. Retrieved March 10, 2014, from http://www.irs.gov/uac/Newsroom/Ten-Facts-about-Capital-Gains-and-Losses1 1040 Central. (n.d.). 1040 Central. Retrieved March 13, 2014, from http://www.irs.gov/Individuals/1040-Central Retirement Plans for Self-Employed People. (n.d.). Retirement Plans for Self-Employed People. Retrieved March 13, 2014, from http://www.irs.gov/Retirement-Plans/Retirement-Plans-for-Self-Employed-People

Workplace Ethics Essay -- essays research papers

The judicial system in the United States is in desperate need of Christians with high ethic principles to take control of our courts. More Christian lawyers in our courts is one way of getting ethics into the judicial system. There are major controversial issues lawyers encounter when dealing with their clients and business in general. Firstly, many people question if an honest lawyer can defend a guilty client. â€Å"t is true that a lawyer is expected to represent a client zealously within the bounds of the law, but the question may fairly be asked whether this relieves the lawyer of any moral obligation other than compliance with the law. Put more broadly, when a person acts in a capacity of a lawyer, is he relieved of the personal or moral responsibility for the consequences of his action...

Program Summary Essay

The process of a program’s development is to acknowledge what exactly the program is, and what mission they set forth to achieve. Regarding the Far West Elementary School’s organization mission where they work as a team filled with parents, and staff who are dedicated to creating a caring, exciting environment that promotes responsibility, self esteem, and academic achievement where differences are valued and learning is a lifelong goal. Although the mission promotes responsibility the school lacks in English proficiency. This program curriculum is undeveloped because the staff is lacking the qualifications; they are teaching the children using non certified or non licensed skills. The material needs to be upgraded via the English curricula. In order for the limited English proficiency (LEP) skills to grow the qualifications of the staff must be qualified. Within this program it will provide thoroughness, communication, and financial management. These elements are needed because it will build the morale of the program, the current staff and students skills, and the community of the low cost area of Far West Elementary School. Assessments: Assessments will be to analyze the programs purpose and its empowerment. According to, Gutierrez (1994) defines empowerment as the â€Å"process of increasing personal, interpersonal, or political power so that individuals, families, and communities can take action to improve their situations†. I chose this quote because I felt it works well with the school and how one can increase their skills when it comes to defining the process and determining the goal. The assessments determine if the faculty member is qualified to teach in a professional manner? The assessments will be constructed by licensed bilingual counselors who document the knowledge, skills, and beliefs of the staff; it will focus on the case studies, the learning styles, and experimental work (Wikipedia, 2009) of students as well. Once the staff members are increasing their English proficiency skills the students will then become more advanced. This will serve as the process used for the staff being a positive outcome. The process will prove that the development of the plan was evaluated; it will identify the measure used to develop the plan, which were the workshop sessions. The data collected will be the presented through the students and their English skills increasing. The reporting and results will follow by the many programs that will be offered, by the families of the students skills improving, and the preparation of enrolling new students and staff within the school. The thoroughness the program will reflect will show how eager it is increasing the English skill in the community. It will drain all energy taken with the counselors using with their senior skills, in making sure all aspects of the program’s session are passed. This will include the performance of the community, the faculty, and the productiveness of the students. The measures the program assessments will take will be resourceful in present and future lives of the students. They will be constructed to abide by the mission of the school. Needs and Problem Statement: The programs needs and problem assessments would be to evaluate the staff and improve their proficiently in teaching the English language. Specific needs of the program to be focused on are alternative certification program, special support for teachers, and improving the skills for higher education. The influences and expectations play in a role in administrator’s role of the agency because the significance of it is to connect with their staff and oversea that duties of the agency are being done. According, to Far West Elementary School administrators their needs are to make sure that the (LEP) skills are increased by making sure the staff are taking advantage of all the training programs offered by the counselors and funders. Administrators are to make sure the pressure is on in understanding the fact that achieving the (LEP) skill betters the elementary school, the staff guiding and forcing the direction. The problem occurs when there aren’t any funds being allocated for the program. Program Planning: Grant funding will be set through the proposal planning for the program. The program will propose the government with its attribute and prove the program should is qualified enough for their funds. By, introducing yourself and introducing the program that you want funded, it will benefit the people of the community. The function of the grant proposal is to allow you to communicate and present your proposal of the plan or program is looking for funding. The purpose of the proposal is to gain funds for a program that will better someone or families. The purpose is to present your program before it is even considered a program. Grant proposals relates to a program plan by proposing ideas, suggesting programs or simply bringing new ideas to the table that need to be approved and funded. They both take in considerations to help others and address problems within a community. Communication is the element the program will be best at and portray. The relevance of communication in the program is top high because it’s used to connect the staff, students and their families and show what’s most important each other. Talking and expressing their needs of why increasing the limited English proficiency skill is the number one key within this program. Alternate funding: Alternate funding will be the bonding aspect within the program. It will include Ideas of nontraditional funding which includes activities that involve the community more than the government. The program is locating funding through fundraising like raffling off tickets for prizes; therefore more people will participate knowing they can win a prize. Another alternate funding strategy would be selling dinners in the community for reasonable prices; the program staff will present talent shows for the community which they will participate in as well. Activities will be listed as, special events like face painting and relay racing would bring more funds to the program. Another idea would be client donations where the staff will donate to the program, whether it’s volunteering or giving a money donation. A funding institution that works with human service organizations is Administration for Children & Families (AFC). Its mission along with Health and Human Services (HHS) is responsible for federal programs that promote the economic and social well being of families, children, individuals, and communities, (AFC, 2011). The expectations for evaluating this funding institution are campaigning to rescue and restore families, family and youth services, administration development, child care bureau and many other programs they set to fulfill through their expectations of the ommunity. These expectations influence the evaluation plan and programs by staying true to their mission and achieving their goals. Implementation: The implementation of the program will be tedious, long and drawn out however it’s all for a good cause. During the process and outcomes stage, the process will evaluate the documented and monitored interventions taken for the staff and describe the importance of the program. The data will acknowledge and understand why the skills need to be improved. It will prove why it acceptable in the targeted community. The implementation that will be put forth and fulfilled will show through the structure of the program. Also the stakeholders are the people who invest in the program to develop the skills therefore they are implementing the program as well. Once the proposal was presented to them their share and interest in the program wasn’t just want they invested in the agency but an actual investment. With having a better understanding of the mission of the agency and what the team, parents and staff are dedicated in achieving the stakeholders know for a fact that the group they are investing in has significant obligations they wish to fulfill. Evaluation: The evaluation of the program will be based on the community of Far West, a suburb of New Hampshire Far West community that holds a population of 30,000 where the elementary school holds 700 with 30% of the students who have relocated from a foreign country. Being that the students are from an Asian decent background they have limited experience in English writing, reading and speaking skills. The evaluation of the program opportunity is to improve the limited English proficiency (LEP) skills for teachers, students, and their families. It will evaluate what it negative in the program that needs fixing, it will allow the individual to see the reality of how building a program can really determine whether the program is qualified or not. Conducting assessments will provide the program with information of services at that are needed or services that are not, therefore funds will be saved in the program. Judging whether or not the staff is qualified will also demonstrate evaluations for further training. The evaluation of the program will cover needs being addresses, staff nderstanding and building a rapport with the students and staff and always and follow the mission and value statements of the agency. The evaluation will make sure projects being funded properly, all and outcomes of the programs strengthens the organization. During the empowerment evaluation process it will acknowledge who exactly needs their skills to be improved. Counselors will overlook classroom settings and become involved with the students, and allow them to give me their reasons on why wanting to improve their LEP skills. Staff and students participate with each other in improving the (LEP) skill. It will offer workshops with professional leaders who will oversee activities in upgrading certificates to licenses; therefore the teachers are developing the programs for the students and promoting a professional outlook of the programs. The importance of this program is to improve the skills of limited English proficiency, in the Far West Elementary School located in a low income housing community. This program was chosen for this location because of the presence of families with foreign backgrounds. The program focuses on improving the skill for parents as well, being they involved in the community as well. Overall the importance of the program summary is to provide thoroughness, communication and build the morale of the program; the current staff, students and parents to work together and achieve its mission to better the skills within the school, and the community of the low cost area of Far West Elementary.

Essay on Spectroscopy - 921 Words

Spectroscopy Spectroscopy is the study of energy levels in atoms or molecules, using absorbed or emitted electromagnetic radiation. There are many categories of spectroscopy eg. Atomic and infrared spectroscopy, which have numerous uses and are essential in the world of science. When investigating spectroscopy four parameters have to be considered; spectral range, spectral bandwidth, spectral sampling and signal-to-noise ratio, as they describe the capability of a spectrometer. In the world of spectroscopy there are many employment and educational opportunities as the interest in spectroscopy and related products is increasing. However Spectroscopy is not a recent development, as it has been†¦show more content†¦History of Spectroscopy ======================= Spectroscopy has been used as a method of quantitative chemical analysis before the beginning of the twentieth century. Spectroscopy started in 1666 when Sir Isaac Newton passed rays of light from the sun through a glass prism and observed the colours of the visible spectrum, another great breakthrough concerning spectroscopy was the suggestion of transition between energy levels within atoms as the source of spectral lines was great contribution made by Niels Bohr in 1913. At the end of the nineteenth century, spectroscopy was limited to the absorption, emission, and the scattering of visible, ultraviolet, and infrared electromagnetic radiation. However, during the twentieth century, spectroscopy was extended to include other forms of electromagnetic radiation including photo spectroscopy e.g X-rays, microwaves, and radio waves, as well as particle spectroscopy. Functions and Description of a spectrometer [IMAGE] Fig 1. Schematic diagram of a spectrometer employing photomultiplier as detector. 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