Individual Tax Return

ACT405 Portfolio Project (350 points) Individual Tax Returns Because it is important for accountants to de monstrate the filing requirements for individual tax returns, for this final project you will be completing an individual tax return and then analyzing this experience. Key Component: Using the case data from the attached case, complete Form 1040. Complete the Excel spreadsheet template that has the respective tax forms and schedules required to complete the return. Complete all of the remaining parts of your respective business tax return for which there is information. Also, address any instructor feedback provided in the milestone submissio ns. Requirements: Submit yo ur tax return and computations, including each part detailed below: Part 1: D etermine all items that will be EXCLUDED from gross income. In a n MS Excel spreadsheet, list all excluded items in column A. In c olumn B, explain why the item is excluded. You may reference the specific tax law or a link to another trusted source. A trusted source is either supported by the IRS or academic literature under which tax law for the year 2013 is applicable. Submit the MS Excel spreadsheet that lists the excluded items and the supp orting information on which your decision is based. Part 2: Determine all items that will be deducted before the AGI calculation. In a MS Excel spr eadsheet, list all deductible items in column A. In column B, determine where that deduction should appear on Form 1040 (for tax year 2013). Submit t he MS Excel spreadsheet that lists the deduction for AGI (dfor) items and the supporting information on which your decision is based. P a rt 3: Complete the Form 1040 - Schedule E template. Show all calculations within the cells of the template. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of s olutions. P a rt 4: Complete the Form 1040 - Schedule E template . Show all calculations within the cells of the template. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions. Review the Portfolio Project Grading Rubric to understand how you will be graded on the project.