Hello,
I need some help. I do not understand how to do it. Please help!


Business Tax Scenarios

You are 16 years old and single. You are a U.S. citizen. You live in the United States with your parents, who pay for all of the costs of maintaining your home.

You are a full-time high school student. After school and on weekends, you provide lawn care services for your neighbors and for a local business. You are not an employee. You are correctly classified as an independent contractor. Your parents are very generous—they let you borrow their lawnmower. You buy the gasoline for the lawnmower.

It's the last day of the year. You earned $650.00 for mowing lawns for your neighbors. You earned $900.00 for mowing the lawn for the local gas station. You received Form 1099-MISC from the owners of the gas station, showing the amount you were paid.

You have receipts for all of the business expenses.
Gas and oil for the lawnmower: $290.00
Bag of cleaning cloths: $10.00
Flyers to advertise the business: $25.00
Notebook to track business income and expenses: $6.00
Book of receipts to give to customers: $8.00

What tax forms do you need to file?




Maria owns a restaurant. She has owned the restaurant for 10 years. When Covid caused her to shut down temporarily, Maria's parents loaned her money and are now partners in the business. Maria restaurant serves alcohol as well as food. She has four waitresses/waiters and two cooks who work for the restaurant.

What tax forms does Maria need to file for her business and her own income?





Randy owns a trucking business where he hauls farm commodities like wheat and corn as well as cattle. Randy’s trucking business is set up as a sole-proprietorship and a LLC. Farmers and ranchers pay him to haul their products to market. Randy only travels within Colorado.

What tax forms does Randy need to file?




Your grandparents have set up the family farm as a corporation. Your parents now run the farm and are needing your help to file their taxes. Your grandparents, parents and uncle are all shareholders in the corporation. Your parents also get paid a salary for running the farm. The farm had a great year and all the shareholders received dividend checks. The farm does not have a truck to haul their grain and cattle to market so they hire Randy to haul their farm commodities.

What forms does the corporation need to file?



What forms do the shareholders and your parents need to file?