Nt1310 Unit 3 Assignment

The Year(3) Tax Return Template is a spreadsheet document based on the 1120S form that calculates the tax statements of any three years (ex: 2014, 2015, 2016), as well as the averages of some totals for the past three years.
The first sheet labeled Tax Return consist of three main sections Income, Deductions & Tax Payments, also it should be noted that ‘Income’ & ‘Deductions’ are related to each other (calculation wise), also part of the ‘Income’ section (Balance & Cost of Goods) and all of the ‘Deduction’ section has a part where they are shown as a percentage related to G.I (Gross Income). Anyways the ‘Tax Payments’ section has no relation to the previous two sections, meaning that it will not affect the previous information in the previous

sections. It should be noted that when filling in the form that not every section must be filled, meaning that some sections can be left blank if required, for example A company may not have any ‘Bad Debts’ if that is the case then that section can be left blank.
In the income section your first total is Gross Profit which is the balance subtracted from the cost of goods sold and the Total Income will consist of all income factors filled in and will include the Gross Profit. For deductions it is nearly the same except there is no ‘Gross’ anything at the beginning. One would fill in the necessary sections in the section and then it will calculate the Total income. The last thing calculated within these sections in the Business Income which is the Total Income minus the Total Deductions.
The last section of the Tax Return sheet is Tax Payments, this is a short section consisting of only five lines (six if you count the blank), as with the other sections not all parts will not need to be filled if necessary. The totals that have one should be concerned about is the Amount Owed & Overpayment section, because the equation for these totals are different than the rest. The equation means if total tax plus estimated tax penalty minus total payments & refundable credits is greater than or equal to zero amount owed will equal the sum of those sections, however if it is less than zero the negative number will go to overpayment, however the transfer would be positive.
The ‘other’ sheets (Other Income Detail & Other Deduction Detail) consist of up to thirty other categories that might not be listed in the main sheets, anything included in these totals will transfer back to the tax return sheet and will appear under other income or other deductions respectfully.
In the other sections categories (says “Insert Category Here”) can be renamed, however it is not necessary. In the case that the 30 other categories are not enough, simply right-click on the blank row before total and click insert row. Keep in mind that if one decides to insert a row, the equation for other deductions or income (depending on which one was changed) on the tax return sheet will have to modified so that it returns correctly, for example the in the Other Income Detail sheet the total currently rests on row 35, if one other row is added one will need to manually change the equation so that the row number is 36.
Last, but not least we have the trend section. This is a prediction of what might happen for this business after three years based off of the gross income and, meaning that after one inserts the values for the first three years of the business it will calculate what will happen the following years between years 4 to year 10. It should be noted that this is a prediction and could be wrong.