Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Social
Question:
Fees from CPA practice..............................................$128,250
Expenses:
Car mileage (3,231 business miles) ....................................1,793
Business insurance..........................................................870
Office expense............................................................3,450
Rent on office space......................................................8,400
City business license........................................................150
Travel expense.............................................................4,100
Meals and entertainment................................................4,780
Utilities.....................................................................1,625
Wages of secretary......................................................25,700
Scott placed his car in service on January 1, 2008. This year, he commuted 2,000 miles in it and drove it 4,000 miles for non business purposes. His wife has a car for personal use.
Complete Schedule C on pages 3-41 and 3-42 for Scott showing Scott's net income from self-employment.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Question Posted: