Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results
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Question:
Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2018:
Gross receipts | $ | 203,000 | |
Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2018 | |||
Van (over 6,000 lbs) placed in service 1/01/18, cost 27,000 | |||
Postage | (500 | ) | |
Wages | (26,000 | ) | |
Payroll taxes | (1,950 | ) | |
Supplies | (12,500 | ) | |
Phone | (1,250 | ) | |
Internet service | (600 | ) | |
Rent | (2,400 | ) | |
Insurance | (2,800 | ) | |
Van expenses | (4,500 | ) | |
|
Business assets | Date Purchased | Cost | ||
Computer 1 | 5/18/18 | $ | 2,200 | |
Computer 2 | 6/01/18 | 2,700 | ||
Printer | 3/01/17 | 900 | ||
Copier | 3/02/17 | 2,100 | ||
Furniture | 3/01/17 | 6,000 | ||
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Determine Cassi’s self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets purchased last year). (Use Table 6A-1)
(Input all the values as positive numbers. Use Rounded values for tax computation. Do not round other intermediate computations. Round your final answers to nearest whole dollar.)
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Posted Date: November 03, 2019 14:20:45