He has used his Acura TL in his business during the current year. During the year, he
Question:
He has used his Acura TL in his business during the current year. During the year, he properly documented 6,000 business miles. The total mileage on his car (i.e., business-use and personal-use miles) during the year was 15,000 miles. Paul elects to use the standard mileage method to calculate his car expenses. He spent $45 on tolls and $135 on parking related to the real estate business.
24.Paul's company has an accountable expense reimbursement plan for employees from which Paul receives $12,000 for the following expenses:
Airfare $4,700
Hotel 3,400
Meals 2,000
Car rentals 600
Entertainment 900
Incidentals 400
Total 12,000
Calculate the following for the year 2021:
What is the schedule A total itemized deductions?
What is the Qualified Business Income Deduction?
What is the total taxable income?
Expert Answer:
Schedule C Business Income Statement Particulars Amount Commission Earned 21250 Less Exp... View the full answer
