Question: How would you create a 1040 Schedule C using the following information? Beth writes computer software programs for tax practitioners and has a part-time tax
How would you create a 1040 Schedule C using the following information?
Beth writes computer software programs for tax practitioners and has a part-time tax practice. During the year, Beth records revenues of $16,000 from the sale of a software program she developed.
Fees earned from her part-time tax practice in 2021 totaled $3,800. She paid $600 to have the tax returns processed by a computerized tax return service.
Beth incurred the following expenses in connection with her software development business.
Cost of personal computer $7,000
Cost of printer 2,000
Furniture 3,000
Supplies 650
Fee paid to computer consultant 3,500
Beth elected to expense the maximum portion of the cost of the computer, printer, and furniture allowed under the provisions of 179. These items were placed in service on January 15, 2021, and used 100% in her business.
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