Question: Jaime operates a sole proprietorship using the cash method. This year Jaime made the following expenditures: $1,200 for 12 months of property insurance beginning on

Jaime operates a sole proprietorship using the cash method. This year Jaime made the following expenditures: $1,200 for 12 months of property insurance beginning on December 30 of this year. $800 for two Tommy Hilfilger suits for meetings with clients $960 to Wells Fargo for 12 months of interest accruing on a business loan from April 1 of this year through March 31 of next year What is the maximum amount Jaime can deduct this year?

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