Jayda, who is self-employed, maintains an office in her home that comprises 16% (370 square feet)...

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Jayda, who is self-employed, maintains an office in her home that comprises 16% (370 square feet) of total floor space. Gross income for her business is $44,150, and her residence expenses are as follows: Real property taxes Interest on mortgage Operating expenses Depreciation (based on 16% business use) If required, round your final answer to the nearest dollar. $4,860 8,100 4,050 6,395 a. What is Jayda's office in the home deduction based on the regular method? b. What is Jayda's office in the home deduction based on the simplified method? In 2023, Meghann, a single taxpayer, has QBI of $137,500 and modified taxable income of $110,000 (this is also her taxable income before the QBI deduction). Given this information, what is Meghann's QBI deduction? Meghann's QBI deduction is $ In 2023, Ava, an employee, who files single, has AGI of $44,200 and incurred the following miscellaneous itemized deductions this year: Union dues and work uniforms: $780 Home office expenses: $2,340 Unreimbursed employee expenses: $1,092 Gambling losses to the extent of gambling winnings: $1,300. What is Ava's total itemized deduction related to these items? Jackson, a self-employed taxpayer, uses his automobile 74% for business and during 2023 drove a total of 24,800 business miles. Information regarding his car expenses is listed below. Business parking Auto insurance Auto club dues (includes towing service) Toll road charges (business-related) Oil changes and engine tune-ups $250 2,500 300 375 400 275 Depreciation allowable 5,000 Fines for traffic violations (incurred during business use) 500 Gasoline purchases 5,500 Repairs What is Jackson's deduction in 2023 for the use of his car if he uses: If required, round your answers to nearest dollar. a. The actual cost method? b. The automatic mileage method? c. What records must Jackson maintain? Keeping a written or electronic log of miles driven, the dates the automobile was used, the location of travel, and the business purpose is enough evidence for the l If the is used, keeping copies of receipts, canceled checks, and bills in addition to a mileage log is sufficient. Records and logs should be kept contemporaneously (e.g., updated weekly or daily). Jayda, who is self-employed, maintains an office in her home that comprises 16% (370 square feet) of total floor space. Gross income for her business is $44,150, and her residence expenses are as follows: Real property taxes Interest on mortgage Operating expenses Depreciation (based on 16% business use) If required, round your final answer to the nearest dollar. $4,860 8,100 4,050 6,395 a. What is Jayda's office in the home deduction based on the regular method? b. What is Jayda's office in the home deduction based on the simplified method? In 2023, Meghann, a single taxpayer, has QBI of $137,500 and modified taxable income of $110,000 (this is also her taxable income before the QBI deduction). Given this information, what is Meghann's QBI deduction? Meghann's QBI deduction is $ In 2023, Ava, an employee, who files single, has AGI of $44,200 and incurred the following miscellaneous itemized deductions this year: Union dues and work uniforms: $780 Home office expenses: $2,340 Unreimbursed employee expenses: $1,092 Gambling losses to the extent of gambling winnings: $1,300. What is Ava's total itemized deduction related to these items? Jackson, a self-employed taxpayer, uses his automobile 74% for business and during 2023 drove a total of 24,800 business miles. Information regarding his car expenses is listed below. Business parking Auto insurance Auto club dues (includes towing service) Toll road charges (business-related) Oil changes and engine tune-ups $250 2,500 300 375 400 275 Depreciation allowable 5,000 Fines for traffic violations (incurred during business use) 500 Gasoline purchases 5,500 Repairs What is Jackson's deduction in 2023 for the use of his car if he uses: If required, round your answers to nearest dollar. a. The actual cost method? b. The automatic mileage method? c. What records must Jackson maintain? Keeping a written or electronic log of miles driven, the dates the automobile was used, the location of travel, and the business purpose is enough evidence for the l If the is used, keeping copies of receipts, canceled checks, and bills in addition to a mileage log is sufficient. Records and logs should be kept contemporaneously (e.g., updated weekly or daily).

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Answer Jaydas Home Office Deduction a Regular Method Calculation Percentage of Home Used for Business 16 Total Allowable Expenses We need to identify allowable expenses from the given ones Allowable e... View the full answer