Question: Need to create Schedule C, Schedule SE from the information given. Explain your answer. In addition to his work at Carson & James, LLC, Scott

Need to create Schedule C, Schedule SE from the information given. Explain your answer.
In addition to his work at Carson & James, LLC, Scott also provides separate specialized architectural consulting services through a sole-proprietorship, Lowell Consulting. The tax ID for Lowell Consulting is 15-2222222. In 2018 he collected $30,000 from his clients for consulting fees. Scott made timely estimated self-employment tax payments of $793 each quarter (S3,172 total). He rents a small office space out of which he operates his consulting services. The office space address is 225 James Street, Suite 120, Lewisville, TX 75010. Expenses he incurred in his consulting services were: o Advertising o Lease payments for office space o Bookkeeping services o Insurance professional o Legal and Professional fees o Office Supplies o Repairs and maintenance o Utilities 500 $6,000 $1,100 $1,050 $1,300 $1,800 $ 925 $ 780 Lowell Consulting purchased and placed the following fixed assets in service during 20118 Item Computers Equipment Specialized Drafting Software Office furniture Date Purchased February 27 April 18 uly 1 September 30 Amoun 8,000 $5,700 $12,300 $ 2,500 Scott does not want to claim any bonus depreciation or Section 179 expensing on any of these assets since he expects to have higher revenues in future years
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
