Question: Please help, I edited question for legible! it too long question, so I divided post . total questions: a-r Please help to complete the Wilson's
Please help, I edited question for legible! it too long question, so I divided post . total questions: a-r
Please help to complete the Wilson's Federal income tax return for 2019-1040, schedule B, schedule C, schedule D, schedule 1, schedule E, schedule A, schedule 2,
schedule 3, short self-employment tax, form 8863, form 4562, 8283,8582,8863,8449 and 8995
Comprehensive tax return problem 2-continue
Anna purchased a new 2018 Honda Accord on November 20 of last year, and her tax accountant used the actual cost method in determining the deductible business expenses for her 2018 Federal tax return. Because the deductible amount seemed so small, she is not certain whether she should claim actual expenses (including depreciation), or simply use the automatic mileage method. She has the following records relating to the business auto:
Original cost $26,000
Depreciation claimed in 2018 ($26,000 x 5%=$1,300 x 80% business use) 1,040
Gas, oil and repairs in 2019 1,790
Parking and tolls directly related to her work paid in 2019 410
Insurance for 2019 650
Interest on car loan for 2019 750
Anna drove the auto 20,000 miles for business purposes and 5,000 miles for personal purposes during the year. The above expenses for 2019 have not been reduced to reflect her personal use of the vehicle.
On January 7, 2019, Anna purchased the following items for use in her business:
Office furniture $8,900
Copying machine 5,700
Dell notebook computer 1,500
Printer 1,600
Fax machine 300
Anna wishes to claim the maximum amount of depreciation deductions for other cost recovery allowed on the office furniture and equipment.
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