When we talking about business, We need to recognized allowed and unallowed expenses. remember as a business
Question:
When we talking about business, We need to recognized allowed and unallowed expenses.
remember as a business entity, we record necessary expenses against ordinary expenses. be aware of what's necessary and what is ordinary.
Elaborate how taxes affect when conducting business, depending on the business what type of deduction are we allowed to take? create a scenario of your dream business, now that you understand self-employment.
income:
cash receipts $ 1,400
1099-NEC $ 45,000
1099-k $ 540
donation received $ 2,500
Expense
Amazon purchase $ 4,500 (office-related expenses)
BJs $ 2,300
gas $ 4,000
telefono $ 560
tax prep fees $ 540
insurance liability $3400
rent $ 7800
education $ 1500
1. report your entries on Sch C.
2 self-employment tax, attach SCH SE
3 and 1040 tax results
Moreover, indicate the Qualifying Business Income Deduction base on your result.
Use the information provided. base on the business you will report many of the deductions and/or income may not apply.
NOTE: please USE pro connect tax software
Expert Answer:
To analyze the tax implications for your dream business based on the provided information well first report the entries on Schedule C calculate the se... View the full answer
