Homework Answers
The correct answer is Mortgage Interest.
Explanation: Mortgage interest paid on own house can be deducted when it is partially used for business purpose. It means, part of it is used for business purpose and other part is used for home. Hence, it can be treated as a qualified business-use-of home expenses and the portion can be deducted.
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□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may...
e Question 75 of 75 d as a sole proprietor, reported on Schedule C (Form 1040)....
e Question 75 of 75 d as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square fest of nis 2.100-uars foon rented loft exclusively and regularly for business Blabe used the cash-ce unting method·nd had hewo and ngwa Gross receipts: $36,96o Expenses Advertising: $80 . Business insurance: $685 Business license: $100 Cmpreensive heaith insurance (entire year);: $7,788 Office supplies: $76 e Postage: $38 e Rent (entire year): $14,400 . Renter's insurance (entire year): $1,055 e Second...
LJMark for tollow up Question 2 of 75 Wendy is a sole proprietor with one employee....
LJMark for tollow up Question 2 of 75 Wendy is a sole proprietor with one employee. She maintains a SIMPLE IRA in which she matches salary reduction contributions at the rate of 3% of the employee's compensation. Where on her tax return does she report her own contribution, and where does she report the contribution she makes on behalf of her employee? O Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an...
Question 74 of 75 Blake operated as a sole proprietor, reported on Schedule C (Form 1040)....
Question 74 of 75 Blake operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square toot rented loft exclusively and regularly for business. Blake used the cash accounting method and had tihe following income and e for his financial planning business Gross receipts: $36,960 Expenses: e Advertising: $80 e Business insurance: $685 e Business license: $100 Comprehensive health insurance (entire year): $7,788 e Office supplies: $76 o Postage: $38 o Rent...
Question 32 of 75. Judy is a sole proprietor and wishes to use the simplified method...
Question 32 of 75. Judy is a sole proprietor and wishes to use the simplified method for business-use-of-home expenses. Her mortgage interest for 2018 is $3,500, and real estate taxes are $975. Her home office is 400 square feet, and her total home square footage is 1,800 square feet. What is her home office expense deduction? $4,475 $2,000 $1,500 $994 Question 33 of 75. Short-year depreciation does not affect which of the following conventions? O Half-year. Mid-month. Mid-quarter. O Mid-year.
Question 73 of 75. Blake operated as a sole proprietor, reported on Schedule C (Form 1040)....
Question 73 of 75. Blake operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2,100-square- foot rented loft exclusively and regularly for business. Blake used the cash accounting method and had the following income and expenses for his financial planning business: • Gross receipts: $36,960 • Expenses: • Advertising: $80 • Business insurance: $685 • Business license: $100 • Comprehensive health insurance (entire year): $7,788 • Office supplies: $76 • Postage:...
Tullow up Question 46 of 75. Wendy is a sole proprietor with one employee. She maintains...
Tullow up Question 46 of 75. Wendy is a sole proprietor with one employee. She maintains a SAMPLE contributions at the rate of 3% of the employee's compensation. Wendy 15 a SIMPLE IRA in which she matches salary reduction Wendy's own salary reduction contron salary rede O And employer matching contributions are reporte utions are reported on Schedule C because she has an employee And her own employer match are both reported on Form 1040. The mat benant of her...
Question 73 of 75. take operated as a sole proprietor, reported on Schedule C (Form 1040)....
Question 73 of 75. take operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square-foot rented loft exclusively and business. Drake used the cash accounting method and had the following income and expenses for his financial planning business- • Gross receipts: $36,960 • Expenses: Advertising: $80 Business insurance: $685 - Business license: $100 Comprehensive health insurance (entire year): $7,788 - Office supplies: $76 Postage: $38 Rent (entire year): $14,400 Renter's insurance...
Question 70 of 75. Blake operated as a sole proprietor, reported on Schedule C (Form 1040)....
Question 70 of 75. Blake operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2,100-square- foot rented loft exclusively and regularly for business. Blake used the cash accounting method and had the following income and expenses for his financial planning business: • Gross receipts: $36,960 • Expenses: • Advertising: $80 • Business insurance: $685 • Business license: $100 • Comprehensive health insurance (entire year): $7,788 • Office supplies: $76 - Postage:...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include:...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include: Depreciation, amortization, and depletion. Government penalties paid, political expenses, and 50% of deductible meals. Political expenses, depreciation, and 50% of deductible meals. 50% of meals and 100% of entertainment, depletion, and government penalties paid Mark for follow up Question 33 of 75. On a partner's Schedule K-1, Item L: lers basis in the partnership Mark for follow up Question 34 of 75. All of...
Mark for follow up Question 32 of 75. For partnerships, the qualified business income (ABI) items...
Mark for follow up Question 32 of 75. For partnerships, the qualified business income (ABI) items reported on Schedule K-1 should include the Section 102A business income, the W-2 wages of any qualified trade or business, and: The adjusted basis of qualified property The unadjusted basis of qualified property.?. The adjusted basis of qualified property and guaranteed payments made to the partners. The unadjusted basis of qualified property and guaranteed payments made to the partners in lieu of salary. W...
e Question 75 of 75 d as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square fest of nis 2.100-uars foon rented loft exclusively and regularly for business Blabe used the cash-ce unting method·nd had hewo and ngwa Gross receipts: $36,96o Expenses Advertising: $80 . Business insurance: $685 Business license: $100 Cmpreensive heaith insurance (entire year);: $7,788 Office supplies: $76 e Postage: $38 e Rent (entire year): $14,400 . Renter's insurance (entire year): $1,055 e Second...
LJMark for tollow up Question 2 of 75 Wendy is a sole proprietor with one employee. She maintains a SIMPLE IRA in which she matches salary reduction contributions at the rate of 3% of the employee's compensation. Where on her tax return does she report her own contribution, and where does she report the contribution she makes on behalf of her employee? O Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an...
Question 74 of 75 Blake operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square toot rented loft exclusively and regularly for business. Blake used the cash accounting method and had tihe following income and e for his financial planning business Gross receipts: $36,960 Expenses: e Advertising: $80 e Business insurance: $685 e Business license: $100 Comprehensive health insurance (entire year): $7,788 e Office supplies: $76 o Postage: $38 o Rent...
Question 32 of 75. Judy is a sole proprietor and wishes to use the simplified method for business-use-of-home expenses. Her mortgage interest for 2018 is $3,500, and real estate taxes are $975. Her home office is 400 square feet, and her total home square footage is 1,800 square feet. What is her home office expense deduction? $4,475 $2,000 $1,500 $994 Question 33 of 75. Short-year depreciation does not affect which of the following conventions? O Half-year. Mid-month. Mid-quarter. O Mid-year.
Question 73 of 75. Blake operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2,100-square- foot rented loft exclusively and regularly for business. Blake used the cash accounting method and had the following income and expenses for his financial planning business: • Gross receipts: $36,960 • Expenses: • Advertising: $80 • Business insurance: $685 • Business license: $100 • Comprehensive health insurance (entire year): $7,788 • Office supplies: $76 • Postage:...
Tullow up Question 46 of 75. Wendy is a sole proprietor with one employee. She maintains a SAMPLE contributions at the rate of 3% of the employee's compensation. Wendy 15 a SIMPLE IRA in which she matches salary reduction Wendy's own salary reduction contron salary rede O And employer matching contributions are reporte utions are reported on Schedule C because she has an employee And her own employer match are both reported on Form 1040. The mat benant of her...
Question 73 of 75. take operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square-foot rented loft exclusively and business. Drake used the cash accounting method and had the following income and expenses for his financial planning business- • Gross receipts: $36,960 • Expenses: Advertising: $80 Business insurance: $685 - Business license: $100 Comprehensive health insurance (entire year): $7,788 - Office supplies: $76 Postage: $38 Rent (entire year): $14,400 Renter's insurance...
Question 70 of 75. Blake operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2,100-square- foot rented loft exclusively and regularly for business. Blake used the cash accounting method and had the following income and expenses for his financial planning business: • Gross receipts: $36,960 • Expenses: • Advertising: $80 • Business insurance: $685 • Business license: $100 • Comprehensive health insurance (entire year): $7,788 • Office supplies: $76 - Postage:...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include: Depreciation, amortization, and depletion. Government penalties paid, political expenses, and 50% of deductible meals. Political expenses, depreciation, and 50% of deductible meals. 50% of meals and 100% of entertainment, depletion, and government penalties paid Mark for follow up Question 33 of 75. On a partner's Schedule K-1, Item L: lers basis in the partnership Mark for follow up Question 34 of 75. All of...
Mark for follow up Question 32 of 75. For partnerships, the qualified business income (ABI) items reported on Schedule K-1 should include the Section 102A business income, the W-2 wages of any qualified trade or business, and: The adjusted basis of qualified property The unadjusted basis of qualified property.?. The adjusted basis of qualified property and guaranteed payments made to the partners. The unadjusted basis of qualified property and guaranteed payments made to the partners in lieu of salary. W...
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