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Question 30 of 30. Ross is not great at keeping receipts and records, but he managed...
Which of the following employees may NOT use Form 2106? O Armed Forces reservists O Employees...
Which of the following employees may NOT use Form 2106? O Armed Forces reservists O Employees with impairment-related expenses. O Qualified performing artists. Employees with business related travel expenses. Mark for follow up Question 30 of 30. Ross is not great at keeping receipts and records, but he managed to keep track of all of his mileage (23,973 total mileage and 19,433 business use) and about 60% of his receipts for gas, oil changes, repairs, and maintenance. H receipts total...
Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both...
Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both business and personal use. He purchased his Toyota Highlander on July 4, 2017. for $35,000. Lawrence immediately began using it for his business. He did not claim special (bonus) depreciation or a $179 deduction. He keeps a specific mileage log for his business use. His mileage records for 2018 indicate that he drove his car a total of 17,824 miles with 4,839 miles of...
income tax question Juan should estimate his total vehicle expenses for the year, then WUULI UN...
income tax question
Juan should estimate his total vehicle expenses for the year, then WUULI UN UFU Juan could have leased a comparable vehicle for $3,600 for 2018. Therefore, he should deduct $3,600 as a business expense Juan can only deduct his vehicle expenses if an attempt is made to reconstruct his records. If the records reconstructed then Juan should not claim any vehicle expenses. Mark for follow up Question 11 of 75. A business may elect to deduct a...
Andy worked for High Speed Bikes Inc. from March 1st to December 31st during 20x1. He...
Andy worked for High Speed Bikes Inc. from March 1st to December 31st during 20x1. He earned a monthly base salary of $4,000, plus 1% commission on all of his sales. During 20x1, Andy's sales totaled $800,000. Andy was required by his employer to pay for his employment expenses. He traveled out of his city most days in order to sell to customers in surrounding towns. He received a monthly allowance of $500 to cover his traveling costs (which has...
Stella is a single taxpayer and operates a self-employed business that provides pet-sitting services. The business is...
Stella is a single taxpayer and operates a self-employed
business that provides pet-sitting services. The
business is considered a sole proprietorship for income tax
purposes and represents Stella's only source of income. In 2018,
the standard deduction amount was greater than Stella's total
itemized deductions. Stella does not have any available tax credits
nor did she make any estimated tax payments for her 2018 tax
return.
Stella reports her income and expenses from the business using
the cash method. Stella's automobile was...
Blake operated as a sole proprietor, reported on Schedule C form 1040. He used 350 square...
Blake operated as a sole proprietor, reported on Schedule C form 1040. He used 350 square feet of his 2,100 sq ft 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 life insurance entire year $7,788 office supplies $76 postage $38 rent entire year $14,400 renters insurance entire year $1,055 second...
• Austin works as a self-employed ride share driver. –– Austin is a cash-basis taxpayer who...
• Austin works as a self-employed ride share driver. –– Austin is a cash-basis taxpayer who materially participates in the operation of his business. He did not make any payments that would require him to file Form 1099. Austin uses business code 485990. • He received Form 1099-MISC and a Form 1099-K from the ride share company. He had an additional $3,027 in cash tip income from individual customers NOT included on the Forms 1099. • Austin provided a statement...
In five years, Kent Duncan will retire. He is exploring the possibility of opening a self-service car wash. The car wash could be managed in the free time he has available from his regular occupation, and it could be closed easily when he retires. After c
In five years, Kent Duncan will retire. He is exploring the possibility of opening a self-service car wash. The car wash could be managed in the free time he has available from his regular occupation, and it could be closed easily when he retires. After careful study, Mr. Duncan determined the following: A building in which a car wash could be installed is available under a five-year lease at a cost of $1,700 per month.Purchase and installation costs of equipment would...
George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive,...
George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2018 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000 to cover his employee business expenses. George must make an...
Advanced Scenario 7: Austin Drake Directions Using the tax software, complete the tax return, including Form...
Advanced Scenario 7: Austin Drake Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Austin works as a self-employed ride share driver. – Austin is a cash-basis taxpayer who materially participates in the operation of his...
Which of the following employees may NOT use Form 2106? O Armed Forces reservists O Employees with impairment-related expenses. O Qualified performing artists. Employees with business related travel expenses. Mark for follow up Question 30 of 30. Ross is not great at keeping receipts and records, but he managed to keep track of all of his mileage (23,973 total mileage and 19,433 business use) and about 60% of his receipts for gas, oil changes, repairs, and maintenance. H receipts total...
Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both business and personal use. He purchased his Toyota Highlander on July 4, 2017. for $35,000. Lawrence immediately began using it for his business. He did not claim special (bonus) depreciation or a $179 deduction. He keeps a specific mileage log for his business use. His mileage records for 2018 indicate that he drove his car a total of 17,824 miles with 4,839 miles of...
income tax question
Juan should estimate his total vehicle expenses for the year, then WUULI UN UFU Juan could have leased a comparable vehicle for $3,600 for 2018. Therefore, he should deduct $3,600 as a business expense Juan can only deduct his vehicle expenses if an attempt is made to reconstruct his records. If the records reconstructed then Juan should not claim any vehicle expenses. Mark for follow up Question 11 of 75. A business may elect to deduct a...
Andy worked for High Speed Bikes Inc. from March 1st to December 31st during 20x1. He earned a monthly base salary of $4,000, plus 1% commission on all of his sales. During 20x1, Andy's sales totaled $800,000. Andy was required by his employer to pay for his employment expenses. He traveled out of his city most days in order to sell to customers in surrounding towns. He received a monthly allowance of $500 to cover his traveling costs (which has...
Stella is a single taxpayer and operates a self-employed
business that provides pet-sitting services. The
business is considered a sole proprietorship for income tax
purposes and represents Stella's only source of income. In 2018,
the standard deduction amount was greater than Stella's total
itemized deductions. Stella does not have any available tax credits
nor did she make any estimated tax payments for her 2018 tax
return.
Stella reports her income and expenses from the business using
the cash method. Stella's automobile was...
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