Cindy maintains an office in her home that comprises 22% (390 square feet) of total floor space. Gross income for her business is $50,150, and her residence expenses are as follows:
|
If required, round your final answer to the nearest dollar.
What is Cindy's office in the home deduction based on:
a. The regular method?
b. The simplified method?
Cindy maintains an office in her home that comprises 22% (390 square feet) of total floor...
Cindy, who is self-employed, maintains an office in her home that comprises 28% (360 square feet) of total floor space. Gross income for her business is $50,150, and her residence expenses are as follows: Real property taxes $4,188 Interest on mortgage 6,980 Operating expenses 3,490 Depreciation (based on 28% business use) 6,635 If required, round your final answer to the nearest dollar. a. What is Cindy's office in the home deduction based on the regular method? $ b. What is...
Cindy, who is self-employed, maintains an office in her home that comprises 12 % (210 square feet) of total floor space. Gross income for her business is $46,400, and her residence expenses are as follows: Real property taxes $3,516 Interest on mortgage 5,860 Operating expenses 2,930 Depreciation (based on 12% business use) 6,155 If required, round your final answer to the nearest dollar. a. What is Cindy's office in the home deduction based on the regular method? b. What is...
Cindy, who is self-employed, maintains an office in her home that comprises 26 % ( 280 square feet) of total floor space. Gross income for her business is $50, 150, and her residence expenses are as follows: Real property taxes $2,940 4,900 Interest on mortgage 2,450 Operating expenses Depreciation (based on 26% business use) 5,195 If required, round your final answer to the nearest dollar. a. What is Cindy's office in the home deduction based on the regular method? b....
Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,960. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $ 1,780 Interest on home mortgage 5,370 Operating expenses of home...
will thumbs up, thanks. Sally has a full-time job as an accountant with a large corporation. In her spare time, she prepares tax returns in a spare room of her home. Most of her business comes from friends and referrals from former clients. Typically, clients drop of their materials at Sally's house and return sometime later to review and sign the returns. The floor space of Sally's residence is 2,000 square feet and her dedicated work space is 300 square...
Problem 9-34 (Algorithmic) (LO. 5) Melanie is employed full-time as an accountant for a national hardware chain. She also has recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2019 are as follows: Real property taxes $7,000 Interest on home mortgage 8,400 Operating expenses of home 1,750 Melanie's residence cost $422,500 (excluding land) and has living...
Problem 9-34 (Algorithmic) (LO. 5) Melanie is employed full-time as an accountant for a national hardware chain. She also has recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2019 are as follows: Real property taxes $5,500 Interest on home mortgage 6,600 Operating expenses of home 1,375 Melanie's residence cost $442,000 (excluding land) and has living...
Problem 9-34 (Algorithmic) (LO. 5) Melanie is employed full-time as an accountant for a national hardware chain. She also has recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2019 are as follows: Real property taxes $7,000 8,400 Interest on home mortgage Operating expenses of home 1,750 Melanie's residence cost $422,500 (excluding land) and has living...
Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,680. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $ 1,640 Interest on home mortgage 5,160 Operating expenses of home...
Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $6,000. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes Interest on home mortgage Operating expenses of home Depreciation $1,800 5,400...