Homework Answers
Answer : $ 784
Actual expense deductible = $ 4,839 / $ 17,824 * $ 2,888 = $ 784.06
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Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both...
Travis operates a consulting business he uses his personal credit card for both business and personal...
Travis operates a consulting business he uses his personal credit card for both business and personal use the total finance charge work is paid for the year were $957 Travis is total business charges on this card where 41% of the charges what amount of interest expense can be deducted on Travis's schedule c a $957 b $565 c $392 and d 0 which one is correct
3.Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan...
3.Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,400 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 12,000 miles (combination of business and personal travel). Ryan can provide written documentation of the business purpose for trips totaling 3,000 miles. If Ryan does not use the standard mileage...
3.Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid...
3.Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,400 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 12,000 miles (combination of business and personal travel). Ryan can provide written documentation of the business purpose for trips totaling 3,000 miles. If Ryan does not use the standard mileage rate,...
Jackie uses his personal vehicle in his sole proprietorship. He keeps no records of any kind...
Jackie uses his personal vehicle in his sole proprietorship. He keeps no records of any kind regarding his business use of the car and doesn't really know for certain when and where he used the automobile for business. Jackie will not be claiming the EITC this year. Which of the following is correct?
Kannon is a small business owner whose income is reported on Schedule C. He placed his...
Kannon is a small business owner whose income is reported on Schedule C. He placed his light truck into service when he purchased it o February 14, 2016 for $28795. He did not claim any 179 expense or bonus depreciation. In 2018 he used the vehicle 55% for business. What is Kannon’s depreciation for the truck in 2018? a. $0 b. $1669 c. $2288 d. $3041
22. For the current year, Al Johnson used his personal car for both business and personal...
22. For the current year, Al Johnson used his personal car for both business and personal purposes. He drove 18,000 miles in the car during the year: 10,000 miles were for business-related purposes and 8,000 miles were for personal purposes. He incurred the following car expenses during the year: Amount Expense Gas $7,900 900 Maintenance Repairs and depreciation Car washes Totale nton 900 500 $10,200 nobo Based on this information, what part of the above car expenses is deductible as...
what would be included in the deduction for 2018? Roger operates his consulting business out of an office in his home. T...
what would be included in the
deduction for 2018?
Roger operates his consulting business out of an office in his home. Twenty per- cent of the 3,000-square-foot living area is devoted to the office. Roger inherited the home on Cody Way from his father who died on June 6, 2011. At that time, the home had a fair market value of $400,000 ($40,000 of which was allocated to the land). The Stewarts moved into the home in autumn of 2011,...
Question 3 O out of 2 points Ryan is self-employed. This year Ryan used his personal...
Question 3 O out of 2 points Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,400 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 12,000 miles (combination of business and personal travel). Ryan can provide written documentation of the business purpose for trips totaling 3,000 miles. If...
Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his...
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22. For the current year, Al Johnson used his personal car for both business and personal purposes. He drove 18,000 miles in the car during the year: 10,000 miles were for business-related purposes and 8,000 miles were for personal purposes. He incurred the following car expenses during the year: Amount Expense Gas $7,900 900 Maintenance Repairs and depreciation Car washes Totale nton 900 500 $10,200 nobo Based on this information, what part of the above car expenses is deductible as...
what would be included in the
deduction for 2018?
Roger operates his consulting business out of an office in his home. Twenty per- cent of the 3,000-square-foot living area is devoted to the office. Roger inherited the home on Cody Way from his father who died on June 6, 2011. At that time, the home had a fair market value of $400,000 ($40,000 of which was allocated to the land). The Stewarts moved into the home in autumn of 2011,...
Question 3 O out of 2 points Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,400 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 12,000 miles (combination of business and personal travel). Ryan can provide written documentation of the business purpose for trips totaling 3,000 miles. If...
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