if Blake elects to use actual office in home expenses what Is the amount of his...
if Blake elects to use actual office in home expenses what Is the amount of his deduction
Homework Answers
It is pertinent here to note that if Blake elects to use actual office in home expenses then the expenses that are incurred for the entire home has to be allocated to business in proportion to the area of home used for the business purpose.
Therefore amount of deduction = expenses incurred on home x area of home used for business purpose / total area of home.
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if Blake elects to use actual office in home expenses what Is the amount of his...
LIMark tor rollow up Question 72 of 75 If Blake elects to use actual office-in-home (OIH)...
LIMark tor rollow up Question 72 of 75 If Blake elects to use actual office-in-home (OIH) expenses, what is the amount of his deduction? o $648 $743 o $2,576 O $2,957 □Mark for follow up
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...
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:...
Blake operated as a sole proprietor, reported on Schedule C (Form '10,10). He used 350 square...
Blake operated as a sole proprietor, reported on Schedule C (Form '10,10). He used 350 square feet of his 2100 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 receipt: $36,960 'Expenses: Advertising: $80 . Business insurance: 9685 . Business license: $100 . Comprehensive health insurance (entire year): $7,786 . Office supplies: $76 . Postage: $38 Rent {entire year): $'14,400 ....
Luis is a self-employed CPA who maintains a qualifying office in his home. Charles has $110,000...
Luis is a self-employed CPA who maintains a qualifying office in his home. Charles has $110,000 gross income from his practice and incurs $88,000 in business expenses not related to the home office. Luis mortgage interest and real estate taxes allocable to the office total $10,000. Other expenses allocoable to the home office total $11,000 and consist of utilities, insurance, and maintenance, and $3,000 for depreciation. What is Luis total home office expense deduction ( using actual expenses)? a.$24,000 b.$22,000...
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 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:...
In the office in home sSimplified method is selected what is the amount of the deduction
In the office in home sSimplified method is selected what is the amount of the deduction
USLUNI UI 15. Blake operated as a sole proprietor, reported on Schedule C (Form 1040). He...
USLUNI UI 15. 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: $38 •...
Paul is self employed and has a qualifying home office which is 20% of his total...
Paul is self employed and has a qualifying home office which is 20% of his total home. His income far exceeds his expenses so he has no net income limitations to consider. This year he paid $3500.00 to redecorate the business part of the residence. How would Paul calculate his home office deduction.
LIMark tor rollow up Question 72 of 75 If Blake elects to use actual office-in-home (OIH) expenses, what is the amount of his deduction? o $648 $743 o $2,576 O $2,957 □Mark for follow up
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:...
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 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:...
USLUNI UI 15. 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: $38 •...
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