6 A self-employed contractor designs residences in Hawaii. During the tax year, the taxpayer's gross income was $2.2 million, and the next income attributed to the business was $450,000. The taxpayer's spouse is an employee and receives a $10,000 salary each month. The taxpayer is organized as a single-member LLC, which is their only source of income, and they file married jointly Can the taxpayer deduct the following expense on schedule C? A. The taxpayer's son is the site supervisor and gets paid $250,000 a year. B. The taxpayer may deduct the family health insurance costs of $15,000 on the Schedule C. C. The taxpayer carries a $25 million liability insurance policy for the business at a cost of $5,000 per year, which is a deductible expense on the schedule C
6
A self-employed contractor designs residences in Hawaii. During the tax year, the taxpayer's gross income was $2.2 million, and the next income attributed to the business was $450,000.
The taxpayer's spouse is an employee and receives a $10,000 salary each month. The taxpayer is organized as a single-member LLC, which is their only source of income, and they file married jointly
Can the taxpayer deduct the following expense on schedule C?
A. The taxpayer's son is the site supervisor and gets paid $250,000 a year.
B. The taxpayer may deduct the family health insurance costs of $15,000 on the Schedule C.
C. The taxpayer carries a $25 million liability insurance policy for the business at a cost of $5,000 per year, which is a deductible expense on the schedule C
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