paid $250 for meals, all of which were provided by the hotel’s restaurant. Bob also purchased a $6 bag of sna
Q: In May 2021, Reginald graduated from the Naval Academy with a degree in aeronautical engineering and…
A: Total eligible moving expense = Gasoline + Renting a truck from UPAYME rentals + Tow trailer amount…
Q: Karen and Andy own a beach house. They have an agreement with a rental agent to rent it up to 200…
A: Rental income must be reported on taxpayer's tax return, but there are different rules regarding…
Q: every year, a college basketball tournament is held in Janet's city. Janet is not a basketball fan,…
A: Income refers to the amount or sum of money or property which is received over the time period in…
Q: Ali has a small construction company. During the year, he paid Will for various subcontracting jobs.…
A: A Federal Employer Identification Number (FEIN) is a unique nine-digit number assigned by the…
Q: Dr Greg Marshall acquired a house in Windsor under a contract dated 1 January 2011 for $560,000. He…
A:
Q: $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents…
A: Taxable income refers to the income or profit earned by an individual or an entity in a desired…
Q: Bob is a self-employed lawyer and is required to take a week of continuing legal education every…
A: Schedule C is used as a tax form and it is attached with Form 1040 electronically for the reporting…
Q: Hopper works as an independent contractor (self-employed sole proprietor) for local businesses on…
A: Gross income is the total of a person's earnings before taxes and other deductions. The amount that…
Q: Nitai, who is single and has no dependents, was planning on spending the weekend repairing his car.…
A: Requirement:-a-1 Strictly considering tax factors, should Nitai work or repair his car if the $400…
Q: Jonathan placed his new car in service on January 1 of the current year. He drove it 15,000 miles in…
A: As per Federal income tax if expense are incurred partly for business and partly for Personal…
Q: Nancy owns two houses overlooking the Grand Sports Stadium. In 2001, Nancy leased one of the houses…
A: A lease contract is a legal agreement between a landlord and a tenant that outlines the terms and…
Q: Jose is a retired teacher who takes monthly trips to New Jersey to gamble at the Casino. Jose also…
A: Jose cannot be said to be professional gambler as he is not solely engaged in gambling activities.…
Q: k moved from Salt Lake City, Utah to Los Angeles, California in November 15, 2022, where he was…
A: The expenses, deductions, and exemptions reduce the taxable income and ultimately the tax burden…
Q: Charles Darwin has a home which he has rented for a number of years. current year, the UCC for Class…
A: Mortgage - Mortgages are a sort of loan that can be used to buy or keep up a house, land, or another…
Q: Trenton attends the University of Wyoming. He is an undergraduate student in Animal and Veterinary…
A: The objective of the question is to calculate the maximum qualifying expense that Trenton can claim…
Q: What amount of these investigation costs can Angel deduct if she opens the bookstore on August 1,…
A: For the first year start-up tax deduction oo $5000 for start-up cost ( legal expenses,advertising,…
Q: Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce…
A: The objective of this question is to find out the minimum number of years that Lloyd must remain a…
Q: oe sends a check for $218 to the University by July 1 of every year to cover the cost of two tickets…
A: Cost accounting: The process adopted for the calculation of the total cost of production for the…
Q: a. What is the Fergusons' 2022 federal income taxes payable or refund, including any self-employment…
A: Here, the question is regarding the Fergusons' 2022 federal income tax payable or refund, including…
Q: Bruce and Amanda are married during the tax year. Bruce is a botanist at Green Corporation. Bruce…
A: As per the Honor code of Bartleby we are bound to give the answer of first three sub parts only,…
Q: Allison works full time as a dental hygienist. She devotes her spare time to designing and creating…
A: A taxable event is a specific occurrence that triggers a tax liability or obligation for an…
Q: The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as…
A: According to the Internal Revenue Service (IRS), a dependant is either a qualifying child who is…
Q: Becky, who is pregnant, works for an organization called Publix with more than 100 employees. She…
A: Becky's situation at Publix, a company with over 100 employees, entitles her to specific benefits…
Q: Ginny owns a house in northern Wisconsin that she rents for $1,600 per month. Ginny does not use the…
A: The objective of the question is to determine the amounts that Ginny should include for rental…
Q: Wanda is a single taxpayer and an elementary school teacher. She also tutors students in her home as…
A: GIVEN, School supplies for classroom= $300 Supplies and material for tutoring = $400 she uses 200…
Q: Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan…
A: Costs incurred in the regular course of business are referred to as business expenditures. Tax…
Q: Randy is advised by his physician to install an elevator in his residence, since he is afficted with…
A: Treatment of Capital Expenses in Taxation:- If any Capital expenses(Capital assets) have incurred…
Q: Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan…
A: Please find the answer to the above question below:
Q: Compute the Wilsons’ moving expense deduction. Where is this amount reported on their return?
A: Reimbursement :- Any amount that is returned back or provided back by the employer after incurring a…
Q: The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as…
A: Taxable income means adjusted gross income less all deductions. Income may be salary, bonus,…
Q: Jim, a self-employed individual, takes an important customer to the hockey playoffs. Although the…
A: Answer:- Expenses definition:- An expenses can be defined as any thing that requires the payment of…
Q: Michael is self-employed and reports the income from his business on Schedule C of his Form 1040.…
A: Michael is self employed and reports his income from business on Schedule C of Form 1040. During…
Q: Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce…
A: a.Annual membership fee = $500Lifetime membership fee = $4,500Interest rate = 8.5%b.Purchase price =…
Q: tim is living with his spouse in California when he finds out that his wife is having an affair. Tim…
A: Tax is a charge which is charged on the taxable income of the taxpayer. This tax amount is…
Q: Dharka is a 22 year-old single male who is attending community college in a city that is 100 km from…
A: Budget Budget means to evaluate the total incomes and expenses which incurred in a stipulated period…
Q: Barbara was driving her vehicle, and her friend Kevin was a passenger. They were starting a one-week…
A: The explanation is given below
Q: D is a single dad and has modified AGI of $52,000. This year D’s son begins studying for his…
A: Adjusted Gross Income (AGI) is an term used in United States income tax system, which is the total…
Q: Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan…
A: Tax is the amount that is charged by the government to individuals and businesses on the income…
Q: Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for…
A: A travel expense deduction refers to the amount of expenses incurred by a taxpayer for…
Q: What is the amount of fringe benefits that should be included in Linda and Richard's gross income on…
A: Given, Linda and Richard are married and file a joint return for 2021. During the year, Linda, who…
Q: John and Tara Smith are married and have lived in the same home for over 20 years. John's uncle Tim,…
A: Gross Income -An individual's total income is made up of all of their earnings and salaries as well…
Q: Tamar owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in…
A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…
bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,295 in course fees for his continuing legal education in a different city. He also paid $467 for airfare and a hotel room and paid $250 for meals, all of which were provided by the hotel’s restaurant. Bob also purchased a $6 bag of snacks from a newsstand while waiting for his plane in the airport because he missed lunch.
What is the total amount he can deduct on his Schedule C related to these expenses?
Schedule C
Schedule C is the most popular tax form used by sole proprietors. The title "Profit or Loss From Business" implies that it is used to record both income and losses. Schedule C filers are typically self-employed taxpayers who are just starting out in their businesses.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Amanda is a self-employed newspaper columnist who does her work exclusively from a home office. Amanda had a bad year and her taxable income from her business is only $2,000 before the home office expenses this year. Her office takes up 300 square feet of her 1,200 square feet apartment. The total expenses for her apartment are $8,000 for rent, $1,000 for utilities, $200 of renter’s insurance, and $800 for pest control and other maintenance. What is Amanda’s home office deduction? Please show your calculations.Tyrell has a tax service and accounting business in Redwood City. He decides to move to Center City, which is 150 miles away and sells his accounting practice to Able and Baker, a CPA firm. In the sales contract, he agrees that he will refrain from practicing accounting anywhere within a 20-mile radius of Redwood City for a period of two years. However, on weekends he returns to his house in Redwood City, and when clients call him, he meets with them in his home. The sales agreement: Ois being violated by Tyrell. O is invalid, because it is an illegal restraint of trade. O is illegal, because it is a violation of public policy. O will be divided into an enforceable, valid portion and an unenforceable, invalid portion, which is the time provision, because the two-year period is too long.Mr. Sweeney has a 12-year-old nephew, Todd, who is trying to save up for a $300 bike. Mr. Sweeney wishes to help Todd, but he also wants to teach him a lesson in hard work and the value of money. Mr. Sweeney and Todd strike the following bargain: each week, Todd will mow the lawn for Mr. Sweeney, and in return, Mr. Sweeney will deposit $25 in Todd's savings account, which pays an annual percentage interest rate of 5.2%. How many months will it take Todd to save up enough money to buy the bike? Assume there are 4 weeks in a month. a. 2.50 months O b. 2.15 months C. 3.02 months d. 3.53 months e. 4.08 months
- Steve has his own business as an installer for the light company, and he wears typical work clothes that cost $400 during the year. Also, Steve must wear safety shoes and an orange neon vest on the job that cost $650 this year, and he purchased pole-climbing equipment, spikes, and a safety belt that cost $275. What is Steve's deduction on Schedule C for these items?Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old son, Jorge, from his previous marriage. Diana works as a computer programmer at Datafile Incorporated (DI) earning a salary of $96,000. Ryan is self- employed and runs a day care center. The Workmans reported the following financial information pertaining to their activities during the current year. a. Diana earned a $96,000 salary for the year. b. Diana borrowed $12,000 from Dl to purchase a car. DI charged her 2 percent interest ($240) on the loan, which Diana paid on December 31. DI would have charged Diana $720 if interest had been calculated at the applicable federal interest rate Assume that tax avoidance was not a motive for the loan. c. Ryan received $2,000 in alimony and $4,500 in child support payments from his former spouse. They divorced in 2016. d. Ryan won a $900 cash prize at his church-sponsored Bingo game. e. The Workmans received $500 of interest from corporate bonds and $250 of…Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $750 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $8,000 and never have to pay annual membership dues. years, it's Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 a great deal. Suppose that the appropriate annual interest rate is 7.9%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $750 in annual membership dues? (Note: Round your answer up to the…
- Jermaine Watson is a single father with a son, Jamal, who qualifies as a dependent. They live at 5678 SE Stark St., Portland, OR 97233. Jermaine works at first bank of Oregon. Jamaal attends school and at the end of the school day he goes to a dependent care facility next-door to his school, where Jermaine picks him up after work. Jermaine pays $800 per month to the care facility (Portland Day Care, 4567 SE Stark St,. Portland, OR 97233. EIN 90-654-3210). Jermaine's W-2 from the first bank of Oregon is as follows: Wages (box 1) = $71,510.00 Federal W/H (Box 2) = $3,197.00 Social Security wages (box 3) = $71,510.00 Social Security W/H (box 4) = $4,433.62 Medicare wages (Box 5) = $71,510.00 Medicare W/H (Box 6) = $1,036.90 State Income Taxes (Box 17) = 1,134.90 Jermaine takes one class a semester at Portland State University towards an MBA degree. In 2019, he paid $1300 in tuition, $300 for books and $200 for a meal card. Jermaine has some investments in a New Zealand public…Jenna, a longtime client of yours, is employed as an architect and is the presi-dent of the local Rotary chapter. To keep up to date with developments in her profession, she attends continuing education seminars offered by the architecture school at State University. During 2021, Jenna spends $2,000 on course tuition to attend these seminars. She spends another $400 on architecture books during the year. Jenna’s daughter, Caitlin, is a senior majoring in engineering at the University of the Midwest. During the 2021 calendar year, Caitlin incurs the following expenses: $8,200 for tuition ($4,100 per semester) and $750 for books and course materials. Caitlin, who Jenna claims as a dependent, lives at home while attending school full-time. Jenna is married, files a joint return, and reports a combined AGI with her spouse of $121,000. a. Calculate the couple’s education tax credits for 2021. b. Calculate the couple’s education tax credits if combined AGI was $162,000. c. In her capacity as…Donald Jefferson and his wife, Maryanne, live in a modest house located in a Los Angeles suburb. Donald has a job at Pittsford Cast Iron that pays him $50,000 annually. In addition, he and Maryanne receive $2,500 interest from bonds that they purchased 10 years ago. To supplement his annual income, Donald bought rental property a few years ago. Every month he collects $3,500 in rent from all of the property he owns. Maryanne manages the rental property, and she is paid $15,000 annually for her work. During 2015, Donald had to have the plumbing fixed in the houses that he rents as well as the house in which he and Maryanne live. The plumbing bill was $1,250 for the rented houses and $550 for the Jeffersons’ personal residence. In 2015, Donald paid $18,000 for mortgage interest and property taxes—$12,650 was for the rental houses, and the remaining $5,350 was for the house occupied by him and his wife. The couple has three children who have graduated from medical school and now are…
- Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $650 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $7,000 and never have to pay annual membership dues.Obviously, the lifetime membership isn’t a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it’s a great deal. Suppose that the appropriate annual interest rate is 5.9%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $650 in annual membership dues? (Note: Round your answer up to the nearest…Tirta has a home décor consulting business. She drives a 2013 Chevy Sonic (which she only uses for business) to her clients' houses for meetings. The vehicle is fully depreciated and paid off. She keeps excellent records, and for 2021 has the following items: 6,850 business miles, tolls $150, parking $75, gas $885, maintenance $350, registration $100, and insurance $1,500. In her first year claiming the vehicle, she used the actual expense method.For 2021, which rate is her best option, and what would her deduction be?Lee is 30 years old and single. Lee paid all the costs of maintaining his household for the entire year. Determine Lee’s filing status in each of the following alternative situations: c. Lee is Ashton's uncle. Ashton is 22 years old and was a full-time student from January through April. Ashton's gross income was $5,000. Ashton lived in Lee's home from April 1 through the end of the year.
