Answered step by step
Verified Expert Solution
Question
1 Approved Answer
20 20 points 1 Chapter 6 TRP 6-1 Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The
20 20 points 1 Chapter 6 TRP 6-1 Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2021: Gross receipts $ 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2021 eBook Files Print References Van (over 6,000 pounds) placed in service 1/01/2021, cost 27,000 Postage Wages Payroll taxes Supplies Phone Internet service Rent Insurance Van expenses Computer 1 Business assets Date Purchased 5/18/21 Cost $ 2,200 Computer 2 Printer 6/01/21 2,700 3/01/20 900 Copier Furniture 3/02/20 2,100 3/01/20 6,000 (500) (26,000) (1,950) (12,500) (1,250) (600) (2,400) (2,800) (4,500) Required: Determine Cassi's self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. 179 expense is elected on all eligible assets ( 179 was not taken on assets purchased last year). (Use Table 6A-1)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started