Question
23. He has used his Acura TL in his business during the current year. During the year, he properly documented 6,000 business miles. The total
23. He has used his Acura TL in his business during the current year. During the year, he properly documented 6,000 business miles. The total mileage on his car (i.e., business-use and personal-use miles) during the year was 15,000 miles. Paul elects to use the standard mileage method to calculate his car expenses. He spent $45 on tolls and $135 on parking related to the real estate business.
24.Paul's company has an accountable expense reimbursement plan for employees from which Paul receives $12,000 for the following expenses:
Airfare $4,700
Hotel 3,400
Meals 2,000
Car rentals 600
Entertainment 900
Incidentals 400
Total 12,000
Calculate the following for the year 2021:
What is the schedule A total itemized deductions?
What is the Qualified Business Income Deduction?
What is the total taxable income?
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