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Anne is a self-employed electrician who reports her business income using the cash method over a calendar year. Anne pre-paid $6,491 of interest on a
Anne is a self-employed electrician who reports her business income using the cash method over a calendar year. Anne pre-paid $6,491 of interest on a loan. The interest accrues evenly over 8 months starting June 1st of this year. In addition, on September 1st Anne also paid $7,798 for 18 months of professional liability insurance. What is the total amount of interest and insurance that Anne can deduct this year? Round your answer to the nearest dollar.
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