Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cassi ( SSN 4 1 2 - 3 4 - 5 6 7 0 ) has a home cleaning business she runs as a sole
Cassi SSN has a home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year:
Gross receipts
$
Business mileage: miles incurred ratably throughout the year miles total during the yearVan over pounds placed in service cost
Postage
Wages
Payroll taxes
Supplies
Phone
Internet service
Rent
Insurance
Van expenses
Date Purchased
Business assets
Computer
$
Computer
Printer
Copier
Furniture
Cost
Required:
Determine Cassi's selfemployment income and QBI deduction. Prepare Schedule Cand Schedule SE expense is elected on all eligible assets was not taken on assets purchased last yearUse fable DA
Note: Input all the values as positive numbers. Use Rounded values for tax computation. Do not round other intermediate computations. Round your final answers to nearest whole dollar. Instructions can be found on certain cells within the forms,Schedule C page and Schedule SE page for a single taxpayer.
Schedule C
QBI
Schedule SE FormP FormP
Schedule C Page and Page of Form
SCHEDULE C Form
Profit or Loss From Business Sole Proprietorship
OMB No
Department of the Treasury
Attach to FormRNR or partnerships generally must file Form
Internal Revenue Service
Go towwwirs.govScheduleCfor instructions and the latest information
Attachment Sequence No
Social security number Enter as xxxxxxx
Name of proprietor
A Principal business or profession, including product or service see instructions
B Enter code from instructions
C Business name, if no separate business rame, leave cian
D Employer ID number EINsee instr
E Business address inducing sute orroomno
Cty town or post office state, and ZIP code
Cash
Accrua
Diner sped fy
TBS
No
Yes
FAccounting method
Did you "materal certopate in the operation of this sus bess curing No see natructions for mon losses
Did cumare my paymentat our relatorDes inerructions
Part I
Income
Thes
No
No
Gancheck the co moome Mas led me to you on
Relums and a
Doac of goods s
Gross profit SO
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