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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
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 Van (over 6,000 pounds) placed in service 1/01/2021, cost 27,000 | |
Postage | (500) |
Wages | (26,000) |
Payroll taxes | (1,950) |
Supplies | (12,500) |
Phone | (1,250) |
Internet service | (600) |
Rent | (2,400) |
Insurance | (2,800) |
Van expenses | (4,500) |
Business assets | Date Purchased | Cost |
---|---|---|
Computer 1 | 5/18/21 | $ 2,200 |
Computer 2 | 6/01/21 | 2,700 |
Printer | 3/01/20 | 900 |
Copier | 3/02/20 | 2,100 |
Furniture | 3/01/20 | 6,000 |
Required:
Determine Cassis 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)
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