Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

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

image text in transcribed
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 2019: Gross receipts $203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2019 Van (over 6.000 lbs) placed in service 1/01/19, 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) I Business assets Date Purchased Cost Computer1 5/18/19 $ 2.200 Computer 2 6/01/19 2.700 Printer 3/01/18 900 Copier 3/02/18 2.100 I Furniture 3/01/18 6.000 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 6A1) (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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting

Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura

12th edition

978-0134674681

Students also viewed these Accounting questions

Question

How to sketch the process layout for a event planning buffet

Answered: 1 week ago