Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cassi (SSN 412-34-5670) has a home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax

Cassi (SSN 412-34-5670) has a home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2022: Gross receipts $ 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2022 Van (over 6,000 pounds) placed in service 1/01/2022, 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 5/18/22 $ 2,200 Computer 2 6/01/22 2,700 Printer 3/01/21 900 Copier 3/02/21 2,100 Furniture 3/01/21 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.) with form examples on how to fill out - Schedule C, QBI, Schedule SE, form 4562 p1 and p2

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren

3rd Canadian edition

1-119-40285-5, 111940276X, 978-1119566007

More Books

Students also viewed these Accounting questions

Question

Describe a department managers role in the union organizing process

Answered: 1 week ago