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Cassi Taxpayer (SSN 412-34-5670) who is single, has a home cleaning business she runs as a sole proprietorship. The following are the results from business
Cassi Taxpayer (SSN 412-34-5670) who is single, has a home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2014:
Gross receipts | $203,000 | |
Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2014 | ||
Van (over 6,000 lbs) placed in service 1/01/14, 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 | 5/18/14 | $2,200 | |
Computer 2 | 6/01/14 | 2,700 | |
Printer | 3/01/13 | 900 | |
Copier | 3/02/13 | 2,100 | |
Furniture | 3/01/13 | 6,000 |
Determine Cassis self-employment income and prepare Schedule C and Schedule SE. 179 expense is elected on all eligible assets ( 179 was not taken on assets purchased last year).
What amount The Qualified Business Income deduction?
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