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Complete 1040sc. and 1040sse for the following information. Determine eligible business deductions. Jacob Weaver is a contractor operating as a sole proprietorship (EIN 12-3456789). 2021
Complete 1040sc. and 1040sse for the following information. Determine eligible business deductions.
Jacob Weaver is a contractor operating as a sole proprietorship (EIN 12-3456789). 2021 Gross income: $278,322.25.
- Business expenses:
- Fuel for equipment $64,080.00
- Repairs and maintenance $17,342.00
- Lubricants for Equipment $9,670.00
- Insurance $6,500.00
- Wages $6,300.00
- Vehicles $1,768.00
- Legal and Professional Expenses $1,750.00
- Taxes and Licenses $1,412.00
- Advertising $300.00
- Clients owe him a total of $53,000, for work completed in 2021.
- 2021 estimated tax payments were $25,000.
- He is using a bedroom in his house as a home office. (Square footage of home 5,600 Office 240 sq. ft.)
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