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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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