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During the year, Murray, a sole proprietor, paid the expenses shown in the following table. Each of the expenses is assumed to be ordinary, necessary,
During the year, Murray, a sole proprietor, paid the expenses shown in the following table. Each of the expenses is assumed to be ordinary, necessary, and substantiated while engaging in an activity for profit, unless otherwise noted. Determine the amounts that are deductible as a business expense reported on Schedule C.
For each item, enter the appropriate amounts in the associated cells. If the amount is zero, enter a zero (0).
1. Property taxes paid on Murray's 100% personal use principal residence $1,620.00 - Amount Deductible on Schedule C?
2. Wages paid to Murray's employees $15,400.00 - Amount Deductible on Schedule C?
3. Amount paid for a dinner, which Murray attended, thanking his customers $350.00 - Amount Deductible on Schedule C?
4. Contributions to the campaign of a candidate for governor $1,000.00 - Amount Deductible on Schedule C?
5. Interest paid on a loan used to purchase bonds issued by the state of Texas $2,750.00 - Amount Deductible on Schedule C?
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