Download or print Schedule C to complete this project by visiting the IRS website. Fill out the form according to the information below. The filled form you have downloaded is the only item required .

Nelson Wiggins is a self-employed insurance salesman. His business is named Wiggins Insurance. Nelson’s accountant utilizes the cash method basis of accounting for him. In 2022 he made $150,000 from selling insurance. He drives his personal vehicle to his client’s homes and keeps record of his mileage . In 2022 he drove 50,000 miles total with 10,000 of that being for business purposes. He chooses not to keep track of specific auto expenses and just tracks mileage as he feels it is simpler. Nelson also has a home office that is 15 by 12 feet, he also does not track actual expenses and wants to take the simplified home office deduction. Nelson’s other expenses for the year are listed below:

Advertising - $5,000

Office supplies - $500

Taking customers to baseball games - $1,500

Business insurance - $3,600

Legal business consulting fees - $5,000

Client business meals - $1,000

Business cards - $250

Website - $400

Cell phone used 25% for business - $2,000 (total for entire year)

Bookkeeping services from an accountant - $750

The standard mileage rate for 2022 is 58.5 cents per mile.

Don’t forget to fill out all parts of the form you have downloaded that you have information for (hint: including lines A and B)! No extra forms will be required to be added to your tax return, although in most situations you will have additional forms.