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How do you calculate car and truck expense on schedule C? (The answer is correct but I need to know how you get that answer)
How do you calculate car and truck expense on schedule C?
(The answer is correct but I need to know how you get that answer)
During 2022, Cassandra Albright, who Is single, worked part-time at a doctor's office and recelved a W-2. She also had a consulting practice that had the following Income and expenses: Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273. Her W-2 shows the following: Cassandra had the following itemized deductions: Cassandra made two federal estimated payments of $6,500 each on April 15 and June 15. SCHEDULE C Profit or Loss From Business (Form 1040) (Sole Proprietorship) Department of the Treasury Go to www.irs.gov/ScheduleC for instructions and the latest information. Internal Revenue Service Attach to Form 1040, 1040-SR, 1040-NR, or 1041; partnerships generally must file Form 1065. Attachment Sequence No. 09 Name of proprietor Social security number (SSN) Cassandra Albright A Principal business or profession, including product or service (see instructions) B Enter code from instructions Consulting Business C Business name. If no separate business name, leave blank. D Employer ID number (EIN), (see instr.) E Business address (including suite or room no.). City, town or post office, state, and ZIP code F Accounting method: (1) Cash (2) Accrual (3) Other (specify) G Did you "materially participate" in the operation of this business during 2022 ? If "No," see instructions for limit on losses Yes No H If you started or acquired this business during 2022, check here I Did you make any payments in 2022 that would require you to file Form(s) 1099? See instructions J If "Yes," did you or will you file required Forms 1099? Part I Income 1 Gross receipts or sales. See instructions for line 1 and check the box if this income was reported to you on Form W-2 and the "Statutory employee" box on that form was checked 2 Returns and allowances 3 Subtract line 2 from line 1 4 Cost of goods sold (from line 42) 5 Gross profit. Subtract line 4 from line 3 6 Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) 7 Gross income. Add lines 5 and 6 \begin{tabular}{l|r|r|} \multicolumn{1}{c|}{ Part II } & \multicolumn{1}{c|}{ Expenses. } & Enter expenses for business use of your ho \\ \hline 8 Advertising \\ 9 Car and truck expenses (see \\ instructions) \end{tabular}Step by Step Solution
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