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I am looking for help on form 4562 line 11. i am having trouble figuring out how to get the business income limitation. it says
I am looking for help on form 4562 line 11. i am having trouble figuring out how to get the business income limitation. it says enter the smaller of business income (not less than zero) or line 5. thank you.
View previous et 1 business operations for the tax year 2020 6 203,000 10 pom Sons receipts Business mileage: 27,000 miles incurred ratably throughout the year) 35.000 miles total during the year 2020 Van (over 6,000 pounds placed in service 1/01/2020, Cost 27,000 Postage Tages Payroll taxes Supplies Phone Internet service ent Trance Van expenses (500) (25.000) 11.950 (12.500 11.250 (6003 12,400 (2,500) 14.500 Print CO 2200 2.900 Best Computer Computer Printer Copie Furniture Date Purchased 5/30/ 01/20 3/01/1 B/02720 2/01/19 00 2,100 6.000 Required: Determine Cassi's self employment Income and gai deduction Prepare Schedule and Schedule SE 6179 expense is elected on all eligible assets 179 was not taken on assets purchased last year (Use Toble A Input all the values as positive numbers. Use Rounded values for tax computation. Do not round other intermediate computation. Round your final answers to nearest whole dollar instructions can be found on certain cells within the forms.) 2020 If you have any listed property, complete Part before you complete Part 4 (Including Information on Listed Property) Department of the Treasury Attach to your tax return Internativenue Service (99) Go to www.is.gov/Form4562 for instructions and the latest information Attachment Sequence No. 179 non return Business or activity to which this form reistes Identifying number Home Cleaning 412-34-5670 Partl Election To Expense Certain Property Under Section 179 Note: 1 Maximum amount estruction) 1,040,000 2 Total Cost of section 179 groperty placed in services instructions 2 25729 3 Thushold cost of section 179 property before reduction in limitation free structions) 3 2.590.000 4 Reduction in limitation Subtract line from line 21 s, anter 0 5 Doll limitation for tasya Subtitast line from licitirer les comunid filing wately instructions 5 1040,000 bi Cost business (a) Description of property to Elected on We only TWO Computers 40001 4900 2018 7 Listed property in the amount from line 25 3 25229 Total lede cost of section 176 sorty Add amount in column lines and 25.720 Tentative deduction Enter the smaller of line 5 or line 10 0 10 Carryover of allowed deduction from line 13 of your 2019 For 4503 11 11 Business income limitation Enter the mallar of business income intensi) or line 6S intructions 12 12 Section 179 expense auction Add tines and 10. udontanter more than line 11 25729 13 13 Comorer of disallowed studion to 2021 Add lines and busine Hot Done Parts Partill below for listed property Induse Part Parti Special Depreciation Allowance and Other Depreciation (Don't include listed property See instructions) 14 14 Special decretion allowance for at property to transport in the incions 15 Property subject to section 107 Telecon 15 PE 1 of 3 Next > Step by Step Solution
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