I need help with lines 1, 2, 3, 6, 7, 11, and 17
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OMS NO. 1545-0172 2019 Attachment Sequence No 179 Identifying number 412-34-5670 Form 4562 Depreciation and Amortization (Including Information on Listed Property) Department of the Treasury Attach to your tax return Internal Revenue Service (99) Go to www.irs.gov/Form4562 for instructions and the latest Information, Name(s) shown on return Business or activity to which this form relates Cassi Home Cleaning Partl Election To Expense Certain Property Under Section 179 Note: If you have any listed property, complete Part V before you complete Parti 1 Maximum amount (see instructions) 2 Total Cost of section 179 property placed in services instructions) 3 Threshold cost of section 179 property before reduction in limitation (see instructions) 4 Reduction in limitation Subtract line 3 from line 2. If zero or less, enter-4. 5 Dollar imitabon for tax year Subtract line 4 from line 1 er or loss, ander 0. married ling separately see instructions b) Cost(biz. (a) Description of property li) Elected cost Two Computers 4.900 3.149 31,900 31.900 x 3.751 28 149 T 27.127 27.127 O 28,149 27.127 7 Listed properly Enter the amount from line 29 23,978 % 8 Total elected cost of section 179 property Add amounts in Column lines and 9 Tentative deduction Enter the smaller of line 5 or line 8 10 Carryover of disallowed deduction from line 13 of your 2018 Form 4562 11 Business income limitation. Enter the smaller of business income inot less than zero) or line 5. See instruction 12 Section 179 expense deduction. Add lines 9 and 10, but don't enter more than ine 11 13 Carryover of disallowed deduction to 2020. Add lines 9 and 10 less line 12 Note: Don't use Partilor Part below for listed property. Instead, use Part V. Part II Special Depreciation Allowance and Other Depreciation (Don't include listed property See Instructions) 14 Special depreciation allowance for qualified property other than listed properly placed in service during the tax you. See instructions 15 Property subject to section 1680X1) election 16 Other depreciation (including ACRS) Part II MACRS Depreciation (Don't include listed properly. See instructions.) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2019 Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2019: $203,000 Gross receipts Business mileage: 27,000 miles incurred ratably throughout the year) 35,000 miles total during the year 2019 Van (over 6,000 lbs) placed in service 1/01/19, cost 27,000 Postage Wages Payroll taxes Supplies Phone Internet service (500) (26,000) (1,950) (12,500) (1.250) (600) (2,400) (2,800) (4,500) Rent Insurance Van expenses Business assets Computer 1 Computer 2 Printer Copier Furniture Date Purehased 5/18/19 6/01/19 3/01/18 3/02/18 3/01/18 Cost $2,200 2.700 900 2,100 6,000 Required: Determine Cassi's self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. S 179 expense is elected on all eligible assets (5 179 was not taken on assets purchased last year). (Use Table 6A-1 (Input all the values as positive numbers. Use Rounded values for tax computation. Do not round other intermediate computations. Round your final answers to nearest whole dollar.) OMS NO. 1545-0172 2019 Attachment Sequence No 179 Identifying number 412-34-5670 Form 4562 Depreciation and Amortization (Including Information on Listed Property) Department of the Treasury Attach to your tax return Internal Revenue Service (99) Go to www.irs.gov/Form4562 for instructions and the latest Information, Name(s) shown on return Business or activity to which this form relates Cassi Home Cleaning Partl Election To Expense Certain Property Under Section 179 Note: If you have any listed property, complete Part V before you complete Parti 1 Maximum amount (see instructions) 2 Total Cost of section 179 property placed in services instructions) 3 Threshold cost of section 179 property before reduction in limitation (see instructions) 4 Reduction in limitation Subtract line 3 from line 2. If zero or less, enter-4. 5 Dollar imitabon for tax year Subtract line 4 from line 1 er or loss, ander 0. married ling separately see instructions b) Cost(biz. (a) Description of property li) Elected cost Two Computers 4.900 3.149 31,900 31.900 x 3.751 28 149 T 27.127 27.127 O 28,149 27.127 7 Listed properly Enter the amount from line 29 23,978 % 8 Total elected cost of section 179 property Add amounts in Column lines and 9 Tentative deduction Enter the smaller of line 5 or line 8 10 Carryover of disallowed deduction from line 13 of your 2018 Form 4562 11 Business income limitation. Enter the smaller of business income inot less than zero) or line 5. See instruction 12 Section 179 expense deduction. Add lines 9 and 10, but don't enter more than ine 11 13 Carryover of disallowed deduction to 2020. Add lines 9 and 10 less line 12 Note: Don't use Partilor Part below for listed property. Instead, use Part V. Part II Special Depreciation Allowance and Other Depreciation (Don't include listed property See Instructions) 14 Special depreciation allowance for qualified property other than listed properly placed in service during the tax you. See instructions 15 Property subject to section 1680X1) election 16 Other depreciation (including ACRS) Part II MACRS Depreciation (Don't include listed properly. See instructions.) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2019 Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2019: $203,000 Gross receipts Business mileage: 27,000 miles incurred ratably throughout the year) 35,000 miles total during the year 2019 Van (over 6,000 lbs) placed in service 1/01/19, cost 27,000 Postage Wages Payroll taxes Supplies Phone Internet service (500) (26,000) (1,950) (12,500) (1.250) (600) (2,400) (2,800) (4,500) Rent Insurance Van expenses Business assets Computer 1 Computer 2 Printer Copier Furniture Date Purehased 5/18/19 6/01/19 3/01/18 3/02/18 3/01/18 Cost $2,200 2.700 900 2,100 6,000 Required: Determine Cassi's self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. S 179 expense is elected on all eligible assets (5 179 was not taken on assets purchased last year). (Use Table 6A-1 (Input all the values as positive numbers. Use Rounded values for tax computation. Do not round other intermediate computations. Round your final answers to nearest whole dollar.)
