Question
I need help with Part II, Schedule C as I get the wrong answers. Please help me understand. If yu see something wrong in Part
I need help with Part II, Schedule C as I get the wrong answers. Please help me understand. If yu see something wrong in Part II, please tell me what I did wrong and how to fix it. Thank you!!!!!
Cassi (SSN 412-34-5670) has a home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2022:
Gross receipts | $ 203,000 |
---|---|
Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2022 Van (over 6,000 pounds) placed in service 1/01/2022, cost 27,000 | |
Postage | (500) |
Wages | (26,000) |
Payroll taxes | (1,950) |
Supplies | (12,500) |
Phone | (1,250) |
Internet service | (600) |
Rent | (2,400) |
Insurance | (2,800) |
Van expenses | (4,500) |
Business assets | Date Purchased | Cost |
---|---|---|
Computer 1 | 5/18/22 | $ 2,200 |
Computer 2 | 6/01/22 | 2,700 |
Printer | 3/01/21 | 900 |
Copier | 3/02/21 | 2,100 |
Furniture | 3/01/21 | 6,000 |
Required:
Determine Cassis self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. 179 expense is elected on all eligible assets ( 179 was not taken on assets purchased last year). (Use Table 6A-1.)
Note: 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. Instructions can be found on certain cells within the forms.
Check my work mode : This shows what is correct or incorrect for the w Form W2 and the "Statutiory employee- Dox 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 29 Tentative profit or (loss). Subtract line 28 from line 7 30 Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unless using the simplified method. See instructions. Simplified method filers only: enter the total square footage of (a) your home: and (b) the part of your home used for business: - Use the Simplified Method Worksheet in the instructions to figure the amount to enter on line 30 31 Net profit or (loss), Subtract line 30 from line 29, - If a profit, enter on both Schedule 1 (Form 1040), line 3, and on Schedule SE, line 2. (If you checked the box on line 1, see instructions). Estates and trusts, enter on Form 1041, line 3. - If a loss, you must go to line 32. 32 If you have a loss, check the box that describes your investment in this activity. See instructions
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