I want to know if I did it right, and if it is wrong please explain
CHAPTER1 SCHEDULE C - PROJECT - Compatibility Mode - Saved to this PC Search Anne Feng AF X File Home Insert Draw Design Layout References Mailings Review View Help Share Comments AutoSave (C Off) H ( 8- 5. = .1 . . . | . . 7 Beverly (SS# 138-09-1983, date of birth: April 2, 1975) is a self-employed consultant whose business uses the accrual method of accounting. Her principal business code is 540700. Her business is located at 1501 Broadway, New York, N.Y., 10019. During the year, she had the following income and expense items: Income Professional Fees Earned $250,000 Expenses Office Expenses $ 5,413 Depreciation $ 15,250 Rent on Office Space $ 30,500 Advertising $ 7,577 Malpractice Insurance $ 6,000 Utilities $ 5,552 Travel (950 business miles driven) ? Taxes & Licenses $5,500 Salary for her bookkeeper $15,550 Meals & Entertainment $ 13,050 Supplies $ 5,685 Accounting Fees $9,765 Legal Fees $10,250 Interest on Bank Loan $4,550 Cellphone for biz usage $1,500 Suits/Uniform $2,800 Page 1 of 1 150 words Focus BE + 100% O W 10:37 PM Type here to search 100% 4/30/2021SCHEDULE C (Form 1040) Profit or Loss From Business OMB No. 1545-0074 (Sole Proprietorship) Department of the Treasury Go to www.irs.gov/ScheduleC for instructions and the latest information. 2020 Attachment Internal Revenue Service (99) Attach to Form 1040, 1040-SR, 1040-NR, or 1041; partnerships generally must file Form 1065 Sequence No. 09 Name of proprietor Social security number (SSN) Beverly Johnson 138091983 A Principal business or profession, including product or service (see instructions) B Enter code from instructions Consultant 5 4 0 7 0 0 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.) _ 1501, Broadway City, town or post office, state, and ZIP code NY, 1009 Accounting method: (1) Cash (2) Accrual (3) Other (specify) Did you "materially participate" in the operation of this business during 2020? If "No," see instructions for limit on losses Yes No - IO T If you started or acquired this business during 2020, check here Did you make any payments in 2020 that would require you to file Form(s) 1099? See instructions Yes No If "Yes," did you or will you file required Form(s) 1099? Yes No Part | Income 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 . - 250000 Returns and allowances 2 0 Subtract line 2 from line 1 3 250000 Cost of goods sold (from line 42) YOUAWN Gross profit. Subtract line 4 from line 3 5 Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) 6 250000 Gross income. Add lines 5 and 6 . 250000 Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising . 8 7577 18 Office expense (see instructions) 18 5413 Car and truck expenses (see 19 Pension and profit-sharing plans 19 instructions). 20 Rent or lease (see instructions): 10 Commissions and fees 10 a Vehicles, machinery, and equipment 20a 11 Contract labor (see instructions) 11 ol b Other business property 20b 30500 Depletion . 12 21 Repairs and maintenance . 21 0 Depreciation and section 179 22 Supplies (not included in Part III) . 22 5685 expense deduction (not 23 Taxes and licenses . 23 5500 included in Part III) (see instructions) . 13 15250 24 Travel and meals: 14 Employee benefit programs a Travel . . 24a 546.25 other than on line 19) . 14 Deductible meals (see 15 Insurance (other than health) 15 6000 instructions) . 24b 13050 16 Interest (see instructions): 25 Utilities . 25 5552 a Mortgage (paid to banks, etc.) 16a 4550 26 Wages (less employment credits) . 26 15550 Other 16b 27a Other expenses (from line 48) . 27a 4300 17 Legal and professional services 17 20015 b Reserved for future use 27b 28 Total expenses before expenses for business use of home. Add lines 8 through 27a . 28 139,488.25 29 Tentative profit or (loss). Subtract line 28 from line 7 . 29 10511.75 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:City, town or post office, state, and ZIP code NY, 1009 Accounting method: (1) Cash (2) Accrual (3) Other (specify) Did you "materially participate" in the operation of this business during 2020? If "No," see instructions for limit on losses Yes No If you started or acquired this business during 2020, check here Did you make any payments in 2020 that would require you to file Form(s) 1099? See instructions Yes . No If "Yes," did you or will you file required Form(s) 1099? Yes No Part | Income 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 . 250000 Returns and allowances . N 0 Subtract line 2 from line 1 3 250000 Cost of goods sold (from line 42) 4 0 NO UA W N Gross profit. Subtract line 4 from line 3 Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) 250000 Gross income. Add lines 5 and 6 . 250000 Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising . . . 8 7577 18 Office expense (see instructions) 18 5413 Car and truck expenses (see 19 Pension and profit-sharing plans 19 Instructions). 9 0 20 Rent or lease (see instructions): 0 Commissions and fees 10 a Vehicles, machinery, and equipment 20a 11 Contract labor (see instructions) 11 b Other business property 20b 30500 12 Depletion 12 21 Repairs and maintenance . 21 0 12 Depreciation and section 179 22 Supplies (not included in Part III) 22 5685 expense deduction (not 23 Taxes and licenses 23 5500 included in Part Ill) (see instructions) . 13 15250 24 Travel and meals: 14 Employee benefit programs a Travel . 24a 546.25 (other than on line 19) . 14 b Deductible meals (see 15 Insurance (other than health) 15 instructions) . 24b 13050 16 Interest (see instructions): 25 Utilities 25 5552 Mortgage (paid to banks, etc.) 16a 4550 26 Wages (less employment credits) . 26 15550 b Other 16b 0 27a Other expenses (from line 48) . 27a 4300 17 Legal and professional services 17 20015 b Reserved for future use 27b 28 Total expenses before expenses for business use of home. Add lines 8 through 27a . 28 139,488.25 29 Tentative profit or (loss). Subtract line 28 from line 7 . 29 10511.75 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 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. 31 110,511.75 . 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. . If you checked 32a, enter the loss on both Schedule 1 (Form 1040), line 3, and on Schedule SE, line 2. (If you checked the box on line 1, see the line 31 instructions). Estates and trusts, enter on 32a All investment is at risk. Form 1041, line 3. 32b Some investment is not at risk. If you checked 32b, you must attach Form 6198. Your loss may be limited. For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11334P Schedule C (Form 1040) 2020
