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INCOME TAX RETURN PROBLEM Below is the taxpayer information for Beverly Johnson: Beverly (SS# 138-09-1983, date of birth: April 2, 1985) 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 Eamed $200,000 Expenses Office Expenses Depreciation Rent on Office Space Advertising Malpractice Insurance Utilities Travel (1,250 business miles driven) Lodgings - Hotels for business travel Taxes & Licenses Salary for her bookkeeper Meals with clients Meals with friends Supplies Accounting Fees Legal Fees Interest on Bank Loan Cellphone for biz usage Suits/Uniform $5,413 $ 15,250 $ 20,500 $ 7,577 $ 6,000 $ 5,850 ? $600 $5,500 $15,550 $ 10,050 $3,500 $ 5,600 $9,950 $10,250 $4,550 $1,500 $2,800 REQUIRED: Please prepare the 2020 Schedule C (see attachment) for Beverly Johnson Round up amounts to the nearest dollar, if necessary. Use the 2020 tax rules. DO NOT COMPLETE PART III & PART IV SCHEDULE Profit or Loss From Business 114514 Form 1040) (Sole Proprietorship 2020 ht Go to www.in.gov/Schedule for instructions and the latest Information chat www.Attach to Form 1040 1040-5R. 1040-NR. 1001partnerships generally must le Form 1006 of prap Principal business or profession, including product or services instruction Yes No Yes Yes No Business partnere, lave blank D Em E Besides (including tuite or room na) Oly, town or post office state and ZIP code F Accounting method (1) Cash 2 Acorus A Other specity G Did you may participate in the operation of this business during 20207 "No." o instructions for non H you started or acquired this business during 2020, check here 1 Did you make any payments in 2020 that would require you to eForm 10907 Sonstructions Yes I did you or you to required Formis) 10992 Part I Income 1 Gross receipt of sales. See instructions for line 1 and check the box is income was reported to you or Form W-2 and the Statutory employee on that form was checked 1 2 Returns and allowances 2 3 Subtract line 2 from line 1 3 4 Cost of goods sold from line 47 4 5 Gross profit. Subtract line from line 3 5 8 Other income, including federal and state gasoline or full tax creditor reund instruction 6 7 Gross income. Add lines 5 and 6 7 Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising 8 18 Office expenses instructions 18 Car and track expenses see 19 Pension and prot sharing plans 19 instructional 9 Rent or instruction 10 Commissions and fees 10 . Valides machinery, and equip 20 Contract laboribucions 11 Other business property 200 12 Depletion 12 21 Repairs and maintenance 21 13 Depreciation and section 179 22 Supplies not included in Part 22 expense deduction inot 23 Taxes and license 29 included in parte instructions 13 24 Travel and me 14 Employee benefit programs . Travel 24 other than on line 19 14 Deductibile mele 15 Insurance (other than health 15 Instructions 24 16 Interests instruction 25 Utilities 25 Mortgoo paid to banks, ofe) 160 26 Wagnes employment credits 25 bOther 16 27a Other expenses from ine 46) 270 17 Legal and professional service 17 b Reserved for future ve 27 Total expenses before expenses for business use of home. Addins through 27 28 29 Tentative profit or Subtract line 28 from line 7 29 30 Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 629 unless using the simplified method. See Instructions Simplified method for only: Enter the total square footage of your home and to the part of your home used for business Use the Simplified 30 Method Worksheet in the instruction to figure the amount to enter on line 30 31 Net profit or loss. Subtract line 30 from line 29 If a profitanter on both Schedule 1 Form 10401. line and on Schedule SE, line 2. of you checked the box on line 1, se instructions. Estates and trusts, enter on Form 1041, line 3 31 Was you must go to line 32 you have a check the box that describes your investment in this activity Sonstructions you checked 320, enter the loss on both Schedule 1 Form 1040, line 3. and on Schedule sline 2. you checked the box on line 1. see the line 31 instruction Estates and trusts, enteron Form 1041, line 3 you checked you must attach Form 6190. Your loss may be limited For Paperwork Reduction Act Notice, see the separate instructions Cal 135P . R 32 Al investment Some investment is not Sichero 10402000 100 000 Cost of Goods Sold instructions Page 2 Part II 33 Method used to value in invertory Cost blower of cost of manat contach explanation Was there any change in minutes costs of votions between opening and dang norton each explanation Yes 34 No 35 35 38 tvertory at beginning of your own trom last year's closing inventory, attachesplanation Purchase out of withdrawn for personal use Oont of labor. Do not include any amounts paid to your 37 37 38 Materials and supplies 38 39 Other costs 3 40 Add lines 35 through 39 40 41 Inventory at end of year 41 42 Cost of goods sold. Subtractine 41 from line 40. Enter the result here and on line 4 Part IV Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and are not required to file Form 4562 for this business. See the instructions for line 13 to find out if you must file Form 4562 43 44 e Other When did you place your vehicle in service for business purpose?mont/dayi'year) of the total number of miss you drove your vehicle during 2020, enter the number of milet you and your vehicle for . Business Commuting free retructionet Was your vehicle watable for personal use during of Quy hous? Do you for your spouse have another whicle able for personal use? 476 Do you have evidence to support your deduction? Yes No 45 Yes 46 No Yes NO . Yes NO Part V "Yes" is the evidence written Other Expenses. List below business expenses not included on lines 8-26 or line 30. Total other expenses. Enter har and on line 270 SchedForm 1040 INCOME TAX RETURN PROBLEM Below is the taxpayer information for Beverly Johnson: Beverly (SS# 138-09-1983, date of birth: April 2, 1985) 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 Eamed $200,000 Expenses Office Expenses Depreciation Rent on Office Space Advertising Malpractice Insurance Utilities Travel (1,250 business miles driven) Lodgings - Hotels for business travel Taxes & Licenses Salary for her bookkeeper Meals with clients Meals with friends Supplies Accounting Fees Legal Fees Interest on Bank Loan Cellphone for biz usage Suits/Uniform $5,413 $ 15,250 $ 20,500 $ 7,577 $ 6,000 $ 5,850 ? $600 $5,500 $15,550 $ 10,050 $3,500 $ 5,600 $9,950 $10,250 $4,550 $1,500 $2,800 REQUIRED: Please prepare the 2020 Schedule C (see attachment) for Beverly Johnson Round up amounts to the nearest dollar, if necessary. Use the 2020 tax rules. DO NOT COMPLETE PART III & PART IV SCHEDULE Profit or Loss From Business 114514 Form 1040) (Sole Proprietorship 2020 ht Go to www.in.gov/Schedule for instructions and the latest Information chat www.Attach to Form 1040 1040-5R. 1040-NR. 1001partnerships generally must le Form 1006 of prap Principal business or profession, including product or services instruction Yes No Yes Yes No Business partnere, lave blank D Em E Besides (including tuite or room na) Oly, town or post office state and ZIP code F Accounting method (1) Cash 2 Acorus A Other specity G Did you may participate in the operation of this business during 20207 "No." o instructions for non H you started or acquired this business during 2020, check here 1 Did you make any payments in 2020 that would require you to eForm 10907 Sonstructions Yes I did you or you to required Formis) 10992 Part I Income 1 Gross receipt of sales. See instructions for line 1 and check the box is income was reported to you or Form W-2 and the Statutory employee on that form was checked 1 2 Returns and allowances 2 3 Subtract line 2 from line 1 3 4 Cost of goods sold from line 47 4 5 Gross profit. Subtract line from line 3 5 8 Other income, including federal and state gasoline or full tax creditor reund instruction 6 7 Gross income. Add lines 5 and 6 7 Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising 8 18 Office expenses instructions 18 Car and track expenses see 19 Pension and prot sharing plans 19 instructional 9 Rent or instruction 10 Commissions and fees 10 . Valides machinery, and equip 20 Contract laboribucions 11 Other business property 200 12 Depletion 12 21 Repairs and maintenance 21 13 Depreciation and section 179 22 Supplies not included in Part 22 expense deduction inot 23 Taxes and license 29 included in parte instructions 13 24 Travel and me 14 Employee benefit programs . Travel 24 other than on line 19 14 Deductibile mele 15 Insurance (other than health 15 Instructions 24 16 Interests instruction 25 Utilities 25 Mortgoo paid to banks, ofe) 160 26 Wagnes employment credits 25 bOther 16 27a Other expenses from ine 46) 270 17 Legal and professional service 17 b Reserved for future ve 27 Total expenses before expenses for business use of home. Addins through 27 28 29 Tentative profit or Subtract line 28 from line 7 29 30 Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 629 unless using the simplified method. See Instructions Simplified method for only: Enter the total square footage of your home and to the part of your home used for business Use the Simplified 30 Method Worksheet in the instruction to figure the amount to enter on line 30 31 Net profit or loss. Subtract line 30 from line 29 If a profitanter on both Schedule 1 Form 10401. line and on Schedule SE, line 2. of you checked the box on line 1, se instructions. Estates and trusts, enter on Form 1041, line 3 31 Was you must go to line 32 you have a check the box that describes your investment in this activity Sonstructions you checked 320, enter the loss on both Schedule 1 Form 1040, line 3. and on Schedule sline 2. you checked the box on line 1. see the line 31 instruction Estates and trusts, enteron Form 1041, line 3 you checked you must attach Form 6190. Your loss may be limited For Paperwork Reduction Act Notice, see the separate instructions Cal 135P . R 32 Al investment Some investment is not Sichero 10402000 100 000 Cost of Goods Sold instructions Page 2 Part II 33 Method used to value in invertory Cost blower of cost of manat contach explanation Was there any change in minutes costs of votions between opening and dang norton each explanation Yes 34 No 35 35 38 tvertory at beginning of your own trom last year's closing inventory, attachesplanation Purchase out of withdrawn for personal use Oont of labor. Do not include any amounts paid to your 37 37 38 Materials and supplies 38 39 Other costs 3 40 Add lines 35 through 39 40 41 Inventory at end of year 41 42 Cost of goods sold. Subtractine 41 from line 40. Enter the result here and on line 4 Part IV Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and are not required to file Form 4562 for this business. See the instructions for line 13 to find out if you must file Form 4562 43 44 e Other When did you place your vehicle in service for business purpose?mont/dayi'year) of the total number of miss you drove your vehicle during 2020, enter the number of milet you and your vehicle for . Business Commuting free retructionet Was your vehicle watable for personal use during of Quy hous? Do you for your spouse have another whicle able for personal use? 476 Do you have evidence to support your deduction? Yes No 45 Yes 46 No Yes NO . Yes NO Part V "Yes" is the evidence written Other Expenses. List below business expenses not included on lines 8-26 or line 30. Total other expenses. Enter har and on line 270 SchedForm 1040