Question
INCOME TAX RETURN PROBLEM Below is the taxpayer information for Beverly Johnson: Beverly (SS# 138-09-1983, date of birth: April 2, 1968) is a self-employed consultant
INCOME TAX RETURN PROBLEM
Below is the taxpayer information for Beverly Johnson:
Beverly (SS# 138-09-1983, date of birth: April 2, 1968) 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
REQUIRED:
Please prepare the Schedule C for Beverly Johnson
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