Question
Jane Curtain owns Janes Window Fashions, a small window treatment business. In 2021 she reported to you the following: Sales $ 200,000 Cost of sales
Jane Curtain owns Janes Window Fashions, a small window treatment business. In 2021 she reported to you the following:
Sales | $ 200,000 |
Cost of sales Jane only buys merchandise upon sales | 100,000 |
Administrative costs: |
|
Rent | 20,000 |
Phone and internet | 2,000 |
Utilities | 2,700 |
Insurance | 1,200 |
Health insurance | 6,000 |
Car expenses (other than depreciation) | 12,000 |
In 2021 Jane purchased a new Land Rover for $100,000. She used it 75% for business. She would like to take Bonus Depreciation.
In 2021 Jane purchased some installation equipment (5 year life) for 5,000
In 2021 Jane had the following stock sales.
Name | Purch date | Purch Amount | Sale Date | Sale amount |
Dapple Inc | 1/15/1980 | 7,000 | 5/15/2021 | 10,000 |
WestEast | 7/15/2015 | 6,000 | 6/15/2021 | 9,000 |
GreenAcre | 6/30/2021 | 12,000 | 9/30/2021 | 10,000 |
Jane received a dividend of $500 from Dapple. The ex-dividend date was 3/20/2021.
Jane received a $1,000 dividend from GreenAcre. The ex-dividend date was 7/15/2021.
Jane did not receive a dividend from Greenacre 2021.
Jane is single with no children. She owns no cryptocurrency.
Jane made 4 equal payments of $5,000 each (total $20,000) estimated payments. In 2020 her tax was $19,000.
Jane has received her $1,400 stimulus payment in 2021.
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