Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2018, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Social Security number is 123-45-6782. Janice's parents continue to provide health insurance for her under their policy. Janice wants to contribute to the Presidential Election Campaign Fund.

During 2018, Janice reported the following income and expense items connected with her business.

Income from sale of articles	$85,000
Rent	16,500
Utilities	7,900
Supplies	1,800
Insurance	5,000
Travel (including meals of $1,200)	3,500

Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate expensing under 179, if possible.

• Furniture and fixtures (new) costing $21,000 on January 10
• Computer equipment (new) costing $12,400 on July 28

Janices itemized deductions include:

State income tax	$2,950
Home mortgage interest paid to First National Bank	6,000
Property taxes on home	2,500
Charitable contribution to her alma mater, State College	1,200

Janice did not keep a record of the sales tax she paid. The amount from the sales tax table is $437. Janice reports interest income of $4,000 on certificates of deposit at Second National Bank. She made estimated tax payments of $3,000 for 2018.

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Form 4562 OMB No. 1545-0172 Form 4562 2018 Department of the Treasury Internal Revenue Service (99) Depreciation and Amortization (Including Information on Listed Property) Attach to your tax return. Go to www.irs.gov/Form4562 for instructions and the latest information. Attachment Sequence No. 179 Name(s) shown on return Janice Morgan Identifying number 123-45-6782 Business or activity to which this form relates Schedule C - Writers Anonymous Part I Election To Expense Certain Property Under Section 179 Note: If you have any listed property, complete Part V before you complete Part I. 1 Maximum amount (see instructions) 1 1,000,000 2 Total cost of section 179 property placed in service (see instructions) 2 33,400 3 Threshold cost of section 179 property before reduction in limitation (see instructions) 3 2,500,000 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter-O-. 4 4 5 Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married filing separately, see instructions .. 5 1,000,000 6 (a) Description of property (b) Cost (business use only) (c) Elected cost Furniture 21,000 21,000 Other assets 12,400 12,400 7 Listed property. Enter the amount from line 29 ...... 7 0 8 Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7 8 33,400 9 Tentative deduction. Enter the smaller of line 5 or line 8. 9 33,400 10 Carryover of disallowed deduction from line 13 of your 2017 Form 4562 10 0 11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5. See instrs. 11 1,000,000 X 12 Section 179 expense deduction. Add lines 9 and 10, but don't enter more than line 11. 12 33,400 13 Carryover of disallowed deduction to 2019. Add lines 9 and 10, less line 12. 13 0