Question
Mar'Q is a self-employed taxpayer in architecture with the following items in 2019. What is his total business expense deduction for the year? 1) Mar'Q
Mar'Q is a self-employed taxpayer in architecture with the following items in 2019. What is his total business expense deduction for the year?
1) Mar'Q has an automobile with operating costs of $3,500 for the year (oil, gas). His business use is 75%, and the car was used for 9,578 miles in total in 2019. He also paid $367 in personal property tax on the vehicle. He uses the standard mileage method.
2) Employee wages of $59,690.
3) Mar'Q went on a trip to meet new customers. He spent $835 on airfare, $150/night for lodging, and $500 in meals for the 3-day business trip. He stayed one extra day for sightseeing only. On the last day, Mar'Q spent $40 on meals. All meals are considered reasonable in amount.
4) Mar'Q paid $50 for an online course in how to choose stocks.
What is his total business expense deduction for the year?
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