Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with incorrect questions -- red Xs Kim works for a clothing manufacturer as a dress designer. During 2021, she travels to New York

image text in transcribed

image text in transcribed

Please help with incorrect questions -- red Xs

Kim works for a clothing manufacturer as a dress designer. During 2021, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,500 Lodging (8 nights) 1,920 Meals at local restaurants (8 days) 1,440 Airport transportation 120 Assume lodging/meals are the same amount for the business and personal portion of the trip ($240 per day for lodging and $180 per day for meals). If an amount is zero, enter "0". a. Determine Kim's business expenses, presuming no reimbursement. Airfare 1,500 Lodging 1,200 Meals 450 Transportation 120 Total 3,270 x What amount may she deduct on her tax return? $ 0 Feedback b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? The deductible expenses on her tax return would be $ 3,270 X and the expenses would be classified as a deduction for AGI

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Anne Britton, Chris Waterston

4th Edition

0273703609, 978-0273703600

More Books

Students also viewed these Accounting questions

Question

In a hypothesis test, what does the power of the test measure?

Answered: 1 week ago