Question
Schedule B During the year, Joseph earned and received $12,500 from clients related to this business. His expenses were as follows: Advertising $175 Supplies
Schedule B
During the year, Joseph earned and received $12,500 from clients related to this business.
His expenses were as follows:
Advertising $175
Supplies $500
Legal Fees $750
Liability Insurance $600
The couple have the following additional expenses for the year:
Health Insurance (after-tax) $ 4,400
Doctor bills $ 470
Real estate taxes $ 2,200
Personal property taxes $ 400
Mortgage Interest $15,600
- Complete the taxpayer information section at the top of the form
- Enter the appropriate information in Part I and Part II
- Check the appropriate boxes in Part III - the taxpayers have no foreign interests
Charitable contributions – cash $ 9,000
Charitable contributions – Stock
GE stock owed 5 years:
Fair Market Value (FMV) $ 8,000
Adjusted basis $ 2,000
Tax preparation fees $ 750
Step by Step Solution
There are 3 Steps involved in it
Step: 1
entries for the business income and expenses Schedule C and itemized deductions Schedule A Schedule C Form 1040 Profit or Loss from Business Taxpayer ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
