Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Schedule C Dave Sanders does computer consulting work on the side. He received a 1099 from his largest client showing that he made $25,300 from

Schedule C

Dave Sanders does computer consulting work on the side. He received a 1099 from his largest client showing that he made $25,300 from his work for that company. He also earned an additional $3750 from other clients. Dave incurred the following expenses:

Office supplies $226

Insurance $535

Advertising $545

Telephone $767

He also drove 1585 business miles in 2020 and would like to use the standard mileage rate rather than actual expenses.

Complete the Schedule C for Dave. He uses his social security number 123-45-6789 and does not have an employer identification number. The name of the business is Daves Computer Consulting and he does the work from his home at 221 Main St, Heron, IL 61820. He uses the cash method of accounting. This business was started in 2012. He does not need to file 1099 forms.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamentals of Cost Accounting

Authors: William Lanen, Shannon Anderson, Michael Maher

5th edition

978-1259728877, 1259728870, 978-1259565403

Students also viewed these Accounting questions