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Tracy Morgan is self-employed as a professional golf instructor. She uses the cash method of accounting and her SS# is 465-34-3389. Her principal business code
Tracy Morgan is self-employed as a professional golf instructor. She uses the cash method of accounting and her SS# is 465-34-3389. Her principal business code is 812990. Tracy's business is located at 41500 Gardenbrook Rd, in Novi, MI 48375. |
During 2020, Tracy had the following income and expenses:
Fees from golf lessons | $40,125 |
Expenses: | |
Car Mileage (5,234 business miles) | 3,036 |
Business Liability Insurance | 475 |
Office Expense | 660 |
Rent on storage space | 2,700 |
City business license | 250 |
Travel expense | 3,000 |
Meals (deductible portion) | 985 |
Utilities | 1,015 |
Miscellaneous Expense | 500 |
Refund given to student | 200 |
Advertising | 800 |
Tracy is a good friend of yours who knows you have just learned about all sorts of interesting tax stuff.
She would like your help with the following:
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Number 1 The schedule is also referred to as Profit and Loss Form 1040 for the tax paid at the end of the year used in reporting loss or income from a single member liability company or sole proprieto...Get Instant Access to Expert-Tailored Solutions
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