Question
You receive the following email from Jean Marie: Hi again! I just received a few 1099s for a business I started in 2020. It is
You receive the following email from Jean Marie:
Hi again! I just received a few 1099s for a business I started in 2020. It is a Virtual Assistant business. Here is the information you will need for the tax return:
Total income $35,900
Expenses:
Software systems $4,500
Website $550
Office supplies $830
Dues and subscriptions $2,500
Facebook ads $5,000
Charitable contributions $3,000
Meals with potential clients $475
Entertainment with potential clients (theater, sports, etc.) $1,300
Business miles 1,480 Total miles 15,900
I wasn't great at keeping track of everything but I have receipts for all of these things.
We also had $69 in interest income on a 1099-INT.
Add this information to the tax return and recalculate the tax due and the refund based on this information. Don't forget QBI.
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Accounting for Decision Making and Control
Authors: Jerold Zimmerman
9th edition
125956455X, 978-1259564550
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