Week 6 Taxacct Reflection

Question 40 Grace is a self employeed sales consultant who spends significant time entertainment potential customers. She keeps all the appropriate records to substantiate her entertainment. She has the following expenses in the current year:  meals where business was conducted $5000 Greens fees (all fees) 500 tickets to baseball games (all business) 500 country cup dues (all business use) 6000 what are the tax-deductible meals and entertainment expenses Grace May claim in the current year?  $ on which tax form should she claim the deduction?

Hello! I need help with this problem. The first one is good, but the rest are wrong. Thank you for helping me.  Problem 2-21 (LO. 1) Purple Company has $200,000 in net income for 2018 before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $12,000 standard deduction for 2018. Purple Company is Kirsten's only source of income. Ignoring any employment tax considerations, compute Kirsten's after-tax income for each of the following situations. Click here to access the 2018 individual tax rate schedule to use for this problem. Assume the corporate tax rate is 21%. When required, carryout intermediate tax computations to the nearest cent and then round your final tax liability to the nearest dollar. a.  If Purple Company is a proprietorship and Kirsten withdraws $50,000 from the business during the year; Kirsten claims a $40,000 deduction for qualified business income ($200,000 × 20%). Kirsten's taxable income is$, and her…

(LO.3 Federal Taxation) Monica, a self-employed taxpayer, travels from her office in Boston to Lisbon, Portugal, on business. Her absence of 13 days was spent as follows: Thursday                                             Depart for and arrive at Lisbon Friday                                                    Business transacted Saturday and Sunday                     Vacationing Monday through Friday                Business transacted Saturday and Sunday                     Vacationing Monday                                               Business transacted Tuesday                                               Depart Lisbon and return to office in Boston For tax purposes, how many days has Monica spent on business? What difference does it make? Could Monica have spent more time than she did vacationing on the trip without loss of existing tax benefits?

Exercise 15-19 (LO. 3, 4) In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 1Tax liability (round to the nearest dollar): $fill in the blank 2

1. Electronic filing (e-filing): a.Generally results in a slower refund. b.Reduces the chances that the IRS will make mistakes when inputting tax return information. c.Requires the services of a professional. d.Can be done only by telephone.   2. Barry is a self-employed attorney who travels to New York on a business trip during 2021. Barry's expenses were as follows:   Airfare $550 Taxis 40 Restaurant meals 150 Lodging 350   How much may Barry deduct as travel expenses for the trip? a.$0 b.$1,015 c.$940 d.$1,090 e.None of these choices are correct.   3. Which of the following is deductible as dues, subscriptions, or publications? a.Subscription to the "Journal of Taxation" for a tax attorney b.Dues to a health club for a doctor c.Dues to the drama club for a student d.Subscription to "Vogue" magazine for a corporate president e.None of these choices are correct.

1. Deductible transportation expenses: a.Do not include the normal costs of commuting. b.Do not include daily expenses for transportation between the taxpayer's home and temporary work locations if the taxpayer has a regular place of business. c.Include only costs incurred while away from home. d.Include meals and lodging.   2. Barry is a self-employed attorney who travels to New York on a business trip during 2021. Barry's expenses were as follows: Airfare $550 Taxis 40 Restaurant meals 150 Lodging 350 How much may Barry deduct as travel expenses for the trip? a.$0 b.$1,015 c.$940 d.$1,090 e.None of these choices are correct.   3. Which of the following is deductible as dues, subscriptions, or publications? a.Subscription to the "Journal of Taxation" for a tax attorney b.Dues to a health club for a doctor c.Dues to the drama club for a student d.Subscription to "Vogue" magazine for a corporate president e.None of these choices are correct.

B 12. Susan works part-time with an accounting firm while she completes her accounting degree. She hopes to then be offered a full-time position. She also does some waitressing to supplement her income while studying. Which of the following are deductible to Susan under s8-1?   Select one: 1 Purchase of a black skirt and white shirt as required for her waitressing job. 2 Cost of travel from home to her accounting job. 3 Cost of travel from her accounting job to her waitressing job. 4 Purchase of suits as required by her accounting firm.

17. Which of the following expenses, if any, is/are deductible? a.Contribution to an IRA. b.Job-hunting expenses of a fishing guide to become an insurance salesman. c.Costs involved in maintaining an office in the home by a self-employed insurance adjuster. Taxpayer's wife also uses the office as a meeting place for her bridge club. d.Cost of moving to first job location. Taxpayer just graduated from college.

Problem 3-8Transportation (LO 3.3) Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She drives her car 4,000 miles for business and 10,000 for commuting and other personal use. Assuming Martha uses the standard mileage method, how much is her deductible auto expense for the year? a.   The deductible business auto expense is $. b.   Where in her tax return should Martha claim this deduction? The expense should be deducted on Martha's  .