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bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,295 in course fees for his continuing legal education in a different city. He also paid $467 for airfare and a hotel room and paid $250 for meals, all of which were provided by the hotel’s restaurant. Bob also purchased a $6 bag of snacks from a newsstand while waiting for his plane in the airport because he missed lunch.
What is the total amount he can deduct on his Schedule C related to these expenses?
Schedule C
Schedule C is the most popular tax form used by sole proprietors. The title "Profit or Loss From Business" implies that it is used to record both income and losses. Schedule C filers are typically self-employed taxpayers who are just starting out in their businesses.
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- Hassad owns a rental house on Lake Tahoe. He uses a real estate firm to screen prospective renters, but he makes the final decision on all rentals. He also is responsible for setting the weekly rental price of the house. During the current year, the house rents for 1,500 per week. Hassad pays a commission of 150 and a cleaning fee of 75 for each week the property is rented. During the current year, he incurs the following additional expenses related to the property: a. What is the proper tax treatment if Hassad rents the house for only 1 week (7 days) and uses it 50 days for personal purposes? b. What is the proper tax treatment if Hassad rents the house for 8 weeks (56 days) and uses it 44 days for personal purposes? c. What is the proper tax treatment if Hassad rents the house for 25 weeks (175 days) and uses it 15 days for personal purposes?Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,400 in course fees for his continuing legal education in a different city. He also paid $500 for airfare and a hotel room and paid $300 for meals, all of which were provided by the hotel's restaurant. Bob also purchased a $10 bag of snacks from a newsstand while waiting for his plane in the airport because he missed lunch. What is the total amount he can deduct on his Schedule C related to these expenses? I already tried doing $1400, + $500 + $150 (300 x 50%) = $2050, but this was incorrect and the feedback mentions "Most travel expenses are fully deductible, but Congress decided that a portion of the cost of meals is a personal expense. Therefore, only 100 percent of the cost of meals is deductible." So I also tried $1400, + $500 + $300 = $2200 and this is again incorrect. Please show calclulations!Freddie owns an electronics outlet in Houston. This year, he paid $600 to register for a four-day course in management in Oklahoma City. Freddie paid $800 in airfare and $1,000 for five nights' lodging. After the course, Freddie spent the last day sightseeing. During the trip, Freddie also paid $140 a day for meals, and $80 a day for a rental car. What amount of these travel expenditures may Freddie deduct as business expenses?
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- Michael is self-employed and reports the income from his business on Schedule C of his Form 1040. This month, Michael incurred the following costs related to his business: $750 fine to the EPA for violation of environmental regulations $1,200 to a part-time employee who assists in the bookkeeping for Michael’s business $300 contribution to the Utah Republican Party (political contribution) $200 for dinner, during which Michael and an important client discussed business $150 for tickets to see the Utah Jazz after the client dinner $2,500 in rent and utilities How much of the above expenses can Michael deduct on his tax return? $5,100 $0 $3,800 $4,100John owns a convenience shop called City Conv. The following events occurred for John during 20192020 financial year. John incurred legal expenses as he was sued for false advertising. John purchased new fridge to the shop - $800. In addition, his builder added more space to the shop front. This cost him $22,000. John ordered 1000 new T-shirts with printed City Conv’s logos for marketing purposes. These costs him $1,500. John received a City of Sydney fine for putting his sales item for display outside his shop without a permit. He required to apply for a permit to use the footpath. Required: With reference to relevant legislation and case law advise John on the assessability and/or deductibility of above events. (maximum 300 words)Your clients, Adam and Amy Accrual, have a 21-year-old daughter named April. April is single and is a full-time student studying for her bachelor’s degree in accounting at California Poly Academy (CPA) in Pismo Beach, California, where she lives with her roommates year-round. Last year, April worked at a local bar and restaurant four nights a week and made $18,000, which she used for tuition, fees, books, and living expenses. Her parents help April by sending her $300 each month to help with her expenses at college. This is all of the support given to April by her parents. When preparing Adam and Amy’s tax return, you note that they claim April as a dependent for tax purposes. Adam is insistent that they can claim April because of the $300 per month support and the fact that they “have claimed her since she was born.” He will not let you take April off his return as a dependent. Would you sign the Paid Preparer’s declaration (see example above) on this return? Why or why not?