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Question - Cassi (SSN 412-34-5670) has a home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2020:
Gross receipts $203,000
Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2020
Van (over 6,000 lb) placed in service 1/01/2020, cost 27,000
Postage (500)
Wages (26,000)
Payroll taxes (1,950)
Supplies (12,500)
Phone (1,250)
Internet service (600)
Rent (2,400)
Insurance (2,800)
Van expenses (4,500)
Business assets Date Purchased Cost
Computer 15/18/20 $2,200
Computer 26/01/20 2,700
Printer 3/01/19 900
Copier 3/02/19 2,100
Furniture 3/01/19 6,000
Required - Determine Cassi's self-employment income and QBI deduction. Cassi does not elect to defer her self-employment tax under the Cares Act. Prepare Schedule C and Schedule SE. Section 179 expense is elected on all eligible assets (§ 179 was not taken on assets purchased last year). Cassi had qualifying health care coverage at all times during the tax year.
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