How would you advise owner regarding the deductions

Assignment Help Taxation
Reference no: EM131796992

Problem

An owner of an automobile body shop comes into your office for tax advice. He has been thinking about updating his antiquated computer system so he purchased a consumer handbook then he flew to San Francisco to visit the Apple Store to shop for computers for his personal and business use. He wants to deduct the trip, his food, the book, and the computer he purchased in San Francisco.

How would you advise him regarding the deductions and expenses he may be able to claim? Make a recommendation regarding how these expenses should be treated to maximize his deductions. Be specific with your recommendation.

Reference no: EM131796992

Questions Cloud

What does the calculation of each ratio represent : What does the calculation of each ratio represent? What recommendations do you have for turning a negative trend to a positive trend?
Cash budget for november in good form : Prepare the company's cash budget for November in good form. Make sure to indicate what borrowing, if any, would be needed to attain the desired ending cash.
Entitle what is the journal entry : Received $6800 in cash for admission fees what is the journal entry? and sold 100 coupon book for $25 each
Record the journal entry to establish the petty cash fund : For September 9th Record the journal entry to establish the Petty Cash fund. For September 30th Record the reimbursement of the Petty Cash Fund.
How would you advise owner regarding the deductions : An owner of automobile body shop comes into your office for tax advice. How would you advise him regarding the deductions and expenses he may be able to claim?
Windows of the world : Windows of the World (WOW) produces decorative windows in several styles and finishes. The company uses a job order costing system.
Determine the amount of overhead cost that would be assigned : Determine the amount of overhead cost that would be assigned to each product using activity-based costing
Recommend one approach that an accountant could take : Recommend one approach that an accountant could take in order to measure the types of complexity you identified for a specific business or industry.
Balance of the overhead is applied at the rate : Two manufacturing overhead application bases are used; some overhead is applied on the basis of machine hours at a rate of $11.00 per machine hour

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

  A tax on cigarettes is a good way of raising tax revenue

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd