Reference no: EM133063295
Question - INCOME TAX RETURN PROBLEM Below is the taxpayer information for Beverly Johnson: Beverly (SS# 138-09-1983, date of birth: April 2, 1985) is a self-employed consultant whose business uses the accrual method of accounting. Her principal business code is 540700. Her business is located at 1501 Broadway, New York, N.Y., 10019. During the year, she had the following income and expense items:
Income
Professional Fees Earned $200,000
Expenses
Office Expenses $5,413
Depreciation $15,250
Rent on Office Space $20,500
Advertising $7,577
Malpractice Insurance $6,000
Utilities $5,850
Travel (1,250 business miles driven) ?
Lodgings - Hotels for business travel $600
Taxes & Licenses $5,500
Salary for her bookkeeper $15,550
Meals with clients $10,050
Meals with friends $3,500
Supplies $5,600
Accounting Fees $9,950
Legal Fees $10,250
Interest on Bank Loan $4,550
Cellphone for biz usage $1,500
Suits/Uniform $2,800
Required - Please prepare the 2020 Schedule C (see attachment) for Beverly Johnson. Round up amounts to the nearest dollar, if necessary. Use the 2020 tax rules.
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