Joye started her home business in 2020 and the results of her operations are given below. Gross Income: $65,000 Domestic business travel details: Airfare $600 Meals 350 Entertainment 100 Car rental 250 Personal Site seeing costs 300 Total travel costs 1,600 Contribution to political campaigns 300 Total entertainment 3,500 Business gifts, 10 distributed at $45 each 450 Rent and utilities on her apartment, 30% attributable to home office 12,500 Joye’s transportation included 6,220 miles using the standard Mileage method. Determine the net income that Joye should report on her Schedule C. Be sure to show the calculation of her taxable business income.
Joye started her home business in 2020 and the results of her operations are given below.
Gross Income: $65,000
Domestic business travel details:
Airfare $600
Meals 350
Entertainment 100
Car rental 250
Personal Site seeing costs 300
Total travel costs 1,600
Contribution to political campaigns 300
Total entertainment 3,500
Business gifts, 10 distributed at $45 each 450
Rent and utilities on her apartment, 30% attributable to home office 12,500
Joye’s transportation included 6,220 miles using the standard Mileage method.
Determine the net income that Joye should report on her Schedule C. Be sure to show the calculation of her taxable business income.
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