Chris opens a ehiropraetie offiee in Houston on January 1, 2018. In 2018, Chris drives a total of 4,200 miles from his office to elients' homes to do chiropraetie adjustmants. In addition, he drives a total of 3,000 miles for commuting between his home and his ofmce in 2018. He elects to use the standard mileage method. Oa January 1, 2018, Chris purchases an annual subscription to a chiropractic journal for $200 and a l-year medical reference service for $500. Caleulate Chris's deduction for the above items for the 2018 tax year.
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- Jenna, a longtime client of yours, is an architect and the president of the local Rotary chapter. To keep up to date with the latest developments in her profession, she attends continuing education seminars offered by the architecture school at State University. During 2019, Jenna spends $2,000 on course tuition to attend such seminars. She also spends another $400 on architecture books during the year. Jenna’s daughter, Caitlin, is a senior majoring in engineering at the University of the Midwest. During the 2019 calendar year, Caitlin incurs the following expenses: $8,200 for tuition ($4,100 per semester) and $750 for books and course materials. Caitlin, who Jenna claims as a dependent, lives at home while attending school full-time. Jenna is married, files a joint return, and reports a combined AGI with her husband of $118,000. In her capacity as president of the local Rotary chapter, Jenna has asked you to make a 30-to 45-minute speech outlining the different ways the tax law…Pierre is a freelance chef. He works as a personal cook, a caterer for special events, and a menu designer. His net self-employment income was $48,700 this year. His wife, Chloe, is an elementary school teacher and is eligible for a family health insurance policy through her employer. All year, Pierre paid $300 per month for his own health insurance. What is the total amount of health insurance premium that Pierre can deduct as an adjustment to income on their tax return?During 2018, Jerry is a self-employed therapist, and his net earned income is $160,000 from his practice. Jerry's SEP Plan, a defined contribution plan, states that he will contribute the maximum amount allowable. Calculate Jerry's contribution.
- On July 1, 2016, Rex purchases a new automobile for $43,000. He uses the car 84% for business and drives the car as follows: 12,000 miles in 2016, 30,000 miles in 2017, 33,600 miles in 2018, and 24,000 miles in 2019. Determine Rex's basis in the business portion of the auto as of January 1, 2020, under the following assumptions: If required, round your computations to the nearest dollar. a. Rex uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2016: $ 2017: $ 2018: $ 2019: $ Rex's adjusted basis in the auto on January 1, 2020, is $ b. Rex uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto placed in service in 2016 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).] Compute his…On July 1, 2017, Brent purchases a new automobile for $49,000. He uses the car 88% for business and drives the car as follows: 7,000 miles in 2017, 17,500 miles in 2018, 19,600 miles in 2019, and 14,000 miles in 2020. Determine Brent's basis in the business portion of the auto as of January 1, 2021, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2017: $fill in the blank 5d0ce403cfe2029_1 2018: $fill in the blank 5d0ce403cfe2029_2 2019: $fill in the blank 5d0ce403cfe2029_3 2020: $fill in the blank 5d0ce403cfe2029_4 Brent's adjusted basis in the auto on January 1, 2021, is $fill in the blank 5d0ce403cfe2029_5. b. Brent uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is…In 2021, Ivanna, who has three children under age 13, worked full-time while her husband, Sergio, was attending college for nine months during the year. Ivanna earned $47,000 and incurred $6,400 of child care expenses. Click here to access the percentage chart to us for this problem. Determine amount of Ivanna and Sergio's child and dependent care credit. 900 X