In 2020, Montel paid $3,500 in interest on automobiles, $1,500 interest on credit cards, $4,000 interest on a home equity line of credit, and $16,000 interest on a $500,000 loan used to acquire a 45-foot SeaRay boat which he uses as his principal residence. How much can Montel deduct as an itemized deduction for interest in 2020?

Meghan, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method. On February 1, 2020, she leases an office building to use in her business for $120,000 for an 18-month period. To obtain this favorable lease rate, she pays the $120,000 at the inception of the lease. How much rent expense may Meghan deduct on her 2020 tax return? Round any calculations to two decimal places and round the final answer to the nearest dollar. X

During the 2020 FBT year, Penny borrowed $54683 at 2.5% pa interest from her employer. The loan was to exist for the entire FBT year would be used to pay a deposit on an investment property she was buying.  Before Penny could make any repayments on the loan, her employer informed her that she did not have to repay the loan. Required: Calculate the FBT payable by her employer.

Enzo's 2020 federal income tax liability is $10,000. Enzo is entitled to a nonrefundable tax credit of $12,000 for 2020. Enzo did not make any prepayments towards his 2020 federal income tax liability, and he did not have any withholdings. What is the amount of tax refund that Enzo will receive when he files his 2020 federal income tax return?

Jack received $3,000 in educational assistance benefits from his employer during 2018 to reimburse him for the cost of course tuition and fees for him to earn a degree. The benefits were paid under an accountable plan and were not included in Jack's W-2. He has a modified adjusted gross income of $20,000 and he files single. A list of Jack's 2018 expenses follows. What is Jack's deductible tuition and fee expense? $500 for a bowling class not required for his degree $2,000 for accounting courses required for his degree $500 for textbooks $500 for lab fees for courses required for his degree

Julie filed a valid extension for her 2020 tax return, giving her until October 15, 2021, to file her return. She filed her return on November 1 and paid $2,000 of tax due. For what period of time will Julie be subject to interest? For what period of time will Julie be subject to the failure-to-file and failure-to-pay penalties?

How much is the estate tax due on the estate of Nicanor?

Required information [The following information applies to the questions displayed below] Jesse Brimhall is single. In 2021, his itemized deductions were $9,000 before considering any real property taxes he paid during the year. Jesse's adjusted gross income was $70,000 (also before considering any property tax deductions). In 2021, he paid real property taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2. He did not pay any other deductible taxes during the year. b. If property 1 is Jesse's business building (he owns the property) and property 2 is his primary residence, what is his taxable income after taking property taxes into account (ignore the deduction for qualified business income)? Taxable income

Mark earned $10,000 of profit from a sole proprietorship in 2022. If he also has $3,000,000 of salary income, how much self-employment tax will he owe?

During 2021, Harry, a self-employed accountant, travels from Kansas City to Miami for a seven-day business trip. While in Miami, Harry decides to stay for an additional 5 days of vacation. Harry pays $600 for airfare, $200 for restaurant meals, and $500 for lodging while on business. The cost of meals and lodging while on vacation was $300 and $500, respectively. How much may Harry deduct as travel expenses for the trip?