Distance charges on her phone are not deductible

Assignment Help Accounting Basics
Reference no: EM131761579

During 2012, Janice Teason has the following costs related to her principal residence:

Utilities$3,200
Maintenance And Repairs3,800
Telephone:
Monthly Charge480
Personal Long Distance Charges275
Employment/Business Related Long Distance Charges780
Office Supplies675
Property Taxes6,400
House Insurance1,800
Interest On Mortgage6,200

Ms. Teason estimates that she uses 30 percent of the residence for employment/business related purposes. Maximum CCA on 100 percent of the house would be $15,000. Determine the maximum deduction that would be available to Ms. Teason assuming:

A.She is an employee with $80,000 in income (no commissions).

My question is: I know that the personal long distance charges on her phone are not deductible and that the Employment/Business Related Long Distance Charges are deductible but is the monthly charge of 480 also deductible?

Reference no: EM131761579

Questions Cloud

Discuss how significant do you believe this change : How significant do you believe this change is to the lease coverage in our current
Propose an initiative for an educational issue : Steps you are required to take that are consistent with state statutes, your district's school board policies, faculty handbook, and the student handbook
Describe the data collection activity : Describe the data collection activity in few words and why this specific form of data collection was chosen.
How would the company record the adjustment to fair value : At December 31, 2104, the Vista shares had a fair value of $102 per share. How would the company record the adjustment to fair value
Distance charges on her phone are not deductible : distance charges on her phone are not deductible and that the Employment/Business Related Long Distance Charges
How much will quicko profit increase-decrease : Quicko's is approached by a local restaurant that would like to have 24,281 flyers copied. The restaurant asks Quicko's to produce the flyers for 5 cents.
How much will be available in four years : On January 1, Alan King decided to deposit $60,100 in a savings account that will provide funds four years, How much will be available in four years
What is the effect of transaction on year income statement : R. J. Graziano Wholesale Corp. uses the LIFO method of inventory costing. In the current year, profit at R. J Graziano is running unusually high.
Temporary differences reversed in the deferred tax liability : Why would Hightower's management have an explicit policy of selling plant assets before the temporary differences reversed in the deferred tax liability account

Reviews

Write a Review

Accounting Basics Questions & Answers

  Gupta corporation has forecasted its need for external

gupta corporation has forecasted its need for external funding in the following year. it needs to raise 2m in either

  How would you define each pattern in your own words

In what ways do you see these patterns as making indigenous religion unique among world religions? How would you define each pattern in your own words?

  Schlamber company factory overhead rate is rs2 per hour

schlamber company factory overhead rate is rs.2 per hour. budgeted overhead for 3000 hours per month is rs. 8000 and

  How the operating cycle data relate to the amount

Use the BOP analysis to briefly discuss how the operating cycle data relate to the amount of working capital and the current and acid-test ratios.

  Topeka bike company received a 940 check from a customer

topeka bike company received a 940 check from a customer for the balance due. the transaction was erroneously recorded

  What was the total financing cost

Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30.

  Gianna tuck is an accountant for post pharmaceuticals her

gianna tuck is an accountant for post pharmaceuticals. her duties include tracking research and development spending in

  Norman concrete company pours concrete slabs for

norman concrete company pours concrete slabs for single-family dwellings. wayne construction company which operates

  Anders inc has 5000 shares of 6 100 par value

anders inc. has 5000 shares of 6 100 par value preferredstock and 20000 shares of 1 par value common stock outstanding

  Effect of cumulative nonparticipating preferred stock on

effect of cumulative nonparticipating preferred stock on dividends-3 years lo4 the shareholders equity of wbl

  All revenue from the contract and all expenses

golden flights inc. is considering buying some specialized machinery that would enable the company to obtain a six-year

  On july 1 2013 apache company sold a parcel of undeveloped

on july 1 2013 apache company sold a parcel of undeveloped land to a construction company for 5000000. the book value

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