User Account

All Pages

How much can maureen deduct for her home office

Assignment Help Accounting Basics
Reference no: EM132143731

Question - Maureen operates a cosmetics sales business from her home. She uses 400 of 1,600 square feet of the home as an office for the entire year. Her income before her home office deduction is $3,400 and un-apportioned expenses for the home are as follows:

Mortgage interest $5,000

Property taxes 1,400

Utilities 1,200

Repairs and maintenance 600

Depreciation for entire home 6,000

1. How much can Maureen deduct for her home office if she uses the actual expense method?

2. How much can Maureen deduct for her home office if she uses the simplified method?

3. If any of the expenses are not deductible currently, how are they treated for tax purposes?

Reference no: EM132143731

Questions Cloud

Assess the major events influencing the changes : Mental models are deeply ingrained assumptions, generalizations, or even pictures of images that influence how we understand the world and how we take action.
Develop a case study on a beverage company : Would like for you to develop a case study on a beverage company looking at alcoholism as the issue
Find the dollar amounts that alpha will report : Use the info above to find the dollar amounts that Alpha will report on its fiscal year 2017 Balance sheet: Paid in capital treasury stock
Explore current ethical issues in the workplace : Explore current ethical issues in the workplace that are relevant to your current career or the career that you are preparing to pursue.
How much can maureen deduct for her home office : Maureen operates a cosmetics sales business from her home. How much can Maureen deduct for her home office if she uses the actual expense method
Most important and essential functions of business leaders : According to the material presented in this class, among the most important and essential functions of business leaders are:
What are the companys strengths : Explain the challenges facing the organization. Support with specifics from the case - Identify and discuss two to three threats the company faces
What is the amount of supplies expense for the accounting : A physical count, on the last day of the accounting period, shows 2000 of office supplies on hand. What is the amount of supplies expense for the accounting
Duties can be performed by the same individual : For good internal control, which of the following duties can be performed by the same individual?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd