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How much would be included in taxable income

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Question - After moving to his current residence, James established a neighborhood watch business for his neighborhood on August 1 2016. His neighborhood association gave him a 1099 - MISC reporting nonemployee compensation of $5 956 for "watch" services provided during 2016 He incurred the following expenses for his business endeavor: $672 in printing fees, $1 108 in supplies used, and $581 in telephone expenses. He also drove 1 150 miles to carry out this activity patrol.

How much would be included in taxable income and how much is tax deductible?

Reference no: EM132175048

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