Blog

Viviana is an owner of a business that produces chocolate. She will be allowed the qualified business income deduction if the business is operated in any of the following forms except the

Galaxy Corporation purchases specialty software from a software development firm for use in its business as of January 1 of the current year at a cost of $90,000. No hardware was acquired. How much of the cost can Galaxy deduct this year?

Rita, a self-employed CPA, incurred the following expenses during 2023What is Rita’s deduction for the year with respect to the above expenses and where will she deduct these expenses on her tax return? Assume Rita maintains all appropriate documentation.

Extra Credit (2pts): The products of photosynthesis that begin cellular respiration are: 1. [1] 2. [2]

Which of the following statements regarding Sec. 179 is true?

The following taxes are deductible as itemized deductions with the exception of

Which of the following is most likely not considered a casualty?

On August 1 of this year, Sharon, a cash-method taxpayer, signs a lease for office space and begins business. The lease is for 3 years. At the time the lease is signed, Sharon pays the $12,600 rent for the entire 36-month lease term. How much can Sharon deduct this year?

During the year, Mark reports $90,000 of active business income from his law practice. He also owns two passive activities. From Activity A, he earns $20,000 of income, and from Activity B, he incurs a $30,000 loss. As a result, Mark

During the year Jason and Kristi, cash-basis taxpayers, paid the following taxes:State gift tax$1,000Property tax on home in the United States4,100State income tax (withholdings)3,000Estimated federal income tax4,500Estimated state income tax (paid by check)800Special assessment by city for sidewalks and street lighting on their street2,000How much of the above tax payments qualify as an itemized deduction for taxes on their federal income tax return?