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Presentation/PPT
27/08/2022
$15
Thomas must use the company vehicles to run various business errands including meeting with customers.
The following information is for the vehicles that were used at the business during the tax year:
Vehicle 1
Vehicle 2
Total Mileage
15,705
13,010
Business Mileage
15,705
6,302
Personal mileage
0
6,708
Gas
$1,470
$1,356
Oil
450
300
Insurance
731
731
Registration
50
50
Speeding Tickets
199
0
Parking Tickets
0
50
Parking Fees (All business)
555
233
Tolls (All business)
475
365
During the year Thomas needed to travel to Las Vegas for a landlord conference. The company paid all his expenses. He spent 3 days at the conference and 2 days playing craps at the casino. The expenses of the trip were as follows:
Airfare
$2,000
Hotel (per night)
200
Total Cab Fare to/from conference
100
Meals daily
110
Limo to go play craps
300
Registration fee for conference
600
The office supplies inventory at the company for the year was as follows:
Beginning of year
$321
Purchases during year
$735
End of year
$472
Used
$584
Thomas is very active in his local political party. During the year the business donated $300 to a local political candidate.
The business has one employee, Jadee, who take care of the warehouse. Jadee’s salary for the year is $50,000 and is all paid by December 31 of the current tax year. In addition the company must pay the following for employing Jadee(also fully paid by December 31 of the current tax year):
FICA and Medicare Tax (Employer Match)
$3,825
Employer unemployment taxes
210
Workman’s compensation insurance
761
Employee health insurance premiums
8,008
Thomas also went on a trip to learn more about the management of a warehouse. He flew to Houston Texas for a 2 day conference called : Managing a Warehouse. Unfortunately, he was only able to attend the conference while there and not see any of the sights Houston has to offer. The expenses that the company paid for this trip were as follows:
Airfare:$1,444Hotel per night:150Meals per day125
In addition the company paid in cash during the tax year the following for the warehouse:
Rent
$15,500
Cleaning
$1,645
Electricity
$3,787
Water
$ 455
Gas (Heat)
$7,989
Sewer/ Trash
$3,078
Phone/ Internet
$ 567
Insurance
$2,899
Note: The insurance coverage is from February 1 of current tax year to February 1 of next tax year.
The final expenses that the company paid by December 31 of the current tax year were as follows:
Accountant for preparation of tax return$2,190Lawyer for Thomas’s Divorce $4,700Interest charge on Business Line of Credit$6,439
Requirement:
Complete the schedule C and Schedule SE for Thomas Storage for the current tax year (2016) . Include all calculations and assumptions made during the preparation of the tax return. (Tax law is not required)
The writer is very fast, professional and responded to the review request fast also. Thank you.
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