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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:
Parking Fees (All business)
Tolls (All business)
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:
Hotel (per night)
Total Cab Fare to/from conference
Limo to go play craps
Registration fee for conference
The office supplies inventory at the company for the year was as follows:
Beginning of year
Purchases during year
End of year
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)
Employer unemployment taxes
Workman’s compensation insurance
Employee health insurance premiums
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:
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
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)
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