1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Effectus [21]
3 years ago
12

Luis had self-employment income of $9,732 reported in box 7 of Form 1099-Misc and has receipts for tools and supplies of $2,603.

When entering the expenses into the tax return, Luis noticed that his refund went down. Luis asked the tax preparer to take the expenses off the return to help get the maximum refund. Is this allowable by the IRS
Business
1 answer:
elena-14-01-66 [18.8K]3 years ago
3 0

Answer:

No

Explanation:

Given the information from the question .We need to discuss if the Luis’s situation is allowable by the IRS. The IRS doesn’t permit to show fewer expenses or expenditures to acquire more reimbursement or refund. Therefore it is impossible for Luis to remove the expenses so that he can get maximum refund .The correct answer for this question is No.

You might be interested in
Independent contractors should purchase __________ liability insurance, which provides protection from liability as a result of
nevsk [136]

Answer:

professional liability insurance

Explanation:

Professional liability insurance protects businesses (an independent contractor is a one person business) against liability resulting from errors and omissions. It covers any harm caused to a customer as a result of professional service or advice. This type of policy generally covers negligence, copyright infringement, personal injury, etc.

Professional liability insurance is generally purchased by businesses that offer the following services:

  1. professional service s
  2. professional advice
  3. contractual services
5 0
3 years ago
What are the two key questions for an operations manager in the inspection​ process? A. How to​ inspect? What to​ inspect? B. Wh
Pani-rosa [81]

Answer: Option D: What to inspect? Where to inspect? are the two key questions operated in the inspection​ process.

Explanation:

For the best output results, the products of all the firms need a check of quality control before the process of the sale. If it is not scrutinized properly, then the entire Manufacture defects can lodge into the hands of Operations Manager. For the best result, The manager needs to decide on what purpose of quality check, the inspection is required and secondly, from which weaker part of the production cycle, did He should inspect by comparing the standard of the quality with the products of other firms.

The two key questions of what and where to inspect are always inspected with the parallel effects in which all the comparisons can be noted and achieve the inference of solution. The inference of solution will chase the defective point of the product and makes them very strong and reduces the problem of cycle flow of work allotted to the Inspection process operation.

5 0
3 years ago
The sensitivity of bank profits to changes in interest rates can be measured more directly using ▼ duration analysis credit rati
Pavel [41]

Answer:

The correct answer is Gap Analysis.

Explanation:

The deficiency analysis is a strategic planning tool that will help you understand where you are, where you want to go and how to get there.

One of the first steps for the transition or implementation of your management system is to check your management system with respect to the requirements of the standard. This is what is commonly known as deficiency analysis, also known as pre-audit.

The deficiency analysis is carried out at the beginning of the certification process to verify compliance with the requirements of the standards to be implemented. Each standard has specific requirements that must be met and are detailed in several clauses. If your system does not meet these requirements, you must solve this problem in order to get certified.

8 0
3 years ago
Read 2 more answers
Indicate what components of GDP (if any) each of the following transactions would affect.
kvv77 [185]

Answer:

It will fall under Consumption if it is a commodity or non-capital good purchased.

It will fall under Investment if it is a capital good that was sold or purchased.

It will fall under Government Spending if the Government bought or paid for it.

It will fall under Net Exports if it involves the purchase of goods from another country or the sale of goods to another country.

You buy a new Toshiba computer  - CONSUMPTION AND NET EXPORTS.  

Toshiba is a Japanese Company.

Ford manufactures a Focus and sells it to Avis, the car rental company. INVESTMENT.

It becomes a capital good to Avis.

Dell sells a desktop computer from its inventory to the Johnson family . - CONSUMPTION and INVESTMENT.

The Desktop is considered a capital good as it can be an investment by the family to produce goods or services.

Aunt Jane buys a new house from a local builder.  INVESTMENT

Housing is a capital good.

The federal government sends your grandmother a Social Security check. - TRANSFER PAYMENT which means it is not to be included in GDP.

Texas hires public middle school teachers .  - GOVERNMENT SPENDING.

Texas will be spending to pay teacher's salaries.

You pay a domestic plumber for fixing a leak in your bathroom.  - CONSUMPTION.

Uncle Paul pays a domestic contractor for renovating his home - CONSUMPTION.

This is housing but it involves buying goods to change the appearance of the house not buying the house itself.

6 0
3 years ago
Madrid Company plans to issue 9% bonds with a par value of $5,300,000. The company sells $4,770,000 of the bonds at par on Janua
ASHA 777 [7]

Answer and Explanation:

The journal entry are as follows

1. Interest expense $214,650

       To Cash $214,650

(Being the first interest payment is recorded)

The computation is shown below

= $4,770,000 × 9%  × 6 months ÷ 12 months

= $214,650

For recording this we debited the interest expense as it increased the expenses while on the other hand the cash is paid which reduced the cash balance so it is credited

2. Cash $530,000

      To Bond payable $530,000

(Being the cash sale of bond is recorded)

For recording this we debited the cash as cash is received that increased the cash balance and at the same time we credited the bond payable

5 0
3 years ago
Other questions:
  • Kraft, Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2013.
    14·1 answer
  • A manager buys three shares of stock today, and then sells one of those shares each year for the next 3 years. His actions and t
    14·1 answer
  • The total factory overhead for Big Light Company is budgeted for the year at $807,500. Big Light manufactures two different prod
    15·1 answer
  • Tamika is a manager at Sleeveless Clothes, Inc. Recently, she was assigned a work team. She is in charge of the team, and it con
    14·1 answer
  • These hotels are cater primarily to ___________ travelers.
    5·1 answer
  • What is the purpose of travel insurance?
    15·2 answers
  • caribbean coral reef communities have been strongly influenced by an unknown pathogen that causes white-band disease. how can th
    12·1 answer
  • The manager of a $600,000 aggressive stock portfolio wishes to hedge with OEX 600 Put contracts. The portfolio has a beta of 2.
    5·1 answer
  • In many services, the acquisition and allocation of capacity plays a significant role in determining the level of operational re
    14·1 answer
  • A monopolistically competitive firm maximizes profit in the short run by producing where?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!