If a schedule c taxpayer does not bring the documents to prove the income, one cannot claim the Earned Income Tax Credit. Also the return cannot be prepared by the tax professional however one can make a form 1099 MISC to indicate their own income and lastly they should give other proofs that the income is accurate so that the paper for return can have the sign needed.
Answer:option (e)
None of the above
Explanation:
The mid quarter convention applies to this MACRS calculation.
§ 179 expense $500,000
Additional first-year depreciation= [($650,000 - $500,000) × 0.50]
$75,000 MACRS cost recovery ($75,000 × 0.05) 3,750
Total = $78,750
Income from the business before the cost is recovered is $600,000 less. Therefore, the Total cost recovered;
Total cost recovery= (78,750)
§ 179 business income limitation $521,250
Therefore, Augie's total cost recovery deduction;
= $500,000 + $78,750
= $578,750.
Answer:
Let us assume that both the industries are having an investment of $100,000
The profit of the given industry which is having 10% rate of return will be $100,000 * 10% = $10,000
The other industry which is having the Rate of return of 5% will earn a profit of $100,000 * 5% = $5000.
As the capital is just half of the revenue, it signifies that the total revenue will be $200,000
. So the same value of $10,000 will be 5% of the total revenue. On the other hand, $5,000 would be 2.5% of total revenue.
Thus, the first stated industry will charge 2.5% more than the other industry.
They need records to keep track of people, objects, things, and so on.
