Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows:
Gross income $50,000
Travel 1,000
Transportation 6,173 miles, using standard mileage method
Entertainment in" total 4,000
Seven gifts at $50 each 350
Rent and utilities for apartment in total 10,000
(20% is used for a home office)
What is the net income Margaret should show on her Schedule C? Show the calculation of her taxable business income.
Click here for the solution: Margaret started her own business in the current year and will report a profit for her first year
