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Review Quiz — Part II & V Expenses

Review Quiz — Part II & V Expenses

Review Quiz — Part II & V Expenses

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Question 1 of 5

1. Question

Becky Example

Meals vs. Entertainment

Becky has a $180 working dinner with a documented business purpose. She also buys entertainment tickets at the same venue for $95. What is the total deductible amount?

$275 — full cost of both items
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$187.50 — 75% of the combined total
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$90 — 50% of the dinner only; entertainment is $0 deductible after TCJA
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$0 — 1099-K amounts go directly on Form 1040
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Question 2 of 5

2. Question

Becky Example

Home Office Deduction

Becky uses a 150 sq ft dedicated telehealth exam room in her 1,800 sq ft home exclusively for business. Using the simplified method, what is her Line 30 home office deduction?

$900 ($6 per sq ft × 150)
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$1,500 — the maximum simplified method deduction
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$750 ($5 per sq ft × 150 sq ft)
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$833 (8.33% × $10,000 annual home costs)
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Question 3 of 5

3. Question

Becky Example

Section 179 Deduction

Becky purchases a $1,200 webcam and lighting setup used 100% for telehealth. She elects Section 179. Her net income before this deduction is $27,000. What is her §179 deduction?

$240 — 20% first-year MACRS depreciation
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$600 — 50% bonus depreciation
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$1,200 — full §179 election; her income exceeds the deduction amount
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$0 — §179 is not available for assets under $2,500
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Question 4 of 5

4. Question

Becky Example

Schedule C Expenses

The $3,200 Uber service fees retained from Becky’s gross receipts of $18,400 are deducted where on Schedule C?

Line 1a — as a reduction of gross receipts
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Line 10 — commissions and fees
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Line 27a — other expenses in Part V
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They are not deductible — platform fees are a personal expense
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Question 5 of 5

5. Question

Becky Example

Vehicle Expense Deduction

Becky drove 6,200 business miles for Uber using the standard mileage method. The IRS rate is 72.5¢ per mile. She also paid $85 in documented business parking fees. What is her total Line 9 vehicle deduction?

$4,495 — 6,200 × $0.725 only
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$4,580 — 6,200 × $0.725 + $85 parking (parking is separately deductible even under the standard mileage method)
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$4,410 — 6,200 × $0.725 minus the $85 parking
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$4,154 — using the prior-year rate of $0.67
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