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18. Would education expenses incurred by a self-employed individual be allowed in 2023 for the...

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Accounting

18. Would education expenses incurred by a self-employed individual be allowed in 2023 for the
following expenses?
Cost of a CPA review course $ 2,500
Accounting continuing education 1,000
expenses (including travel, con-ference fees, and meals of $200)
Law school tuition and books 9,000
Total $12,500
41. Mike, a self-employed consultant, incurs the following
business-related expenses in 2023:
Actual automobile expenses $ 2,500
Moving expenses 4,000
Entertainment expenses 1,500
Travel expenses (including $500 of business meals)2,500
Professional dues and subscriptions 500
Total $ 11,000
Mike earned $130,000 of gross income from his consulting business and had $12,000 of
interest and dividend income in 2023 before any of the above expenses are deducted. He
has $20,000 of itemized deductions. Mike is married and files a joint return with his wife,
Ann, who has no income.
a. What is the amount of Mikes deduction for business-related expenses for 2023?
b. What is Mike and Anns AGI and taxable income in 2023, assuming he is married and
files a joint return, and ignoring the self-employment tax?

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