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  3. 4. mary is a licensed attorney who works part time

4. Mary is a licensed attorney who works part time on a consulting basis. Mary...

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Accounting

4. Mary is a licensed attorney who works part time on a consulting basis. Mary collected $ 75,000 in consulting fees during 2015. Mary does her work at the clients premises or in her office at home (see item 6 below). The federal business code is 541100. Her business expenses for 2015 are as follows:

Supplies $5,000

Library materials 5,000

Expert fees 10,000

Professional license fee 400

Subscriptions to professional journals 350

Dues to professional organizations 500

Attorney Subcontractor fees paid (1099s issued to others) 10,000

In addition, Mary drove the family Acura (purchase on June 7, 2013) 1,050 miles on her job assignments. She uses the standard mileage method to deduct business costs related to the Acura. During 2015, Mary drove the car a total of 8,200 miles. The car was driven 12,000 miles in 2013 and 8,000 miles in 2014: 75% for personal use and 25% for business trips. She paid $100 in parking fees and tolls.

HINT: Vehicle expenses (both actual and standard mileage) needs to be entered as a fixed asset and then on the vehicle tab within the specific car fixed asset. Make sure to specify which form the vehicle expenses should report to (either schedule C or 2106). Applies to both items 3 and 4.

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