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 7,680 miles, using standard mileage method Entertainment in total 4,180 Nine gifts at $50 each 450 Rent and utilities for apartment in total (20% is used for a home office) 10,500
What is the net income Margaret should show on her Schedule C?
Show the calculation of her taxable business income. Gross income Expenses (describe each) Taxable business income